Perseverance Metals Inc. (TSXV: PMI) announced a non-brokered private placement of up to C$8,000,005, with common shares priced at C$0.65 each, according to a company statement.

The Vancouver-based critical minerals explorer said it intends to use the net proceeds to fund an ongoing diamond drill campaign at its Voyageur project in Michigan's Upper Peninsula, continued exploration at its Lac Gayot project in Quebec, and for general corporate purposes.

The offering is subject to TSX Venture Exchange approval, and completion is targeted for early October 2026. All securities issued will be subject to a statutory hold period of four months and one day under Canadian securities laws.

Company insiders may participate in the offering, which would constitute a related party transaction under Multilateral Instrument 61-101. Perseverance Metals said it expects any insider participation to fall below 25% of the company's market capitalization, qualifying for an exemption from formal valuation and minority shareholder approval requirements.

The company may also pay finder's fees to eligible finders in connection with the offering, subject to applicable securities laws and TSXV policies.

Perseverance Metals holds three exploration assets: the Voyageur Ni-Cu-Co-PGE project covering 680 square kilometers in Michigan, the Lac Gayot Ni-Cu-Co-PGE and lithium pegmatite project in Quebec, and the Armit Lake Ni-Cu-Co project in Ontario.