Perseverance Metals Upsizes Private Placement to up to C$7,500,000

Executive Summary

• Perseverance Metals Inc. expands its private placement from C$3.5 M to up to C$7.5 M, targeting additional gross proceeds of approximately C$7.5 M.
• The offering consists of three unit types: Hard‑Dollar Units (HD), Ontario Flow‑Through Units (Ontario FT), and Québec Flow‑Through Units (Québec FT) with distinct pricing and tax‑advantaged structures.
• Proceeds are earmarked for the inaugural diamond drill campaign at the Voyageur project (Michigan) and continued exploration on Lac Gayot (Québec) and Armit Lake (Ontario).

Key Details

• Total Offering Size: Up to C$7,500,000.
• Unit Composition: Each unit = 1 common share + ½ common‑share purchase warrant; each warrant allows purchase of one additional share at C$0.95 for 36 months (accelerated expiry possible if TSXV price ≥ C$1.30 for ten consecutive days).
• Hard‑Dollar Units (HD): Up to 4,615,385 units @ C$0.65 per unit → up to C$3,000,000 gross proceeds.
• Ontario Flow‑Through Units: Up to 641,026 units @ C$0.78 per unit → up to C$500,000 gross proceeds.
• Québec Flow‑Through Units: Up to 3,921,569 units @ C$1.02 per unit → up to C$4,000,000 gross proceeds.
• Investor Participation Confirmed: Teck Resources Ltd. and NQ Investissement Minier (NQIM) have indicated intent to subscribe.
• Use of Proceeds – HD Units: Fund inaugural diamond drill campaign on Voyageur project (Upper Peninsula, Michigan), continued exploration at Lac Gayot (Québec), and general corporate purposes.
• Use of Proceeds – Flow‑Through Units: Finance “Canadian exploration expenses” qualifying as flow‑through critical mineral mining expenditures for Lac Gayot (Québec) and Armit Lake (Ontario); eligible under respective provincial tax acts. All qualifying expenditures to be incurred by 31 Dec 2027, with renunciation by 31 Dec 2026.
• Finders’ Fees: Company may pay finder's fees in connection with the offering.
• Statutory Hold Period: All securities subject to a four‑month plus one‑day hold period per applicable securities laws.
• Regulatory Conditions: Offering pending TSXV approval; not an offer or solicitation in the United States.

Notable Quotes

• “The expanded financing will provide us with the capital needed to advance our flagship Voyageur drill campaign and continue high‑impact exploration across our North American critical mineral portfolio.” – Michael J. Tucker, CEO & Director.