Peruvian Metals Achieves Record Throughput at Aguila Norte Processing Plant and Summarizes Major Achievements for 2024

Rhea-AI Summary

Peruvian Metals (TSXV: PER) (OTCQB: DUVNF) reported record throughput at its 80%-owned Aguila Norte processing plant in Northern Peru for 2024. The plant processed 33,889 tonnes of third-party mineral, marking a 12.2% increase from 2023's 30,199 tonnes and continuing a five-year growth trend.

The company achieved several key milestones in 2024, including: acquiring 100% interest in the Palta Dorada Au-Ag-Cu project through a $250,000 US payment to Rio Silver Inc.; obtaining a 50% stake in San Maurizo Mines, which owns the Mercedes Property in Peru's Junin Department; and securing land use agreements and permits for bulk sampling at Mercedes, where over 15 Au-Ag-Pb-Zn mineralized structures have been identified.

Positive

• Record processing volume of 33,889 tonnes in 2024, up 12.2% YoY
• Acquired 100% ownership of Palta Dorada gold project
• Obtained 50% ownership in San Maurizo Mines with Mercedes Property
• Secured permits and agreements for bulk sampling at Mercedes Property

Negative

• None.

Edmonton, Alberta--(Newsfile Corp. - January 15, 2025) - Peruvian Metals Corp (TSXV: PER) (OTCQB: DUVNF) ("Peruvian Metals" or the "Company") announces production results for 2024 at its 80-per-cent-owned Aguila Norte processing plant ("Aguila Norte" or the "Plant") located in Northern Peru.

During 2024, the Plant processed a yearly record of 33,889 tonnes of third-party mineral. Compared with 30,199 in 2023, 29,667 tonnes in 2022 and 28,654 tonnes in 2021, production has increased five straight years. This represents an increase of 12.2 % compared to 2023.

The Company is also pleased with the progress during 2024 by consolidating the Palta Dorada Au-Ag-Cu project to hold a 100% interest in the property. The Company completed $250,000 US in property payments in 2024 to Rio Silver Inc. for their interest. The Palta Dorada property is located in Northern Peru and contains both high grade gold both in oxide and sulphide material. The Company re-established access roads to the underground workings in late 2024 and is currently reviewing other gold opportunities in the area for additional mineral feed for the Plant and a possible location for a future Carbon in Pulp ("CIP") Plant.

During 2024, the Company has also acquired a 50% ownership stake in San Maurizo Mines ("San Maurizo") a Manitoba based private company. San Maurizo holds the Mercedes Property situated in the Junin Department in central Peru through its Peruvian Subsidiary Basic Mineral S.A.C. The Property has a history of extensive underground workings, featuring numerous horizontal drifts and vertical raises totaling over 1,000 meters. Dating back to the early 1980s, previous operators concentrated on three primary structures known as Victor 1, Victor 2, and the Kelly vein. Over 15 sub-parallel Au-Ag-Pb-Zn mineralized structures have been identified showing significant potential. The Company has secured land use agreements with the local community and provisional permits to extract bulk samples for processing. Significant underground progress has been completed to commence bulk sampling in early 2025.

"We are pleased to achieve several milestones during 2024. The Company achieved record production at our Aguila Norte Plant. Significant progress at Palta Dorada and Mercedes properties will allow for mineral extraction during 2025. We will continue to review additional gold opportunities in Northern Peru by moving into the Peruvian gold space which is bolstered by the consolidation of Palta Dorada. The acquisition is one of many catalysts and sources of material for a potential CIP circuit," 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.

About Peruvian Metals Corp.
Peruvian Metals Corp. is a Canadian exploration and mineral processing company. Our business model is 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. The Company continues to acquire and develop precious and base metal properties in Peru.

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.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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/237161

FAQ

What was Peruvian Metals' (DUVNF) processing volume at Aguila Norte plant in 2024?

Peruvian Metals processed 33,889 tonnes of third-party mineral at Aguila Norte in 2024, a 12.2% increase from 2023.

How much did Peruvian Metals (DUVNF) pay for the Palta Dorada project in 2024?

Peruvian Metals paid $250,000 US to Rio Silver Inc. to acquire 100% interest in the Palta Dorada project.

What is the ownership structure of Peruvian Metals' (DUVNF) Aguila Norte plant?

Peruvian Metals owns 80% of the Aguila Norte processing plant located in Northern Peru.

What percentage stake did Peruvian Metals (DUVNF) acquire in San Maurizo Mines in 2024?

Peruvian Metals acquired a 50% ownership stake in San Maurizo Mines, which owns the Mercedes Property in Peru.

How many mineralized structures have been identified at the Mercedes Property owned by DUVNF?

Over 15 sub-parallel Au-Ag-Pb-Zn mineralized structures have been identified at the Mercedes Property.