Mr. Michael Tucker reports

PERSEVERANCE METALS UPSIZES PRIVATE PLACEMENT FINANCING TO UP TO C$10,000,000

Perseverance Metals Inc. has expanded its previously announced private placement of common shares (see news release dated Sept. 15, 2026) from $8,000,005 to up to $10,000,250.

The offering will consist of common shares of the company, priced at 65 cents per share. The company intends to use the net proceeds of the offering to finance the continuing diamond drill campaign at the Voyageur project in the Upper Peninsula of Michigan, for continued exploration of the Lac Gayot project in Quebec and for general corporate purposes.

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 Canadian securities laws, in addition to such other restrictions as may apply under applicable securities laws of jurisdictions outside Canada. The offering is subject to certain conditions, including the receipt of TSX Venture Exchange approval. Completion is targeted for early October, 2026.

The company may pay finders' fees to eligible finders in connection with the offering, subject to compliance with applicable securities laws and TSX Venture Exchange policies.

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 Michigan's Mid-Continent Rift and Quebec's prolific James Bay district.

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 Metals 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 Voyageur Ni-Cu-Co-PGE project, which covers 680 square kilometres (km) of the Upper Peninsula of Michigan, 65 kilometres west of the only producing nickel mine in the United States. The company's inaugural drill program on the Voyageur project is currently under way;
• The Lac Gayot high-grade Ni-Cu-Co-PGE and lithium pegmatite project, which covers the entirety of the 30 km Venus greenstone belt in Quebec, featuring multiple, very-high-grade Ni-Cu-Co-PGE showings and zones and numerous spodumene-bearing pegmatites;
• 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.

Additional information about Perseverance Metals can be found on its website.

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