Mr. Edward Ellwood reports

PELOTON CLOSES A SECOND TRANCHE OF FINANCING BRINGING THE TOTAL TO $1,442,249.91

Peloton Minerals Corp. has closed the second tranche of a non-brokered private placement financing previously announced as planned on May 19, 2026. The total proceeds received in the second tranche were $411,750, bringing the total financing to $1,442,249.91. A third tranche on similar terms is expected to close later this month. 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 company paid fees equal to 8 per cent of the funds raised and issued 10 per cent of the units issued in the form of broker warrants exercisable into a unit of the offering at the offering price for 60 months.

The proceeds of the private placement will be used for lithium and critical mineral exploration in northern Nevada and working capital.

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 contained in Ontario Securities Commission 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 May 19, 2026, 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.

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 as 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, Mont.

We seek Safe Harbor.