Mr. Michael Tucker reports

PERSEVERANCE METALS LEASES 1,286 HECTARES WITHIN THE VOYAGEUR NICKEL-COPPER-PRECIOUS METALS PROJECT, MICHIGAN AND PROVIDES AN UPDATE ON LAC GAYOT AND AGM RESULTS

Perseverance Metals Inc. has executed an agreement with Keweenaw Land Association Ltd. to lease 1,286 hectares of highly prospective mineral titles in the Upper Peninsula of Michigan, increasing its overall land position in the region to 69,275 hectares (over 690 square kilometres).

The Keweenaw leases are within the company's Voyageur project land package, which lies within the same geological trend and approximately 70 kilometres west of Lundin Mining's Eagle nickel/copper/precious metals mine -- currently the sole operating nickel mine in the United States. Numerous drill targets closely analogous to the Eagle mine have been identified by Perseverance Metals and are slated for drill testing in the first half of 2026.

"We are very pleased to be able to add such a strategically important land position to the most highly prospective areas within the Voyageur project area. Consolidating our holdings around our top priority drill targets is crucial as it allows us the flexibility to rapidly advance these projects postdiscovery," said Michael J. Tucker, chief executive officer and director of Perseverance Metals.

Update on Lac Gayot summer/fall drilling results

Assay results remain pending from the summer/fall drill program at the Lac Gayot project in Quebec, including from the multiple massive sulphide intersections drilled at the Baseline discovery and reported in November, 2025 (see Perseverance Metals' news release dated Nov. 5, 2025). The full results from the Lac Gayot 2025 program will be reported once they are received and interpreted by the company.

Results of annual general meeting of shareholders

The company is also pleased to announce the results from its annual general meeting of shareholders held on Dec. 5, 2025, in Vancouver, B.C. A total of 9,545,655 common shares, representing 33.2 per cent of the company's issued and outstanding common shares, were voted in connection with the AGM. All matters presented for approval at the AGM were approved unanimously or by a substantial majority of the votes cast.

1. Election of directors

Shareholders unanimously approved the election of the following nominees as directors of the company to hold office until the next AGM or until their successors are duly elected or appointed.

2. Approval of equity compensation plan and appointment of auditor

The shareholders also voted 100 per cent in favour of the appointment of De Visser Gray as auditor of the company and 93.9 per cent in favour of the company's equity incentive plan.

About Perseverance Metals Inc.

Perseverance Metals' critical minerals project portfolio is strategically positioned in key North American nickel/copper/cobalt/platinum group element and hard-rock lithium regions, including Quebec's prolific James Bay district and Michigan's Mid-Continent Rift.

Perseverance Metals' strict science-driven approach and extensive record of discovery, coupled with an industry-leading team armed with next-generation exploration tools, provide the company with a distinct competitive advantage. This offers a unique opportunity for investors to be part of multiple discoveries, the advancement of significant critical mineral deposits and the development of a portfolio poised for strategic industry consolidation, all vital for the clean energy transition and the creation of new mining districts.

Perseverance's exploration assets include: (i) the Lac Gayot high-grade nickel/copper/cobalt/platinum group element and lithium pegmatite project, which covers the entirety of the Venus greenstone belt in Quebec, featuring multiple, very high-grade nickel/copper/cobalt/platinum group element showings and numerous large spodumene-bearing pegmatites with consistent, high lithium grades in channel sampling; (ii) the Voyageur nickel/copper/cobalt/platinum group element project, which covers 680 square kilometres of the Upper Peninsula in Michigan, 70 kilometres west of the only producing nickel mine in the United States; and (iii) the Armit Lake nickel/copper/cobalt project, which is the consolidated and underexplored western half of the nickel- and gold-rich Savant Lake greenstone belt in Ontario.

We seek Safe Harbor.