Peloton closes $902,749 first tranche of financing

Executive Summary

• Peloton Minerals Corp. closed the first tranche of a non-brokered private placement, raising $902,749.77 (oversubscribed from the planned $630,000), with a second and final tranche expected to close in approximately one week.
• The company plans to commence a maiden drilling program at its North Elko Lithium Project (NELP) in northeastern Nevada later in the month.
• The financing was priced at $0.09 per unit (one common share and one warrant exercisable at $0.12 for three years), with proceeds allocated to lithium exploration and working capital.

Key Details

• Financing Structure:
  • Type: Non-brokered private placement.
  • First Tranche Proceeds: $902,749.77 (oversubscribed against the original $630,000 target).
  • Second Tranche: Expected to close in about one week.
  • Price: $0.09 per unit.
  • Units: Each unit consists of one common share and one common share purchase warrant.
  • Warrant Terms: Exercisable for three years at an exercise price of $0.12 per share.
  • Use of Proceeds: Lithium exploration in northern Nevada and working capital.
  • Hold Period: Securities are subject to a hold period of four months and one day from issuance.
  • Exemptions: Conducted under Ontario Securities Commission Rule 45-501 (2.9) and other prospectus exemptions (accredited investors, close personal friends/associates).
  • Record Date: August 15, 2025.
• Operational Update (North Elko Lithium Project - NELP):
  • Activity: Maiden drilling program to begin later in the month.
  • Location: Northeastern Nevada, adjacent to a high-grade lithium deposit discovered by Surge Battery Metals in 2023.
  • Size: Approximately 37 square kilometres (14.25 square miles).
  • Ownership: 100% owned with no royalties outstanding.
  • Previous Exploration Work: 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.
• Corporate Details:
  • Total Shares Outstanding: 148,744,813 common shares (including the first tranche placement).
  • Qualified Person: Richard C. Capps, PhD (Senior Geologist and Director).
  • Listing: Canadian Securities Exchange (CSE) and OTCQB (United States).