Mr. Michael Tucker reports

PERSEVERANCE METALS ANNOUNCES PRIVATE PLACEMENT FINANCING

Perseverance Metals Inc. will complete a non-brokered private placement financing of up to $3-million.

The offering will consist of up to $3-million in hard-dollar units priced at 65 cents per hard-dollar unit. Each hard-dollar unit will comprise one common share of the company and one-half of one common share purchase warrant. Each warrant will entitle the holder to acquire one additional common share at a price of 95 cents for a period of 36 months from the date of issuance.

The expiry date of the warrants will be subject to acceleration such that, should the closing price of the common shares on the TSX Venture Exchange equal or exceed $1.30 for 10 consecutive trading days, the company may, within 15 business days of such event, accelerate the expiry date of the warrants to a date that is 30 calendar days following the date on which notice of such acceleration is given by news release, with the new expiry date specified in such news release.

The company will use the proceeds of the offering to finance the inaugural diamond drill campaign on the Voyageur project in the Upper Peninsula of Michigan and continued exploration of the Lac Gayot project in Quebec as well as for general corporate purposes.

The company may pay finders' fees in connection with the offering.

Insiders of the company may participate in the offering. Any such participation will be considered a related party transaction as defined under Multilateral Instrument 61-101. The company expects that any insider participation will be exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 as neither the fair market value of the securities issued to insiders nor the consideration paid by insiders is expected to exceed 25 per cent of the company's market capitalization.

All securities issued pursuant to the offering will be subject to the approval of the TSX-V and a statutory hold period of four months and one day in accordance with applicable securities laws.

About Perseverance Metals Inc.

Perseverance Metals is a critical minerals explorer with a project portfolio that is strategically located 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 productive Mid-Continent rift.

Perseverance Metals' strict science-driven approach and extensive record of discovery, as leveraged through an exceptional technical advisory board, 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 exposed to a portfolio of projects with the potential for multiple discoveries. Perseverance's exploration assets include:

• The Lac Gayot high-grade nickel/copper/cobalt/PGE and lithium pegmatite project, which covers the entirety of the 30-kilometre Venus greenstone belt in Quebec, featuring multiple, very high-grade nickel/copper/cobalt/PGE showings and zones along with numerous large spodumene-bearing pegmatites with consistent high lithium grades in channel sampling;
• The Voyageur nickel/copper/cobalt/PGE project, which covers 680 square kilometres of the Upper Peninsula in Michigan, 65 kilometres west of the only producing nickel mine in the United States, and is drill ready;
• 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.