Mr. Christian Timmins reports

PEGASUS RESOURCES EXECUTES OTHER BUSINESS ARRANGEMENT (OBA) FOR 640 ACRES OF URANIUM EXPLORATION LANDS IN UTAH

Pegasus Resources Inc.'s wholly owned subsidiary, Pegasus Resources (USA) Inc., has executed an other business arrangement with the Utah School and Institutional Trust Lands Administration covering approximately 640 acres in Emery county, Utah.

The OBA, signed on Jan. 23, 2026, provides Pegasus the exclusive right to explore for uranium and associated metalliferous minerals on the property for a five-year term, and includes an option to convert all or portions of the lands to a mineral lease upon satisfaction of exploration and payment requirements.

Pegasus will make annual option payments of $6 (U.S.) per acre and complete staged exploration activities during the term, including geophysical surveys, permitting, drilling and technical studies.

The OBA grants exploration rights only, and remains subject to standard regulatory, bonding and reclamation requirements.

The company will provide further updates as exploration progresses.

About Pegasus Resources Inc.

Pegasus 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.

We seek Safe Harbor.