(Edmonton, Alberta – January 11, 2021) Peruvian Metals Corp. (TSXV: PER / US: DUVNF) (“Peruvian Metals” or the “Company”) is pleased to provide an update regarding the mineral processing at its 80% owned fully permitted Aguila Norte Processing Plant (“Aguila Norte” or the “Plant”) located in Northern Peru. During 2021, the Plant processed 28,654 tonnes of third-party mineral, compared with 18,510 tonnes in 2019 and 13,485 tonnes in 2020. This represents an increase of 54% compared to 2019.

During the fourth quarter of 2021, Peruvian Metals processed a record 8,829 tonnes of mineralized material, an increase of 31.1 per cent compared with 2020 fourth quarter processing of 6,732 tonnes. Mineral processing during the final six months of 2021 averaged more than 93 per cent of the Plant’s capacity of 36,000 tonnes per year.

During 2021, the Plant produced high-grade quality concentrates for third parties in 30 mineral campaigns or batches, ranging from 62 tonnes to 2,077 tonnes. The Plant continued to achieve excellent recoveries by producing 4,532 tonnes of zinc concentrate, 1,806 tonnes of lead-silver concentrate, and 740 tonnes of copper concentrate. Concentrate ratios (amount of mineral processed to tonnes of concentrates produced) in 2021 averaged 4.04 to 1.

Jeffrey Reeder, Chief Executive Officer of Peruvian Metals, commented: “We are extremely pleased with the record production in 2021. The fourth quarter achieved record throughput levels at 98% of total plant capacity. Production levels are expected to continue in 2022. We are also pleased that during 2021, the Company acquired a 50% interest the Au-Ag Palta Dorada property located nearby the Aguila Norte Plant and successfully acquired in early November a very prospective Au-Ag-Pb-Zn concession in a closed bid government auction. Both these assets were acquired to provide mineral feed for the Plant.”

Aguila Norte has an environmental permit (IGAC) from the Peruvian government, which provides the Plant with the ability to expand operations past the current 100-tonne-per-day level.

Jeffrey Reeder, P.Geo, a qualified person as defined in National Instrument 43-101, has prepared, supervised the preparation, or approved the scientific and technical disclosure contained in this news release.

About Peruvian Metals Corp.

Peruvian Metals is a Canadian exploration and mineral processing company. The Company’s business model is to provide toll milling services for clients and to produce high-grade concentrates from mineral purchases. The Company continues to acquire and develop precious metal and base metal properties in Peru

For further information on Peruvian Metals Corp. please visit www.peruvianmetals.com .

Peruvian Metals Corp. is a Canadian resource company listed on the

TSX Venture Exchange : Symbol “PER”

For additional information, contact:  Jeffrey Reeder Tel: (647) 302-3290

Website: www.peruvianmetals.com   Email: jeffrey.reeder@peruvianmetals.com

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Disclosure Regarding Forward-Looking Statements: This press release contains certain “Forward-Looking Statements” within the meaning of applicable securities legislation. We use words such as “might”, “will”, “should”, “anticipate”, “plan”, “expect”, “believe”, “estimate”, “forecast” and similar terminology to identify forward looking statements and forward-looking information. Such statements and information are based on assumptions, estimates, opinions and analysis made by management in light of its experience, current conditions and its expectations of future developments as well as other factors which it believes to be reasonable and relevant. Forward-looking statements and information involve known and unknown risks, uncertainties and other factors that may cause our actual results to differ materially from those expressed or implied in the forward-looking statements and information and accordingly, readers should not place undue reliance on such statements and information. Risks and uncertainties are more fully described in our annual and quarterly Management’s Discussion and Analysis and in other filings made by us with Canadian securities regulatory authorities and available at www.sedar.com.While the Company believes that the expectations expressed by such forward-looking statements and forward-looking information and the assumptions, estimates, opinions and analysis underlying such expectations are reasonable, there can be no assurance that they will prove to be correct. In evaluating forward-looking statements and information, readers should carefully consider the various factors which could cause actual results or events to differ materially from those expressed or implied in the forward looking statements and forward-looking information.

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