Mr. Charles Desjardins reports

PEGASUS RESOURCES STARTS WORK PROGRAM ON URANIUM PROPERTIES IN NORTHERN SASKATCHEWAN

Pegasus Resources Inc. has commenced permitting on its uranium projects, located in the Athabasca basin region of Northern Saskatchewan. Cumulatively, the uranium land package encompasses approximately 60,054 hectares over 19 mineral claims and includes the Pine Channel, Mozzie Lake, Wollaston Northeast and Bentley Lake properties.

A working relationship is being established with the group that represents the northern communities and first nation groups, the Ya' thi Nene Lands and Resources (YNLR) office, and will pertain to all of the uranium projects. Additionally, a permit application has been submitted to the Saskatchewan Ministry of Environment for the coming Pine Channel project work.

The first phase of work will include concurrent ground radon and ground gravity surveys on the Pine Channel uranium property. A RadonEX survey approach has previously identified exploration targets on the Patterson Lake trend for Fission Uranium and NexGen Energy, contributing to the discoveries of the Triple R zone and others. This work is expected to be carried out immediately following permit receipt.

The company also reports that geochemical analysis of samples collected from its August, 2021, work programs on the Vertebrae Ridge, Punch Bowl and Gold Mountain projects remain pending at the lab. Extensive surface sampling was completed on these properties and the company looks forward to receiving assays in the near term.

Qualified person

The technical information contained in this news release has been reviewed by Darren L. Smith MSc, PGeo, of Dahrouge Geological Consulting, who is a qualified person as defined in National Instrument 43-101.

About Pegasus Resources Inc.

Pegasus Resources is a diversified junior Canadian mineral exploration company with a focus on uranium, gold and base metal properties in North America. The company is also actively pursuing the right opportunity in other resources to enhance shareholder value.

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