Mr. Edward Ellwood reports

A NEW LITHIUM DISCOVERY HAS OCCURRED IMMEDIATELY ADJACENT TO PELOTON'S TEXAS CANYON PROJECT, NEVADA

A significant new lithium discovery has occurred on mineral claims immediately adjacent and tied on to the western boundary of Peloton Minerals Corp.'s Texas Canyon project by Surge Battery Metals. In addition, CAT Strategic Metals, which is tied onto the eastern boundary of Texas Canyon, has also recently reported lithium potential. Both companies surround Texas Canyon with mineral claims, and both are reporting plans for drilling programs this summer.

Texas Canyon hosts several breccia bodies along the margin of a graben/caldera structure. High-grade uranium was mined in the 1950s from one of these breccia bodies, with historic grades reported at 1 per cent uranium and samples running up to 7 per cent uranium. Peloton's own sampling of the waste dump has returned samples up to 1 per cent uranium as well as up to 1,660 parts per million molybdenum and up to 1,280 parts per billion gold.

Peloton suggests that the adjacent lithium mineralization and the property's uranium mineralization are likely cogenetic within the margin of the caldera, and the caldera may have played a significant role as the source of the lithium or other mineralization within the nearby area.

Surge has reported multiple drill intersections of between 1,000 ppm and 5,000 ppm lithium, with thicknesses of between 10 and 120 feet, and a strike length of 5,315 feet. The lithium on the Surge property is stated to be contained in silty, weakly calcareous claystone and within seams of blue-grey clay, which occurs at Texas Canyon, but has never been assayed for lithium.

Surge has also reported that it has received positive metallurgical results, has initiated hydrological studies, is undertaking geophysical surveys, and has received permission from the Bureau of Land Management for a stepout and infill drilling program this summer. CAT has reported lithium values within historic sampling and targets for drilling.

Peloton conducted an airborne hyperspectral survey over Texas Canyon and its nearby Golden Trail project in 2016 which covered 100 square kilometres and included the adjacent ground positions now held by Surge and CAT. The company is screening this regional hyperspectral database for clays that may bear lithium.

Other activity: Peloton's primary focus has been, and continues to be, on advancing the Boulder copper porphyry property located 16 miles from Butte, Mont. The Boulder property is held by Peloton subsidiary Celerity Mineral Corp., which Peloton plans to spin out as its own publicly traded entity. A National Instrument 43-101 technical report necessary for the Celerity going-public process to move forward is nearing completion. It is anticipated that Peloton shareholders will receive a dividend of Celerity shares with Peloton retaining a significant interest in Celerity. No record date for the dividend has been set.

A drill permit for the Boulder property in Montana is nearing completion, and all three of the company's Nevada projects are already permitted for drilling, including Texas Canyon.

Richard C. Capps, PhD, is the qualified person responsible for approving the technical information contained within this release.

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