Mr. Jeffrey Reeder reports

PERUVIAN METALS ANNOUNCES THE 10-YEAR RENEWAL OF THE USE OF SURFACE RIGHTS AT THE AGUILA NORTE PROCESSING PLANT

Peruvian Metals Corp. has renewed the lease on the use of the surface rights at its 80-per-cent-owned Aguila Norte processing plant, located in northern Peru for an additional 10 years.

The plant is located on a 120-hectare concession wholly owned by the company's 80-per-cent-owned subsidiary, Minera Aguila de Oro S.A.C. (MADOSAC). Initially, the company received a 10-year authorization use in February, 2016, to construct and process mineral at the Aguila Norte site. The company was granted the environmental permit (IGAC) in mid-2017 by the Peruvian government to initiate activities. IGAC permits the plant to process mineral at the current 100-tonne-per-day level but can be expanded to 350 tonnes per day. The plant operated at full capacity in 2025 by processing 36,616 tonnes. With the renewal in place, the company will start the engineering studies on the additions needed to the plant to expand the daily capacity and the tailings facility. The expected delivery of mineral from Peruvian Metals' 100-per-cent-owned material in 2026 will require the additional capacity at the plant.

The company will focus on its 100-per-cent-owned Palta Dorada Au-Ag (gold-silver) property, located 120 kilometres southeast of Aguila Norte. Palta Dorada is held by a separate, wholly owned subsidiary of Peruvian Metals. Recent metallurgical testing of sulphide material at Palta Dorada with a head grade of 8.3 grams per metric tonne (g/mt) Au shows that 89 per cent of the gold is recoverable. The result of the recent metallurgical work is summarized in the company's news release dated Jan. 21, 2026. Precious metals concentrates produced at the plant from mineral extracted at Palta Dorada will be 100 per cent owned by the company.

MADOSAC owns two additional contiguous concessions totalling 263 hectares that are not covered by the environmental IGAC permit. MADOSAC's concessions host numerous gold-silver-copper veins exposed in historic workings in close proximately to the plant. Sampling in 2009 by a Canadian junior, AndeanGold Ltd., noted in its news release dated May 12, 2009, that 31 samples taken from the main adit returned a weighted average of 4.81 g/mt Au, 41.7 g/mt Ag and 0.51 per cent Cu. The adits and old workings are located 500 metres northeast of the plant and expose two parallel mineralized quartz veins. The company was able to clean out a 20-metre vertical shaft within the main adit and took one grab sample at the bottom of the shaft that contained abundant sulphides. Assay results from that sample returned 1.487 g/mt Au, 3.40 ounces per mt Ag and 3.00 per cent Cu. This sample was also assayed for soluble copper returning 0.24 per cent Cu. This result shows that the veins at Aguila Norte contain sulphides at depth, which could eventually be processed at the plant. All samples from this area were processed by Procesmin Ingenieros S.R.L., located in Caraz Ancash by fire assay for Au-Ag and atomic absorption for Cu.

The company will also focus on a second area of interest located immediately east and adjacent to the plant in an area not covered by the environmental permit. The company's geologists took seven grab samples from this vein where assays averaged 6.24 g/mt Au and ranged from 1.03 to 13.50 g/mt Au. The grab samples were taken from the underground workings and stockpiles on surface. The vein is heavily oxidized and varies in width between 0.30 and 1.20 metres. The company also believes that there exists good potential at depth for the sulphide gold potential of this vein. Samples were analyzed by fire assay at Auro Met Labs, located in Trujillo. Auro Met Labs is used by many of miners and mills in the area. A more detailed summary of the previous work conducted by AndeanGold and the sale of gold material from the area is provided in the company's news release dated Dec. 17, 2025.

Jeffrey Reeder, chief executive officer of Peruvian Metals, comments: "In 2015, the company focused on creating a sustainable exploration and development company. At that time, we noticed that the small miner in Peru was in a unique position to benefit from new regulations allowing provisional permits for mineral extraction and processing. The Peruvian government required that the small miner must process their mineral in permitted processing plants. Therefore, we decided to build a flotation plant to treat sulphides and to build relationships with the small miners in Peru. We also continued acquiring new areas for exploration by application and purchasing, but with the focus on high-grade mineral. The company is now stronger than ever and with the precious metal prices at historic levels, Peruvian Metals is in a position to benefit from the processing of its own mineral."

About Peruvian Metals Corp.

Peruvian Metals is a Canadian exploration/development and mineral processing company. The company's business model is to provide clients with toll milling services and produce high-grade marketable concentrates from the company's mineral properties. The management and directors have been operating successfully in Peru for over 30 years, and the company continues to acquire and develop precious and base metal properties in Peru. Peruvian Metals has a history of timely transactions that have added long-term value for shareholders.

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