Peruvian Metals Financing Oversubscribed and Upsized

Edmonton, September 16, 2024 - Peruvian Metals Corp. (TSXV: PER) (OTCQB: DUVNF) ("Peruvian Metals" or the "Company") is pleased to announce that the non-brokered private placement financing (the "Offering") previously announced by the Company on September 11, 2024, is now oversubscribed and, as a result, the Company has upsized the Offering. The Company now proposes to issue up to 20,000,000 units (the "Units") at a price of C$0.02 per Unit for gross proceeds of up to $400,000. Each Unit comprises one common share (a "Share") and one-half of one common share purchase warrant (a "Warrant"). Each whole Warrant entitles the holder to purchase one additional Share of the Company at an exercise price of $0.05 for a period of one year from the closing date of the Offering.

Certain insiders of the Company will participate in the Offering. Finder's fees may be payable on a portion of the Offering. All securities to be issued pursuant to the Offering will be subject to a four-month hold period under applicable securities laws in Canada. The Offering is subject to certain conditions customary for transactions of this nature, including, but not limited to, the receipt of all necessary approvals, including the approval of the TSX Venture Exchange.

The net proceeds of the Offering will be used to complete the purchase agreement for the Palta Dorada property, and for general working capital requirements, which includes development at the recently acquired Mercedes property.

The Company is also pleased to announce that the management cease trade order issued against the Chief Executive Officer and Chief Financial Officer of the Company in respect of the late filing of the annual financial statements, related MD&A and officer certificates for the period ended March 31, 2024 has been revoked and is no longer in effect as of September 12, 2024.

About Peruvian Metals Corp.

Peruvian Metals Corp. is a Canadian Exploration, Mining 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", and the OTCQB Venture Market: Symbol "DUVNF".

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 included in this press release include disclosure regarding the Offering, and 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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