Mr. Christian Timmins reports

PEGASUS RESOURCES WITHDRAWS SHARES-FOR-DEBT APPLICATION

Pegasus Resources Inc. has formally withdrawn its previously announced application to settle approximately $140,000 of outstanding indebtedness through the issuance of common shares.

As disclosed in the company's news release dated June 11, 2025, Pegasus proposed to satisfy certain outstanding payables through the issuance of common shares, subject to the approval of the TSX Venture Exchange.

Following a full review and subsequent discussions, the exchange advised that it would not approve the proposed settlement structure. The debt in question was bona fide debt, but the exchange advised the company that it had taken a policy position, consistent with other issuers with similar transactions, to deny the shares-for-debt settlement in those circumstances.

As a result, Pegasus has withdrawn its application and will have to address the debt in the usual course.

About Pegasus Resources Inc.

Pegasus is a Canadian uranium exploration company focused on advancing high-potential projects in the United States. The company's flagship asset, the Jupiter uranium project in Utah, is a drill-ready property positioned for resource expansion. With a commitment to strengthening domestic uranium supply, Pegasus is strategically developing its portfolio to capitalize on the growing demand for nuclear energy.

We seek Safe Harbor.