Mr. Michael Tucker reports

PERSEVERANCE METALS UPSIZES PRIVATE PLACEMENT TO UP TO C$3,500,000 AND ANNOUNCES APPOINTMENT OF CHIEF FINANCIAL OFFICER

Perseverance Metals Inc. has expanded its previously announced private placement of units (see news release dated Feb. 11, 2026) from $3-million to up to $3.5-million. The offering will comprise:

1. Up to 4,615,385 hard-dollar (HD) units of the company, priced at 65 cents per HD unit, for gross proceeds of up to $3-million;
2. Up to 641,025 Ontario flow-through (FT) units of the company, priced at 78 cents per Ontario FT unit, for gross proceeds of up to $500,000.

Each 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 of the company 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 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 that notice of such acceleration is given by news release, with the new expiry date specified in such news release.

The shares and warrants comprising the Ontario FT units, but not the underlying warrant shares, will each qualify as a flow-through share within the meaning of the Income Tax Act (Canada).

The company intends to use the proceeds from the sale of the HD units to finance the inaugural diamond drill campaign on the Voyageur project in the Upper Peninsula of Michigan, for continued exploration of the Lac Gayot project in Quebec and for general corporate purposes.

The gross proceeds from the sale of the Ontario FT units will be used by the company to finance Canadian exploration expenses related to the Armit Lake project in Ontario that, as applicable: (i) will qualify as flow-through critical mineral mining expenditures, as those terms are defined in the Income Tax Act (Canada); (ii) in respect of Ontario resident subscribers who are eligible individuals under the Taxation Act (Ontario), will also qualify as eligible Ontario exploration expenditures for the purposes of subsection 103(4) of the Taxation Act (Ontario). All qualifying expenditures will be incurred on or before Dec. 31, 2027, and renounced in favour of the subscribers effective no later than Dec. 31, 2026.

The company may pay finders' fees in connection with the offering. All securities issued pursuant to the offering will be subject to a statutory hold period of four months and one day in accordance with applicable securities laws. The offering is subject to the approval of the TSX Venture Exchange.

Appointment of chief financial officer

The company announces the appointment of Nicholas (Nick) Furber, CA (ICAEW), CFA, as chief financial officer of the company, effective Feb. 28, 2026. The company entered into a consulting agreement with Mr. Furber on Feb. 6, 2026, pursuant to which Mr. Furber will serve as chief financial officer of the company as an independent contractor.

Mr. Furber will replace Anil Jiwani, who has left his executive role at the company.

Mr. Furber is senior financial professional with over 25 years of experience providing consulting, management and financial advisory services for private and publicly traded companies, primarily focused on the mining industry. This included 10 years as chief financial officer and corporate secretary of Dynasty Metals & Mining Inc. when Dynasty evolved from gold exploration into a producer listed on the Toronto Stock Exchange.

Mr. Furber also brings over 10 years of accounting, mergers and acquisitions, valuations, and due diligence experience in a variety of industries gained while working at PricewaterhouseCoopers. Mr. Furber was educated in the United Kingdom, and has his chartered accountant (ICAEW) and chartered financial analyst designations.

"We sincerely thank Mr. Jiwani for his services in helping us grow and transition to a public company," said Michael Tucker, chief executive officer. "We are excited to welcome Nick to the team and look forward to leveraging his extensive experience to help Perseverance take the next steps as the company continues to grow."

About Perseverance Metals Inc.

Perseverance Metals is a critical minerals explorer with a project portfolio that is strategically located in key North American Ni-Cu-Co-PGE (nickel, copper, cobalt and platinum group element) and hard rock lithium regions, including Quebec's prolific James Bay district and Michigan's productive Mid-Continent Rift.

The company's strict science-driven approach and extensive record of discovery as leveraged via an exceptional technical advisory board, coupled with an industry-leading team armed with next-generation exploration tools, provide Perseverance 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: (i) the Lac Gayot high-grade Ni-Cu-Co-PGE and lithium pegmatite project, which covers the entirety of the 30-kilometre Venus greenstone belt in Quebec, featuring multiple, very-high-grade Ni-Cu-Co-PGE showings and zones along with numerous large spodumene-bearing pegmatites with consistent high lithium grades in channel sampling; (ii) the Voyageur Ni-Cu-Co-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, is drill-ready; and (iii) the Armit Lake Ni-Cu-Co 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.