Peruvian Metals' Aguila processes 36,616 tonnes in 2025

Executive Summary

• Peruvian Metals Corp. reported record throughput at its 80%-owned Aguila Norte processing plant in 2025, processing 36,616 tonnes of third-party mineral, an 8% increase over 2024, reaching full capacity.
• The company outlined its 2026 development and exploration strategy, focusing on its 100%-owned Palta Dorada and Mercedes properties (50% indirect interest), with advanced permitting and ongoing metallurgical studies for oxide and sulphide mineral processing.
• In corporate developments, Peruvian Metals received 3,999,999 shares of Rio Silver Inc. as consideration for the sale of the Minas Maria property, becoming the largest shareholder, while also granting incentive stock options to directors and officers.

Key Details

• Aguila Norte Plant Performance (2025):
  • Processed a yearly record of 36,616 tonnes of third-party mineral.
  • Production increased 8% compared to 2024 (33,889 tonnes).
  • Five-year production trend: 2022 (29,667t), 2023 (30,199t), 2024 (33,889t), 2025 (36,616t).
  • Plant operated at full capacity; expansion plans are under consideration.
• 2026 Development & Exploration Plans:
  • Focus on 100%-owned Palta Dorada and 50%-indirectly owned Mercedes properties.
  • Permitting is well advanced for both properties.
  • Gold oxide mineral from Palta Dorada and Aguila Norte site will be sold to local toll mills for immediate payment.
  • Metallurgical studies are ongoing for both sites; a future Carbon-In-Pulp (CIP) plant is planned.
  • Sulphide mineral from Palta Dorada will be processed at Aguila Norte.
  • Mineral from Mercedes will be processed at a third-party mill 12 km away.
  • Development plans include portal locations, metallurgical work, and topographic control.
• Royalty Income & Opportunities:
  • Received 54 tonnes of oxide gold material grading 5.31 oz Au/t as a royalty from a small miner in 2025.
  • Material extracted from old workings on company concession; successfully sold, demonstrating profitability.
  • Review of gold-silver-copper veins around Aguila Norte plant to begin early 2026.
• Non-Core Properties:
  • Minas Vizca (100% owned): Acquired 2021. Assays from 10 stockpile samples averaged 0.49 g/t Au, 12.93 oz/t Ag, 2.62% Pb, 1.68% Zn.
  • Yanayco (100% owned): Historic gold mine (1980s). Old workings returned up to 7.33 g/t Au and 30.9 oz/t Ag. 36 random grab samples averaged 0.73 g/t Au and 1.95 oz/t Ag. Old mine dumps averaged 0.81 g/t Au and 4.41 oz/t Ag.
• Corporate Transactions:
  • Received 3,999,999 shares of Rio Silver Inc. in December 2025 for the sale of the Minas Maria property.
  • Rio Silver closed at $0.50 on Dec 31, 2025.
  • Peruvian Metals is now the single largest shareholder of Rio Silver.
• Equity Incentives:
  • Granted incentive stock options to directors, officers, and consultants.
  • Total options: Up to 4.2 million common shares.
  • Exercise price: $0.06 per share.
  • Expiration: On or before Jan 6, 2029.
  • Subject to regulatory approval.

Notable Quotes

• "We are pleased to achieve several milestones during 2025. The company achieved record production at our Aguila Norte plant. With historic highs for gold and silver, we are making significant progress on permitting and metallurgical work on Palta Dorada and Mercedes properties. We will continue to review additional gold opportunities in northern Peru by moving into the Peruvian gold space, which is bolstered by the progress Palta Dorada. The acquisition is one of many catalysts and sources of material for a potential CIP circuit," commented Jeffrey Reeder, chief executive officer of the company.