Peruvian Metals Announces New High-Grade Au-Ag Results at Palta Dorada

Peruvian Metals Corp (TSXV: PER,OTC:DUVNF) (OTC Pink: DUVNF) ("Peruvian Metals" or the "Company") is pleased to announce new high-grade Gold ("Au") and Silver ("Ag") results from the main San Juan Vein taken on the Au-Ag exposed in the underground workings on its 100% owned Palta Dorada Gold-Silver property ("Property") in Northern Peru. Randomly selected samples assayed from stockpiled and bagged sulphide material returned 20.97 grams Aumetric tonne ("g Aumt") and 10.87 ounces Agmetric tonne ("oz Agmt") which equates to 0.824 ounces Aumt equivalent at current precious metal prices. New sampling taken from the oxide zone exposed in the underground workings returned 89.50 g Aumt. The Company is also pleased to provide an update on its operations regarding underground development and surface trenching. Sulphide material is currently being accumulated to be shipped and processed at the Company's 80% owned Aguila Norte Processing Plant ("Plant").

The north-east trending San Juan Vein is the main mineralized structure on the Property where gold oxide and sulphide material is clearly exposed in a rehabilitated historic 53-metre-deep shaft ("shaft"). The vein varies between 60 and 70 centimetres in width. The Company is now extracting sulphide material in the shaft 10 metres below the oxide-sulphide transition. Material is being bagged and stockpiled. The work will continue to extract mineral at this level by drifting along this prominent structure.

The shaft provides very good exposure to both the sulphide and oxide mineralization on this main structure. The shaft is accessible by a 30-metre tunnel which was recently expanded both in height and width allowing the workers to easily and safely work underground. The tunnel exposes the oxidized portion of the San Juan Vein with a new composite sample over ½ metre width returning 89.5 g Au/mt. Four samples previous collected from the oxidized zone exposed in the shaft returned results of 0.87 g Au/mt, 19.23 g Au/mt, 35.1 g Au/mt and 55.30 g Au/mt. As previously reported, thirty-one tonnes of gold bearing oxide material assaying 8.8 g Au/mt Au and 2.36 oz Ag/mt was taken from this area in June 2022 and sold to the Chala One toll mill located in Chala Peru.

The Company is also pleased to report that it has started a crosscut to intersect the San Juan Vein 100 metres SW of the shaft. The length of the adit is projected to intersect the mineralized structure at 50 metres. The adit is currently at 25 metres, and progress will improve once more workers arrive at site. The purpose of the adit is both for exploration and underground development. The opening of the adit is located approximately 10 metres below the oxide-sulphide transition exposed in the shaft. It will also open up two additional minable faces allowing the Company to improve overall production.

A second mineralized structured now called the "Esperanza Vein" is located 850 metres west of the shaft the exposes the San Juan Vein. The Esperanza Vein trends south-east and is projected to intersect the main San Juan vein between 510 to 530 m to the southeast. Assaying returned positive gold results from workings. The Company previously sampled oxide gold material accumulated from mineral sacks by artisanal miners and returned 13 g Au/mt and 3 oz Ag/mt. Recent work focused on opening up the area to further expose the Esperanza vein. Four random grab samples taken from the oxidized material range from 5.63 g Au/mt to 8.90 g Au/mt averaging 7.12 g Au/mt. A portal will be established at the artisanal working before year end and the Company expects to extract oxide gold material for sale to local toll mills in 2027.

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 150 kilometres of mainly paved roadway.

"New sample results in both oxide and sulphide material highlight the gold potential at Palta Dorada. When Peruvian Metals acquired its initial interest in the property, gold was trading at the $1500 US per ounce level. Now that gold is trading near the $4200 US per ounce level, the economic viability has been greatly improved. Our provisional permits allow the Company to extract large bulk samples of both the oxide and sulphide material. In the short term, oxide material will be sold to local mills. We have successfully sold gold oxide material from Palta Dorada in 2022. Sulphide material will be transported to our Aguila Norte mill for processing where we will be able to produce a Au-Ag concentrate for sale." commented Jeffrey Reeder, C.E.O. of the Company.

Qualified Person
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. Assaying of the sulphide material was performed by Procesmin Ingenieros Srl, located in Caraz Ancash by fire assay for Au-Ag. Assaying of the oxide material is performed Auro Met Labs located in Trujillo by fire assay for Au-Ag. The Company routinely sends selective samples for check assays to other labs QA/QC purposes.

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

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.sedar.com.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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