Mr. Michael Tucker reports

PERSEVERANCE METALS IDENTIFIES THE VENUS EAST NI-CU-CO-PGE MINERALIZED TREND ON THE LAC GAYOT PROJECT, QUEBEC, CANADA

In its inaugural news release as a public company, Perseverance Metals Inc. has made a series of at- or near-surface discoveries that collectively form the newly defined Venus East Ni-Cu-Co-PGE-mineralized (nickel/copper/cobalt/platinum group element) trend on its Lac Gayot project, Quebec, Canada.

The Venus East trend is defined by a distinct sequence of ultramafic rocks in the eastern portion of the Lac Gayot project with numerous new Ni-Cu-Co-PGE-mineralized surface showings within a six-kilometre-long-by-two-kilometre-wide mineralized trend. Assay results for these surface showings and subsequent drill holes testing them are pending from the recently completed summer/fall 2025 program.

Highlights of the new Venus East trend:

• The Venus East trend is part of the Upper Komatiite sequence, which was first identified as prospective for Ni-Cu-Co-PGE mineralization by the company in 2024.
• Six surface showings identified to date within a six-kilometre-long magnetic-high corridor.
• Surface showings characterized by disseminated to semi-massive and locally massive sulphides, including pyrrhotite plus or minus pentlandite plus or minus millerite plus or minus chalcopyrite.
• Four target areas were drilled in the 2025 Lac Gayot program, including three within the Venus East trend -- all targets supported by various strength EM (electromagnetic) conductors.
• A large-scale ground EM survey is planned over the Venus East trend; a 2.5-kilometre-by-6.5-kilometre follow-up ground Squid EM geophysical program is planned in 2026 to detect conductors and develop additional targets.
• There is a presence of both Raglan-type (Kambalda-style, given their Archean age) and conduit-type models for Ni-Cu-Co-PGE mineralization on the Lac Gayot project.

"Our initial exploration at Lac Gayot has overwhelmingly validated and strengthened our core hypotheses, confirming that this belt holds an immense amount of highly prospective ground for magmatic Ni-Cu-Co-PGE deposits," said Michael Tucker, chief executive officer. "We are eager to discuss our findings in the coming months. I personally want to thank our board members, technical advisory board and our entire exploration team -- in particular Laurentia Exploration -- for their exceptional work which has led us to this stage."

Perseverance Metals has an option to earn a 100-per-cent interest in the Lac Gayot project until Dec. 31, 2027, subject to an earn-in agreement with Electric Elements Mining Corp., a recent private spinout from Osisko Development Corp. Full details are available in the company's final long-form prospectus, available on SEDAR+.

Venus belt architecture -- why it is fertile?

The 30-kilometre-long-by-five-kilometre-wide Venus greenstone belt is of Archean age and characterized by very high MgO (magnesium oxide) rocks relative to other belts in Canada. Previous work by Virginia Mines and partners BHP, Breakwater Resources and KGHM involved expenditures of approximately $15-million and resulted in a number of surface discoveries, all in the Lower Komatiite sequence and many of which were drilled. The common feature of all showings and drill results at Lac Gayot is the high nickel and PGE grades and extremely high nickel tenor.

The vast majority of the historical work on the Venus greenstone belt has focused on the Lower Komatiite sequence, in particular the Nancy dike area in the lower, western portion of the sequence. The high nickel grade and tenor, combined with the widespread distribution of mineralization in a variety of host environments, are the primary reasons why the company was originally attracted to the Venus greenstone belt and why it is a cornerstone asset in building Perseverance Metals.

Exploration objectives and results for the 2025 program at Lac Gayot

Despite significant prior expenditures (1999 to 2013) being directed at testing the Lower Komatiite (ultramafic/felsic volcanic/sedimentary) sequence of the Venus greenstone belt, the entirety of Perseverance Metals' summer/fall 2025 program was focused on greenfield discoveries in both the Upper Komatiite sequence and the Footwall Granitoid sequence.

The company's rationale was to focus on prospective environments within the magmatic/volcanic architecture that had the ability to not only generate but to preserve significant accumulations of magmatic nickel sulphide.

The objectives of the 2025 program were:

• Objective 1 -- assess the Upper Komatiite sequence for new surface mineralization by prospecting, mapping and ground truthing conductors and drill priority targets:
  • Results: Two new surface Ni-Cu-Co-PGE showings were discovered within the Venus East trend by prospecting, mapping, excavating and the extensive use of a BM8 beep mat EM survey instrument. The bedrock source for the Macaque boulder discovered in 2024 was identified, excavated, sampled and subsequently drilled. The Babouin zone (three kilometres along trend from Macaque) was discovered with the use of the beep mat, excavated, and channel sampled. All surface and drill assays are pending, with results to be released as they are received.
  • The company believes that the six-kilometre-by-two-kilometre Venus East trend will be the principal focus of its 2026 program and will complete an extensive high-resolution ground Squid EM survey over priority target stratigraphy.
• Objective 2 -- assess the Footwall Granitoid sequence for conduit-hosted mineralization through prospecting, mapping and ground truthing airborne geophysical anomalies (EM conductors and magnetics), followed by drill testing where merited:
  • Results: Two new surface showings were discovered with disseminated pyrrhotite-chalcopyrite mineralization. All assays are pending with results to be released as they are received.

Synopsis: The program achieved proof of concept that the Upper Komatiite package is highly prospective for magmatic sulphide mineralization; the Venus East trend has the right ingredients, in the company's view, to host significant Ni-Cu-Co-PGE magmatic sulphide deposits similar to Kambalda.

Timing of assay results

The company expects the majority of the surface sampling results to be reported by the end of October to mid-November, 2025, and the drill results to be reported toward the end of November to mid-December, 2025.

Quality assurance/quality control

Prospecting, trenching and drill core sampling were completed by Laurentia Exploration, and the geophysical surveys were completed by TMC Geophysics. The quality assurance and quality control protocols include insertion of blank and standard samples in the sampling. A regular insertion of blank, duplicate and standard samples accredited by ALS Minerals during the analytical process was also completed.

For prospecting samples, the rock samples were individually packed in the field in plastic bags with their unique sample numbers. They were grouped in large rice bags at the camp. For the channel sampling, the sample was collected with a diamond saw. Samples are generally one metre long to ensure representativity. The samples were individually packed in a plastic bag with their specific numbers, then packed together in a larger bag for transportation. All the samples were flown by helicopter between the Lac Gayot camp and the Lac Pau outfitter before to be transported by truck to the Laurentia Exploration office in Saguenay. Then, all samples were sent to the ALS Minerals laboratory in Val d'Or, Que., for PREP-31a preparation. They were then sent to the ALS Minerals Vancouver laboratory for analysis.

Technical information

The technical and geological information contained in this news release has been reviewed 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 is a geologist consultant with Laurentia Exploration, who is responsible for the exploration work on the Lac Gayot property and for that reason is not considered independent. Mr. Guerin-Tremblay has read and approved the scientific and technical contents of this news release.

About Perseverance Metals Inc.

Perseverance Metals is an industry-leading critical minerals explorer with a project portfolio strategically positioned in key North American Ni-Cu-Co-PGE and hard-rock lithium regions, including Quebec's James Bay district and Michigan's Mid-Continent Rift.

The company's strict science-driven approach and extensive record of discovery, 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 Perseverance Metals' investors to gain exposure to multiple potential discoveries, the advancement of significant critical mineral deposits and the development of a portfolio poised for strategic industry consolidation -- all vital for the clean energy transition and the creation of new mining districts.

Perseverance Metals' exploration assets include: (i) the Lac Gayot high-grade Ni-Cu-Co-PGE and lithium pegmatite project, which covers the entirety of the Venus greenstone belt in Quebec, featuring multiple, very high-grade Ni-Cu-Co-PGE showings and numerous large spodumene-bearing pegmatites with consistent high lithium grades in channel sampling; (ii) the 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 (iii) 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.

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