Peruvian Metals Provides Corporate Update and Announces Financing

Edmonton, Alberta--(Newsfile Corp. - September 12, 2024) - Peruvian Metals Corp. (TSXV: PER) (OTCQB: DUVNF) ("Peruvian Metals" or the "Company") is pleased to provide a corporate update regarding the annual financial statements and mineral processing at its 80% owned Aguila Norte Processing Plant ("Aguila Norte" or the "Plant") located in Northern Peru.

The Company filed its annual audited financial statements for 15 months ending March 31, 2024, on September 6^th and first quarter interim financial statements for the 3 months ended June 30, 2024, on September 9^th. Highlights for the 15 months ended March 31, 2024 show processing income of $1,230,788 compared to $910,3470 for the 12 months ended December 31, 2022. General and administrative expenses for the 15 months ended March 31, 2024, were $847,061 compared to $616,306 for the 12 months ended December 31, 2022. Excess cash was used to advance the Company's projects by spending $318,472 on exploration and evaluation costs during the 15 months ending March 31st, 2024, compared to $359,872 for the 12 months ended December 31, 2022. The Company is also pleased to highlight that current liabilities have been significantly reduced from $630,639 as of December 31, 2022, to $438,962 at June 30, 2024, a 43% reduction in debt.

During the first eight months of 2024, the Plant completed twelve mineral campaigns processing a total of 20,945 metric tonnes (mt). This year's production exceeded production levels of 2023 (19,126 mt) by 9.5%. The Company is delighted with this years' production at a time where significant new operations exist throughout Peru. The production of quality concentrates with an ideal location for miners gives Peruvian Metals a competitive advantage over other operations.

Jeffrey Reeder, CEO of Peruvian Metals, comments: "We are extremely pleased with our consistent production at Aguila Norte during 2024. We are also proud to show that the Company's financial position has significantly improved over the past 18 months showing a reduction in debt while advancing our projects with cash generated from our operations. The investment into San Maurizo Mines during the second quarter is also expected to strengthen the financial position of the Company. We fully expect that production levels will increase for the remainder of the year and expect another record year."