Perseverance Metals, Inc. · TSXV:PMI
Perseverance Metals — Investor Presentation (September 2026)
39 slides from Perseverance Metals's investor presentation, Sep 9, 2026
Slide 1: An Industry Leading North American Critical Minerals Exploration Company
TSXV: PMI An Industry Leading September 9, 2026 North American Critical Minerals Exploration Company PerseveranceMetals.com
Slide 2: Cautionary Statements
CAUTIONARY STATEMENTS This presentation contains “forward-looking information” (also referred to herein as “forward-looking statements”) under the provisions of applicable Canadian securities legislation regarding Perseverance Metals Inc. (“Perseverance” or the “Company”). Generally, these forward-l
Slide 3: Perseverance Metals
Perseverance Metals Purpose-Built | High-Grade | Polymetallic | Critical Minerals Explorer Investment Case: Nickel, copper, cobalt, PGEs and lithium are all key strategic critical metals in the USA and Canada High grade deposits of these metals offer extremely high margins, and often delineate and t
Slide 4: Capital Structure – September 2026
Teck Resources: 6.6% Capital Structure – September 2026 Strategics Osisko/EEM: 7.5% Altius: 6.5% & Partners Bitterroot: 5.0% Issued and Outstanding 38,609,710 Options 2,840,000 32% Weighted average option strike price C$0.62 Industry Warrants 13,924,621 24% HNWI Institutions & 17% Weighted average w
Slide 5: Leadership Team
Leadership Team Experienced, innovative, and agile team of Ni-Cu-Co-PGE exploration specialists paired with deep mining capital markets Michael Tucker* John Foulkes* Michael Gray* Andrew Kaip* expertise CEO & Director President & Corporate Secretary Chairman & Director Independent Director Sudbury B
Slide 6: Technical Advisory Board
Technical Advisory Board Global Ni-Cu-Co-PGE expert ore finders with skillsets encompassing greenfield exploration through globally Mark Bennett Gordon Morrison Dr. Catharine Farrow significant discoveries, Technical Advisor Technical Advisor Technical Advisor 40-year career in Ni-Cu-Co-PGE, leading
Slide 7: The Power of the Polymetallics
The Power of the Polymetallics Mix of Critical Metals + High Grade = Bulletproof High Margin Assets, leading to Rapid Acquisitions P P C Ni Cu d t o C$415M 2013 acquisition Eagle, Michigan (Rio Tinto) – $267/t GMV* $6.25/lb Ni, $3.00 Cu 2001 discovery: 30.0m @ 1.03% Ni, 0.75% Cu, 0.03% Co, 0.56 g/t
Slide 8: Indonesia: The OPEC of Nickel
Indonesia The OPEC of Nickel Billions of tonnes of Reserves and Resources at 1.2% to 1.8% nickel at surface, with minimal by-products Market dominance (>60% of global production) and government quotas = managed nickel price stabilization - but only benefits equal or higher REUTERS DEC 2024 grade/mar
Slide 9: Nickel: 10-year chart + forecast
PerseveranceMetals.com | TSXV:PMI Nickel: 10-year chart + forecast vs Indonesian Production US$19,000/tonne $8.50/lb June 2026 9
Slide 10: Our Assets
Our Assets VOYAGEUR LAC GAYOT ARMIT LAKE Option to acquire 100% ownership 100% owned land position in Option to acquire 100% ownership in in district scale U.S. Ni-Cu-Co-PGE Ni-Cu-Co-PGE and Au-rich district scale, very high grade project 70 km west of the Eagle Savant Lake greenstone belt, Hudson N
Slide 11: Voyageur, Michigan
Voyageur, Michigan Flagship U.S. Ni-Cu-PGE Project 65 km west of the Eagle mine 11 PerseveranceMetals.com | TSXV:PMI
Slide 12: Eagle Mine, Michigan
Eagle Mine, Michigan The Only Producing US Nickel Mine 1995: Magmatic Ni-Cu-Co-PGE exploration started in the region Mineralized Yellow Dog peridotite intrusion discovered 2001 Rio Tinto Discovery hole: 30.0m @ 1.0% Ni and 0.75% Cu 2002 Rio Tinto Bonanza hole: 84.2m @ 6.3% Ni and 4.0% Cu 2012 Pre-pr
Slide 13: Voyageur
Voyageur Dec 2025 Talon-Lundin Combination West to East: Tamarack Deposit, MN: 17Mt @ 1.3% Ni and 0.7% Cu NEW Vault Zone – 35m @ 14.9% Ni and 15.4% cu Highway 28: Runs from Tamarack to Humboldt & Eagle directly through Voyageur Perseverance Voyageur Project, MI ~170,000-acre exploration property ~60
Slide 14: Voyageur: On Trend of the Eagle Mine
Voyageur On Trend of the Eagle Mine Eagle Mine Yellow Dog peridotite intrusion >9.3 Mt at 2.64% Ni and 2.18% Cu Boulderdash – 60km NE 2025 DISCOVERY: 2.35m @ 2.3% Ni, 2.9% Cu within 154m of 0.48% Ni, 0.44% Cu LM / Roland Intrusion – 55km NE Up to 5.0% Ni (6-8% Ni tenor) Bovine Igneous Complex – 40km
Slide 15: Voyageur Airborne Magnetics over Eagle Mine
Voyageur Airborne Magnetics over Eagle Mine* Eagle Mine* – Key Features Eagle and Eagle East deposits projected to surface Re-polarized or partially repolarized mag highs Coincident gravity anomalies Associated with chromium-rich dykes Proximal to major deformation corridors drilling Olivine-bearing
Slide 16: The Osprey Intrusion: September 2026 Discovery
Voyageur The Osprey Intrusion September 2026 Discovery • Mafic-ultramafic intrusion of similar composition to the intrusions which host the Eagle Ni-Cu-PGE Mine (Yellow Dog peridotite, Michigan) and Tamarack Ni-Cu-PGE Deposit (TIC peridotite/pyroxenite, Minnesota) • Intrusion is to date ~50 metres t
Slide 17: Voyageur: Eagle Mine Key Features and Osprey Intrusion
Voyageur Eagle Mine* – Key Features Osprey Intrusion Re-polarized or partially repolarized mag highs Coincident gravity anomalies Associated with chromium-rich dykes Proximal to major deformation corridors drilling Olivine-bearing Mafic-Ultramafic intrusion TBD Fertile (Ni-Cu sulphide-bearing) Mafic
Slide 18: The Osprey Intrusion: Continuing on the Path of Eagle
Voyageur The Osprey Intrusion: Continuing on the Path of Eagle • Eagle is comprised of three peridotite-hosted massive to semi-massive magmatic Ni-Cu-PGE sulphide accumulations: the Eagle, Keel and Conduit deposits. • Perseverance’s singular focus now is to detect and drill into one of these accumul
Slide 19: Lac Gayot, Québec
Lac Gayot, Québec Flagship Nancy zone massive sulphide 19 PerseveranceMetals.com | TSXV:PMI 9.38% Ni, 0.60% Cu, 9.00 g/t PGEs over 2.55 metres
Slide 20: Lac Gayot
Lac Gayot Lac Gayot (100%) James Bay QC Infrastructure & Mineral Endowment 20 PerseveranceMetals.com | TSXV:PMI
Slide 21: Lac Gayot, Quebec: Ni-Cu-Co-PGE Potential
Lac Gayot, Quebec Ni-Cu-Co-PGE Potential Nancy zone massive sulphide 9.38% Ni, 0.60% Cu, 9.00 g/t PGEs 21 PerseveranceMetals.com | TSXV:PMI *NiEq CuEq and GMV based on Feb 12 2025 metal prices and 100% metallurgical recovery
Slide 22: Lac Gayot's Polymetallic Discoveries
Lac Gayot’s Polymetallic Discoveries 19 High Grade Surface Ni-Cu-Co-PGE Discoveries throughout the 30km Long Venus Belt C Ni u Pd C o Nancy showing, Lac Gayot (Québec) – $1,821/t GMV* GA02-53 (2002): 2.6m @ 9.38% Ni, 0.60% Cu, 0.14% Co, 9.12 g/t Pd+Pt+Au P Ni Cu Pd t C o ‘L’ showing, Lac Gayot (Québ
Slide 23: Venus Greenstone Belt: Belt-Scale Fertility
Lac Gayot Venus Greenstone Belt Belt-Scale Fertility • 30 km long belt of primitive, very high MgO (>30%) ultramafic rocks • 19 high-grade surface Ni-Cu- Co-PGE showings in the Upper and Lower Komatiite sequences, and distributed throughout the belt, in all levels of stratigraphy • Nickel grade rang
Slide 24: Venus Greenstone Belt Geological Model
Lac Gayot Venus Greenstone Belt Geological Model in Schematic Section Baseline (2025): 4 massive sulphide intersections including 4.07% Ni over 2.1 metres Nasique (2024-25): 10 holes w/ 0.69% Cu, 0.12% Co, & 1.86 g/t PGEs Mineralization across all w/ mineralization incl 6.25 m of 1.33% Ni w/ 0.12% C
Slide 25: 2024 HeliTEM2 Survey Results
Lac Gayot 2024 HeliTEM2 Survey Results • 2024 HeliTEM2 survey highlighted deeper conductors associated with existing showings. • The mineralization detection tool was proven to work Venus East Mineralized Trend Venus East Mineralized Trend 25 PerseveranceMetals.com | TSXV:PMI
Slide 26: Lac Gayot: Baseline, Macaque, Nasique area
Lac Gayot Baseline (historic): 1.75% Ni, 0.11% Cu & 1.21 g/t PGEs (surface float sample) Baseline, Macaque, Nasique area Baseline (2025) – multiple SQUID ground EM follow-up • New discoveries at massive sulphide drill highlights the strongest Nasique and Macaque intercepts including EM target in the
Slide 27: The Venus East Ni-Cu-Co-PGE Mineralized Trend
Lac Gayot The Venus East Ni-Cu-Co-PGE Mineralized Trend • 6km long by 2km wide Ni-Cu-Co-PGE mineralized trend with 7 zones defined to date – 4 by PMI in 2024-25 Venus East Mineralized Trend 27 PerseveranceMetals.com | TSXV:PMI
Slide 28: Raglan, Québec – Katinniq Nickel Deposit Discovery: Case Study
Raglan, Québec – Katinniq Nickel Deposit Discovery: Case Study Footwall Contact Mineralized Lenses Raglan Mine Katinniq Deposit • 1998 production decision: Two zones of lenses (Katinniq + Qakimajurq) • ~30 lenses from 20,000 to ~500,000 tonnes of ore each totalling 9Mt @ 3.1% Ni = 270,000t contained
Slide 29: Lac Gayot, Quebec: Lithium Potential
Lac Gayot, Quebec Lithium Potential 29 PerseveranceMetals.com | TSXV:PMI
Slide 30: Lithium Potential Summary
Lac Gayot Venus Greenstone Belt Lithium Potential Summary • Abundant large pegmatites mapped over an 8 x 6km area • 6 confirmed spodumene- bearing pegmatites • Locally large spodumene crystals >1 metre in length • 25 spodumene-bearing bedrock samples up to 7.23% Li2O, average of 3.77% • Channel samp
Slide 31: Rapidly Evolving Lithium Potential
Lac Gayot Rapidly Evolving Lithium Potential ✔ 2024: 5 spodumene-bearing pegmatites mapped in an 8x6km field, each 500m+ X 150m+ ✔ 2024: Field mapping and WorldView-3 analysis shows abundant pegmatite outcrops outside of known areas ✔ 2024: Consistent spodumene distribution in pegmatite field – aver
Slide 32: Capuchin Pegmatite
Lac Gayot Capuchin Pegmatite • Pegmatite outcrop of >50 metres by 140 metres, extending to at least 365 metres of potential strike length. • 2024 bedrock sampling: 4.22% to 6.57% Li2O • 2024 channel sampling: 1.23% Li2O over 7.5m 2.04% Li2O over 10.0m PerseveranceMetals.com | TSXV:PMI 32
Slide 33: Bonobo Pegmatite
Lac Gayot Bonobo Pegmatite • Pegmatite outcrop of >25 m by 90 metres, extending to at least 265 metres of potential strike length. • 2024 bedrock sampling: 2.54% to 4.10% Li2O • 2024 channel sampling: 1.37% Li2O over 4.5m 1.55% Li2O over 6.3m PerseveranceMetals.com | TSXV:PMI 33
Slide 34: Venus East pegmatite field
Venus East pegmatite field zzzzzzzzzzzz 2011-12 field mapped pegmatite extent 2024 field mapped pegmatite outcrop 2024 Worldview mapped pegmatite outcrop 34 2024 lithium assays
Slide 35: Timeline of Key Events
Timeline of Key Events LOOKING AHEAD – EXPECTED MILESTONES ---> Voyageur $2.8M Private inaugural drill Financing Lac Gayot Lac Gayot $8.2M program Armit Lake Teck inaugural $3M inaugural $5M TSXV Equity 2,000 metres OSPREY 2026 field acquires 9.9% field program drill program Listing Financing Q3 202
Slide 36: Perseverance Metals
Perseverance Metals info@perseverancemetals.com +1 (604) 757-2603 www.perseverancemetals.com #405 – 375 Water Street Vancouver, BC V6B 5C6 36 PerseveranceMetals.com | TSXV:PMI
Slide 37: Appendix
Appendix 37 PerseveranceMetals.com | TSXV:PMI
Slide 38: Voyageur Property Acquisition Terms
Voyageur July 2023 Property Issue shares to make Altius and Bitterroot each a 10% owner Acquisition Terms Upfront ∙ Free carry through $5.0M in equity financing within 18 months Payment COMPLETED Perseverance Metals to acquire 100% of the 680 km2 Voyageur Lands from Altius C$2.0M on or before Nov 15
Slide 39: Lac Gayot Joint Venture Terms
Lac Gayot December 2022 Upfront Payment Issue shares to make Osisko a 9.9% owner of Perseverance ∙ Free carry though $10M expenditure / C$15M equity issued Property Acquisition COMPLETE Terms C$10 million, including 10,000m drilling on or before December 31, 2027 ∙ C$2.5 million including 2,000m dri
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