Peruvian Metals Corp. Commences Underground Development to Access High-Grade Au-Ag Sulphides at Palta Dorada

Edmonton, Alberta--(Newsfile Corp. - September 15, 2026) - Peruvian Metals Corp (TSXV: PER) (OTC Pink: DUVNF) ("Peruvian Metals" or the "Company") is pleased to announce that the Company has commenced underground development at its 100% owned Palta Dorada Gold-Silver property (the "Property") located in the Ancash department in Northern Peru. Road access throughout the Property has been significantly improved, and all historic adits and mine openings have been cleaned out with new re-established mine portals. The Company has also purchased the required equipment and reconditioned the generator and an industrial winch for this work to commence immediately. The Camp has been significantly improved to house more personnel, and communication infrastructure has now been established.

The Property covers an area of approximately 2,250 hectares. It is accessible from Peruvian Metals' Aguila Norte processing plant ("Aguila Norte" or the "Plant") by approximately 140 kilometres of mainly paved roadway. The Company is capable of extracting both oxide and sulphide material. Oxide material will be initially sold to local tolls mills capable of treating oxide material whereas sulphide material will be shipped to the Plant for processing.

The work from May to the end August consisted of re-establishing the main mine portals to the San Juan Vein from two different level locations. The main portal, located on the 883-metre level, is the primary access to a 180-meter-long drift which required several places to be cleaned out and re-established with new support infrastructure. This work is now complete, allowing for a safer working environment.

The second working consists of a 53-meter-deep shaft located at the 940-metre level, 320 meters along strike east-northeast of the lower main portal entrance. The shaft is accessible from surface but also by a short 20-metre adit at the 920-metre level where the oxide-sulphide transition begins. This drift was also cleaned out and re-established with new support.

In 2022, a 31-tonne bulk sample grading 9.74 grams Au/tonne ("Au/mt") was extracted from the oxide zone and sold to a local mill. Previously announced assay results on seven chip samples taken at various depths in the shaft from the quartz vein containing sulphides returned a weighted average of 10.51 grams Au/mt, 329 grams Ag/mt and 1.74 per cent Cu (copper). Assay results from these samples range from 3.06 to 24.1 grams Au/mt, 36 to 865 grams Ag/mt and 0.31 per cent Cu to 4.94 per cent Cu over an average width of 0.60 metre.

The initial development will consist of a 50-meter crosscut collared at the 910-metre level aimed to crosscut the ENE-SWS trending mineralized structure southwest of the shaft. The purpose of this drift is to intersect the sulphide zone exposed in the shaft, enabling the Company to simultaneously work two mineralized faces. The Company is also installing an industrial size winch located on surface at the 940-metre level capable of hauling to surface ½ metric tonnes of material per load. Material from this working will be shipped to the Company's Aguila Norte Plant for processing.

As previously announced (see Company's press release dated April 14, 2026), the head grade of a metallurgical sample assayed by Certmin S.A., an independent and accredited lab, assayed 11.10 grams Au/mt and 145 grams Ag/mt. Metal recoveries on this sulphide material using flotation methods confirmed 89% for gold and 75% for silver. Oxide material taken in the short adit above the oxide-sulphide transition returned 35.1 grams Au/mt and 1.51 ounces Ag/mt. The sample taken was a composite over ½ metre width. Previously announced metallurgical results on the oxide zone showed agitated cyanide leaching results with recoveries of 82% for gold and 58% for silver over 48 hours.

Once mineral processing starts, the Company plans to extend the main access on the 883-metre elevation level to a distance of 350 metres. Once completed, the Company will extend the shaft downward to intersect the main drift. This work will provide further improvements to the underground infrastructure. Part of the future development will also establish underground drill stations to test the San Juan Vein at depth. The current known strike length of the San Juan Vein is 840 metres and remains open in both directions along strike.

The Company will also start re-establishing old workings on the SE-NW trending North 1 structure located on the opposite side of the valley where 12 previously announced samples were taken from oxide material over a strike length of approximately 450 metres. All samples were strongly oxidized, and assay results ranged from 1.40 to 17.3 grams Au/mt Au and 10.8 to 456 grams Ag/mt Ag over widths of 0.20 to 0.80 metres. The weighted average of the results is 7.92 grams Au/mt and 102 grams Ag/mt. A mini-bulk sample was taken for metallurgical work from sacks containing oxide gold material. A bottle-roll metallurgical test was performed on oxide material with a head grade of 13 grams Au/mt and 113 grams Ag/mt showing recoveries of 92% for gold and 65% for silver over 36 hours. Nine of these samples were taken 600 metres WNW of the main portal entrance at an elevation of 1040 metres. The remaining three samples were sampled at the 950-metre elevation 420 metres along strike to the SE.

" The Company is pleased to start the underground development at Palta Dorada. The equipment is now on site, and workers have returned from break to start the new crosscut and the establish the winch above the shaft. Metallurgical results from both oxide and sulphide material highlight the gold potential at Palta Dorada. With the new infrastructure, the Company will also start a property wide exploration program once mineral processing starts. The Property hosts at least four mineralized structures that are now accessible. We have successfully sold gold oxide material from Palta Dorada in 2022. Sulphide material will be transported to our Aguila Norte plant for processing to produce a Au-Ag concentrate for sale ," commented Jeffrey Reeder, CEO. of the Company.

Qualified Persons Jeffrey Reeder, P. Geo., is the Qualified Person, as defined in National Instrument 43-101, who has reviewed and approved the technical contents of this release. The previous metallurgical work was supervised by Ing. Jose Orlando Moncada Rejas who is the main metallurgist at the Aguila Norte Plant. Assaying was performed by Procesmin Ingenieros SRL located in Caraz Ancash by fire assay for Au-Ag. The metallurgical work on the main San Juan structure was performed by Certmin's Chief Metallurgist Ing. Luis Loaiza. Assaying was done in house at Certmin S.A. Metallurgical work on the oxide material was processed and analyzed by fire assay at Auro Met Labs located in Trujillo. Auro Met Labs is used by many of the miners and toll mills in the area.

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, CEO 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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/314325

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September 15, 2026 - 5:00 AM PDT

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