Lithium Exploration and Financing
PELOTON MINERALS CORPORATION
NEWS RELEASE
June 3, 2024 CSE SYMBOL: PMC
OTCQB Symbol: PMCCF
Peloton Commences Summer
Lithium Exploration Program
in Northern Nevada &
Oversubscribes Financing
London, Ontario – Peloton Minerals Corporation (“ Peloton” or the “Company”) (CSE
Symbol: PMC; OTCQB Symbol: PMCCF) is pleased to announce that it:
• Has commenced summer exploration work at the North Elko Lithium Project in northeastern
Nevada, USA;
• Has oversubscribed its financing by 70% ($1,022,518); and,
• Is participating at the Mining Investment Event of the North in Quebec City, Quebec, Canada
this week, June 3-5, 2024.
Peloton is excited to be in the field as it works through its summer exploration program for the
discovery of lithium in clays identified by the Company across its North Elko Lithium Project
(NEL Project). The exploration is funded by a very successful fundraising effort that raised
$1,022,518 split into two tranches. Tranche one, which is closed, raised $797,518. Tranche two
consists of one order for $225,000 and is expected to close imminently.
Peloton President and CEO Edward (Ted) Ellwood commented , “The funds raised allow us to
conduct a focused and productive exploration program for the discovery of lithium. We believe
northern Nevada will become the breadbasket for lithium production in the United States and we
are delighted to be part of the expl oration and development efforts in the area. We have taken a
collaborative approach with our neighbours and its already paying off through the sharing of
information in the design of our exploration work. We thank them for their support. We also thank
our shareholders, existing and new, and our advisors for their overwhelming support, guidance
and trust.”
Mr. Ellwood continues, “We are also excited to be participating at the Mining Investment Event
of the North in Quebec City this week. It is Peloton’s first visit to the invitation only exploration
and mining investment show and we look forward to meeting with investors and industry
professionals alike.”
The exploration program for Peloton’s 35 square kilometre NEL Project is designed to discover
lateral areas of elevated lithium in clays. The budget for the program is CAN $600,000. The
Company plans to follow this program with a deeper core drilling program in late 2024 and 2025.
The NEL Project is immediately adjacent to Surge Battery Metals significant lithium in clay
discovery.
Peloton’s summer exploration program includes geochemical sampling across the entire property,
detailed geologic mapping, spectrometer prospecting, XRD minerology analysis, and an airborne
geophysical survey including Magnetics, Radiometrics, and Matrix Digital VLF-EM. That initial
work will be followed this summer with additional staking as warranted, ground geophysics,
packsack drilling, and notice level permitting for a deeper drilling program. The program is being
mobilized and will continue through to October 2024. More information about the program is
available in Peloton’s corporate presentation , which can be found on its website at
Pelotonminerals.com.
The non -brokered financing previously announced on May 24, 2024 has been upsized. The
Company issued 8, 861,307 units in tranche one and will issue an additional 2,500,000 units in
tranche two once funds have been received. Each unit was issued at a price of nine cents. Each
unit consists of a common share and a warrant exercisable into a common share of the Company
at a price of twelve cents for three years from the closing date. The Company paid fees equal to
eight percent of the funds raised and issued ten percent of the units issued in the form of broker
warrants exercisable into a unit of the offering at the offering price for sixty months.
For further information please contact:
Edward (Ted) Ellwood, MBA
President & CEO 1-519-697-2313
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 Provinces of British
Columbia and Ontario whose common shares are listed on the CSE (Symbol: PMC) and trade in
the U.S. on the OTC QB (Symbol: PMCCF). There were 125,237,398 common shares issued and
outstanding in the capital of the Company before the closing of the placements described above.
Peloton’s exploration portfolio includes the North Elko Lithium Project , as well as a gold
exploration project on the Carlin Trend, Nevada, a past producing gold project in Montana under
option to a JV partner, and a non -controlling interest in a copper porphyry project near Butte,
Montana.
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", "estimate ”, "expect", “foresee”, "intend", “looking”, “plan”, "potential",
"propose", "project",” suggests”, "outlook" 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 incorrect.
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 o f
capital; changes in general economic conditions and financial markets; the imposition of government restrictions on business which
may ultimately affect and delay the exploration timeline; and changes in prices for metals that the Company is exploring for.
Although the Company believes that the expectations reflected in the forward -looking information or statements are reasonable ,
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.