Peruvian Metals

Investor Insight

Peruvian Metals is a revenue-generating junior miner advancing a portfolio of high-grade precious and polymetallic minerals projects in one of the world’s most established mining jurisdictions.

Overview

Peruvian Metals (TSXV:PER,OTCQB:DUVNF) is a Canadian exploration and mineral processing company focused on precious and polymetallic metals in Peru. The company’s business model combines toll milling and mineral purchases at its Aguila Norte processing plant with the exploration and development of high-grade, wholly owned mineral assets. This structure allows Peruvian Metals to generate revenue while growing its resource, reducing reliance on equity financings and protecting shareholder capital.

The company is advancing a portfolio of gold and silver assets, led by the Palta Dorada project, while leveraging its operational processing infrastructure to improve margins by transitioning from third-party feed to company-owned minerals. Peruvian Metals’ leadership team brings decades of technical, operational, and corporate experience in Peru, with a track record of asset generation, project development, and partnerships with major mining companies.

Company Highlights

• Operating mineral processing platform: Peruvian Metals holds an 80 percent interest in the Aguila Norte processing plant in northern Peru, which has operated at full capacity and delivered record annual throughput in 2025.
• Growth focus at Palta Dorada (100 percent owned): High-grade gold-silver-copper veins with metallurgical results showing 89 percent gold recovery in sulphides (flotation) and >80 percent gold recoveries in both oxide and sulphide material, supporting a near-term bulk sampling and processing strategy.
• Margin expansion strategy: The company aims to replace third-party mineral processing with 100 percent owned minerals starting in 2026 to increase profit margins per tonne processed.
• Permitting and near-term development path: Permitting is advancing at Palta Dorada and Mercedes to enable extraction of minerals for processing as the company progresses development and metallurgical work.
• Experienced Peru team with disciplined capital strategy: Management brings decades of experience operating in Peru and a model intended to limit dilution

Key Projects

Palta Dorada Gold–Silver–Copper Project

Peruvian Metals’ 100 percent owned Palta Dorada project, located in the Ancash mining district of northern Peru, is the company’s primary growth focus. The project covers approximately 2,250 hectares and hosts multiple high-grade gold-silver-copper veins identified through surface mapping, sampling, and historic underground workings. Development has focused on the main San Juan vein, which demonstrates an exposed strike length of approximately 840 metres and a sharp transition between oxide and sulphide mineralization.

Recent metallurgical testing returned gold recoveries of 89 percent in sulphide material and more than 80 percent in oxide material, supporting a development strategy that includes selling oxide material to local toll mills for immediate cash flow and processing sulphide material at the Aguila Norte plant to produce a marketable concentrate. The company holds provisional permits that allow bulk sampling and underground development.

Aguila Norte Processing Plant

The Aguila Norte processing plant, located in northern Peru, is a cornerstone asset for Peruvian Metals. The fully permitted flotation plant processed a record 36,616 tonnes of mineral in 2025, operating at full capacity and marking five consecutive years of throughput growth. The facility currently processes third-party minerals from permitted small-scale miners and has generated more than US$2 million in revenue annually from 2023 through 2025.

The plant’s environmental permit allows for future expansion beyond the current 100 tonnes per day. Peruvian Metals plans to increase margins by transitioning to processing minerals from its own projects, including Palta Dorada, while continuing to evaluate the addition of a carbon-in-pulp (CIP) circuit for oxide gold material.

Mercedes Polymetallic Project

The Mercedes project is a high-grade gold-silver-lead-zinc asset located in central Peru. Peruvian Metals holds a 50 percent indirect interest through its ownership in San Maurizo Mines. The project benefits from historical underground development totaling more than 1,000 metres of drifting, established infrastructure, and proximity to a third-party toll mill. The company is advancing permitting and community agreements to support renewed underground development, with future work costs shared with its partner.

Management Team

Jeffrey Reeder – President, CEO & Director

Jeffrey Reeder is a professional geologist with more than 38 years of industry experience, including over 30 years working in Peru. He has been involved with Peruvian Metals and its predecessor companies since 1994 and has played a key role in identifying and acquiring mineral assets later developed by major and mid-tier mining companies.

Justin Bourassa – Chief Financial Officer

Justin Bourassa has over 16 years of global experience in financial management, governance, and reporting for public and private mining and exploration companies. He is a member of the Metals Group and brings extensive expertise in financial oversight and capital markets.

John P. Thompson – Director

John Thompson is a professional engineer with more than 35 years of experience in exploration, mine development, and resource estimation. He has served as a director of Peruvian Metals since 2006 and holds degrees in geology from Acadia University.

Oscar Pezo – Director

Oscar Pezo is a Peruvian national based in Lima with extensive experience in investment banking and corporate finance. He previously served as CEO of NCF Bolsa SAB and holds an engineering degree and an MBA from leading Peruvian universities.

Daniel Hamilton – Director

Daniel Hamilton is a chartered professional accountant with more than 30 years of senior financial experience, including roles with TSX-listed mining companies and major engineering and mining firms.

Steve Brunelle – Director

Steve Brunelle is a Canadian geologist with nearly three decades of exploration experience across the Americas. He has advanced multiple projects to feasibility and has been involved in successful mergers and acquisitions within the mining sector.