Mr. Edward Ellwood reports

PELOTON INCREASES THE NORTH ELKO LITHIUM PROJECT TO 419 CLAIMS OR 35 SQUARE KILOMETRES & CONDUCTS SURFACE GROUND TRUTHING OF HYPERSPECTRAL DATA

Peloton Minerals Corp. has staked, filed and recorded (fully paid for) a total of 419 mineral claims covering 35 square kilometres (3,503 hectares, or 8,656 acres) at its North Elko lithium project in Nevada. In addition, Peloton continues the surface ground truthing of hyperspectral data over the project area. An earlier Peloton release stated that 408 mineral claims had been staked but were not yet recorded.

Peloton's 35-square-kilometre ground position in northeastern Nevada is tied onto and immediately adjacent to ground controlled by Surge Battery Metals Inc. In late 2022, Surge made the initial discovery of what now is believed to be a significantly large, high-grade claystone lithium deposit for which Surge reports that it expects to release a maiden mineral resource this quarter (Q1 2024) just 16 months after the discovery was made. The Surge discovery was on claims next to Peloton claims that Peloton has held for many years. The 419 claims now held by Peloton comprises 331 new claims and 88 previously held claims, and is collectively now called the North Elko lithium project (NELP)

Airborne hyperspectral data that the company holds over the entire NELP project area was re-examined in 2023 for potential lithium-bearing clays (smectite, hectorite, illite, others), and showed clay outcrops of interest across the NELP project area. Initial ground-truthing of the airborne hyperspectral data occurred in late 2023 with surface hyperspectral sampling corroborating the airborne survey data. Twenty-two areas were selected from the airborne hyperspectral data for field examination and sampling by a handheld spectrometre. Twenty of the areas examined returned a spectral response indicating the presence of smectite and will now undergo detailed geochemical and mineralogical analysis.

Smectite and illite clays are the predominant lithium bearing minerals at Thacker Pass within the McDermitt Caldera in western Nevada which is the largest known measured and indicated lithium resource in the united States. Thacker Pass is about 200 kilometres west of the NELP.

The company plans to conduct additional ground exploration work in the first and second quarters of 2024, including geophysical surveys, continued geochemistry work and shallow packsack core drilling. The company continues to work with IBK Capital Corp. of Toronto to source lithium exploration capital.

About Peloton Minerals Corp.

Peloton is a reporting issuer in good standing in the provinces of Ontario and British Columbia.

Peloton's exploration portfolio includes the North Elko lithium project, a gold exploration project on the Carlin trend, Nevada, a past-producing gold project in Montana under option to a JV partner, and a non-controlling interest in a copper porphyry project near Butte, Montana.

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