Mr. Christian Timmins reports

PEGASUS RESOURCES SAMPLES 18.8% U308 AT ENERGY SANDS UTAH

Pegasus Resources Inc. has discovered significant findings from its recent sampling program at the past-producing Energy Sands project in Utah. Out of 41 samples collected, 13 have demonstrated uranium (U3O8) grades exceeding 1 per cent, with notable results, including sample ESRS24-016 returning 18.8 per cent U3O8 and sample ESRS24-007 returning 3.5 per cent U3O8.

"The remarkable 18.8 per cent U3O8 concentration in sample ESRS24-016 validates the high-grade uranium potential at our Energy Sands project in Utah," commented chief executive officer Christian Timmins. "These results significantly enhance our confidence in the uranium mineralization of this asset, and this analysis will serve as a crucial guide for drill targeting and permit applications needed to take Energy Sands to drill-ready status."

During the 13-day program, Pegasus collected 41 grab samples using the RS-125 handheld spectrometer to locate areas of uranium mineralization. Notable samples were collected from mineralized outcrops, tailings and historical mine workings. This completion of geological mapping and sampling is a vital step in advancing Pegasus's exploration efforts, providing valuable insights into the Energy Sands property's uranium and vanadium potential. The company remains committed to leveraging these data for informed decision making as it continues to pursue sustainable resource development.

Sample results for 13 samples with results above 1 per cent U3O8 are included in the attached table. The remaining 28 samples are distributed into the following ranges:

• 0.5 per cent to 1 per cent U3O8 (four samples);
• 0 per cent to 0.5 per cent U3O8 (24 samples).

Building on the success of the sampling program, Pegasus will now focus on finalizing drill targets and submitting applications to the Bureau of Land Management (BLM) for associated permits required for a proposed summer drill program. These pro-active measures align with the company's commitment to maximizing the value of its assets and further exploring the potential of the Energy Sands uranium project.

Historical production on the Energy Sands project reported by the United States Geological Survey indicates that 51.8 tons with a grade of 0.373 per cent U308 and 1.10 per cent V2O5 was extracted between 1953 and 1956 (Byers & Robertson, 1956)

National Instrument 43-101 disclosure

The technical content of this news release has been reviewed and approved by Jacob Anderson, CPG, MAusIMM, who is a resource geologist for Dahrouge Geological Consulting USA Ltd., and a qualified person under National Instrument 43-101, who has prepared and/or reviewed the content of this press release.

Quality assurance/quality control

During sampling two blank samples consisting of a quartz matrix were included among the samples submitted to Pace Analytical.

About Pegasus Resources Inc.

Pegasus Resources is a diversified junior Canadian mineral exploration company with a focus on uranium, gold and base metal properties in North America. The company is also actively pursuing the right opportunity in other resources to enhance shareholder value.

We seek Safe Harbor.