Peruvian Metals Completes Private Placement

Edmonton, October 30, 2020 - Peruvian Metals Corp. (TSXV: PER) ("Peruvian Metals" or the "Company") is pleased to announce that it has closed the third and final tranche of 1,300,000 units of its previously announced private placement offering (the "Offering") of up to 5,000,000 units (the "Units") at an offering price of $0.05 per Unit (see the Company's press release dated August18, 2020), to raise gross proceeds under the three closings of $250,000.

Each Unit consists of one (1) common share of the Company, and one (1) share purchase warrant (the "Warrants") to acquire one additional common share at an exercise price of $0.10 per share until September 1, 2022. In the event that the common shares of the Company trade at a closing price greater than $0.20 per share for a period of 10 consecutive days, then the Company may deliver a notice to the Warrant holders that they must exercise their Warrants within the next 30 days, or the Warrants will expire.

Certain arm's length finders received cash fees of $300 and 1,200 finders warrants, issued on the same terms as the Warrants in the Offering. All the securities issued will be subject to resale restrictions until March 1, 2021.

The net proceeds from the Offering will be used to finance further work on the Company's mineral resource properties in Peru, as well as to provide the Company with working capital for general and administrative expenses.

About Peruvian Metals Corp.

Peruvian Metals Corp. is a Canadian Exploration and Mineral Processing Company. Our 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 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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