Mr. Edward Ellwood reports

PELOTON FIELD CREWS CONDUCT SURFACE GEOPHYSICS & SOIL GEOCHEMISTRY SURVEYS - NOTICE OF PRIVATE PLACEMENT

Peloton Minerals Corp. field crews have been active on the company's North Elko lithium project (NELP) in northeastern Nevada, conducting surface geophysics and soil geochemistry surveys as a precursor to drilling being planned for this fall. The company also intends to close additional tranches of a private placement on the same terms as a notice announced May 19, 2026, and reiterated below.

The geophysical surveys include a 22.79-line-kilometre survey on four north-south-oriented lines using TEM2Go (transient electromagnetic backpack system) and five sounding locations using sTEM (stationary transient electromagnetic). This work follows 38.7 line kilometres of tTEM (towed TEM) surveys previously conducted on the property and was designed to enhance the company's understanding of the orientation of an underlying clay layer both laterally and to depth.

The soil geochemistry survey covered the southern half of the property and involved taking 615 conventional surface samples on a 200-metre-by-200-metre grid. The company had previously conducted soil geochemistry on the northern half of the property with similar grid spacing, prior to acquisition of the southern portion of the property.

The company expects assays from the soil geochemistry program to be returned this summer along with a final geophysical report, at which time drilling plans for this fall will be finalized.

The company plans to close one or more tranches of private placement financing on the same terms as a notice announced on May 19, 2026, with units priced at nine cents. Each unit consists of one common share and one common share purchase warrant, exercisable for three years at 12 cents. The total proceeds will be up to $4.5-million less a total of $1,442,249.91 that has previously closed and been announced. The proceeds of the private placement will be used for lithium and critical mineral exploration in northern Nevada and working capital.

The private placement will be 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 has set July 30, 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.

Dr. Richard C. Capps, PhD, is the qualified person under National Instrument 43-101 who has approved the technical information contained within this release. Dr. Capps is the company's senior geologist and a director.

We seek Safe Harbor.