Peruvian Metals talks Ag, Au recoveries at Mercedes
Peruvian Metals' High-Grade Recoveries Signal Potential, But Thin Capital and Dilution Loom Over Speculative Advance

The most recent news (Jan 23, 2026) details the completion of Peruvian Metals' acquisition of a 50% interest in San Maurizo Mines Ltd., which holds the Mercedes silver-gold property in Peru. The release announces exceptional metallurgical results from the Victor II vein, with silver and gold recoveries of 97.85% and 92.19%, respectively, and provides similar data for the Charo vein. The property will be developed in a 50/50 joint venture with Hudson Heartland Ltd. CEO Jeffrey Reeder emphasizes the improved economics due to higher silver prices (~$90/oz vs. $23/oz at acquisition) and outlines a plan to focus on producing a high-grade concentrate.
The news is materially positive. It represents the successful culmination of a previously announced transaction (first noted in Mar 2025 financials) and provides robust, de-risking metallurgical data for a key asset. The exceptionally high recoveries, particularly for silver, are a strong technical positive that enhances the project's potential economics, especially in the current high-price environment. It aligns with the company's stated strategy of moving into the Peruvian gold-silver space and partnering with smaller miners. However, it is not a "game changer" as the JV structure and acquisition were expected, and the project remains in the early exploration/bulk sampling stage with significant capital and permitting work ahead.
Peruvian Metals Corp. is a junior exploration and processing company operating in Peru. Its business model involves operating the 80%-owned Aguila Norte custom processing plant for cash flow while advancing a portfolio of exploration projects. The current flagship project is the Palta Dorada gold-silver property (100% owned, 3% NSR to Rio Silver capped at $2M), which has shown high-grade oxide (35.1 g/t Au) and sulphide (8.3 g/t Au) mineralization with positive metallurgy. The Mercedes Ag-Au property (50% via JV) is a newer, high-recovery project being advanced.