Perseverance Announces Conversion of Subscription Receipts and Satisfaction of the Lac Gayot Free Carry Right

Vancouver, British Columbia--(Newsfile Corp. - October 10, 2025) - Perseverance Metals Inc. ("Perseverance" or the "Company") is pleased to announce that the Company has issued a total of 4,902,099 common shares and 2,451,027 common share purchase warrants ("Warrants") pursuant to the conversion of 4,902,099 subscription receipts of the Company issued on September 5, 2025. The net proceeds from the sale of the subscription receipts, being C$3,186,398, have also been released to the Company from escrow. The common shares are expected to commence trading on the TSX Venture Exchange under the ticker symbol "PMI" as of market open on October 14, 2025.

Each Warrant entitles the holder thereof to purchase one additional common share at an exercise price of C$0.90 for a period of three years from the date of issuance. The expiry date of the Warrants is subject to acceleration such that, should the closing price of the common shares on any Canadian stock exchange equal or exceed C$1.20 for 10 consecutive trading days, the Company, within 15 business days of such event, shall be entitled to accelerate the expiry date of the Warrants to a date that is 30 calendar days from the date that notice of such acceleration is given via news release, with the new expiry date specified in such news release (the "Acceleration Clause").

In connection with the conversion of the subscription receipts, the Company issued 28,245 finder's warrants (the "Finder's Warrants") and paid commissions of C$17,980 to certain finders. Each Finder's Warrant entitles the holder thereof to purchase one additional common share at a price of C$0.60 for a period of 24 months from the date of issuance, subject to the Acceleration Clause.

For further information on the terms of the subscription receipts, escrow release conditions and finders' fees, please refer to the Company's news releases dated June 26, 2025, September 24, 2025, and October 8, 2025, and the Company's prospectus dated September 26, 2025 (the "Prospectus"), which can be accessed under the Company's profile on SEDAR+ at www.sedarplus.ca.

Satisfaction of the Lac Gayot Free Carry Right

The Company is pleased to announce that it has satisfied and extinguished the free carry right (the "Lac Gayot Free Carry Right") under its option agreement dated December 19, 2022 (the "Option Agreement") with Coulon Mines Inc., a wholly-owned subsidiary of Electric Elements Mining Corp. ("EEM"), pursuant to which the Company has the exclusive right to earn an undivided 100% interest in the Lac Gayot Project. The Company issued 196,816 Additional Shares (as defined below) to EEM concurrently with the conversion of the subscription receipts to terminate the Lac Gayot Free Carry Right.