Mr. Edward Ellwood reports

PRIVATE PLACEMENT

Peloton Minerals Corp. intends to close a non-brokered private placement of up to $600,000 in one or more closings and consisting of 6,666,667 units priced at nine cents per unit. Each unit consists of one common share and one common share purchase warrant, exercisable for three years at 12 cents.

The private placement will be conducted in reliance upon certain prospectus exemptions, including the exemption allowing issuers to raise capital by distributing securities to existing shareholders contained in Ontario Securities Commission Rule 45-501 (2.9) and the various corresponding blanket orders and rules of participating jurisdictions (with the exception of Newfoundland and Labrador) as well as other available prospectus exemptions, including sales to accredited investors and close personal friends and business associates of directors and officers of the company. The company has set March 25, 2023, as the record date for the purpose of determining existing shareholders entitled to purchase shares pursuant to the existing shareholder exemption. The proceeds of the private placement will be used for working capital. Subscriptions are accepted in whole or in part at the discretion of the company on a first-come-first-served basis.

The securities issued in connection with the private placement are subject to a hold period expiring four months and one day from the issuance of the securities.

Peloton Minerals is a reporting issuer in good standing in the provinces of British Columbia and Ontario, the common shares of which are listed on the Canadian Securities Exchange and trade in the United States on the OTCQB. There are 118,947,459 common shares issued and outstanding in the capital of the company.

Peloton's core exploration portfolio includes a copper porphyry project near Butte, Mont., and three Carlin-style gold exploration projects in Elko county in Nevada.

We seek Safe Harbor.