Mr. Jeffrey Reeder reports

PERUVIAN METALS CORP. PROVIDES CORPORATE UPDATE

Peruvian Metals Corp. has commented on certain market activity during 2024, two-month production results for January and February, 2025, at its 80-per-cent-owned Aguila Norte processing plant, located in northern Peru, as well as its business focus going forward.

During the first quarter of 2025, the company attended two Canadian investment conferences and exhibited at the world's largest mining conference, the Prospectors and Developers Association of Canada (PDAC) conference, in the first week of March. During PDAC, management of Peruvian Metals received several inquiries regarding the share price of the company. Management feels that it is important that shareholders understand that, according to Tartisan Nickel Corp.'s publicly filed interim financial report filed March 3, 2025, Tartisan sold 26,620,500 shares of the Peruvian Metals common shares held by it during the nine-month period ending Dec. 31, 2024. The report further notes that, as of March 31, 2024, Tartisan Nickel held 26.69 per cent of the outstanding common shares of Peruvian Metals while, as at Dec. 31, 2024, Tartisan held only 2.81 per cent of the outstanding common shares. Tartisan noted in the report that "... [Tartisan] continuously sells the [Peruvian Metals] shares to meet cash flow requirements ...." The company believes that the sale of these Peruvian Metals common shares by Tartisan over the nine-month period ended Dec. 31, 2024, had an adverse effect on the Peruvian Metals share price.

Peruvian Metals notes that the company is financially strong with good cash flow. Please see the company's publicly filed documents on SEDAR+ for further information. The company intends to move into the Peruvian gold space by focusing on its 100-per-cent-owned gold-silver-copper Palta Dorada project, located in northern Peru. The Palta Dorada property is located in northern Peru, with good access to the Aguila Norte plant, and contains high-grade gold both in oxide and sulphide material. The company re-established access roads to the underground workings in late 2024 and early 2025. Peruvian Metals is currently reviewing other gold opportunities in the area for additional mineral feed for the Aguila Norte plant as well as a possible location for a future carbon-in-pulp (CIP) plant. There can be no assurances that the Palta Dorada property contains economically extractable mineralization or that a CIP plant can or will be built by Peruvian Metals.

The company is also pleased to note that, in the first two months of 2025, the plant processed 6,108 tonnes of wholly owned and third party mineral which exceeds the 4,508 tonnes processed in 2024 and 4,441 tonnes processed in 2023 and represents an increase of 35.49 per cent compared with 2024.

Qualified person

Jeffrey Reeder, PGeo, is the qualified person, as defined in National Instrument 43-101, Standards of Disclosure for Mineral Projects, who has reviewed and approved the technical contents of this press release.

About Peruvian Metals Corp.

Peruvian Metals is a Canadian exploration and mineral processing company. The company's business model is to provide clients with toll milling services and produce high-grade marketable concentrates from mineral purchases. 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-tonne-per-day level. The company continues to acquire and develop precious and base metal properties in Peru.

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