Mr. Jeffrey Reeder reports

PERUVIAN METALS CLOSES SECOND AND FINAL TRANCHE OF PRIVATE PLACEMENT

Peruvian Metals Corp. has closed the second and final tranche of its non-brokered private placement, previously announced on March 12, 2026, March 13, 2026, and March 26, 2026. Pursuant to this second tranche of the offering, the company issued an aggregate of 800,000 units at an issue price of 15 cents per unit, for aggregate gross proceeds of $120,000. Combined with the previous closing, the company issued an aggregate of six million units for gross proceeds of $900,000.

Each unit consists of one common share of the company and one-half non-transferable share purchase warrant of the company. Each warrant will be exercisable to acquire one additional common share for two years from the closing date of the offering at a price of 20 cents per share, subject to certain acceleration conditions.

In connection with the offering, the company paid finders' fees of an aggregate of $24,399 in cash and issued an aggregate of 162,659 finders' warrants of the company to certain arm's-length finders. The finders' warrants were issued with the same terms of the warrants. All the securities issued will be subject to resale restrictions until July 26, 2026, for the first tranche closing and July 31, 2026, for the second tranche closing. The net proceeds of the offering will be used to make improvements and additions for expansion to its Aguila Norte processing plant, for potential new acquisitions, and for general working capital requirements. The completion of the offering, including all issuances of units, remains subject to certain regulatory approvals, including the approval of the TSX Venture Exchange.

Insiders of the company have subscribed for and acquired an aggregate of 81,300 units in the financing ($12,195), which participation constitutes a related party transaction within the meaning of Multilateral Instrument 61-101, Protection of Minority Security Holders in Special Transactions, and Policy 5.9, Protection of Minority Security Holders in Special Transactions, of the TSX Venture Exchange (which incorporates the requirements of MI 61-101). However, such participation is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 pursuant to sections 5.5(a) and 5.7(1)(a) of MI 61-101, respectively, as neither the fair market value of the shares acquired by the insiders of the company, nor the consideration for the shares paid by such insiders, exceed 25 per cent of the company's market capitalization for the purposes of MI 61-101.

About Peruvian Metals Corp.

Peruvian Metals is a Canadian exploration and mineral processing company. The company's business model is to acquire and develop precious and base metal properties in Peru, and 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.

We seek Safe Harbor.