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

Executive Summary

• Peloton Minerals completed its maiden four‑hole, 1,825 ft drilling program at the 100% owned North Elko Lithium Project (NELP) in northeastern Nevada.
• All holes confirmed continuous near‑surface clay or clay‑bearing layers to ≥500 ft depth and demonstrated widespread clay presence across a 7 km × 3.5 km area.
• Samples have been sent for multi‑element assay and X‑Ray Diffraction analysis, with results expected by late January 2026; the data will inform future drilling and resource evaluation.

Key Details

• Program Scope: Four drill holes totaling 1,825 ft; three stopped at 500 ft within clay layers, one stopped at 325 ft after intersecting basement rock.
• Drill Spacing: Approximately 7 km (NE‑SW) by 3.5 km (NW‑SE) between holes, providing broad coverage of the target area.
• Objectives Met:
• Confirmation of near‑surface clay layers to ≥500 ft depth.
• Verification of widespread clay presence across the program’s footprint.
• Collection of core for lithium and critical mineral assay.
• Acquisition of data on orientation and stratigraphy of the clay units.
• Assay & XRD Work: Samples sent for multi‑element assay to detect lithium and other elements; split samples will undergo XRD to assess mineralogy and potential zeolite content. Results anticipated end of Jan 2026, with XRD analysis over winter 2025/26.
• Project Context: NELP spans ~37 km² (14.25 mi²), fully owned with no royalties; adjacent to a high‑grade lithium deposit discovered by Surge Battery Metals in 2023.
• Exploration History: Includes airborne hyperspectral, magnetic, radiometric, VLF‑EM surveys; geologic mapping; soil geochemistry over 32 km²; >1,000 surface XRD samples; surface tTEM geophysics; and the four initial drill holes reported here.
• Permitting Status: Two drilling permits held; 24 drill pad locations permitted for follow‑on programs, all located beside existing roads to minimize environmental impact. Additional pads can be added as needed.
• Management Comment: President & CEO Edward (Ted) Ellwood noted the efficient execution of the program and highlighted the milestone of reaching the drilling stage.
• Technical Oversight: Dr. Richard C. Capps, PhD – Senior Geologist & Director – is the NI 43‑101 qualified person approving the technical information.

Notable Quotes

“The drill program ran about as efficiently as could be to the credit of our field team. It is exciting to reach the drilling stage and to complete this milestone.” – Edward (Ted) Ellwood, President & CEO

All forward‑looking statements are subject to risks and uncertainties detailed in the release.