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

(TheNewswire)

January 28, 2026 – TheNewswire -London, Ontario – PelotonMinerals Corporation (“Peloton” or the “Company”) (CSE Symbol: PMC; OTCQB Symbol:PMCCF)) is pleased to announce the results of its maidendrilling program at the Company’s 100% owned North Elko LithiumProject (NELP) located in northeastern Nevada.

The program comprised four vertical exploration holesdrilled to a maximum depth of 500 feet (152 meters) and represents thefirst lithium-focused drilling ever completed on the NELP property.

Drilling highlights

• Lithium mineralization was intersected in all fourholes, starting at the 20-to-25-foot interval in each hole, hosted inclaystone horizons within the paleolake volcano-sedimentary sequence.Of 352 five-foot samples assayed, 89% were anomalous to stronglyanomalous in lithium. 

• The best downhole interval of 155 feet averaging 618ppm lithium was returned in one hole which includes intervals up to1,155 ppm lithium. The last 5-foot sample interval was 1150ppm. 

• Cesium and rubidium are strongly anomalous in all fourdrill holes, suggesting a chemically evolved, alkali?richvolcano-sedimentary system with potential for these critical minerals.The average of all 352 samples was 77 ppm cesium and 121 ppmrubidium. 

• Drilling confirms a thick, laterally extensive claypackage beneath surface anomalies and validates the basin?scaleexploration model that NELP is underlain by the same, or similar,lithium?bearing claystone system present on adjacentground. 

The four holes were cased to 20 feet and sampling wason 5-foot (1.52 meters) intervals from the 20 to 25-foot interval tothe total depth.  The holes were positioned across a large portion ofthe 37 square kilometer claim block to test basin geometry,stratigraphy, and the extent of lithium and clay?bearing paleolake(historic lake) sediments and tuffs indicated by previous geophysicsand surface sampling.

Program objectives achieved

The drill program successfully achieved its primarytechnical objectives:

• Confirmed the presence of lithium?bearing claystonesto depths of at least 500 feet over a 7 kilometer by 3.5-kilometerarea of the property. 

• Established that the NELP basin is fertile not only forlithium but also for critical metals including cesium and rubidium,elements that have been highlighted at other advanced Nevada lithiumclaystone deposits. 

• Provided initial data on the orientation andstratigraphy of the underlying claystones. 

These results provide first?pass confirmation thatthe NELP basin hosts a significant lithium and critical mineralbearing volcano-sedimentary system, warranting further systematicexploration drilling and technical evaluation.

Relationship with adjacent lithium resource

NELP lies immediately east of, and contiguous with,Surge Battery Metals’ Nevada North lithium project, which hosts adefined lithium resource in similar claystone stratigraphy. Publicdisclosures by Surge in their current resource estimate describeaverage lithium grades in the range of several thousand ppm lithium,placing Nevada North among the higher?grade lithium claystoneprojects in North America.

While the initial NELP drill results have not yetdemonstrated comparable lithium grades to its neighbor, theconfirmation of a thick, anomalous lithium?bearing claystonesequence across a large area immediately adjacent to this establishedresource is considered a highly positive outcome for an early?stagescout program over a new basin.

Critical metals – cesium, rubidium, and rare earths

Assay data from the NELP holes show that cesium andrubidium, along with selected rare earth elements such as cerium, arehighly anomalous in association with lithium?bearing intervals. Thisgeochemical signature is characteristic of strongly fractionated,alkali?rich magmatic/hydrothermal systems and may indicate thepresence of zeolites and other minerals that can host significantconcentrations of these metals.

Peloton considers the presence of cesium and rubidiumto be an important potential value?addition to the NELP project.Further mineralogical work, including targeted XRD andmicro?analytical studies, will be required to identify the principalhost minerals to evaluate the potential for economically recoverableminerals. These minerals may include pollucite or related phases whichhave been identified by XRD analyses from outcrop and soil samples.

Further information about any of these minerals isavailable under the USGS Mineral CommoditiesSummaries 2025 report available onthe Company website at USGS MSC2025.

Nextsteps

The Company believes that this initial drilling hassubstantially de?risked the geological concept at NELP and laid thefoundation for a more advanced, resource?oriented phase ofexploration. The follow?up work at NELP is expected toinclude:

• Additional drilling, focused on step?outs and tighterspacing in the most prospective lithium and critical?mineral zonesidentified to date. 

• Drill step outs will test laterally and at greaterdepth.  Three of the holes were stopped at avertical depth of 500 feet while still in clay-bearing material. Oneof the holes was stopped at 325 feet afterintersecting underlying basement rocks. All holes encounteredclay-bearing material at about 20 feet downhole. 

• Detailed stratigraphic and structural interpretation tobetter define controls on grade distribution and potential thickenedor higher?grade panels within the basin. 

• Expanded mineralogical and metallurgical test work onboth lithium and cesium/rubidium?rich intervals to assess mineralhosts, extraction characteristics, and potential process routes. Thiswork will also include test work on zeolites and high silica sandsthat were also abundant at surface and identified with XRD. 

• Continued integration of geophysical, geochemical, andgeological data sets to refine drill targeting across the broader 37km² project area. 

QA/QC

A robust quality assurance/quality control (QA/QC)program was implemented for the drill program, including thesystematic insertion of certified reference standards, blanks, andduplicate samples into the sample stream at a rate of approximately17.5% of the total samples submitted. All percussion chip samples werecollected at the drill site and securely stored until transport. Allsamples were transported by the Company’s Senior Geologist, Dr.Richard C. Capps, to the ALS Minerals sample preparation facility inElko, Nevada, on 23 November 2025.

For further information, please visit the Company’swebsite at Pelotonminerals.com orcontact:

Edward (Ted) Ellwood, MBA

President & CEO       1-519-697-2313

Qualified person

Richard C. Capps, PhD, is the qualified person under NI43-101 that has approved the technical information contained withinthis release. Dr. Capps is the Company’s Senior Geologist and aDirector.

About Peloton MineralsCorporation

Peloton Minerals Corporation is a reporting issuer in good standing inthe Provinces of British Columbia and Ontario whose common shares arelisted on the CSE (Symbol: PMC) and trade in the U.S. on the OTC QB (Symbol: PMCCF). There are 152,117,062 commonshares issued and outstanding in the capital of the Company.

Peloton’s exploration portfolio includes the NorthElko Lithium Project in northeastern Nevada which is prospective forlithium, uranium, critical and rare earth minerals, as well the GoldenTrail and Independence Valley Carlin style goldprojects in northeastern Nevada, and a non-controlling interest in acopper porphyry project near Butte, Montana.

CSE has notreviewed and does not accept responsibility for the adequacy oraccuracy of this release.

This news releasecontains "forward-looking information" (within the meaningof applicable Canadian securities laws) and "forward-lookingstatements" (within the meaning of the U.S. Private SecuritiesLitigation Reform Act of 1995). Such statements or information areidentified with words such as "anticipate","believe", "estimate”, "expect",“foresee”, "intend", “looking”, “plan”,"potential", "propose", "project",”suggests”, "outlook" or similar words suggesting futureoutcomes or statements regarding an outlook.  

Such statementsinclude, among others, those concerning the Company’s plans toconduct future exploration programs. Such forward-lookinginformation or statements are based on several risks, uncertainties,and assumptions which may cause actual results or other expectationsto differ materially from those anticipated and which may prove to beincorrect. Assumptions have been made regarding, among other things,management's expectations regarding its ability to initiate andcomplete future exploration work as expected. Actual results coulddiffer materially due to a number of factors, including, withoutlimitation, operational risks in the completion of the Company’sfuture exploration work; technical, safety or regulatory issues;availability of capital; changes in general economic conditions and financial markets; theimposition of government restrictions on business which may ultimatelyaffect and delay the exploration timeline; and changes in prices formetals that the Company is exploring for.  

Although the Companybelieves that the expectations reflected in the forward-lookinginformation or statements are reasonable, prospective investors in theCompany’s securities should not place undue reliance onforward-looking statements because the Company can provide noassurance that such expectations will prove to be correct.Forward-looking information and statements contained in this newsrelease are as of the date of this news release and the Companyassumes no obligation to update or revise this forward-lookinginformation and statements except as required by law.

Copyright (c) 2026 TheNewswire - All rights reserved.