Mr. Michael Tucker reports

PERSEVERANCE METALS CLOSES $4.7M SECOND AND FINAL TRANCHE OF PRIVATE PLACEMENT FOR TOTAL GROSS PROCEEDS OF $8.2M

Perseverance Metals Inc. has closed the second and final tranche of a non-brokered private placement for aggregate gross proceeds of $4,715,503. The company previously announced (see Perseverance news release dated March 10, 2026) a first tranche closing of the private placement on March 10, 2026, for aggregate gross proceeds of $3,499,987. Together with proceeds from the first tranche, the company has raised total gross proceeds of $8,215,490.

The second tranche included investments from Teck Resources Ltd., a leading Canadian resource company, NQ Investissement Minier, a regional institutional mining investment fund created to support the development of the mining industry in Northern Quebec, and Altius Minerals, a diversified mineral royalty company focused on long-life, high-margin natural resource assets, among others.

"The overwhelming interest in this financing -- which was upsized twice and oversubscribed by more than $5-million -- provides a strong endorsement of the Perseverance Metals business model and our portfolio of North American critical minerals assets," said John Foulkes, president. "With a robust treasury now in place, we are shifting immediately into execution mode to unlock significant value through the drill bit and prove up the district-scale potential of these high-grade Ni-Cu-Co-PGE systems."

The second tranche was composed of 4,623,042 Quebec flow-through units of the company priced at $1.02 per Quebec FT unit for gross proceeds of $4,715,503.

Each unit consists of one common share of the company and one-half of one common share purchase warrant. Each warrant entitles 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 is 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 gross proceeds from the sale of the Quebec FT units will be used by the company to finance Canadian exploration expenses related to the Lac Gayot project in Quebec that will qualify as flow-through critical mineral mining expenditures as such terms are defined in the Income Tax Act (Canada). 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 shares and warrants comprising the Quebec FT units, but not the underlying warrant shares, each qualify as a flow-through share within the meaning of the Income Tax Act (Canada). Each share and warrant underlying the Quebec FT units qualify as a flow-through share within the meaning of Section 359.1 of the Taxation Act (Quebec).

In connection with the second tranche, the company paid cash commissions of $18,830 to certain finders and issued 21,000 finders' warrants. Each finder's warrant entitles the holder thereof to purchase one share at an exercise price of 95 cents per share for a period of 36 months from the date of issuance, subject to the acceleration clause.

All securities issued pursuant to the second tranche are subject to a statutory hold period of four months and one day in accordance with applicable securities laws. The closing of the second tranche is subject to final approval of the TSX Venture Exchange.

About Perseverance Metals Inc.

Perseverance Metals is a critical mineral explorer with a project portfolio that is strategically located in key North American nickel-copper-cobalt-platinum-group-element and hardrock lithium regions, including Quebec's prolific James Bay district and Michigan's productive Mid-Continent rift.

Its 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 it 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:

1. 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 consistently high lithium grades in channel sampling;
2. The drill-ready 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; and
3. 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.