Mr. Edward Ellwood reports

EXPLORATION UPDATE ON THE NORTH ELKO LITHIUM PROJECT, NEVADA

A multifaceted exploration program under way at Peloton Minerals Corp.'s 100-per-cent-owned North Elko lithium project (NELP) in northeastern Nevada has identified an area approximately 25 square kilometres that contains anomalous lithium in an alkaline paleolake basin environment of deposition (the target area). This environment is the same as that of the adjacent property of Surge Battery Metals Inc., where a significant lithium deposit has been found within clay layers in an alkaline paleolake basin environment.

Geologic mapping suggests the target area sampled at surface is likely higher in the stratigraphy than the lithium clay layers identified on Surge's property beside NELP, and that drilling is warranted to test the potential of clay layers below surface. A cross-section published by Surge in its July 23, 2024, press release shows the clay layers dipping toward the NELP and projects those layers to within 1.0 kilometre to 1.5 kilometres of the NELP.

In addition to geologic mapping and soil geochemistry across the property, over 300 samples were analyzed using X-ray diffraction (XRD). This technique identified over 100 mineral species, many of which are formed by alteration of tephra in the paleolake basin environment (a historic lake or caldera) and include several lithium-bearing minerals such as hectorite and fluorohectorite. Surprisingly, the presence of detrital lithium-bearing magmatic type minerals such as tavorite, amblygonite and others was also identified, although further study will be necessary to determine potential implications.

The next phase of exploration will be to employ a surface geophysical technique (tTEM (towed transient electromagnetic) and ERT (electrical resistivity tomography)) to map the depth and widths of potential underlying clay layers, a technique that has been successfully used by Surge. This work would be followed by shallow packsack drilling for near-surface targets or with a larger drilling rig for targets below 20 feet.

Edward (Ted) Ellwood, president and chief executive officer, commented: "We are pleased with the positive results achieved to date. This great start shows we are hunting in the right environment and we are excited about commencing the next phase of our exploration program."

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

Peloton Minerals is a reporting issuer in good standing in the provinces of British Columbia and Ontario whose common shares are listed on the Canadian Securities Exchange under the symbol PMC and trade in the United States on the OTCQB under the symbol PMCCF. There are 137,265,371 common shares issued and outstanding in the capital of the company.

Peloton's exploration portfolio includes the North Elko lithium project as well as a gold exploration project on the Carlin trend in Nevada and a non-controlling interest in a copper porphyry project near Butte, Mont.

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