Mr. Edward Ellwood reports

PELOTON CLOSES A SECOND TRANCHE OF FINANCING BRINGING THE TOTAL TO $1,036,252.53

Peloton Minerals Corp. has closed the second tranche of a non-brokered private placement financing previously announced as planned on Aug. 15, 2025. The total proceeds received in the second tranche were $133,502.76 bringing the total financing to $1,036,252.53, which is oversubscribed from the originally planned $630,000. The financing was priced at nine cents per unit with each unit consisting of one common share and one common share purchase warrant exercisable for three years at 12 cents. The proceeds of the private placement will be used for lithium exploration in northern Nevada and working capital.

Peloton will begin drilling at the company's North Elko lithium project (NELP) in northeastern Nevada this month and will make a further announcement about that program after drilling commences.

The private placement was conducted in reliance upon certain prospectus exemptions, including the exemption allowing issuers to raise capital by distributing securities to existing shareholders (the existing shareholder exemption) contained in OSC Rule 45-501 (2.9) and the various corresponding blanket orders and rules of participating jurisdictions (with the exception of Newfoundland and Labrador) as well as other available prospectus exemptions, including sales to accredited investors and close personal friends and business associates of directors and officers of the company. The company set Aug. 15, 2025, as the record date for the purpose of determining existing shareholders entitled to purchase shares pursuant to the existing shareholder exemption.

The securities issued in connection with the private placement are subject to a hold period expiring four months and one day from the issuance of the securities.

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 150,228,177 common shares issued and outstanding in the capital of the company including the second tranche of the placement described above.

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, critical 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, Mon.

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