Peruvian Metals intercepts Kelly Vein at Mercedes Au-Ag property

Edmonton, Alberta--(Newsfile Corp. - August 24, 2026) - Peruvian Metals Corp. (TSXV: PER) (OTC Pink: DUVNF) ("Peruvian Metals or the Company") is pleased to provide an update on the progress made by the Company in 2026 on the Mercedes Silver-Gold property ("Mercedes" or the "Property"). The Company acquired a 50% interest in San Maurizo Mines Ltd. ("San Maurizo"), a private Manitoba company, which holds a 100% direct interest in the Property via its wholly owned Peruvian subsidiary, Basic Minerals SAC. Metallurgical results show that high silver (Ag) recoveries and gold (Au) recoveries are achievable showing recoveries of 97.85% for Ag and 92.19% Au. More detailed information on the recoveries is provided in the Company's press release dated January 23 rd , 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 Au and Ag 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 Au/mt, 5.55 ounces Ag/mt, 4.95% Pb and 7.07% Zn. 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 Au/mt, 8.42 ounces Ag/mt, 0.58% Pb and 4.88% Zn. 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. See image attached.

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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.

Jeffrey Reeder, the Chief Executive Officer of Peruvian Metals, states: " Our Company is excited to jointly develop and explore the prospective Mercedes property. The Property has several high-grade precious metal veins ready to be explored and bulk sampled. When Peruvian Metals acquired an interest in the property, silver was trading at US$23 per ounce and gold at US$2100 per ounce. Now that silver is in the US$70 and gold in the US$4600 per ounce range , the economics has greatly improved. Our agreement with San Maurizo follows our business model by associating with small miners throughout Peru by providing them capital, permitting and geological expertise. Partnering with a private company will enable both entities to generate substantial cash flow ."

Jeffrey Reeder, P.Geo, a qualified person as defined in National Instrument 43-101, has prepared, supervised the preparation or approved of the scientific and technical disclosure contained in this news release. The metallurgical work was performed by Ing. Jose Orlando Moncada Rejas who is the main metallurgist at the Company's Aguila Norte Plant. Assaying of the material was performed by Procesmin Ingenieros SRL, located in Caraz Ancash, by fire assay for Au-Ag.

About Peruvian Metals Corp.

Peruvian Metals Corp. is a Canadian exploration and mineral processing company. Our 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 tonnes per day level.

ON BEHALF OF PERUVIAN METALS CORP. (Signed) Jeffrey Reeder

For additional information, contact: Jeffrey Reeder, C.E.O. Telephone: (647) 302-3290 Email : jeffrey.reeder@peruvianmetals.com

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Disclosure Regarding Forward-Looking Statements: This press release contains certain "Forward-Looking Statements" within the meaning of applicable securities legislation. We use words such as "might", "will", "should", "anticipate", "plan", "expect", "believe", "estimate", "forecast" and similar terminology to identify forward looking statements and forward-looking information. Such statements and information are based on assumptions, estimates, opinions, and analysis made by management in light of its experience, current conditions and its expectations of future developments as well as other factors which it believes to be reasonable and relevant. Forward-looking statements and information involve known and unknown risks, uncertainties and other factors that may cause our actual results to differ materially from those expressed or implied in the forward-looking statements and information and accordingly, readers should not place undue reliance on such statements and information. Risks and uncertainties are more fully described in our annual and quarterly Management's Discussion and Analysis and in other filings made by us with Canadian securities regulatory authorities and available at www.sedarplus.ca .While the Company believes that the expectations expressed by such forward-looking statements and forward-looking information and the assumptions, estimates, opinions, and analysis underlying such expectations are reasonable, there can be no assurance that they will prove to be correct. In evaluating forward-looking statements and information, readers should carefully consider the various factors which could cause actual results or events to differ materially from those expressed or implied in the forward-looking statements and forward-looking information.

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TMX Newsfile

August 24, 2026 - 6:00 AM PDT

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