Mr. Jeffrey Reeder reports

PERUVIAN METALS ON TRACK FOR FULL PRODUCTION FOR 2026 AT THE AGUILA NORTE PROCESSING PLANT AND REPORTS POSITIVE SAMPLE RESULTS FROM THE TAILINGS AREA

Peruvian Metals Corp. has completed a major overall and maintenance program and has released the year-to-date production results for 2026 at its 80-per-cent-owned Aguila Norte processing plant located in northern Peru.

During the months of July and August, the plant processed a total of 6,046 metric tonnes. The plant has achieved full production capacity for 28 of the previous 29 months. The company is also pleased to note that the maintenance work performed on the ball mill and crushing circuit was completed during April through to July. Production was not affected, and the company continues to be on track to achieve another year of full capacity production. Since 2017, the plant has processed 221,020 mt.

The company is also pleased to announce that recent sample results from the tailings area show that there are gold and silver left in the tailings. Twenty samples were taken from a dry area within the tailings area and returned 2.4 grams gold per metric tonne and 90 grams silver per mt. At the current Au and Ag prices of $4,400 (U.S.) and $65 (U.S.) per ounce, respectively, this equates to 0.108 ounce Au equivalent per mt. The gold results range from 1.34 to 3.93 grams Au/mt and silver ranging from 1.24 ounces Ag/mt to 4.37 ounces Ag/mt. Three to four kilograms were taken from several sites within an area of 1500 square metres. Material was taken from 20- to 80-centimetre hand-dug pits. The sampling was supervised by Jeffrey Reeder, the chief executive officer of the company.

A composite sample was also collected within the sampled area for metallurgical test work. The head grade of the metallurgical sample assayed 1.76 grams Au/mt and 75 grams Ag/mt. 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. The company will need to modify its permit by designing an additional process for treatment of the tailings material. A detailed report will be prepared and submitted to the Peruvian Ministry of Mines during the fourth quarter.

Jeffrey Reeder, chief executive officer of Peruvian Metals, commented: "We are on track for another year at full capacity production. The company is currently preparing Palta Dorada and Mercedes for bulk sample extraction from the underground sites. The possibility of reprocessing the tailings at Aguila Norte adds another revenue stream, strengthening the financial position of the company."

Qualified person

Mr. Reeder, PGeo, is the qualified person, as defined in National Instrument 43-101, who has reviewed and approved the technical contents of this release. The metallurgical work was performed by Jose Orlando Moncada Rejas, Ing, who is the chief metallurgist at the Aguila Norte plant. 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. Its 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 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 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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