Peruvian Metals Corp. has commenced underground development at its 100-percent-owned Palta Dorada gold-silver property in Northern Peru.

The initial work targets the San Juan Vein system, where historical adits and mine openings have been cleaned out and fitted with new support infrastructure and re-established mine portals. The property covers roughly 2,250 hectares in the Ancash department and is accessible by approximately 140 kilometres of mainly paved roadway from the company's Aguila Norte processing plant.

Peruvian Metals consolidated full ownership of Palta Dorada in October 2024 by acquiring the remaining 50 percent interest from Rio Silver Inc., which holds a 3 percent net smelter return royalty capped at $2 million US.

Underground operations now underway include a 50-metre crosscut collared at the 910-metre level to intersect the sulphide zone exposed in a 53-metre-deep shaft. This opening will allow crews to simultaneously work two mineralized faces. Oxide material extracted from the property will be sold to local toll mills, while sulphide material will be shipped to Aguila Norte for processing into a gold-silver concentrate.

Recent independent metallurgical sampling reported a sulphide head grade of 11.10 grams of gold per metric tonne and 145 grams of silver per metric tonne, comparing favourably with head grades of 8.30 grams of gold per metric tonne and 3.39 ounces of silver per metric tonne reported in January 2026.

“The Company is pleased to start the underground development at Palta Dorada. The equipment is now on site, and workers have returned from break to start the new crosscut and the establish the winch above the shaft. Metallurgical results from both oxide and sulphide material highlight the gold potential at Palta Dorada. With the new infrastructure, the Company will also start a property wide exploration program once mineral processing starts. The Property hosts at least four mineralized structures that are now accessible. We have successfully sold gold oxide material from Palta Dorada in 2022. Sulphide material will be transported to our Aguila Norte plant for processing to produce a Au-Ag concentrate for sale”

— Jeffrey Reeder, CEO

Once mineral processing operations begin at the site, Peruvian Metals plans to extend the main access drive on the 883-metre elevation level to 350 metres.

Read the full announcement: Peruvian Metals Corp. Commences Underground Development to Access High-Grade Au-Ag Sulphides at Palta Dorada