Edmonton, Alberta--(Newsfile Corp. - September 12, 2024) - Peruvian Metals Corp. (TSXV: PER) (OTCQB: DUVNF) ("Peruvian Metals" or the "Company") is pleased to provide a corporate update regarding the annual financial statements and mineral processing at its 80% owned Aguila Norte Processing Plant ("Aguila Norte" or the "Plant") located in Northern Peru.
The Company filed its annual audited financial statements for 15 months ending March 31, 2024, on September 6th and first quarter interim financial statements for the 3 months ended June 30, 2024, on September 9th. Highlights for the 15 months ended March 31, 2024 show processing income of $1,230,788 compared to $910,3470 for the 12 months ended December 31, 2022. General and administrative expenses for the 15 months ended March 31, 2024, were $847,061 compared to $616,306 for the 12 months ended December 31, 2022. Excess cash was used to advance the Company's projects by spending $318,472 on exploration and evaluation costs during the 15 months ending March 31st, 2024, compared to $359,872 for the 12 months ended December 31, 2022. The Company is also pleased to highlight that current liabilities have been significantly reduced from $630,639 as of December 31, 2022, to $438,962 at June 30, 2024, a 43% reduction in debt.
During the first eight months of 2024, the Plant completed twelve mineral campaigns processing a total of 20,945 metric tonnes (mt). This year's production exceeded production levels of 2023 (19,126 mt) by 9.5%. The Company is delighted with this years' production at a time where significant new operations exist throughout Peru. The production of quality concentrates with an ideal location for miners gives Peruvian Metals a competitive advantage over other operations.
Jeffrey Reeder, CEO of Peruvian Metals, comments: "We are extremely pleased with our consistent production at Aguila Norte during 2024. We are also proud to show that the Company's financial position has significantly improved over the past 18 months showing a reduction in debt while advancing our projects with cash generated from our operations. The investment into San Maurizo Mines during the second quarter is also expected to strengthen the financial position of the Company. We fully expect that production levels will increase for the remainder of the year and expect another record year."
Peruvian Metals Corp. also announces, subject to regulatory approvals, a non-brokered private placement of up to 15,000,000 units ("Units") at $0.02 per unit to raise up to $300,000 in gross proceeds (the "Offering"). Each Unit consists of one common share of the Company and one-half non-transferable share purchase warrant. Each whole warrant will be exercisable to acquire one additional common share for a period of one year from the closing date of the Offering at a price of $0.05. 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. A finder's fee comprised of 6.0% cash commission and 6.0% broker warrants (on the same terms as the warrants) will be paid on a portion of the financing.
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 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".
For additional information, contact: Jeffrey Reeder Tel: (647) 302-3290 or Justin Bourassa Tel: (780) 218-7704
Website: www.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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SOURCE: Peruvian Metals Corp.
