FORM 7 – MONTHLY PROGRESS REPORT January 2015 Page 1 FORM 7 MONTHLY PROGRESS REPORT Name of Listed Issuer: PELOTON MINERALS CORPORATION (the “Issuer” or “Peloton”).
FORM 7 – MONTHLY PROGRESS REPORT
January 2015
Page 1
FORM 7
MONTHLY PROGRESS REPORT
Name of Listed Issuer: PELOTON MINERALS CORPORATION (the “Issuer” or
“Peloton”).
Trading Symbol: S ymbol: PMC
Number of Outstanding Listed Securities: 137,265,371
Date: October 4, 2024
This Monthly Progress Report must be posted before the opening of trading on the fifth
trading day of each month. This report is not intended to replace the Issuer’s obligation
to separately report material information forthwith upon the information becoming known
to management or to post the forms required by Exchange Policies. If material information
became known and was reported during the preceding month to which this report relates,
this report should refer to the material information, the news release date and the posting
date on the Exchange website.
This report is intended to keep investors and the market informed of the Issuer’s ongoing
business and management activities that occurred during the preceding month. Do not
discuss goals or future plans unless they have crystallized to the point that they are
"material information" as defined in the Policies. The discussion in this report must be
factual, balanced and non-promotional.
General Instructions
(a) Prepare this Monthly Progress Report using the format set out below. The
sequence of questions must not be altered nor should questions be omitted or left
unanswered. The answers to the items must be in narrative form. State when the
answer to any item is negative or not applicable to the Issuer. The title to each
item must precede the answer.
(b) The term “Issuer” includes the Issuer and any of its subsidiaries.
(c) Terms used and not defined in this form are defined or interpreted in Policy 1 –
Interpretation and General Provisions.
Report on Business
1. Provide a general overview and discussion of the development of the Issuer’s
business and operations over the previous month. Where the Issuer was inactive
disclose this fact.
FORM 7 – MONTHLY PROGRESS REPORT
January 2015
Page 2
The Issuer’s Annual Financial Statements for the year ended December 31,
2023 along with the Management Discussion and Analysis for the year ended
December 31, 2023 are available on CSE or SEDAR+.
The Issuer's Condensed Interim Consolidated Financial Statements and
related Management Discussion and Analysis for the periods ended March
31, 2024 and June 30, 2024 are also available on CSE or SEDAR+.
Refer to the CSE website www.thecse.ca or SEDAR+ www.sedarplus.ca.
2. Provide a general overview and discussion of the activities of management.
Ongoing mineral property reviews and oversight of the Issuer's exploration
activity. Ongoing financial statement preparation activities and regulatory
filings.
3. Describe and provide details of any new products or services developed or offered.
For resource companies, provide details of new drilling, exploration or production
programs and acquisitions of any new properties and attach any mineral or oil and
gas or other reports required under Ontario securities law.
A multi-faceted exploration program is underway at the 100% -owned North
Elko Lithium Project (NELP) in northeastern Nevada and has identified an
area approximately 25 kilometers square that contains anomalous lithium in
an alkaline paleolake basin environment of deposition (the “Target Area”).
This environment is the same as that of the adjacent property of Surge
Battery Metals In c. (Surge) where a significant lithium deposit has been
found within clay layers in an alkaline paleolake basin environment.
Geologic mapping suggests the Target Area sampled at surface is likely
higher in the stratigraphy than the lithium clay layers identified on Surge’s
property beside NELP, and that drilling is warranted to test the potential of
clay layers below surface. A cross section published by Surge in its July 23,
2024 press release shows the clay layers dipping toward NELP, and projects
those layers to within 1.0 to 1.5 kilometers of NELP.
In addition to geologic mapping and soil geochemistry across the property,
over 300 samples were analyzed using X -Ray Diffraction (XRD). This
technique identified over 100 mineral species, many of which are formed by
alteration of tephra in the paleolake -basin environment (a historic lake or
caldera) and include several lithium-bearing minerals such as hectorite and
fluorohectorite. Surprisingly, the presence of detrital lithium -bearing
magmatic type minerals such as tavorite, amblygonite, and others was al so
identified although further study will be necessary to determine potential
implications
FORM 7 – MONTHLY PROGRESS REPORT
January 2015
Page 3
4. Describe and provide details of any products or services that were discontinued.
For resource companies, provide details of any drilling, exploration or production
programs that have been amended or abandoned.
No exploration, drilling or production programs were amended or
abandoned during September, 2024.
5. Describe any new business relationships entered into between the Issuer, the
Issuer’s affiliates or third parties including contracts to supply products or services,
joint venture agreements and licensing agreements etc. State whether the
relationship is w ith a Related Person of the Issuer and provide details of the
relationship.
None.
6. Describe the expiry or termination of any contracts or agreements between the
Issuer, the Issuer’s affiliates or third parties or cancellation of any financing
arrangements that have been previously announced.
During September, 2024 no contracts or agreements were cancelled and no
previously announced financing arrangements were cancelled.
7. Describe any acquisitions by the Issuer or dispositions of the Issuer’s assets that
occurred during the preceding month. Provide details of the nature of the assets
acquired or disposed of and provide details of the consideration paid or payable
together with a schedule of payments if applicable, and of any valuation. State how
the consideration was determined and whether the acquisition was from or the
disposition was to a Related Person of the Issuer and provide details of the
relationship.
There were no acquisitions assets during September, 2024.
The Company did not re new the lode mineral claims that it held on an
exploration property in Montana, formerly called the Silver Bell St. Lawrence
Property (SBSL), and retains only one pat ented mineral claim that the
Company will also likely dispose of.
8. Describe the acquisition of new customers or loss of customers.
This item is not applicable as the Issuer has no customers.
9. Describe any new developments or effects on intangible products such as brand
names, circulation lists, copyrights, franchises, licenses, patents, software,
subscription lists and trade-marks.
FORM 7 – MONTHLY PROGRESS REPORT
January 2015
Page 4
There have been no new developments or effects on intangible products.
10. Report on any employee hirings, terminations or lay-offs with details of anticipated
length of lay-offs.
The Issuer did not hire, terminate or lay- off any employees in September ,
2024.
11. Report on any labour disputes and resolutions of those disputes if applicable.
The Issuer was not involved in any labour disputes in September, 2024.
12. Describe and provide details of legal proceedings to which the Issuer became a
party, including the name of the court or agency, the date instituted, the principal
parties to the proceedings, the nature of the claim, the amount claimed, if any, if
the proceedings are being contested, and the present status of the proceedings.
The Issuer did not become a party to any legal proceedings during
September, 2024
13. Provide details of any indebtedness incurred or repaid by the Issuer together with
the terms of such indebtedness.
The Issuer did not incur or repay any indebtedness during September, 2024.
14. Provide details of any securities issued and options or warrants granted.
Security Number Issued Details of Issuance Use of Proceeds(1)
(1) State aggregate proceeds and intended allocation of proceeds.
15) Provide details of any loans to or by Related Persons.
No loans were made to or by Related Persons during September, 2024.
16) Provide details of any changes in directors, officers or committee members.
There were no changes in directors, officers or committee members during
September, 2024.
FORM 7 – MONTHLY PROGRESS REPORT
January 2015
Page 5
17) Discuss any trends which are likely to impact the Issuer including trends in the
Issuer’s market(s) or political/regulatory trends.
The Issuer historically has relied upon equity subscriptions to satisfy its
capital requirements. The Issuer will continue to depend upon equity capital
to finance its activities. There are no assurances that capital requirements
will be met by this means of financing as inherent risks are attached therein
including commodity prices, financial market conditions, and general
economic factors.
FORM 7 – MONTHLY PROGRESS REPORT
January 2015
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Certificate of Compliance
The undersigned hereby certifies that:
1. The undersigned is a director and/or senior officer of the Issuer and has been duly
authorized by a resolution of the board of directors of the Issuer to sign this
Certificate of Compliance.
2. As of the date hereof there is no material information concerning the Issuer which
has not been publicly disclosed.
3. The undersigned hereby certifies to the Exchange that the Issuer is in compliance
with the requirements of applicable securities legislation (as such term is defined
in National Instrument 14- 101) and all Exchange Requirements (as defined in
CNSX Policy 1).
4. All of the information in this Form 7 Monthly Progress Report is true.
Dated October 4, 2024 .
Eric Plexman
Name of Director or Senior Officer
(Signed) “Eric Plexman
Signature
Secretary
Official Capacity
Issuer Details
Name of Issuer
PELOTON MINERALS CORPORATION
For Month End
September 30,
2024
Date of Report
YYYY/MM/DD
2024/10/04
Issuer Address
380 Wellington Street, Tower B, 6th Floor
City/Province/Postal Code
London, Ontario, N6A 5B5
Issuer Fax No.
519-964-2701
Issuer Telephone No.
519-964-2836
Contact Name
Edward Ellwood
Contact Position
President & CEO
Contact Telephone No.
519-697-2313
Contact Email Address
Web Site Address
www.pelotonminerals.com