Peloton Commences the Maiden Drilling Program at the North Elko Lithium Project, Nevada

Executive Summary

• Peloton Minerals announced the start of its maiden drilling program at the North Elko Lithium Project (NELP) in northeastern Nevada.
• The initial phase consists of four widely spaced drill holes, each targeting ~500 ft depth to test lithium‑bearing claystone layers and associated mineralization.
• Drilling is expected to last about three weeks with assay results anticipated six weeks after completion.

Key Details

• Project Scope: NELP covers ~30 km² (11.5 mi²) of 100% owned land, adjacent to a high‑grade lithium deposit discovered by Surge Battery Metals in 2023.
• Drill Hole Layout: Four holes spaced ≈7 km (NE‑SW axis) and ≈3.5 km (NW‑SE axis); each hole ~500 ft deep.
• Timeline: Drilling duration ~3 weeks; assay turnaround ~6 weeks post‑drilling.
• Permitting: Peloton holds two drilling permits and has 24 drill pad locations permitted for future programs, all located beside existing roads to minimize environmental impact.
• Exploration History: Prior work includes airborne hyperspectral, magnetic, radiometric, VLF‑EM surveys; geologic mapping; soil geochemistry over a 32 km² grid; XRD analysis of >1,000 surface samples; and surface tTEM geophysics.
• Management Comment: President & CEO Edward (Ted) Ellwood expressed enthusiasm for moving from extensive surface work to the initial drilling stage.
• Qualified Person: Dr. Richard C. Capps, PhD, Senior Geologist and Director, approved the technical information under NI 43‑101.

Notable Quotes

“We are pleased to reach the initial drilling stage after extensive surface work, and are excited about getting the drilling program underway.” – Edward (Ted) Ellwood, President & CEO

Materiality Assessment: Material – Positive (the commencement of a maiden drilling campaign at a prospective lithium project is a material operational development that could positively influence investor perception).