Edmonton, Alberta--(Newsfile Corp. - January 23, 2026) - Peruvian Metals Corp. (TSXV: PER) (OTC Pink: DUVNF) ("Peruvian Metals or the Company") is pleased to provide an update on the progress made by the Company in 2025 and its plans for exploration and development for 2026 on the Mercedes Silver-Gold property ("Mercedes" or the "Property"). The Company is also pleased to announce it has completed its obligations to acquire a 50% interest in San Maurizo Mines Ltd. ("San Maurizo"), a private Manitoba company, which holds a 100% direct interest in the Property via its wholly owned Peruvian subsidiary, Basic Minerals SAC. The new metallurgical results show that high silver (Ag) recoveries and gold (Au) recoveries are achievable. The new venture will be jointly developed with Hudson Heartland Ltd (50% partner) and development and exploration costs will be equally shared.

The Mercedes property is located in the Junin Department in central Peru and covers an area of approximately 1,345 hectares. Mercedes is accessible from the town of Concepion located on the central highway by approximately 40 kilometres of a well-maintained gravel road. Peruvian Metals team has assisted San Maurizo's Peruvian subsidiary in the permitting by submitting the documentation needed for bulk sampling extraction.

Mercedes has extensive historical underground workings with horizontal drifts and shafts totaling approximately 900 metres. Previous operators from the early 1980's focused on three main structures called Victor I and II veins and the Kelly vein. In total over 15 mineralized structures were identified crossing Upper Cretaceous and Late Tertiary Sucllamachy granites. Historic reports indicate a total of over 15 mineralized structures/veins identified crossing Upper Cretaceous and Late Tertiary Sucllamachy granites. These structures generally trend NNW-SSE and are subparallel to a large U shape gully allowing easy underground access to these mineralized structures. To date the Company has located six mineralized veins.

Recent metallurgical results have confirmed the high recoveries of silver and gold at Mercedes. The lead and zinc content is determined to be insignificant compared to the Ag-Au. To achieve the higher recoveries, metallurgical work and future processing only focused on the recoveries of Ag-Au. Therefore, the Company will design its process method to produce only one Ag-Au concentrate. Concentrates are expected to contain low to moderate amounts of lead.

One large composite sample over several tens of meters was recently taken in the Victor II workings. The head grade of the composite sample returned 3.69 grams Au/mt and 9.4 ounces Ag/mt. Metallurgical results using flotation methods produced a concentrate grading 33.03 ounces Ag/mt and 12.23 grams Au/mt. Silver-Gold recoveries returned 97.85% and 92.19% respectfully. Mineral to concentrate ratio of 3.50 to 1 was also achieved. The Victor II vein is well exposed in two levels in the underground adits. The mineralized structure ranges in width from 0.30 to 1.0 meters in width as reported by Company geologists

The Company recently located a fourth mineralized structure called the Charo Vein. This mineralized structure is located 475 metres west of the Victor II vein and on the opposite side of the U-shaped gully. A historic 45-metre adit was located and cleaned out. The adit opening was re-established and secured for access. Initially three samples were taken in the adit, and assays returned an average of 1.33 grams Au/mt, 14.83 ounces Ag/mt and 1.36% Pb. Assays ranged from 0.25 to 2.59 grams Au/mt, 0.398 to 41.697 ounces Ag/mt, and 0.17 to 3.67% Pb over an average width of 0.35 meters. One large composite sample was taken over the length of vein for metallurgical work. The head grade of the composite assayed 0.63 grams Au/mt and 6.10 ounces Ag/mt. Metallurgical results using flotation methods produced a concentrate grading 48.42 ounces Ag/mt and 4.01 grams Au/mt. Silver-Gold recoveries returned 92.3% Ag and 74.7% Au. The mineral to concentrate ratio of 8.54 to 1 was achieved.

Mercedes has secured access agreements with the local community. A camp has been established and new road access to the upper showings is currently underway. During the first quarter of 2026, two groups of miners will start extracting mineral from the Victor II and Charo Veins. Once the weather improves, the Company will start the development of a 225-meter 2.5 X 3.0 meter crosscut to intersect the Kelly, Victor I and Victor II veins. This adit is designed to provide access to multiple mineralized faces and establishing underground drill sites. Mineral material will be processed at a local toll mill 12 kilometres from the Project. The Project is subject to a 20% Net Profit Interest ("NPI") and will be eliminated once US$4 million is paid to the holder of this NPI.

Mercedes will continue to be managed by Eric Hinton P.Eng and Jeff Reeder P.Geo. Mr. Hinton is the sole shareholder of Hudson Heartland Ltd. and is a member of the Professional Engineers of Ontario, Association of Professional Engineers and Geoscientists of the Province of Manitoba and a Fellow of the Canadian Institute of Mining and Metallurgy and is a designated Qualified Person as defined by NI 43-101 guidelines. Mr. Hinton has over 35 years of underground and open pit mining experience in Canada, the United States, Ghana and Zimbabwe. Peruvian Metals will continue to be involved in the project by providing administrative, accounting, permitting and geological services.

Jeffrey Reeder, the chief executive officer of Peruvian Metals, states: "Our Company is excited to jointly develop and explore the prospective Mercedes property with Hudson Heartland Ltd. The Property has several high-grade precious metal veins ready to be explored and bulk sampled. When Peruvian Metals acquired an interest in the property, silver was trading at US$23 per ounce. Now that silver is in the US$90 per ounce range, the economics has greatly improved. The new metallurgical work suggests we focus on achieving the highest silver recoveries by producing only one concentrate, rich in silver and gold. Our agreement with San Maurizo follows our business model by associating with small miners throughout Peru by providing them capital, permitting and geological expertise. San Maurizo's Peruvian subsidiary is well established and permitting is almost complete. Partnering with a private company will enable both entities to generate substantial cash flow."

Jeffrey Reeder, P.Geo, a qualified person as defined in National Instrument 43-101, has prepared, supervised the preparation or approved of the scientific and technical disclosure contained in this news release. The metallurgical work was performed by Ing. Jose Orlando Moncada Rejas who is the main metallurgist at the Aguila Norte Plant owned by the Company. Assaying of the material was performed by Procesmin Ingenieros SRL located in Caraz Ancash by fire assay for Au-Ag.

About Peruvian Metals Corp.
Peruvian Metals Corp. is a Canadian exploration and mineral processing company. Our 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 tonnes per day level.

ON BEHALF OF PERUVIAN METALS
CORP.
(Signed) Jeffrey Reeder

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Disclosure Regarding Forward-Looking Statements: This press release contains certain "Forward-Looking Statements" within the meaning of applicable securities legislation. We use words such as "might", "will", "should", "anticipate", "plan", "expect", "believe", "estimate", "forecast" and similar terminology to identify forward-looking statements and forward-looking information. Such statements and information are based on assumptions, estimates, opinions, and analysis made by management in light of its experience, current conditions and its expectations of future developments as well as other factors which it believes to be reasonable and relevant. Forward-looking statements and information involve known and unknown risks, uncertainties and other factors that may cause our actual results to differ materially from those expressed or implied in the forward-looking statements and information and accordingly, readers should not place undue reliance on such statements and information. Risks and uncertainties are more fully described in our annual and quarterly Management's Discussion and Analysis and in other filings made by us with Canadian securities regulatory authorities and available at www.sedarplus.ca.While the Company believes that the expectations expressed by such forward-looking statements and forward-looking information and the assumptions, estimates, opinions, and analysis underlying such expectations are reasonable, there can be no assurance that they will prove to be correct. In evaluating forward-looking statements and information, readers should carefully consider the various factors which could cause actual results or events to differ materially from those expressed or implied in the forward-looking statements and forward-looking information.

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