Independence Valley Project Permit

PELOTON MINERALS CORPORATION

NEWS RELEASE

January 26, 2021 CSE SYMBOL: PMC

OTCQB Symbol: PMCCF

Drilling Permit Received on the

Independence Valley Project, Elko County, Nevada

London, Ontario – Peloton Minerals Corporation (“PMC” or the “Company”) (CSE

Symbol: PMC; OTCQB Symbol: PMCCF) is pleased to announce that it has received a

drilling permit for the Independence Valley Project , Nevada from the US Bureau of Land

Management and has posted the required reclamation bond.

Peloton is pres ently conducting a 2,400 foot reverse circulation drilling program at its Golden

Trail Project, Nevada, and is also preparing an application for a drilling permit on its Texas

Canyon Project, Nevada . All three projects are 100% owned , Carlin-style mineral suite gold

prospects located in Elko County, Nevada.

Independence Valley is located on the southern extension of the Carlin Gold Trend , and also

within the historical Spruce Mountain mining district which hosted many base and precious

metals mines since the 1840's. The Spruce Mountain deposits are typically associated with

rhyolitic and granitic intrusive rocks which intrude structural fe eders. Independence Valley

hosts the largest untested rhyolite dome in the Spruce Mountain Mining District.

Work on the Independence Valley project to date includes detailed geologic mapping,

geophysical surveys including Gravity, Magnetics and CSAMT, and one 1,140 foot hole drilled

away from the rhyolite structure testing a potential down -dropped east limb of a NNW trending

anti-form. That drilling encountered detectable gold mineralization over a continuous core length

of 345 feet, in a fine grained hypa byssal intrusive , and in the contact zone with adjacent

Paleozoic carbonate sedimentary rocks. In addition, this hole intersected hydrothermal alteration

over a continuous core length of 500 feet. Geophysical modelling of Magnetic and CSAMT data

has identified three structures within the rhyolite dome complex that are recommended for drill

testing.

Two of the three Company’s projects in Nevada are now permitted for drilling and the Company

is working toward permitting the third project (Texas Canyon) by the spring of 2021. Drill

results from the Golden Trail program underway are expected in the first quarter of 2021. The

Company’s 2021 Field Program will be announced in the second quarter of 2021

For further information please contact:

Edward (Ted) Ellwood, MBA

President & CEO 1-519-964-2836

Richard C. Capps, PhD, is the qualified person responsible for approving the technical

information contained within this release.

Peloton Minerals Corporation is a reporting issuer in good standing in the Province of Ontario

whose common shares are listed on the CSE (Symbol: PMC) and trade in the U.S. on the OTC

QB (Symbol: PMCCF). There are 101,418,641 common shares issued and outst anding in the

capital of the Company.

Peloton owns three gold exploration projects located in Elko County, Nevada , and one gold

exploration project in Montana, USA which is now under option to Frederick Private Equity

Corporation and African Metals Corporation.

CSE has not reviewed and does not accept responsibility for the adequacy or accuracy of this

release.

This news release contains "forward-looking information" (within the meaning of applicable Canadian securities laws)

and "forward-looking statements" (within the meaning of the U.S. Private Securities Litigation Reform Act of 1995).

Such statements or information are identified with words such as "anticipate", "believe", "expect", "plan", "intend",

"potential", "estimate", "propose", "project", "ou tlook", "foresee" , “looking” or similar words suggesting future

outcomes or statements regarding an outlook.

Such statements include, among others, those concerning the Company’s plans for exploration activity and to

conduct future exploration programs. Such forward-looking information or statements are based on a number of risks,

uncertainties, and assumptions which may cause actual results or other expectations to differ materially from those

anticipated and which may prove to be i ncorrect. Assumptions have been made regarding, among other things,

management's expectations regarding its ability to initiate and complete future exploration work as expected. Actual

results could differ materially due to a number of factors, including, without limitation, operational risks in the

completion of the Company’s future exploration work; technical, safety or regulatory issues; availability of capital; the

worldwide economic and social impact of COVID -19; the duration and extent of COVID -19; ch anges in general

economic conditions and financial markets; the imposition of government restrictions on business related to COVID -

19, any positive cases of COVID -19 at a project site or in the area which may cause a reduction or suspension in

operations and activities which may ultimately affect and delay the exploration timeline; and changes in prices for

gold and other metals.

Although the Company believes that the expectations reflected in the forward -looking information or statements are

reasonable and does not believe that the worldwide COVID -19 situation will have any immediate or long term effect

on its projects, prospective investors in the Company’s securities should not place undue reliance on forward-looking

statements because the Company can provide no assurance that such expectations will prove to be correct. Forward-

looking information and statements contained in this news release are as of the date of this news release and the

Company assumes no obligation to update or revise this forward -looking information and statements except as

required by law.