Peloton completes maiden drilling program at North Elko

Executive Summary

• Peloton Minerals Corp. has completed its maiden drilling program at the 100%-owned North Elko Lithium Project (NELP) in northeastern Nevada.
• The program consisted of four holes totaling 1,825 feet, successfully confirming near-surface clay-bearing material to a vertical depth of at least 500 feet and mapping clay layer orientation and stratigraphy.
• Samples are currently undergoing multielement assay and X-ray diffraction (XRD) analysis, with assay results expected toward the end of January 2026.

Key Details

• Drilling Program Scope: Four holes were drilled, totaling 1,825 feet.
• Hole Results:
  • Three holes were stopped at a vertical depth of 500 feet while still within clay-bearing material.
  • One hole was stopped at 325 feet after intersecting underlying basement rocks.
• Drill Spacing: Holes were spaced approximately 7 km (4.3 miles) apart on the northeast-southwest axis and 3.5 km (2 miles) apart on the northwest-southeast axis.
• Objectives Achieved:
  • Confirmed near-surface presence of clay or clay-bearing material to a vertical depth of at least 500 feet.
  • Confirmed presence of clay layers across a widespread area.
  • Provided data on the orientation and stratigraphy of clay layers.
  • Obtained samples for analysis of lithium and other critical minerals.
• Next Steps & Analysis:
  • Samples submitted for multielement assay analysis to determine lithium and other element presence.
  • Split samples subject to X-ray diffraction (XRD) analysis to determine minerology and presence of zeolite minerals.
  • Assay results expected toward the end of January 2026.
  • XRD analysis to be conducted over the winter.
• Project Status & Permits:
  • NELP is 37 square kilometres (14.25 square miles) in size, 100% owned, with no royalties outstanding.
  • Peloton holds two drilling permits and has 24 permitted drill pad locations for follow-on programs.
  • All drill pads are located beside existing roads to minimize environmental disturbance.
• Project Context:
  • NELP is located immediately adjacent to a high-grade lithium deposit discovered in 2023 by Surge Battery Metals.
  • Prior exploration work includes airborne hyperspectral survey, airborne magnetics, radiometric and VLF-EM surveys, geologic mapping, soil geochemistry over a 32-square-kilometre grid, prospecting, XRD analysis on over 1,000 surface samples, and surface tTEM geophysics.

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 and CEO