Peruvian plans 2026 exploration near Aguila Norte

Executive Summary

• Peruvian Metals Corp. reports encouraging gold, silver, and copper assay results from its 80%-owned Aguila Norte property in northern Peru, highlighting the potential for underground operations due to rising metal prices.
• The company identified two primary areas of interest: an old adit area with historical and recent sampling showing Au-Ag-Cu mineralization, and a second vein area adjacent to the processing plant where artisanal mining provided high-grade samples.
• The company plans to launch a 2026 exploration program to map and sample these zones, with a strategy to process sulphide material at its existing plant and sell oxide material to local toll mills.

Key Details

• Adit Area Sampling:
  • Recent grab samples from dumps and stockpiles near the plant averaged 1.10 g/t Au, 1.72 oz/t Ag, and 1.99% Cu.
  • Gold assays ranged from 0.257 to 2.69 g/t Au; Silver assays ranged from 0.20 to 4.29 oz/t Ag.
  • Samples showed strong oxide copper mineralization, with soluble copper ranging from 0.02 to 7.90% Cu.
  • A grab sample taken from the bottom of a cleaned 20-metre vertical shaft within the main adit returned 1.487 g/t Au, 3.40 oz/t Ag, and 3.00% Cu (plus 0.24% soluble Cu), indicating sulphide mineralization at depth.
  • Historical context: Andeangold Ltd. (2009) reported a weighted average of 4.81 g/t Au, 41.7 g/t Ag, and 0.51% Cu from 31 samples in the same adit.
• Second Area of Interest (Adjacent to Plant):
  • During 2025, artisanal miners delivered 54 tonnes of mineral to Madosac under an agreement requiring a 20% royalty payment.
  • The delivered material averaged 5.31 g/t Au.
  • Madosac sold this material to a local toll mill for $23,029 USD (including 18% VAT).
  • Recent grab samples from underground workings and surface stockpiles averaged 6.24 g/t Au, ranging from 1.03 to 13.50 g/t Au.
  • The vein is heavily oxidized, varying in width between 0.30 and 1.20 metres.
  • Geologists note potential for sulphide gold potential at depth where miners encountered sulphide material.
• Operational & Permitting Status:
  • The Aguila Norte processing plant holds an environmental permit (IGAC) allowing processing at 100 tonnes per day.
  • The permit allows for expansion up to 350 tonnes per day.
  • The plant is located on a 120-hectare wholly owned concession.
  • Two additional contiguous concessions totaling 263 hectares are not covered by the current environmental permit.
  • All samples were processed by Procesmin Ingenieros SRL (fire assay for Au-Ag, atomic absorption for Cu) and Auro Met Labs (Fire Assay).
• Strategic Outlook:
  • CEO Jeffrey Reeder notes that rising gold prices (above $4,200/oz) and copper prices (above $5.20/lb) have significantly improved the economics for underground operations compared to acquisition time.
  • The 2026 exploration program will focus on mapping and sampling, with a plan to treat sulphide material at the plant and sell oxide material to toll mills.

Notable Quotes

• "When we initially acquired the concessions for the plant, gold was trading between the $1,200 (U.S.) to $1,300 (U.S.) per ounce range and copper between the $2 (U.S.) to $3 (U.S.)per pound range. At the time, we were only interested in the strategic location for the plant. Now that gold is trading above $4,200 (U.S.) per ounce and copper trading above $5.20 (U.S.) per pound, and the existence of Au-Ag-Cu sulphide mineral at depth, the economics for underground operations are greatly improved." — Jeffrey Reeder, CEO