Mr. Jeffrey Reeder reports

PERUVIAN METALS PROVIDES UPDATE ON TAILINGS EXPANSION AND UPGRADES AT THE AGUILA NORTE PROCESSING PLANT AND ANNOUNCES GRANT OF STOCK OPTIONS

Peruvian Metals Corp. is providing an update on the upgrades and tailings expansion at its 80-per-cent-owned Aguila Norte processing plant, located in Northern Peru.

During the months of March and April, Peruvian Metals completed the expansion of the tailings facility, which is expected to extend the tailing facility life for at least another two years. The expansion was achieved through the current cash flow generated from the processing revenue of third party mineral. The company is currently performing further upgrades and routine maintenance on the crushing circuit and ball mill. The company does not expect that these upgrades or maintenance will hinder production. The plant's production for the month of April was at full capacity, processing 3,007 tonnes for a year to date total of 12,220 tonnes.

The company is also planning to connect the plant to the national power grid. The company is currently reviewing the best route for a power line and is in talks with several possible contractors to provide costs and timing. Connection to the power grid will lower the processing costs. The company is also planning to expand the plant to the maximum processing tonnage of 350 tonnes per day. The company will first design a process flow diagram for a new circuit focusing on producing Au-Ag-Cu (gold-silver-copper) concentrates. Once completed, the company will accept bids and proposals from third parties to complete the expansion.

Jeffrey Reeder, chief executive officer of Peruvian Metals, comments: "The company's Aguila Norte processing facility has been operating successfully and achieving positive cash flow for several years. With the recent financing, the company is in a better situation to reinvest and improve the plant infrastructure without any significant financing. We will continue to expand the tailings area over the long term, ensuring that the plant can operate at peak capacity for the foreseeable future. The plant has not had any significant issues over the past eight years. The routine maintenance being performed at this time will be completed over the next several months."

Peruvian Metals has granted incentive stock options to various directors, officers and consultants to purchase up to 3.3 million common shares of the company on or before May 12, 2031, at an exercise price of 35 cents per share, in accordance with its stock option plan and subject to regulatory approval.

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 100-per-cent-owned mineral properties. 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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