Mr. Edward Ellwood reports

GEOPHYSICS CONTRACTED FOR THE NORTH ELKO LITHIUM PROJECT, NEVADA

Peloton Minerals Corp. has signed a contract with BGC Engineering of Calgary, Alta., to conduct geophysical surveys over the North Elko lithium project (NELP) intended to define the depth and thickness of potential lithium-bearing clay layers thought to exist under portions of NELP. BGC Engineering is an international consulting firm that provides professional services in applied Earth sciences.

Peloton has conducted several surface exploration activities at NELP this summer with promising results. The company is now looking to map the depth and widths of potential underlying lithium-bearing clay layers using geophysical technologies employed successfully by neighbouring Surge Battery Metals, which has established a significant lithium-in-clay resource immediately adjacent to NELP.

BGC has been retained to perform the following scope of work this year:

• Towed transient electromagnetic (tTEM) survey: tTEM is a mobile ground-based transient system used for rapidly mapping subsurface electrical conductivities over large areas. BGC, on behalf of Peloton, will use this method in road-accessible and all-terrain-vehicle-accessible areas of NELP to collect as much as 38.7 line kilometres of data.
• Electrical resistivity tomography (ERT) surveys: ERT is a geoelectric technique which can be used to profile subsurface resistivity. This will allow Peloton to target, with drilling, the thickness of potentially lithium-enriched clay layers and tuff layers thought to exist between layers of clay.

Edward (Ted) Ellwood, president and chief executive officer, commented: "This work is scheduled for early December, 2024, which will enable us to model and design an efficient drilling program for the spring of 2025. This technology has been remarkably successful for Surge next door and should work well on our property as we share a very similar geologic environment."

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

About Peloton Minerals Corp.

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 (symbol: PMC) and trade in the United States on the OTCQB (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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