Peruvian Metals Continues to Process at Full Capacity for the First Quarter of 2026 at Aguila Norte Processing Plant

• The April 8, 2026 release reports a record first‑quarter 2026 production at the Aguila Norte processing plant: 9,212 mt processed, slightly above Q1 2025 (9,168 mt).
• The plant operated at full capacity for the quarter and management expects to maintain this level through the rest of 2026.
• A 10‑year surface‑rights extension was secured in March 2026, allowing continued use of the concession area.
• Recent financing rounds (February–March 2026) provided cash for equipment upgrades, which are being implemented with no anticipated impact on throughput.
• Exploration results from historic workings show high‑grade Cu‑Au‑Ag sulphide mineralization that could be added to future feedstock, but no immediate production plans were disclosed.

• Expectation vs. outcome: The company had already announced financing and a surface‑rights renewal earlier in the year, signaling intent to run at full capacity. The modest Q1 volume increase (≈0.5 %) is therefore in line with expectations, not a surprise breakthrough.
• Cash flow implication: Full‑capacity operation sustains cash generation needed for ongoing upgrades and future expansion; however, the incremental revenue from the 44 mt increase over Q1 2025 is marginal given the low unit price of the stock.
• Strategic significance: The 10‑year rights extension removes a near‑term regulatory risk and supports long‑term planning for capacity expansion (up to 350 t/d). This is a positive development but was already anticipated in the March 2, 2026 lease renewal announcement.
• Overall materiality: The news confirms operational execution rather than delivering new value‑creating events. It is therefore Routine – Positive.

Peruvian Metals Corp. focuses on developing its Aguila Norte processing plant (80 % owned) in northern Peru, which processes third‑party mineral and is being positioned to handle the company’s own ore from Palta Dorada (Au‑Ag‑Cu), Mercedes (Ag‑Au), and other peripheral concessions. The flagship project is the integration of upstream mining assets with Aguila Norte, aiming for a future throughput of up to 350 t/d.