Stock Option Grant

15 Toronto Street,, Suite 200 Toronto, Ontario M5C 2E3 Canada Tel: 416-862-7885 Fax: 416-862-7889 www.peatresources.com

NEWS RELEASE

Trading Symbol: PET-TSX Venture Exchange

February 4, 2016

Stock Option Grant

Peat Resources Limited announces it has granted stock options to purchase up to an aggregate of 6,500,000 common shares of Peat Resources Limited to four directors and one consultant. The options are exercisable at $0.05 per share and will expire on February 4, 2021. The Company has 99,097,236 issued and outstanding common shares and will have 8,600,000 options issued under its rolling 10% stock option plan.

The transactions are subject to certain conditions, including regulatory approval.

Peat Resources Limited was formed to explore, develop and produce peat fuel

• a sustainable bioenergy resource. The company has developed an environmentally

acceptable harvesting and processing system designed to supply consistent quality peat fuel in long-term contracts to utilities and other industrial operations for power generation. The Company has also investigated the development of value-added biocarbon derivatives from peat pellets such as activated carbon for which there are many industrial and domestic applications.

For additional information, please contact:

Patricia Mannard Telephone: (416) 862-7885

E-mail: [email protected] Web site: www.peatresources.com

Forward-Looking Information

This release includes certain statements that may be deemed “forward-looking statements”. All statements in this release, other than statements of historical facts, that address future production, reserve potential, exploration drilling, exploitation activities and events or developments that the Company expects are forward-looking statements.

Although the Company believes the expectations expressed in such statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the statements. There are certain factors that could cause actual results to differ materially from those in forward-looking statements. These include market prices, exploitation and exploration successes, continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. For more information on the Company, investors should review registered filings at www.sedar.com.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this release.