Mr. Jeffrey Reeder reports

PERUVIAN METALS ANNOUNCES NEW HIGH-GRADE AU-AG RESULTS AT PALTA DORADA

Peruvian Metals Corp. has released new high-grade gold (Au) and silver (Ag) results from the main San Juan vein taken on the Au-Ag exposed in the underground workings on its 100-per-cent-owned Palta Dorada gold-silver property in northern Peru. Randomly selected samples assayed from stockpiled and bagged sulphide material returned 20.97 grams Au per metric tonne (g Au/mt) and 10.87 ounces Ag/metric tonne (oz Ag/mt), which equates to 0.824 ounce Au/mt equivalent at current precious metal prices. New sampling taken from the oxide zone exposed in the underground workings returned 89.50 g Au/mt. The company is also pleased to provide an update on its operations regarding underground development and surface trenching. Sulphide material is currently being accumulated to be shipped and processed at the company's 80-per-cent-owned Aguila Norte processing plant.

The northeast-trending San Juan vein is the main mineralized structure on the property where gold oxide and sulphide material is clearly exposed in a rehabilitated historical 53-metre-deep shaft. The vein varies between 60 and 70 centimetres in width. The company is now extracting sulphide material in the shaft 10 metres below the oxide-sulphide transition. Material is being bagged and stockpiled. The work will continue to extract mineral at this level by drifting along this prominent structure.

The shaft provides very good exposure to both the sulphide and oxide mineralization on this main structure. The shaft is accessible by a 30-metre tunnel, which was recently expanded both in height and width, allowing the workers to easily and safely work underground. The tunnel exposes the oxidized portion of the San Juan vein with a new composite sample over one-half metre in width returning 89.5 g Au/mt. Four samples previous collected from the oxidized zone exposed in the shaft returned results of 0.87 g Au/mt, 19.23 g Au/mt, 35.1 g Au/mt and 55.30 g Au/mt. As previously reported, 31 tonnes of gold-bearing oxide material assaying 8.8 g Au/mt Au and 2.36 oz Ag/mt was taken from this area in June, 2022, and sold to the Chala One toll mill, located in Chala, Peru.

The company is also pleased to report that it has started a crosscut to intersect the San Juan vein 100 metres southwest of the shaft. The length of the adit is projected to intersect the mineralized structure at 50 metres. The adit is currently at 25 metres and progress will improve once more workers arrive at site. The purpose of the adit is both for exploration and underground development. The opening of the adit is located approximately 10 metres below the oxide-sulphide transition exposed in the shaft. It will also open up two additional minable faces, allowing the company to improve overall production.

A second mineralized structured now called the Esperanza vein is located 850 metres west of the shaft the exposes the San Juan vein. The Esperanza vein trends southeast and is projected to intersect the main San Juan vein between 510 to 530 metres to the southeast. Assaying returned positive gold results from workings. The company previously sampled oxide gold material accumulated from mineral sacks by artisanal miners and returned 13 g Au/mt and three oz Ag/mt. Recent work focused on opening up the area to further expose the Esperanza vein. Four random grab samples taken from the oxidized material range from 5.63 g Au/mt to 8.90 g Au/mt averaging 7.12 g Au/mt. A portal will be established at the artisanal working before year-end and the company expects to extract oxide gold material for sale to local toll mills in 2027.

The property covers an area of approximately 2,250 hectares. It is accessible from Peruvian Metals Aguila Norte processing plant by approximately 150 kilometres of mainly paved roadway.

"New sample results in both oxide and sulphide material highlight the gold potential at Palta Dorada. When Peruvian Metals acquired its initial interest in the property, gold was trading at the $1,500-(U.S.)-per-ounce level. Now that gold is trading near the $4,200-(U.S.)-per-ounce level, the economic viability has been greatly improved. Our provisional permits allow the company to extract large bulk samples of both the oxide and sulphide material. In the short term, oxide material will be sold to local mills. We have successfully sold gold oxide material from Palta Dorada in 2022. Sulphide material will be transported to our Aguila Norte mill for processing, where we will be able to produce a Au-Ag concentrate for sale," commented Jeffrey Reeder, chief executive officer of the company.

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. Assaying of the sulphide material was performed by Procesmin Ingenieros Srl, located in Caraz, Ancash, by fire assay for Au-Ag. Assaying of the oxide material is performed Auro Met Labs, located in Trujillo, by fire assay for Au-Ag. The company routinely sends selective samples for check assays to other labs' QA/QC (quality assurance/quality control) purposes.

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.

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