Peruvian Metals Corp. reports developments tied to its Canadian exploration and mineral processing business in Peru. Company news centers on the 80%-owned Aguila Norte processing plant in Northern Peru, toll milling services, production of high-grade marketable concentrates from mineral purchases, and the acquisition and development of precious and base metal properties.
Recurring updates include Aguila Norte processing activity, environmental and surface-rights matters, plant expansion planning, metallurgical work at the 100%-owned Palta Dorada gold-silver property, and equity financing used for plant improvements, acquisitions, and working capital.
Peruvian Metals (TSXV: PER) (OTCQB: DUVNF) reported record throughput at its 80%-owned Aguila Norte processing plant in Northern Peru for 2024. The plant processed 33,889 tonnes of third-party mineral, marking a 12.2% increase from 2023's 30,199 tonnes and continuing a five-year growth trend.
The company achieved several key milestones in 2024, including: acquiring 100% interest in the Palta Dorada Au-Ag-Cu project through a $250,000 US payment to Rio Silver Inc.; obtaining a 50% stake in San Maurizo Mines, which owns the Mercedes Property in Peru's Junin Department; and securing land use agreements and permits for bulk sampling at Mercedes, where over 15 Au-Ag-Pb-Zn mineralized structures have been identified.
Peruvian Metals (TSXV: PER) (OTCQB: DUVNF) has completed the purchase of the remaining 50% interest in the Palta Dorada Gold-Silver-Copper property in Northern Peru, resulting in 100% ownership. The consolidation provides strategic advantages due to the property's unique high-grade mineralization. The company plans to process sulphides at its 80% owned Aquila Norte flotation plant and is considering building a Carbon-in-Pulp (CIP) gold ore processing circuit for oxide material.
The Palta Dorada property covers approximately 2,250 hectares in the Ancash mining department. Development work has focused on the main San Juan vein, which has a surface exposure of at least 840 meters. Chip samples from the vein showed high-grade gold, silver, and copper content. The company also plans to start a detailed exploration program to locate and define additional mineralized structures.
Peruvian Metals Corp. (TSXV: PER) (OTCQB: DUVNF) has announced that its previously announced non-brokered private placement financing is oversubscribed and upsized. The company now plans to issue up to 20,000,000 units at C$0.02 per unit, aiming to raise gross proceeds of up to $400,000. Each unit includes one common share and half a warrant, with each whole warrant allowing the purchase of an additional share at $0.05 within one year.
The net proceeds will be used to complete the purchase of the Palta Dorada property and for general working capital, including development at the recently acquired Mercedes property. Additionally, the management cease trade order against the CEO and CFO has been revoked as of September 12, 2024.
Peruvian Metals Corp. (TSXV: PER) (OTCQB: DUVNF) has provided a corporate update and announced a financing initiative. Key highlights include:
- Processing income of $1,230,788 for the 15 months ended March 31, 2024
- 43% reduction in current liabilities from December 31, 2022, to June 30, 2024
- Aguila Norte Processing Plant processed 20,945 metric tonnes in the first eight months of 2024, a 9.5% increase from 2023
- Announced a non-brokered private placement to raise up to $300,000
The company's financial position has improved, with reduced debt and continued project advancement. CEO Jeffrey Reeder expressed satisfaction with consistent production and expects further increases for the remainder of the year.
Peruvian Metals Corp. (TSXV: PER) (OTCQB: DUVNF) has provided an update on the delay in filing its financial statements. The company, which operates in Peru, has been granted a management cease trade order (MCTO) by the Alberta Securities Commission. This order restricts the CEO and CFO from trading company securities until all required filings are completed.
Initially expecting to file by August 16, 2024, the company has now extended its filing date to September 6, 2024 for both the annual financial statements (year ended March 31, 2024) and the Q1 interim report (quarter ended June 30, 2024). Peruvian Metals assures that there have been no material changes or additional defaults beyond those disclosed, and it will continue to comply with alternative information guidelines.
Peruvian Metals Corp. (TSXV: PER) (OTCQB: DUVNF) has provided its second bi-weekly status update regarding the Management Cease Trade Order (MCTO) issued on July 30, 2024. The MCTO restricts the company's CEO and CFO from trading securities until required filings are submitted to the Alberta Securities Commission (ASC). The delay concerns the company's audited annual financial statements for the year ended March 31, 2024, along with related documents.
Initially expecting to file by August 16, the company now anticipates submitting the required documents by August 30, 2024. Peruvian Metals confirms no material changes since the original announcement, continued compliance with NP 12-203 guidelines, and no other defaults or undisclosed material information.
Peruvian Metals Corp. (TSXV: PER) (OTCQB: DUVNF) has provided a bi-weekly default status report regarding its Management Cease Trade Order (MCTO). The company applied for the MCTO on July 22, 2024, due to a delay in filing its audited annual financial statements for the year ended March 31, 2024. The MCTO, issued on July 30, 2024, restricts the CEO and CFO from trading company securities until required filings are completed.
Initially expecting to file by August 16, 2024, the company now anticipates filing the Required Documents by August 30, 2024. Peruvian Metals confirms no material changes since the original announcement, no failures in fulfilling alternative information guidelines, and no other specified defaults under NP 12-203. The company will continue to comply with alternative information guidelines while in default.
Peruvian Metals Corp. (TSXV: PER) (OTCQB: DUVNF) announces a delay in filing its annual financial statements and related documents for the fiscal year ended March 31, 2024. The delay is due to difficulties experienced by the company's auditors, Zeifmans LLP, in obtaining information from local auditors in Peru. The company expects to file the required documents by August 16, 2024, instead of the original deadline of July 29, 2024.
As a result, Peruvian Metals has applied for a management cease trade order to restrict trading in company securities by its CEO and CFO. The company intends to comply with alternative information guidelines while the filings remain outstanding and confirms there are no insolvency proceedings against it.
Peruvian Metals has released an update on its Aguila Norte processing plant, revealing that it processed 14,869 tonnes of third-party mineral in the first half of 2024, up 7.9% compared to the same period in 2023. The plant was at capacity in April and May, and the company expects a record production year.
CEO Jeffrey Reeder highlighted that the rising production is funded by cash flow from the plant and that the company continues to acquire quality mineral concessions. They plan to enter the Peruvian gold space and are considering new sites for a Carbon in Pulp gold processing plant.
The company also closed a private placement, raising $275,050 through the issuance of 3,929,286 units at $0.07 per unit, which includes one common share and a half-share purchase warrant. Certain insiders acquired 279,286 units in this financing.
Peruvian Metals has announced the closing of the second tranche of its non-brokered private placement, raising $50,050 through the issuance of 715,000 Units at $0.07 per Unit. Each Unit includes one common share and one-half non-transferable share purchase warrant, which can be exercised at $0.10 per share within two years. The total offering aims to raise up to $560,000 for developing the Mercedes and Palta Dorada properties and general working capital. No finders' fees were issued for this tranche, and all securities are subject to resale restrictions until September 29, 2024. Regulatory approvals, including from the TSX Venture Exchange, are pending.