Private Placement

• The most recent release (May 19, 2026) announces a private placement targeting up to $4,500,000 CAD in proceeds.
• Units are priced at CDN$0.09 per unit, consisting of one common share and one warrant exercisable for three years at $0.12.
• Proceeds are designated for exploration in northern Nevada (North Elko Lithium Project) and working capital.
• The financing is structured in tranches over two months, with the first tranche estimated at $1,000,000.
• This follows a history of three financings since November 2025 totaling approximately $1.3M CAD previously.
• Historical context includes maiden drilling results (Jan 2026) showing lithium grades up to 1,150 ppm Li, followed by an assay clarification error regarding Cesium vs Cerium in March 2026.

• The financing is dilutive; raising $4.5M on a ~$15M market cap represents approximately 30% equity dilution if fully subscribed at current levels.
• Offering price ($0.09) trades below the recent market average (~$0.10), signaling management's lack of confidence in immediate share price appreciation or an urgent need for liquidity.
• The warrant strike price ($0.12) sits above the current trading range, creating a potential overhang if the stock rallies to that level within three years.
• While funding exploration is positive for project longevity, the rapid succession of financings (Nov 2025, Dec 2025, May 2026) suggests previous capital was insufficient or burn rates are higher than anticipated.
• The March 2026 clarification regarding assay errors introduces credibility risk regarding data integrity, which dampens the positive impact of the exploration funding.

• Company: Peloton Minerals Corporation.
• Flagship Project: North Elko Lithium Project (NELP) in northeastern Nevada.
• Project Status: Exploration stage; maiden drilling completed Jan 2026, results announced Feb/Mar 2026.
• Claim Position: 642 claims covering ~53 km² (20 sq mi).
• Geology: Lithium-bearing claystone package confirmed to depths of 500 ft over a 7 km x 3.5 km area.
• Adjacent Context: Located near Surge Battery Metals' Nevada North lithium resource, validating the regional model.
• Royalties: Project is 100% owned with no royalties noted in historical releases.