Mr. Edward Ellwood reports

DRILLING PERMITS APPROVED FOR THE NORTH ELKO LITHIUM PROJECT, NEVADA

Peloton Minerals Corp. has received approval from the U.S. Bureau of Land Management (BLM) for two drilling permits within the boundaries of the 442-mineral-claim, 37-square-kilometre (14.25-square-mile) North Elko lithium project (NELP), located in northeastern Nevada.

A total of 24 drill pads are approved under the permits and additional drill pads could be added, subject to approval by BLM. One drilling permit covers the eastern part of NELP and the second permit is over the central and western portions of NELP. Each drilling permit is limited to a maximum disturbance area of five acres (10 acres total), as calculated under BLM formulas, with 5.12 acres of total disturbance area taken up by the present drilling plan and pads between the two permits.

In early 2023, Surge Battery Metals announced a significant lithium in clay discovery adjacent to NELP mineral claims held by Peloton since 2018. Since the discovery, Surge has reported an inferred resource of 11.24 million tonnes of lithium carbonate equivalent (LCE) at 3,010 parts per million (ppm) lithium (Li), thought to be the highest-grade lithium clay resource in North America.

NELP is now at the drilling stage, following Peloton surface exploration work, which included airborne hyperspectral imaging, a property wide soil geochemistry survey, geologic mapping, prospecting and sampling, X-ray diffraction analysis of over 500 surface samples, and a tTEM surface geophysical survey. A summary of results from each phase follows:

• Hyperspectral imaging data show a lithium-bearing clay layer outcropping frequently at surface across almost the entire property.
• Soil geochemistry analysis shows an elevated lithium anomaly (up to 18 times background) covering over 25 square kilometres or 9.65 square miles.
• Geologic mapping suggests NELP is within an alkaline paleolake (ancient lake) environment, within a structural graben bounded by northerly striking normal faults.
• X-ray diffraction analysis shows NELP is within bedded alkaline lake sediments and volcaniclastic rocks. The mineralogy of the bedded volcanic rocks is consistent with magmas that are likely sources of lithium.
• tTEM surface geophysics shows an underlying layer, interpreted as clay rich, across almost the entire property.

Edward (Ted) Ellwood, president and chief executive officer, commented: "We plan to drill this summer from each of the 24 drill pads, which will cover the broad extent of the 14-square-mile property. It will be an exciting program with so many drill holes over such a large area."

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

Peloton 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 138,714,260 common shares issued and outstanding in the capital of the company.

Peloton's exploration portfolio includes a 100-per-cent interest in the North Elko lithium project in northeastern Nevada, which is prospective for lithium, uranium and rare earth minerals, as well the Golden Trail and Independence Valley Carlin-style gold projects in northeastern Nevada, and a non-controlling interest in a copper porphyry project near Butte in Montana.

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