Perseverance Metals Inc. has expanded its previously announced private placement financing to up to C$10,000,250, increasing the target from the initial C$8,000,005 financing announced on September 15, 2026.

The upsized offering consists of common shares priced at C$0.65 each. Net proceeds from the placement are directed toward funding the ongoing diamond drill campaign at the Voyageur project in the Upper Peninsula of Michigan, supporting continued exploration across the Lac Gayot project in Québec, and covering general corporate requirements.

All securities issued pursuant to the financing are subject to a statutory hold period of four months and one day under applicable Canadian securities laws. The arrangement remains conditional upon customary closing conditions, including the receipt of approval from the TSX Venture Exchange, with completion targeted for early October 2026. Perseverance Metals may also pay finder's fees to eligible participants in connection with the placement, subject to regulatory compliance and exchange policies.

The capital raise directly supports active exploration across the company's critical minerals portfolio. Perseverance Metals commenced its inaugural diamond drill program at the Voyageur property in June 2026 to test priority targets for magmatic sulphide mineralisation. That work delivered a blind discovery in September 2026, identifying a near-surface, magmatic nickel and copper sulphide-bearing mafic-ultramafic intrusion at the Osprey target. Four diamond drill holes tested the geophysical target, with three successfully intersecting the intrusion at thicknesses reaching up to 50 metres.

Portable XRF analyses from the program confirmed that the intercepted sulphides contain nickel and copper, with final laboratory assays, intrusion geochemistry results, and sulphide petrography data currently pending for the Voyageur project.

Read the full announcement: Perseverance Metals Upsizes Private Placement Financing to up to C$10,000,000