Effective at the opening on Oct. 14, 2025, the common shares of Perseverance Metals Inc. will commence trading on the TSX Venture Exchange.

The company is classified as a critical minerals exploration and development company.

Prior to and in connection with the listing of the company's common shares on the exchange, the company's prospectus dated Sept. 26, 2025, has been filed with and receipted by the British Columbia Securities Commission on Sept. 26, 2025, pursuant to the provisions of the British Columbia Securities Act, which receipt also evidences that the Ontario Securities Commission has issued a receipt for the prospectus. The prospectus was also filed under Multilateral Instrument 11-10,2 Passport System, in Alberta, Manitoba, Nova Scotia, New Brunswick, and Newfoundland and Labrador. A receipt for the prospectus is deemed to be issued by the regulators in these jurisdictions, if the conditions of the instrument have been satisfied.

The prospectus qualified the distribution of 4,902,099 common shares and 2,451,027 warrants issuable for no additional consideration upon the deemed exercise of 4,902,099 subscription receipts of the company. The exchange has been advised that the conversion of the subscription receipts will be completed on Oct. 10, 2025.

The subscription receipts were issued on Sept. 5, 2025, through a private placement. They consisted of multiple tranches:

• 3,167,323 conventional subscription receipts at a price of 60 cents per receipt;
• 1,148,110 flow-through subscription receipts at a price of 65 cents per receipt;
• 586,666 charity flow-through subscription receipts at a price of 92 cents per receipt.

Each subscription receipt consists of one common share and one-half of one common share purchase warrant. The warrants will entitle the holder to purchase one common share at 90 cents per common share for a period of 36 months from the date of issuance, subject to acceleration under terms and conditions as described in the prospectus.

Corporate jurisdiction:  British Columbia

Capitalization:  unlimited common shares with no par value, of which 28,730,275 common shares will be issued and outstanding upon the deemed exercise of the subscription receipts

Escrowed securities:  3,823,950 common shares, 400,000 options and 189,359 warrants subject to principal escrow

Transfer agent:  Computershare Investor Services Inc.

Trading symbol:  PMI

Cusip No.:  714912 14 4

Sponsoring member:  none

Finders' fees:  28,245 finders' warrants, each of which will entitle the holder to purchase one common share of the company at a price of 60 cents until the end of 24 months from the date of issuance, subject to acceleration under terms and conditions as described in the prospectus