Peloton Announces Successful Maiden Drilling Results at the North Elko Lithium Project, Nevada

Executive Summary

• Peloton Minerals announced maiden lithium‑focused drilling at its 100% owned North Elko Lithium Project (NELP) in Nevada, intersecting lithium mineralization in all four holes.
• The best downhole interval returned 155 ft averaging 618 ppm Li with a peak of 1,150 ppm Li; cesium and rubidium were also strongly anomalous across the program.
• Results confirm a thick, laterally extensive lithium‑bearing claystone package over a 7 km × 3.5 km area, de‑risking the geological model and supporting plans for a resource‑oriented exploration phase.

Key Details

• Drilling Program: Four vertical holes, max depth 500 ft (152 m), cased to 20 ft; sampling on 5‑ft intervals from 20–25 ft to total depth.
• Lithium Intercepts:
• Best interval – 155 ft averaging 618 ppm Li, with individual 5‑ft samples up to 1,150 ppm Li.
• Lithium mineralization began at the 20‑to‑25‑ft interval in each hole; 89% of 352 samples were anomalous to strongly anomalous.
• Critical Metals: Cesium (average 77 ppm) and rubidium (average 121 ppm) strongly anomalous in all holes; rare earths such as cerium also elevated.
• Geological Confirmation: Thick claystone package beneath surface anomalies validates basin‑scale model; similar lithology to adjacent Surge Battery Metals’ Nevada North lithium resource.
• Program Objectives Met:
• Confirmed lithium‑bearing claystones to ≥500 ft over a 7 km × 3.5 km area.
• Demonstrated presence of critical metals (Cs, Rb) alongside Li.
• Provided initial stratigraphic orientation data for future drilling.
• Next Steps:
• Additional step‑out and tighter‑spacing drilling targeting higher‑grade zones.
• Deeper drilling beyond 500 ft where feasible.
• Detailed stratigraphic/structural modeling to locate potential high‑grade panels.
• Expanded mineralogical & metallurgical testing on Li, Cs/Rb, zeolites, and silica sands.
• Integrated geophysical, geochemical, and geological datasets for refined targeting across the 37 km² claim block.
• QA/QC: Certified reference standards, blanks, and duplicates inserted in ~17.5% of samples; all chip samples shipped to ALS Minerals (Elko, NV) on 23 Nov 2025 by Senior Geologist Dr. Richard C. Capps.
• Qualified Person: Dr. Richard C. Capps, PhD, senior geologist and director, NI 43‑101 qualified.

Notable Quotes

• “These results provide first‑pass confirmation that the NELP basin hosts a significant lithium and critical mineral bearing volcano‑sedimentary system, warranting further systematic exploration drilling and technical evaluation.” – Edward (Ted) Ellwood, President & CEO.