Mr. Michael Tucker reports

PERSEVERANCE METALS CLOSES $11.8M NON-BROKERED PRIVATE PLACEMENT

Perseverance Metals Inc. has closed its non-brokered private placement of 18,121,426 common shares of the company at a price of 65 cents per share for aggregate gross proceeds of $11,778,926.90.

The private placement included significant investments from Teck Resources Ltd., a leading Canadian resource company; Altius Minerals Corp., a diversified mineral royalty company focused on long-life, high-margin natural resource assets; Crescat Capital, a global macro asset management firm; and NQIM (NQ Investissement Minier), a regional institutional mining fund which supports the development of the mining industry in Northern Quebec, among others -- including a leading Canadian asset manager and a leading Atlantic Canadian asset manager.

"The exceptional institutional and industry interest in this financing is a clear endorsement of our recent Osprey discovery, the strategic importance of our Voyageur project and the value of our North American critical minerals portfolio," said John Foulkes, president. "With a robust treasury now in place, we are accelerating our efforts in Michigan in pursuit of economic mineralization at Osprey and new discoveries across the greater Voyageur project."

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, continued exploration of the Lac Gayot project in Quebec and Armit Lake project in Ontario, and for general corporate purposes.

In connection with the offering, the company paid cash commissions of $42,543 to certain finders and issued 65,450 finders' warrants. Each finder's warrant entitles the holder thereof to purchase one share at an exercise price of 65 cents per share for a period of 24 months from the date of issuance.

The offering remains subject to final approval of the TSX Venture Exchange. All securities issued in connection with the offering are 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 of Canada.

Certain insiders of the company purchased an aggregate of 92,300 shares under the offering, constituting, to that extent, a related-party transaction within the meaning of Multilateral Instrument 61-101 (Protection of Minority Security Holders in Special Transactions). The company has relied on the exemptions from the formal valuation and minority shareholder approval requirements of MI 61-101. The offering is exempt from the formal valuation requirement in Section 5.4 of MI 61-101 in reliance on sections 5.5(a) and 5.5(b) of MI 61-101 as: (i) neither the fair market value of the subject matter of, nor the fair market value of the consideration for, the shares purchased by the insiders exceeds 25 per cent of the company's market capitalization; and (ii) the company is not listed on a specified market, within the meaning of MI 61-101. Additionally, the offering is exempt from the minority approval requirement in Section 5.6 of MI 61-101 in reliance on Section 5.7(1)(a) of MI 61-101 insofar as neither the fair market value of the subject matter of, nor the fair market value of the consideration for, the shares purchased by the insiders exceeds 25 per cent of the company's market capitalization. The company did not file a material change report more than 21 days before the expected closing of the offering as the details of the offering and participation therein by each related party were not finalized until shortly prior to closing and the company wished to close the offering as soon as practicable for sound business reasons.

About Perseverance Metals Inc.

Perseverance Metals is a critical mineral explorer with a project portfolio that is strategically located in key North American nickel-copper-cobalt-platinum-group-element and hardrock lithium regions, including Michigan's Mid-Continent Rift and Quebec's prolific James Bay district.

Its strict science-driven approach and extensive record of discovery as leveraged through 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 Voyageur Ni-Cu-Co-PGE project, which covers 680 square kilometres 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, continuing to expand on the recent Osprey Ni-Cu-bearing mafic-ultramafic intrusion discovery (see the news release dated Sept. 9, 2026);
2. The Lac Gayot high-grade Ni-Cu-Co-PGE and lithium pegmatite project, which covers the entirety of the 30-kilometre-long Venus greenstone belt in Quebec, featuring multiple, very high-grade Ni-Cu-Co-PGE showings and zones and numerous spodumene-bearing pegmatites; and
3. 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.