Mr. Jeffrey Reeder reports

PERUVIAN METALS CONTINUES TO PROCESS AT FULL CAPACITY FOR THE FIRST QUARTER OF 2026 AT AGUILA NORTE PROCESSING PLANT

Peruvian Metals Corp. has released production results for the first quarter of 2026 at its 80-per-cent-owned Aguila Norte processing plant located in northern Peru.

During the first quarter of 2026, the plant completed several mineral campaigns processing a total of 9,212 metric tonnes (mt). Production in the first quarter was at full capacity and exceeded production levels in the first quarter of 2025 (9,168 mt). The company is extremely pleased with the record first quarter production at a time when the rainy season in Peru has affected mining operations.

The company is also pleased to have secured the surface rights over the plant area for another 10 years as noted in the company's news release dated March 3, 2026. With the recent closing of the financings in February and March, the company is now conducting upgrades and maintenance on the equipment ensuring more productive output. These upgrade and maintenance should not affect the throughput and will be conducted over the several months. This work will be paid from the current cash flow generated by Aguila Norte.

The plant is located on a wholly owned concession covering 120 hectares held by Peruvian's 80-per-cent-owned subsidiary, Minera Aguila de Oro S.A.C. (MADOSAC). MADOSAC owns two additional contiguous concessions totalling 263 hectares that are not covered by the environmental permit. Several old artisanal workings exist within and outside the permitted area. The company is planning to establish new permits on the veins/workings located outside the permitted area for mineral extraction.

In 2025, the company was able to clean out a 20-metre vertical shaft within the main adit located on the mining concession. The company took one grab sample at the bottom of the shaft that contained abundant sulphides. Assay results from the sample returned 1.487 grams per mt gold (Au), 3.40 ounces per ton silver (Ag) and 3.00 per cent copper (Cu). This sample was also assayed for soluble copper returning 0.24 per cent Cu. More importantly, one old working located 500 metres northeast of the plant and located outside the permitted area showed significant oxide copper mineralization at surface. Four samples taken from this area averaged 3.15 per cent soluble copper and 1.13 grams per mt Au. Samples ranged from 0.02 to 7.90 per cent copper and 0.257 to 2.368 grams per mt Au. These results show that the surface exposed veins at Aguila Norte probably contain copper 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.

Jeffrey Reeder, chief executive officer of Peruvian Metals, comments: "We are extremely pleased to continue to achieve full capacity production at Aguila Norte. We fully expect that production levels will be maintain at these levels for the remainder of the year and expect a record year in 2026. After the completion of the recent financing, the company plans to explore the possibility of locating at depth mineralized copper-gold-silver sulphides in close proximity to the plant, which would be processed at the Aguila Norte plant."

The Aguila Norte processing plant has an environmental permit (IGAC) from the Peruvian government that provides the plant with the ability to expand operations past the current 100-tonne-per-day level.

Qualified person

Jeffrey Reeder, PGeo, is the qualified person, as defined in National Instrument 43-101, who has reviewed and approved the technical contents of this news 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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