Mr. Michael Tucker reports

PERSEVERANCE METALS DISCOVERS A NI-CU SULPHIDE-BEARING MAFIC-ULTRAMAFIC INTRUSION AT THE VOYAGEUR PROJECT, MICHIGAN

Perseverance Metals Inc. has discovered a near-surface, magmatic nickel and copper sulphide-bearing mafic-ultramafic intrusion (the principal host rock of major nickel-copper mines in the region) at the Osprey target on the Voyageur project, in the Upper Peninsula (UP) of Michigan, United States, approximately 65 kilometres west of the Eagle mine.

Highlights:

• Mafic-ultramafic intrusion of similar composition to the intrusions which host the Eagle Ni-Cu-PGE (nickel-copper-platinum group element) mine (Michigan) and Tamarack Ni-Cu-PGE deposit (Minnesota) intersected in multiple holes at the Osprey target.
• Blind discovery includes nickel- and copper-bearing magmatic sulphides.
• Initial drill results support an immediate, aggressive follow-up program to identify and vector toward potential massive sulphide-bearing portions of the intrusion.

Four diamond drill holes have tested a blind geophysical target, with three intersecting a mafic-ultramafic intrusion of similar composition to the intrusion that hosts the Eagle Ni-Cu-PGE mine to the east. Eagle has generated over $3.2-billion (U.S.) in revenue since 2014 and has produced 194,000 tonnes of nickel and 185,000 tonnes of copper as of Q3 2025.

The Osprey intrusion has to date been documented at up to 50 metres thick and consists of three phases, including a basal, coarse-grained peridotite locally containing 3 to 8 per cent magmatic sulphides, both interstitial and as chalcopyrite-pyrrhotite sulphide blebs and globules. Significantly, all three phases of the host intrusion locally contain sulphides.

Portable XRF (pXRF) analyses confirm that these sulphides are nickel and copper bearing. Assay results, geochemistry of the intrusion, and petrography of the sulphides are pending.

Significance of the discovery and next steps

Rare, fertile discovery analogous to Eagle and Tamarack host intrusions -- Fertile mafic-ultramafic intrusions like Osprey are rare in the Mid-Continent Rift (MCR) but are known to host the Eagle mine (Michigan) to the east and Tamarack deposit (Minnesota) to the west.

Nickel and copper mineralization confirmed -- The identification of disseminated to globular magmatic sulphides, including chalcopyrite, pyrrhotite and possibly pentlandite has come early in the exploration of Osprey, with only four holes completed to date on the company's first drill target on the project. The presence of these nickel- and copper-bearing magmatic sulphides confirms the intrusion's fertility -- and its ability to generate and host nickel-copper mineralization.

Exploration approach works -- The Osprey intrusion discovery validates the company's exploration methodology and strengthens the case for the other targets on the Voyageur project.

Next steps for Osprey -- The drill rig has moved to test Target 2 on the Voyageur project, while the company's technical teams complete detailed ground geophysical surveys, borehole EM surveys, geochemistry, petrography and other diagnostic work to guide further drilling at the Osprey intrusion.

"To discover the Osprey intrusion and achieve our core initial Voyageur objective on just the third hole into our first target is an outstanding result and marks a significant milestone in the advancement of our this project in the fertile MCR. We firmly believe that this underexplored district, already host to Talon's Eagle mine, Humboldt mill, Tamarack deposit and new Boulderdash discovery, is emerging as North America's next premier nickel-copper-PGE district," commented Michael J. Tucker, Perseverance Metals' chief executive officer.

"This validation of our exploration methodology immediately allows us to enter phase two of testing the intrusion and begin the process of testing other targets on the Voyageur project. Our exploration follow-up will consist of additional drilling, detailed geochemistry, as well as airborne and ground geophysics to guide us to where there may be massive sulphide accumulations within the Osprey intrusion, and to target other fertile intrusions in the region."

Technical information and QP (qualified person) statement

The technical and geological information pertaining to the Voyageur project in this news release has been reviewed, verified and approved by Michael J. Tucker, PGeo (EGBC No. 45480, PGO No. 2784), 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 CEO and a director of the company and is not considered independent.

Mr. Tucker has verified the data disclosed in this news release, including the geological observations, drill core logging and portable XRF screening data underlying the disclosure, through on-site supervision of the drilling program, direct inspection of drill core and review of the pXRF procedures and readings. Final verification of analytical and test data, including QA/QC results, will be completed upon receipt of assay results. No other limitations or failures to verify were identified.

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:

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 km of the Upper Peninsula in Michigan, 65 kilometres west of the only producing nickel mine in the United States;
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.