Peloton Closes the First Tranche of Financing and Will Begin Drilling this Month at the North Elko Lithium Project, Nevada

Executive Summary

• Peloton Minerals closed the first tranche of a non‑brokered private placement, raising $902,749.77 at CDN $0.09 per unit (oversubscribed vs. the planned $630,000).
• The financing includes common shares and warrants (one share + one warrant exercisable for three years at $0.12) and will fund lithium exploration in northern Nevada and working capital.
• A second and final tranche is expected to close within a week, and drilling at the North Elko Lithium Project (NELP) is slated to begin later this month.

Key Details

• Financing Structure: 1 unit = 1 common share + 1 warrant; price per unit CDN $0.09.
• Gross Proceeds (first tranche): $902,749.77 CAD (oversubscribed).
• Warrant Terms: Exercisable for three years at $0.12 per share.
• Use of Proceeds: Lithium exploration at the North Elko Lithium Project in NE Nevada and general working capital.
• Second Tranche: Planned to close within approximately one week; amount not disclosed.
• Record Date for Existing Shareholder Exemption: August 15, 2025.
• Hold Period on Securities: Four months and one day from issuance.
• Project Overview – NELP: 37 km² (100% owned, no royalties), adjacent to a high‑grade lithium deposit discovered by Surge Battery Metals in 2023; extensive surface work completed (airborne hyperspectral, magnetics, radiometric, VLF‑EM surveys, mapping, soil geochemistry, >1,000 XRD samples, tTEM).
• Upcoming Drilling: Planned to commence later this month with a separate announcement when drilling starts.
• Management Comment: CEO Ted Ellwood noted the 2024 $1 M raise funded extensive surface work leading to this financing and the maiden drilling program.

Notable Quotes

“In 2024 we raised about $1,000,000 to conduct an extensive and successful surface exploration program at NELP which now leads us to this financing and an exciting maiden drilling program on the NELP project.” – Edward (Ted) Ellwood, President & CEO

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