Perseverance Metals Upsizes Private Placement to Up To C$3,500,000 and Announces Appointment of Chief Financial Officer

Executive Summary

• Perseverance Metals Inc. expands its private placement to up to C$3.5 million, issuing hard‑dollar units at C$0.65 and Ontario flow‑through units at C$0.78.
• Proceeds will fund the inaugural diamond drill campaign on the Voyageur project (Michigan), continued work on Lac Gayot (Québec), and Canadian exploration expenses for the Armit Lake Project (Ontario).
• Nicholas Furber, CA (ICAEW), CFA, is appointed Chief Financial Officer effective 28 Feb 2026, replacing Anil Jiwani.

Key Details

• Offering Size: Up to C$3,500,000 total.
• Units Offered:
• Hard‑Dollar Units – up to 4,615,385 units @ C$0.65 each → max C$3,000,000 gross proceeds.
• Ontario Flow‑Through Units – up to 641,025 units @ C$0.78 each → max C$500,000 gross proceeds.
• Unit Composition: Each unit = one common share + half of a common‑share purchase warrant.
• Warrant Terms: Exercise price C$0.95; term 36 months; possible acceleration if TSXV share price ≥ C$1.30 for ten consecutive trading days (expiry may be moved to 30 days after acceleration notice).
• Flow‑Through Status: Shares and warrants in Ontario FT Units qualify as “flow‑through shares” under the Canadian Income Tax Act.
• Use of Proceeds – Hard‑Dollar Units:
• Inaugural diamond drill campaign on Voyageur project (Upper Peninsula, Michigan).
• Continued exploration at Lac Gayot Project (Québec).
• General corporate purposes.
• Use of Proceeds – Ontario FT Units:
• Fund “Canadian exploration expenses” for Armit Lake Project (Ontario) that qualify as flow‑through critical mineral mining expenditures and eligible Ontario exploration expenditures.
• Qualifying expenditures to be incurred by 31 Dec 2027; renounced to subscribers by 31 Dec 2026.
• Additional Offering Terms:
• Finder’s fees may be paid.
• Statutory hold period of four months and one day on all securities.
• Subject to TSXV approval.
• Executive Appointment: Nicholas Furber appointed CFO (effective 28 Feb 2026) under a consulting agreement dated 6 Feb 2026; replaces Anil Jiwani.
• Furber Background: 25+ years in finance, former CFO/Corporate Secretary of Dynasty Metals & Mining Inc., extensive M&A, valuation, and due‑diligence experience at PwC.

Notable Quotes

“We sincerely thank Mr. Jiwani for his services in helping us grow and transition to a public company,” said Michael Tucker, CEO.
“We are excited to welcome Nick to the team and look forward to leveraging his extensive experience to help Perseverance take the next steps as the Company continues to grow.”