Mr. Michael Tucker reports

PERSEVERANCE METALS PREPARES FOR 2026 DRILL PROGRAMS WITH LARGE-SCALE GEOPHYSICAL SURVEYS AT THE LAC GAYOT PROJECT, QUEBEC AND VOYAGEUR PROJECT, MICHIGAN

Perseverance Metals Inc. has planned a property-wide airborne gravity gradiometry (AGG) survey at the company's Voyageur project in the Upper Peninsula of Michigan, United States. The AGG survey is slated to begin in the coming weeks and has been designed to inform current and future drill targets.

Concurrently, a large-scale ground based, moving-loop time-domain electromagnetic (TDEM) survey has commenced at the company's Lac Gayot project in Quebec, Canada.

2026 exploration plans

Voyageur Ni-Cu-Co-PGE (nickel-copper-cobalt-platinum group element) project

Perseverance Metals is searching for Eagle-style, Mid-Continent Rift-related, conduit-hosted magmatic sulphide deposits that respond well to gravity and EM geophysical techniques. On this basis, the company has retained Xcalibur Smart Mapping and its Falcon airborne gravity gradiometry fixed wing system to survey an extensive area over the Voyageur project, starting in the near term. The AGG survey, in conjunction with existing magnetics and EM data, will refine known targets and help develop and prioritize new targets for drilling.

Drilling is expected to start in May once ground conditions and county road restrictions permit access. Up to four priority targets will be tested in this phase of drilling, with the objective of confirming Eagle-style, Mid-Continent Rift-related host rocks and evidence of magmatic polymetallic sulphides.

Lac Gayot Ni-Cu-Co-PGE project

A moving-loop, TDEM ground survey conducted by Geophysique TMC has commenced at the Lac Gayot project in Quebec. The survey will cover the bulk of the Venus East trend first identified by the company in 2025. The Venus East trend contains the newly discovered Baseline zone (2.1 metres of 4.03 per cent Ni, 0.69 per cent Cu, 0.12 per cent Co and 1.79 g/t Pd (see Jan. 8, 2026, PMI news release)), the Nasique zone (12 metres of 1.02 per cent nickel, 0.08 per cent copper and 0.40 g/t PGEs (Pt plus Pd plus Au) (see Jan. 13, 2026, PMI news release), and the newly discovered Macaque and Babouin prospects.

This detailed ground EM survey will be the first of its kind over this highly prospective stratigraphy. Results from the survey will be utilized to refine the next phase of drill testing at Lac Gayot, expected to commence in early July, 2026. Drilling will be preceded by a month of additional ground geophysical surveys, borehole EM surveys and prospecting to further define high-priority targets for testing in summer 2026.

"We are excited to kick off our 2026 exploration season with these two surveys," said Michael J. Tucker, chief executive officer and director. "Drilling will commence as soon as possible at both our Voyageur and Lac Gayot projects. We are eager to utilize the new data to further refine and prioritize our drill targets for the coming season and hit the ground running with exciting drill results on both projects."

Updated disclosure regarding closing of non-brokered private placement

The company wishes to clarify its previously disseminated press release dated March 10, 2026, which announced the closing of the first tranche of the company's non-brokered private placement for gross proceeds of $3,499,987. The press release inadvertently disclosed that the company issued a total of 212,969 finders' warrants to certain finders. The actual number of finders' warrants issued in connection with the first tranche was 219,969.

Additionally, the company wishes to clarify its previously disseminated press release dated March 23, 2026, which announced the closing of the second tranche of the company's non-brokered private placement for gross proceeds of $4,715,503. The press release misstated that the company paid $18,830 in cash commissions and issued 21,000 finders' warrants to certain finders in connection with the second tranche. The actual cash commissions paid and finders' warrants issued in connection with the second tranche were $15,590 and 20,000, respectively.

Technical information and QP 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 executes the exploration programs on behalf of the company, Mr. Guerin-Tremblay is not considered independent.

The technical and geological information pertaining to the Voyageur project contained in this news release has been reviewed, verified and approved by Michael J Tucker, MSc, PGeo (PGO No. 2784; EGBC No. 45480), who is recognized as a qualified person under the guidelines of National Instrument 43-101. Mr. Tucker has read and approved the technical contents of this news release. Mr. Tucker is the chief executive officer and a director of the company and is not considered independent.

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 and hard rock lithium regions, including Quebec's prolific James Bay district and Michigan's productive Mid-Continent Rift.

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 the company 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 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 consistent high lithium grades in channel sampling; the Voyageur Ni-Cu-Co-PGE project which covers over 690 square km of the Upper Peninsula in Michigan, 65 kilometres west of the only producing nickel mine in the United States is drill ready, and 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.