Mr. Edward Ellwood reports

PELOTON AND THE UNIVERSITY OF NEVADA, RENO ENTER INTO A METALLURGICAL RESEARCH AGREEMENT TOWARD INTEGRATED LEACHING STRATEGIES FOR CO-RECOVERY OF LITHIUM, RUBIDIUM, CESIUM AND GALLIUM FROM NORTH ELKO LITHIUM PROJECT (NELP) CLAYS

Peloton Minerals Corp. has entered into a metallurgical research agreement with the University of Nevada, Reno, to investigate and develop integrated leaching strategies for the co-recovery of lithium, rubidium, cesium and gallium from the company's North Elko lithium project clays in northeastern Nevada.

The University of Nevada, Reno, is a Carnegie R1 research university, and the Department of Mining and Metallurgical Engineering at UNR is at the forefront of critical mineral extraction from clays formed and enriched in paleolake environments.

The UNR scope of work is to conduct a laboratory-scale metallurgical research program to assess the technical feasibility of extracting lithium and potential co-products, including rubidium, gallium and cesium, from NELP clay samples and to develop and optimize the leaching stage of a hydrometallurgical flow sheet. The outcome is to be a technically supported leaching strategy, predictive process models and a recommended process flow sheet suitable for planning future pilot-scale testing and economic evaluation.

The research program will begin immediately and continue until September, 2027. Results will be reported as the various stages of the program proceed.

Peloton's president and chief executive officer, Edward (Ted) Ellwood, commented: "This important work will be conducted in parallel with ongoing exploration or development programs at NELP. We are excited that the prestigious University of Nevada, Reno, accepted this project and look forward to working with the university."

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

Peloton 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).

Peloton's exploration portfolio includes the North Elko lithium project in Elko county, Nevada, which is 53 square kilometres (20 square miles) in size, and is 100 per cent owned with no royalties outstanding, a Carlin-style gold exploration project in Independence Valley, Elko county, Nevada, and a non-controlling interest in a copper porphyry project near Butte, Mont.

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