Mr. Michael Tucker reports

PERSEVERANCE METALS LAUNCHES SUMMER 2026 DRILL PROGRAM AT THE LAC GAYOT PROJECT, QUEBEC

The summer 2026 drill program of Perseverance Metals Inc. at the Lac Gayot project in the James Bay region of Quebec, Canada, has commenced. The highly fertile Venus East trend of the project, identified in 2024 and 2025 as having high potential to host significant accumulations of near-surface, high-grade, nickel-copper-cobalt-platinum-group-element mineralization (see PMI news releases: Sept. 19, 2024; Nov. 5, 2025; Jan. 8, 2026, and others), will be the primary focus area of this year's program.

The 2026 drill program at Lac Gayot aims to build off the success of the 2025 campaign by vectoring toward new nickel sulphide discoveries and expanding known lenses. The early summer ground geophysical and prospecting programs have already led to significant new surface discoveries, including new massive nickel sulphide zones and numerous new target areas within key stratigraphy of the Venus East trend that are planned for drill testing.

The 2026 drill program will focus on areas in the Venus East trend where nickel sulphide-mineralized ultramafic stratigraphy has interacted with high volumes of sulphide-bearing exhalative units. This approach continues to test the company's geological hypothesis that the direct interaction of these two zones has the highest potential to yield significant volumes of nickel sulphide mineralization, advancing the company's goal of discovering large, potentially economic lenses.

The 2026 program will include:

1. A minimum 5,000-metre drill program on the previously discovered Baseline, Nasique, Macaque, Babouin and other Ni-Cu-Co-PGE zones in the six-kilometre-long Venus East trend;
2. Additional drilling of new surface mineralized zones identified through prospecting;
3. Direct follow-up of high-conviction conductive anomalies from ground and airborne electromagnetic surveys;
4. Further vectoring toward high-conductivity targets at depth through borehole electromagnetic survey;
5. Prospecting and excavating new and known areas as highlighted by new ground EM data.

"We are thrilled to be back drilling at Lac Gayot. The new at-surface nickel sulphide discoveries made by our prospecting teams early this season, combined with the high-priority targets defined by the spring/summer ground EM surveys, makes this drill season at Gayot the most exciting to date," commented Michael J. Tucker, chief executive officer.

Update on Voyageur drill program, Michigan

The company is also providing an update on the inaugural drill program at its Voyageur Ni-Cu-Co-PGE project in the Upper Peninsula of Michigan, previously announced on June 1, 2026 (see Perseverance news release dated June 1, 2026). While the start of drilling has been temporarily delayed due to challenges in finalizing equipment delivery, the rig has been mobilized to site, and testing of the company's first, top-priority target is scheduled to begin this week.

Grant of stock options

The company also announces that it has issued incentive stock options under the company's long-term incentive plan to a director of the company (refer to Perseverance news release dated June 25, 2026).

A total of 75,000 options have been issued at an exercise price of 65 cents per share. All of the options are subject to vesting over 36 months and will expire 60 months from the date of issuance. The options are being issued following the appointment of a new independent director by the board of directors and a compensation review by the company's governance and nominating committee on June 19, 2026. All the foregoing options are subject to the terms of the plan, the applicable option agreement and the requirements of the TSX Venture Exchange.

Technical information and qualified person statement

The technical and geological information pertaining to Lac Gayot contained in this news release has been reviewed, verified and approved by Hugues Guerin-Tremblay, PGeo (OGQ No. 1584), who is recognized as a qualified person under the guidelines of National Instrument 43-101. Mr. Guerin-Tremblay has read and approved the technical contents of this news release. Mr. Guerin-Tremblay is a geologist consultant with Laurentia Exploration, who is responsible for the exploration work on the Gayot property. As Laurentia performs and executes the exploration programs on behalf of the company, Mr. Guerin-Tremblay is not considered independent.

About Perseverance Metals Inc.

Perseverance Metals is a critical mineral explorer with a project portfolio that is strategically located in key North American Ni-Cu-Co-PGE 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;
2. The Voyageur Ni-Cu-Co-PGE project which covers over 690 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 and gold 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.