Mr. Jeffrey Reeder reports

PERUVIAN METALS PROVIDES CORPORATE UPDATE ON PRODUCTION, NEW TAILINGS RESULTS AND THE PROCESS TO RE-INSTATE THE OTCQB LISTING

Peruvian Metals Corp. has provided a corporate update regarding 2026 production at the 80-per-cent-owned Aguila Norte processing plant, new sample results from the tailings area and the reinstatement on the QTCQB trading platform in the United States. The company is also pleased to announce the commencement of the civil works required for the expansion of the plant located in northern Peru.

During the month of October, the plant processed a total of 3,142 metric tonnes and now achieved full production for 21 consecutive months. The plant continues to be on track to achieve another year of full capacity production. Since 2017, the plant has processed in excess of 227,000 tonnes. The company is also pleased to note that a new platform is currently being constructed to host a second ball mill. Civil works for the new ball mill are continuing and will be ready in the new year.

The company is also pleased to announce tailings material from an area of approximately 1,250 square metres ranging one to two metres in depth was extracted and placed near the flotation circuit for drying. Thirty-one samples were taken from this extracted material and returned an average of 2.17 grams gold per metric tonne and 87 grams silver per metric tonne. At the current Au and Ag prices of approximately $4,000 (U.S.) per ounce and $50 (U.S.) per ounce, respectively, this equates to 0.108 ounce gold equivalent per metric tonne. The gold results range from 1.50 to 3.00 grams gold per metric tonne and silver ranges from 1.66 to 4.49 ounces silver per metric tonne. These new results are from the same tailings area and are comparable with the results previously reported in the company's press release dated Sept. 9, 2026. Metallurgical test work confirmed the high recoveries of gold and silver at 93 per cent and 87 per cent, respectively.

The company has started the process to reinstate its OTCQB listing in the United States. The trading platform is designed to provide another avenue for investors to trade Peruvian Metals shares and to provide an increasing awareness around the company for U.S. investors. The OTCQB is recognized by the U.S. Securities and Exchange Commission as an established public market for determining the public market price when registering securities for resale.

Jeffrey Reeder, chief executive officer of Peruvian Metals, commented: "The company's Aguila Norte processing facility has been operating successfully and continues to achieve positive operating cash flow. We also believe that the reinstatement of the company for trading on the OTCQB will lead to overall enhanced liquidity and visibility in global capital markets developing and entrepreneurial-stage companies."

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 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. 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 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.

We seek Safe Harbor.