Mr. Michael Tucker reports

PERSEVERANCE METALS UPSIZES PRIVATE PLACEMENT TO UP TO C$7,500,000

Perseverance Metals Inc. has expanded its previously announced private placement of units (see Perseverance news released dated Feb. 11, 2026, and Feb. 23, 2026) from $3.5-million to up to $7.5-million.

Teck Resources Ltd., a leading Canadian resource company and existing investor in Perseverance Metals, and NQ Investissement Minier (NQIM), a regional institutional mining investment fund created to support the development of the mining industry in Northern Quebec, have both confirmed their intention to participate in the offering.

The offering will comprise:

1. Up to 4,615,385 hard dollar units of the company (the HD units) priced at 65 cents per HD unit for gross proceeds of up to $3-million;
2. Up to 641,026 Ontario flow-through units of the company (the Ontario FT units) priced at 78 cents per Ontario FT unit for gross proceeds of up to $500,000;
3. Up to 3,921,569 Quebec flow-through units of the company (the Quebec FT units) priced at $1.02 per Quebec FT unit for gross proceeds of up to $4-million.

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 which 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 and the Quebec 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). Each share and warrant (i) underlying the Quebec FT units will each qualify as a flow-through share within the meaning of Section 359.1 of the Taxation Act (Quebec); and (ii) underlying the Ontario FT units will qualify as an Ontario-focused flow-through share within the meaning of Subsection 103(7) of the Taxation Act (Ontario).

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, continued exploration of the Lac Gayot project in Quebec and for general corporate purposes.

The gross proceeds from the sale of the Quebec FT units and the Ontario FT units will be used by the company to finance Canadian exploration expenses related to the Lac Gayot project in Quebec and the Armit Lake project in Ontario that will qualify as flow-through critical mineral mining expenditures, as such terms are defined in the Income Tax Act (Canada), and as applicable, will also qualify: (i) in the case of the Ontario FT units, as eligible Ontario exploration expenditures for the purposes of Subsection 103(4) of the Ontario Tax Act; and (ii) in the case of the Quebec FT units, for inclusion in the exploration base relating to certain Quebec exploration expenses within the meaning of Section 726.4.10 of the Quebec Tax Act and for inclusion in the exploration base relating to certain Quebec surface mining exploration expenses within the meaning of Section 726.4.17.2 of the Quebec Tax Act. 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-V.

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-platinum group elements) 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 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 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;
• The Voyageur Ni-Cu-Co-PGE project which covers 680 square km of the Upper Peninsula in Michigan, 65 kilometres west of the only producing nickel mine in the united States is drill ready;
• 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.