Mr. Jeffrey Reeder reports

PERUVIAN METALS CONTINUES NEAR RECORD THROUGHPUT AT ITS AGUILA NORTE PROCESSING PLANT

Peruvian Metals Corp. has provided an update regarding the mineral processing at its 80-per-cent-owned fully permitted Aguila Norte processing plant located in northern Peru.

During the third quarter of 2023, the Plant processed 7,789 tonnes compared to 6,871 tonnes processed in the same quarter in 2022 resulting in an increase of 13%. The cumulative total for 2023 is 21,556 tonnes. The 2023 year-to-date production represents a very slight decrease of less than 1% compared to the same period for 2022. Production during the months of April and May was lower compared to the previous months due to poor weather conditions in Northern Peru. The Company expects a strong fourth quarter for 2023 with year end results comparable to 29,667 tonnes and 28,654 tonnes for 2022 and 2021 respectfully.

Jeffrey Reeder, Chief Executive Officer of Peruvian Metals, commented: "We are pleased that we are on track to equal or better year-end production for 2023 at Aguila Norte. When capital for the junior resource market is becoming extremely scarce, Peruvian Metals is able to generate cash flow to reinvest and capitalize on new opportunities being presented in Peru. The Company continues to improve its financial position without share dilution."

The Aguila Norte processing plant has an environmental permit ("IGAC") from the Peruvian government which provides the Company with the ability to expand operations past the current 100 tonnes per day level. Jeffrey Reeder, P Geo, a qualified person as defined in National Instrument 43-101, has prepared, supervised the preparation, or approved the scientific and technical disclosure contained in this news release.

About Peruvian Metals Corp.

Peruvian Metals Corp. is a Canadian Exploration and Mineral Processing company. Our business model is to provide toll milling services for clients and to produce high grade concentrates from mineral purchases. The Company continues to acquire and develop precious and base metal properties in Peru.

We seek Safe Harbor.