Perseverance Metals Increases Land Holdings on the Voyageur Ni-Cu-PGE Project, Michigan

Perseverance Metals Inc. has entered into an option agreement to acquire a 100% interest in approximately 240 acres of mineral rights located on its Voyageur Project in Houghton County, Michigan. The transaction requires a six-year cash payment schedule totaling US$235,000, with annual payments ranging from US$20,000 to US$100,000 in the final year.

Equity consideration involves the issuance of up to 512,700 common shares, valued at US$20,000 to US$100,000 across the payment years, based on a deemed issue price of the greater of the TSXV closing price or C$0.61. Upon exercise, the company will grant a 3% Net Smelter Return (NSR) royalty on the land, which can be reduced to 1.5% through milestone payments tied to a Preliminary Economic Assessment (PEA) and a production decision.

CEO Michael J. Tucker cited the recent Osprey intrusion discovery as the primary driver for consolidating land positions in the region, with plans to add more mineral rights in the coming days. The transaction is subject to TSX Venture Exchange acceptance and carries a statutory four-month-and-one-day hold period for issued shares.

Perseverance Metals Inc. (PMI) has acquired additional land, a routine follow-up to the September 9 Osprey discovery and the October 5 financing. Management has consistently stated that securing contiguous land around high-priority targets is a prerequisite for advancing exploration and future preliminary economic assessment (PEA) work.

The financial burden is minimal relative to the company's recent treasury build-up. The US$235,000 cash outlay is spread over six years, and the equity component is capped at 512,700 shares, representing a low incremental dilution of approximately 0.9% of fully diluted shares.

The 3% net smelter return (NSR) royalty is standard for early-stage land options in North America. The reduction pathway to 1.5% via PEA and production milestones aligns with industry norms and does not immediately impact near-term cash flows.

Perseverance Metals Inc. (PMI) is a North American critical minerals explorer focused on nickel, copper, cobalt, and platinum-group elements (Ni-Cu-Co-PGE), with additional exposure to hard-rock lithium. The company operates at the exploration stage, with no defined reserves or resources. Value creation is entirely dependent on successful drill results, geological modeling, and eventual resource definition.

The company’s flagship asset is the Voyageur Project in Michigan, USA. Located approximately 70 km west of Lundin Mining's Eagle Mine, the project covers over 690 km² in the Mid-Continent Rift (MCR). Recent exploration at the site identified the Osprey discovery, which features a near-surface, magmatic Ni-Cu sulphide-bearing mafic-ultramafic intrusion up to 50 meters thick, hosting disseminated to globular sulphides.

Perseverance Metals also holds secondary projects, including Lac Gayot in Quebec and Armit Lake in Ontario. The Lac Gayot property features the Venus East Trend, which has yielded high-grade Ni-Cu-Co-PGE intersections, such as 4.03% Ni over 2.1m at the Baseline Zone. Armit Lake is currently an early-stage critical minerals play.