Perseverance Metals Inc. (TSX-V: PMI) is pleased to announce that it has closed its non-brokered private placement of 18,121,426 common shares of the Company at a price of $0.65 per Share for aggregate gross proceeds of $11,778,926.90.

The Private Placement included significant investments from Teck Resources Limited, a leading Canadian resource company; Altius Minerals Corp., a diversified minerals royalty company focused on long-life, high-margin natural resource assets; Crescat Capital, a global macro asset management firm; and NQIM (NQ Investissement Minier), a regional institutional mining fund which supports the development of the mining industry in Northern Québec, among others – including a leading Canadian asset manager and a leading Atlantic Canadian asset manager.

“The exceptional institutional and industry interest in this financing is a clear endorsement of our recent Osprey discovery, the strategic importance of our Voyageur Project, and the value of our North American critical minerals portfolio,” said John Foulkes, President. “With a robust treasury now in place, we are accelerating our efforts in Michigan in pursuit of economic mineralization at Osprey, and new discoveries across the greater Voyageur project.”

The Company intends to use the net proceeds of the Offering to fund the ongoing diamond drill campaign at the Voyageur project in the Upper Peninsula of Michigan, continued exploration of the Lac Gayot project in Québec and Armit Lake project in Ontario, and for general corporate purposes.

In connection with the Offering, the Company paid cash commissions of $42,543 to certain finders and issued 65,450 finder’s warrants. Each Finder’s Warrant entitles the holder thereof to purchase one Share at an exercise price of $0.65 per Share for a period of 24 months from the date of issuance.

The Offering remains subject to final approval of the TSXV. All securities issued in connection with the Offering are subject to a statutory hold period of four months and one day in accordance with applicable Canadian securities laws, in addition to such other restrictions as may apply under applicable securities laws of jurisdictions outside Canada.

The securities issued pursuant to the private placement have not been, and will not be registered under the United States Securities Act of 1933 (the “U.S. Securities Act“) or any U.S. state securities laws, and may not be offered or sold in the United States, or to, or for the account or benefit of, United States persons absent registration or an applicable exemption from the registration requirements of the U.S. Securities Act and applicable U.S. state securities laws.

Certain insiders of the Company purchased an aggregate of 92,300 Shares under the Offering, constituting, to that extent, a “related party transaction” within the meaning of Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions. The Company has relied on the exemptions from the formal valuation and minority shareholder approval requirements of MI 61-101. The Offering is exempt from the formal valuation requirement in Section 5.4 of MI 61-101 in reliance on Sections 5.5(a) and 5.5(b) of MI 61-101 as (i) neither the fair market value of the subject matter of, nor the fair market value of the consideration for, the Shares purchased by the insiders exceeds 25% of the Company’s market capitalization, and (ii) the Company is not listed on a specified market, within the meaning of MI 61-101. Additionally, the Offering is exempt from the minority approval requirement in Section 5.6 of MI 61-101 in reliance on Section 5.7(1)(a) of MI 61-101 insofar as neither the fair market value of the subject matter of, nor the fair market value of the consideration for, the Shares purchased by the insiders exceeds 25% of the Company’s market capitalization. The Company did not file a material change report more than 21 days before the expected closing of the Offering as the details of the Offering and participation therein by each “related party” were not finalized until shortly prior to closing and the Company wished to close the Offering as soon as practicable for sound business reasons.

About Perseverance Metals

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

Our strict science-driven approach and extensive track record of discovery as leveraged via an exceptional technical advisory board, 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 exposed to a portfolio of projects with the potential for multiple discoveries.