Mr. Edward Ellwood reports

PELOTON ANNOUNCES SUCCESSFUL MAIDEN DRILLING RESULTS AT THE NORTH ELKO LITHIUM PROJECT, NEVADA

Peloton Minerals Corp. has released the results of its maiden drilling program at the company's 100-per-cent-owned North Elko lithium project (NELP), located in northeastern Nevada.

The program comprised four vertical exploration holes drilled to a maximum depth of 500 feet (152 metres) and represents the first lithium-focused drilling ever completed on the NELP.

Drilling highlights:

• Lithium mineralization was intersected in all four holes, starting at the 20-to-25-foot interval in each hole, hosted in claystone horizons within the paleolake volcano-sedimentary sequence. Of 352 five-foot samples assayed, 89 per cent were anomalous to strongly anomalous in lithium.
• The best downhole interval of 155 feet averaging 618 parts per million (ppm) lithium was returned in one hole, which includes intervals up to 1,155 ppm lithium. The last five-foot sample interval was 1,150 ppm.
• Cesium and rubidium are strongly anomalous in all four drill holes, suggesting a chemically evolved, alkali-rich volcano-sedimentary system with potential for these critical minerals. The average of all 352 samples was 77 ppm cesium and 121 ppm rubidium.
• Drilling confirms a thick, laterally extensive clay package beneath surface anomalies and validates the basin-scale exploration model that NELP is underlain by the same or similar, lithium-bearing claystone system present on adjacent ground.

The four holes were cased to 20 feet and sampling was on five-foot (1.52-metre) intervals from the 20-to-25-foot interval to the total depth. The holes were positioned across a large portion of the 37-square-kilometre claim block to test basin geometry, stratigraphy and the extent of lithium and clay-bearing paleolake (historic lake) sediments and tuffs indicated by previous geophysics and surface sampling.

Program objectives achieved

The drill program successfully achieved its primary technical objectives:

• Confirmed the presence of lithium-bearing claystones to depths of at least 500 feet over a seven-kilometre-by-3.5-kilometre area of the property;
• Established that the NELP basin is fertile not only for lithium but also for critical metals, including cesium and rubidium, elements that have been highlighted at other advanced Nevada lithium claystone deposits;
• Provided initial data on the orientation and stratigraphy of the underlying claystones.

These results provide first-pass confirmation that the NELP basin hosts a significant lithium- and critical-mineral-bearing volcano-sedimentary system, warranting further systematic exploration drilling and technical evaluation.

Relationship with adjacent lithium resource

NELP lies immediately east of, and contiguous with, Surge Battery Metals' Nevada North lithium project, which hosts a defined lithium resource in similar claystone stratigraphy. Public disclosures by Surge in its current resource estimate describe average lithium grades in the range of several thousand ppm lithium, placing Nevada North among the higher-grade lithium claystone projects in North America.

While the initial NELP drill results have not yet demonstrated comparable lithium grades with its neighbour, the confirmation of a thick, anomalous lithium-bearing claystone sequence across a large area immediately adjacent to this established resource is considered a highly positive outcome for an early-stage scout program over a new basin.

Critical metals -- cesium, rubidium and rare earths

Assay data from the NELP holes show that cesium and rubidium, along with selected rare earth elements such as cerium, are highly anomalous in association with lithium-bearing intervals. This geochemical signature is characteristic of strongly fractionated, alkali-rich magmatic/hydrothermal systems and may indicate the presence of zeolites and other minerals that can host significant concentrations of these metals.

Peloton considers the presence of cesium and rubidium to be an important potential value addition to the NELP project. Further mineralogical work, including targeted XRD and microanalytical studies, will be required to identify the principal host minerals to evaluate the potential for economically recoverable minerals. These minerals may include pollucite or related phases, which have been identified by XRD analyses from outcrop and soil samples.

Further information about any of these minerals is available under the USGS Mineral Commodities Summaries 2025 report available on the company website at USGS MSC 2025.

Next steps

The company believes that this initial drilling has substantially derisked the geological concept at NELP and laid the foundation for a more advanced, resource-oriented phase of exploration. The follow-up work at NELP is expected to include:

• Additional drilling, focused on stepouts and tighter spacing in the most prospective lithium and critical mineral zones identified to date;
• Drill stepouts will test laterally and at greater depth. Three of the holes were stopped at a vertical depth of 500 feet while still in clay-bearing material. One of the holes was stopped at 325 feet after intersecting underlying basement rocks. All holes encountered clay-bearing material at about 20 feet downhole;
• Detailed stratigraphic and structural interpretation to better define controls on grade distribution and potential thickened or higher-grade panels within the basin;
• Expanded mineralogical and metallurgical testwork on both lithium and cesium/rubidium-rich intervals to assess mineral hosts, extraction characteristics and potential process routes. This work will also include test work on zeolites and high silica sands that were also abundant at surface and identified with XRD;
• Continued integration of geophysical, geochemical and geological data sets to refine drill targeting across the broader 37-square-kilometre project area.

QA/QC (quality assurance/quality control)

A robust QA/QC program was implemented for the drill program, including the systematic insertion of certified reference standards, blanks and duplicate samples into the sample stream at a rate of approximately 17.5 per cent of the total samples submitted. All percussion chip samples were collected at the drill site and securely stored until transport. All samples were transported by the company's senior geologist, Dr. Richard C. Capps, to the ALS Minerals sample preparation facility in Elko, Nev., on Nov. 23, 2025.

Qualified person

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

About Peloton Minerals Corp.

Peloton Minerals is a reporting issuer in good standing in the provinces of British Columbia and Ontario, the common shares of which are listed on the Canadian Securities Exchange (symbol PMC) and trade in the United States on the OTCQB (symbol PMCCF). There are 152,117,062 common shares issued and outstanding in the capital of the company.

Peloton's exploration portfolio includes 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, Mont.

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