Mr. Jeffrey Reeder reports

PERUVIAN METALS ANNOUNCES THIRD QUARTER PRODUCTION AT THE AGUILA NORTE PROCESSING PLANT AND PROVIDES SAMPLING UPDATE FROM THE TAILINGS AREA

Peruvian Metals Corp. has released its third quarter production results and has started a detailed auger drilling program on the tailings area at its 80-per-cent-owned Aguila Norte processing plant, located in northern Peru.

During the third quarter of 2026, the plant processed a total of 9,065 metric tonnes. The plant has achieved full production capacity for nine of the previous 10 quarters. Production levels showed a very slight decrease of 4.5 per cent compared with the third quarter of 2025 (9,494 metric tonnes). The company continues to be on track to achieve full production capacity for 2026 and match or exceed the 2025 annual production of 36,616 metric tonnes. The company has been active in reviewing new civil engineering proposals to expand the capacity of the plant, as well as the connection to the national energy grid.

The company announced on Sept. 9, 2026, new sample results from the tailings area showing the presence of significant gold (Au) and silver (Ag) in the tailings. As previously announced, 20 samples were taken from a dry area within the tailings area and returned 2.4 grams Au per metric tonne and 90 grams Ag per metric tonne. At the current Au and Ag prices of $4,200 (U.S.) and $62 (U.S.) per ounce, respectively, this equates to 0.108 ounce Au equivalent per metric tonne. The gold results range from 1.34 to 3.93 grams Au per metric tonne and silver ranging from 1.24 ounces Ag per metric tonne to 4.37 ounces Ag per metric tonne.

The company plans to further sample the tailings area by using hand augers capable of collecting samples at eight- to 10-metre depths. Initially, the hand auger program will only focus on dry areas and will be expanded into current wet areas once dried. Auger holes will be spaced 10 metres apart and sampled at one-metre intervals. The auger sampling will aid the company in designing and planning the reprocessing of the tailings area required by Ministry of Mines. The company is currently preparing the required documents and will present the findings when the sampling program is complete.

As previously announced, a composite sample was collected within the sampled area for metallurgical test work. The head grade of the metallurgical sample assayed 1.76 grams Au per metric tonne and 75 grams Ag per metric tonne. Results confirmed the high recoveries of gold and silver at 93 per cent and 87 per cent, respectively. The lead and zinc content is determined to be insignificant so that any future processing would only focus on recovering the gold-silver.

Jeffrey Reeder, chief executive officer of Peruvian Metals, commented: "We are on track for another year at full capacity production. We are planning to expand the production levels for the second quarter of 2027. New drying areas are the first priorities as the reprocessing of tailings material will produce significant amounts of Au-Ag concentrates for sale. The company is also expecting to produce Au-Ag concentrates from Palta Dorada during the fourth quarter of 2026."

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. The metallurgical work was performed by Jose Orlando Moncada Rejas, Ing, who is the main metallurgist at the Aguila Norte plant owned by the company. Assaying of the tailings material was performed by Procesmin Ingenieros SRL, located in Caraz Ancash, by fire assay for gold-silver.

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 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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