Peruvian Metals Achieves Record Throughput in 2022 at the Aguila Norte Processing Plant in Northern Peru

Edmonton, Alberta–(Newsfile Corp. – January 9, 2023) – Peruvian Metals Corp. (TSXV: PER) (OTCQB: DUVNF) (“Peruvian Metals” or the “Company”) is pleased to provide an update on its 80-percent-owned fully permitted Aguila Norte processing plant (the “Plant”) located in northern Peru. During 2022, the Plant processed 29,667 tonnes of wholly owned mineral and third-party mineral, compared with 28,654 tonnes in 2021 and 13,485 tonnes in 2020. This represents an increase of 3.5% compared to 2021.

During 2022, the Plant produced high-grade quality concentrates for the Company and third parties in 45 mineral campaigns or batches. The Plant continued to achieve excellent recoveries by producing 4,640 tonnes of highly marketable zinc concentrate, 1,716 tonnes of lead-silver concentrate, and 914 tonnes of copper concentrate. Concentrate ratios (amount of mineral processed to tonnes of concentrates produced) in 2022 averaged 4.08 to 1.

Jeffrey Reeder, Chief Executive Officer of Peruvian Metals, commented: “We are extremely pleased with the record production in 2022. Production levels are expected to continue in 2023. The Company will focus on continuing to improve our profit margins per tonne processed. During 2022, the Company purchased 1,000 tonnes of copper and silver-lead-zinc material and processed and sold the concentrates for a profit. We expect to significantly increase the purchasing of material for 2023. Furthermore, Au-Ag-Cu bearing mineral from our 50% owned Au-Ag Palta Dorada property is being accumulated at site and is expected to be delivered to the plant during the first quarter. Random and representative sampling from stockpiles ready for shipment at site returned 7.09 grams Au/tonne, 17.42 ounces Ag/tonne and 3.46% Cu. The Company’s financial position has significantly improved during 2022 while having almost no share dilution.”

The Aguila Norte processing plant has an environmental permit (“IGAC”) from the Peruvian government which provides the Company with the ability to expand operations past the current 100 tonnes 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.

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