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

This is a sampling, stockpile and underground-development update at the 100%-owned Palta Dorada Au-Ag property — not a drill programme. The key figures, stated exactly: - Sulphide: "randomly selected samples" from stockpiled/bagged sulphide material returned 20.97 g Au/mt and 10.87 oz Ag/mt, stated as 0.824 oz Au/mt equivalent. - Oxide: a new composite sample over ½ metre width in the underground workings returned 89.50 g Au/mt. - Prior four oxide samples from the same shaft zone: 0.87, 19.23, 35.1 and 55.30 g Au/mt. - 2022 historical sale: 31 t of oxide at 8.8 g Au/mt and 2.36 oz Ag/mt to the Chala One toll mill. - San Juan Vein width stated as varying between 60 and 70 centimetres. - Development: sulphide being extracted 10 m below the oxide-sulphide transition; a 30 m tunnel was widened; a new crosscut (adit) to intersect the San Juan Vein 100 m SW of the shaft is at 25 m of a projected 50 m. - Esperanza Vein (850 m west of the shaft): four random grab samples of oxidized material ranged 5.63–8.90 g Au/mt, averaging 7.12 g Au/mt; a portal is planned before year-end, with oxide extraction for local mills expected in 2027.

Company stage: a micro-cap that is unusual for a junior — it actually generates revenue (~C$3.06M FY2026 via the Aguila Norte toll mill), is debt-free with ~C$1.25M cash, and has no NI 43-101 resource on any property. So it is best classed as a cash-flowing explorer/processor, not a pre-revenue promoter, but still without defined tonnes. - Does this change the resource/deposit/thesis? No. No resource, no drill programme, no tonnage, no scale change. It confirms — again — that the San Juan Vein carries high-grade spot samples, which the market already knew from the September and April releases (10.51 g/t Au/329 g/t Ag weighted chip average; 11.10 g/t Au head grade with 89% Au recovery). - Is it new vs the price's revealed expectation? The stock ran from ~C$0.04 (Oct 2025) to C$0.30 (May 2026) — roughly a 7.5x re-rating — and has since round-tripped to C$0.11, giving back two-thirds of that move. The market has been de-rating the Palta Dorada narrative through 2026, and repeated "high-grade grab sample" releases have not arrested it. The anchor (the shaft chip average of ~10.5 g/t Au and the 11.1 g/t metallurgical head grade) is already in the price; the new grab samples are not demonstrably more than a re-statement of the same grade class. - Verdict: ordinary, spin-dependent news flow that does not change scale, grade confidence or odds. This reads as Routine.

• Peruvian Metals Corp. — TSXV: PER / OTC Pink: DUVNF; head office Edmonton/Canada, operations in Peru; CEO, Chairman and QP Jeffrey Reeder (30+ years in Peru; largest individual shareholder).
• Business model: (1) toll milling third-party artisanal ore at the 80%-owned Aguila Norte plant (~C$32/t processing margin); (2) developing own-ore feed to capture full metal value; (3) low-cost project generation.
• Aguila Norte: fully permitted polymetallic plant, current 100 tpd, permitted to 350 tpd; processed a record 36,616 t in 2025; FY2026 revenue ~C$3.06M.
• Palta Dorada (100%): ~2,250 ha, San Juan Vein confirmed high-grade oxide/sulphide; flotation recovery 89% Au / 75% Ag; oxide cyanide recovery 82–93% Au; targets first own-mineral shipment and a future CIP plant.
• Mercedes (50% via San Maurizo): ~1,345 ha, Victor II vein 97.85% Ag / 92.19% Au recoveries; community agreement signed Feb 2026.
• Other: Minas Visca (Ag-Pb-Zn), Yanayco (historic Au) — non-core; equity stake in Rio Silver from the Maria Norte sale.
• Balance sheet: no debt, ~C$1.25M cash, working capital surplus ~C$2.92M; no NI 43-101 mineral resources on any property.