Perseverance Metals upsizes private placement to C$10,000,000

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Vancouver, British Columbia--(Newsfile Corp. - September 17, 2026) - Perseverance Metals Inc. (TSXV: PMI) (" Perseverance " or the " Company ") is pleased to announce that it has expanded its previously announced private placement of common shares ( see PMI NR Sept 15, 2026 ) from C$8,000,005 to up to C$10,000,250 (the " Offering ").

The Offering will consist of common shares of the Company (each, a " Share ") priced at C$0.65 per Share. The Company intends to use the net proceeds of the Offering to fund the ongoing diamond drill campaign at the Voyageur project in the Upper Peninsula of Michigan, continued exploration of the Lac Gayot project in Québec, and for general corporate purposes.

All securities issued pursuant to the Offering will be 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 Canada. The Offering is subject to certain conditions, including the receipt of TSX Venture Exchange (" TSXV ") approval. Completion is targeted for early October, 2026.

The Company may pay finder's fees to eligible finders in connection with the Offering, subject to compliance with applicable securities laws and TSXV policies.

The securities offered have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any State in which such offer, solicitation or sale would be unlawful.

About Perseverance Metals

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 Michigan's Mid-Continent Rift and Québec's prolific James Bay district.

Our strict science-driven approach and extensive track record of discovery as leveraged via an exceptional technical advisory board, coupled with an industry-leading team armed with next-generation exploration tools, provide us 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 Voyageur Ni-Cu-Co-PGE project, which covers 680 km 2 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 underway;

the Lac Gayot high-grade Ni-Cu-Co-PGE and lithium pegmatite project, which covers the entirety of the 30km Venus Greenstone Belt in Québec, featuring multiple, very high-grade Ni-Cu-Co-PGE showings and zones and numerous spodumene-bearing pegmatites, and;