Mr. Edward Ellwood reports

PELOTON CLOSES PRIVATE PLACEMENT

Peloton Minerals Corp. has closed a non-brokered private placement financing previously announced as planned on Nov. 21, 2025. The company received $134,100 from 1.49 million units priced at nine cents per unit. Each unit consists 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.

This placement is the third tranche under the same pricing terms, bringing the total to $1,170,352.53. Price protection on these terms expires immediately after this closing.

The proceeds of the private placement will be used for lithium exploration in northern Nevada and working capital. Peloton completed the maiden drilling program on its 100-per-cent-owned North Elko lithium project in November-December, 2025, as announced Dec. 10, 2025, and expects results toward the end of January, 2026.

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 Nov. 21, 2025, 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 Minerals is a reporting issuer in good standing in the provinces of British Columbia and Ontario whose common shares are listed on the Canadian Securities Exchange (symbol: PMC) and trade in the United States on the OTCQB (symbol: PMCCF). There are 151,718,177 common shares issued and outstanding in the capital of the company including the second tranche of the placement described above.

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, and 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.

We seek Safe Harbor.