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Independent Lab Confirms Gold and Silver Recoveries of 89% and 75% Respectively in Sulphides at Palta Dorada

Metallurgical Validation Supports Processing Expansion Amidst Record Production

By The Northwire Desk — AI Analysis Apr 14, 2026 · 08:01 PER · 0.22 Peruvian Metals Corp.

Executive Summary

Latest Update (April 14, 2026): Independent lab results confirm gold recoveries of 89% and silver recoveries of 75% for sulphide material at Palta Dorada. This improves upon January 2026 results which showed 61% silver recovery.
Operational Context: Aguila Norte processing plant achieved record Q1 2026 production (9,212 mt), operating at full capacity. Surface rights extended for 10 years to support expansion studies targeting 350 ft/d throughput.
Economic Drivers: Management cites gold prices near $4,700 USD/oz and silver above $90 USD/oz as significantly improving the viability of processing both oxide and sulphide materials at their own plant versus toll milling.
Financing History: Multiple private placements closed in early 2026 (Feb-March) raising approximately $1M+ gross proceeds to fund plant expansion and working capital, with warrants attached ($0.15-$0.20 strike).
Project Status: Palta Dorada is 100% owned; Mercedes project is a 50/50 JV with Hudson Heartland Ltd. Both are targeting extraction in 2026 pending permits.

Material Impact

Incremental Confirmation: The April 14 news validates the metallurgical thesis announced in January 2026. While silver recovery improved from 61% to 75%, gold recovery remained flat at 89%. This is a positive operational update but not a fundamental discovery or surprise.
Priced In: The stock rallied significantly from $0.06 (Jan 2026) to $0.26 (March 2026) on the back of similar metallurgical announcements and financing news. The current price action ($0.17-$0.22 range in April) suggests the market has already discounted much of this operational progress.
Economic Assumption Risk: The company's economic model relies heavily on gold trading near $4,700/oz (as stated in CEO quotes). This is a critical assumption; if commodity prices revert to historical norms (~$2,300-$2,500), the projected economics for sulphide processing at Aguila Norte could be materially impaired.
Dilution Concern: Recent financings issued 6M units with warrants ($0.15-$0.20 strike). This increases share count and potential future dilution if warrants are exercised, though it provides necessary capital for the expansion phase.

PER · Price

Company Overview

Core Business: Mineral processing via 80% owned Aguila Norte plant (Northern Peru) and development of high-grade gold/silver properties.
Flagship Project: Palta Dorada Gold-Silver property (100% owned, Ancash department). Recent metallurgical work confirms sulphide material can be processed onsite with high recoveries.
Secondary Assets: Mercedes Project (50% JV) and Minas Visca (Silver-lead-zinc).
Processing Capacity: Currently 100 ft/d permitted; engineering studies underway for expansion to 350 ft/d.

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