Announcement • Aug 24

Peruvian Metals Corp. Provides Progress Update on Mercedes Au-Ag Property with Assay Results from the Newly Sampled Kelly Vein

Peruvian Metals Corp. acquired a 50% interest in San Maurizo Mines Ltd., a private Manitoba company, which holds a 100% direct interest in the Mercedes Silver-Gold property via its wholly owned Peruvian subsidiary, Basic Minerals SAC. Metallurgical results show that high silver recoveries and gold recoveries are achievable showing recoveries of 97.85% for silver and 92.19% gold. More detailed information on the recoveries is provided in the Company's press release dated January 23rd, 2026. The Property is being developed jointly with Hudson Heartland Ltd. (50% partner), with development and exploration costs to be equally shared. Mercedes has extensive historical underground workings with horizontal drifts and shafts totaling approximately 900 metres. The Company has located several historic workings from the 1980's and has cleaned out and reinforced mine openings for safety and access. Five mineralized structures have now been located, and all structures show gold and silver mineralization. Mineral extraction from the underground working on the Victor II Vein has now commenced and material is being placed in sacks and stockpiled. An assay from a random grab sample from the stockpiled material returned 5.88 grams gold/mt, 5.55 ounces silver/mt, 4.95% lead and 7.07% zinc. Once sufficient material is extracted, the Company will ship this initial material to the Company's Aguila Norte Processing Plant for an initial Pilot Bulk Sample Test. It is important to note that the assay from the stockpiled material may not represent the final grade for the first batch to be processed. The Company recently cleaned out and re-established the mine opening exposing the Kelly Vein. Assays from one sample over a 0.60-meter width returned 3.16 grams gold/mt, 8.42 ounces silver/mt, 0.58% lead and 4.88% zinc. A large sample was collected from the underground working for metallurgical testing. The Kelly mineralized structure is located 140 metres west of the Victor II vein and generally trends in the same direction as the Victor I, Victor II, Charo and Herraje Veins. The Company plans to develop a 225-meter drift to crosscut the Kelly, Victor 1 and Victor II veins allowing extraction from 6 possible mineralized faces. Certain permits are pending for this underground development. 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. Several permits and permissions have been granted allowing for small scale extraction and processing of the mineralized material. Permitting is almost complete which will allow the development of the crosscuts for bulk sampling extraction.

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Peruvian Metals Corp. Provides Progress Update on Mercedes Au-Ag Property with Assay Results from the Newly Sampled Kelly Vein

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