Perseverance Metals Inc. (TSX-V: PMI) is very pleased to provide initial assay results from the 2025 Lac Gayot Ni-Cu-Co-PGE exploration program, which has yielded early success from drilling of the Baseline Zone portion of the 6km long by 2km wide Venus East Trend in the eastern portion of the Lac Gayot project, Québec.

Assays are reported for the first two drill holes and visual results are provided for the six follow-up holes.

Highlights of Initial Baseline Zone Drilling:

• High grade intersection: Massive magmatic sulphides are observed in hole BAS-25-002 with an intersection that yielded 4.13% nickel, 0.33% copper, 0.14% cobalt, 1.53 g/t palladium and 0.19 g/t platinum over 30 cm (see Table 1 below). The Perseverance exploration team views the successful intersection of massive sulphide in the second hole testing a blind target as proof of concept in testing subsurface conductor targets on the Venus East Trend, and the broader Lac Gayot project.
• Baseline Zone follow-up drilling yields thicker intersection of massive sulphide: BAS-25-004 was drilled 25 metres along-strike from BAS-25-002 and returned a significantly thicker massive sulphide intersection of 2.10 metres (see Figure 1 below). Assays from this and other sulphide drill intersections are pending.

Figure 1:  Photos of the 2.10 metre massive sulphide intersection from BAS-25-004 (click image to enlarge)

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• Immediate expansion potential at the Baseline Zone: The southern Baseline conductor modeled from borehole EM data) correlating to these massive sulphide intersections extends along strike over 100 metres to the NE and over 60 metres to the SW (see Figure 2 below) from the drilled area. A high-resolution ground EM survey will be conducted in 2026 over the entire Venus East Trend, including the Baseline Zone, to better resolve conductive targets for upcoming drilling.

• Broader Baseline Zone Potential – the ‘L’ and De Champlain Zones: The Baseline Zone has now been established as an open-ended, approximately 1.3 kilometre long trend of fertile ultramafic rocks and conductive targets within the Venus East Trend extending NE from the southern to northern Baseline Zone drill intersections. This fertile stratigraphy has the clear potential to extend over 4 kilometres further north to mineralization in the same stratigraphy at the ‘L’ and De Champlain Mineralized Zones (see Figure 3 below).

“I am thrilled with our early success intersecting massive magmatic nickel sulphide mineralization in our first drill testing of the Baseline conductor targets, particularly proving that our targeting tools can pinpoint and vector into blind sulphide mineralization,” said Michael Tucker, CEO. “The very high grade of massive sulphide intersected in Hole 2 confirms that the grade of mineralization in this zone is consistent with the rest of the Lac Gayot project, and the over 2 meter wide intersection of massive sulphide in Hole 4 clearly demonstrates the zone’s potential to produce scale.”

Michael Gray, Chairman, added: “I am elated that we have achieved our early discovery objective of documenting new high-grade mineralization in our first drill program. Credit goes to our Management team, Board of Advisors and contractors in the field for this early success.”

Baseline Results – Background and Discussion

The Baseline drill target was initially identified as a strong subsurface (blind) conductor detected during the Company’s 2024 Helitem² airborne survey, 600 metres SW of a nickel sulphide-mineralized boulder. Ground truthing of these conductors did not reveal surface mineralization, but a moving loop SQUID EM survey conducted in the summer of 2024 confirmed the airborne conductor, with the resulting 3,000 Siemen per metre conductive plate becoming the initial Baseline conductor drill target.

Holes 1 and 2 early in the summer/fall 2025 program both intersected Ni-Cu-Co-PGE mineralization correlating to this plate (see Table 1 below). Subsequent BHEM surveys within these two holes led to the modelling of a 200 metre long, 7,000 S/m plate trending to the NE, which became the target of follow up holes BAS-25-003, 4, 5, and 8. Final BHEM modelling further increased the conductance of the Maxwell plate to 10,000 S/m and indicates extensions along strike over 100m to the NE and over 60m to the SW from current drilling.

BAS-25-006 and 7 targeted another conductive plate ~600 metres NE on the same trend and in the direct proximity of the sulphide-mineralized boulder.

The Baseline Zone appears to be consistently mineralized with varying degrees of Ni-Cu-Co-PGE sulphide mineralization ranging from disseminated to massive.

Timing of Remaining Results

Drill assay results for the 6 follow-up holes to the Baseline discovery and drill results from the Macaque Zone, Nasique Zone and Footwall Zones will be released as results are received.

Baseline Zone – Next Steps

This target will be followed up in 2026 with a detailed, high resolution ground EM survey to further establish the strike extent of the mineralization and define targets for additional drilling, as well as BHEM surveys to vector towards the thickest parts of the mineralized horizon.

Baseline Zone – Significant Assays, Visual Results, and Drill Hole Coordinates

Table 1: Significant assay results from the first 2 holes at the Baseline Zone.

Table 2: Massive & semi-massive (>40%) sulphide intersections from follow-up drilling of the Baseline Zone.

Table 3: Baseline drill hole collar location and orientations. Coordinates are in UTM Nad 83, Zone 19

QA/QC

Drill core description and sampling were completed by Laurentia Exploration. The quality assurance and quality control protocols include insertion of blank and standard samples in the sampling. A regular insertion of blank, duplicate, and standard samples accredited by ALS Minerals during the analytical process was also completed. The drilling operation was performed by Forage Fusion from Hawkesbury in Ontario. The drill core is NQ size.

During drilling program, the drill core was logged and sampled at Gayot camp. The drill core was cut by a diamond saw and put in plastic bags with their unique sample numbers. They were grouped in large rice bags at the camp. All the samples were flown by helicopter between the Gayot Camp and the Lac Pau outfitter before to be transported by truck to the Laurentia Exploration office in Saguenay, Quebec. All samples were then sent to the ALS Minerals laboratory in Val d’Or, Québec for PREP-31a preparation protocol. They were then sent to the ALS Minerals Vancouver laboratory for analysis. ALS Minerals is independent from the Company.

The results available in this News Release come from samples analyzed by two different methods. Gold, platinum and palladium values were determined using the PGM-ICP24 procedure which involves fire assay using a 50-gram charge with an inductively coupled plasma-atomic emission spectroscopy finish. The same samples were also analyzed using the ME-ICP61 method to determine their cobalt, copper and nickel content. The ME-ICP61 method is a 4-Acid digestion with an ICP-AES finish. Samples exceeding the detection limit (10,000ppm) for nickel were reanalyzed using method Ni-OG62, a 4-acid digestion and ICP finish.

Technical Information & QP Statement

The technical and geological information contained in this news release has been reviewed, verified and approved by Hugues Guérin-Tremblay, P. Geo (OGQ #1584), who is recognized as a Qualified Person under the guidelines of National Instrument 43-101. Mr. Guérin-Tremblay is a geologist consultant with Laurentia Exploration who is responsible for the exploration work on the Gayot property. M. Guérin-Tremblay has read and approved the technical contents of this news release.

Drilling and sampling results may be influenced by factors such as core recovery, sample representativity, or analytical limitations; however, none of these factors are considered to materially affect the accuracy or reliability of the data at this stage.

About Perseverance Metals

Perseverance Metals’ critical minerals project portfolio is strategically positioned in key North American Ni-Cu-Co-PGE and hard rock lithium regions, including Québec’s prolific James Bay district and Michigan’s Mid-Continent Rift.

Our strict science-driven approach and extensive track record of discovery, 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 part of multiple discoveries, the advancement of significant critical mineral deposits, and the development of a portfolio poised for strategic industry consolidation, all vital for the clean energy transition and the creation of new mining districts. Perseverance’s exploration assets include:

1. the Lac Gayot high-grade Ni-Cu-Co-PGE and lithium pegmatite project, which covers the entirety of the Venus Greenstone Belt in Québec, featuring multiple, very high grade Ni-Cu-Co-PGE showings and numerous large spodumene-bearing pegmatites with consistent high lithium grades in channel sampling;
2. the Voyageur Ni-Cu-Co-PGE project which covers 680 km² of the Upper Peninsula in Michigan, 65 kilometres west of the only producing nickel mine in the United States, and;
3. the Armit Lake Ni-Cu-Co project, which is the consolidated and underexplored western half of the nickel- and gold-rich Savant Lake Greenstone Belt in Ontario.

Additional information about Perseverance Metals can be found at perseverancemetals.com.

On Behalf of the Board,

Michael J. Tucker
CEO and Director

FOR FURTHER INFORMATION PLEASE CONTACT:

Figure 2: Drill holes and traces for the Baseline Zone drilling including conductive Maxwell plate models 
from BHEM and SQUID Ground EM surveys (click to enlarge)

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Figure 3: The Venus East Trend, highlighting the potential of the Baseline Zone to extend over 4 kms north to include the 
L” and De Champlain Zones (click to enlarge)

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