Peloton Closes the First Tranche of Financing and Will Begin Drilling this Month at the North Elko Lithium Project, Nevada

Core Viewpoint - Peloton Minerals Corporation has successfully closed the first tranche of a non-brokered private placement financing, raising $902,749.77, exceeding the initial target of $630,000, with plans for a second tranche to close soon [1][2]. Financing Details - The financing was priced at CDN$0.09 per unit, with each unit comprising one common share and one common share purchase warrant exercisable for three years at $0.12 [1]. - The proceeds will be allocated for lithium exploration in northern Nevada and for working capital [1]. Exploration Plans - Peloton plans to initiate drilling at the North Elko Lithium Project (NELP) in northeastern Nevada later this month, following a successful surface exploration program funded by a previous capital raise of approximately $1,000,000 in 2024 [2]. - NELP is strategically located next to a high-grade lithium deposit discovered in 2023 by Surge Battery Metals and covers an area of about 37 square kilometers (14.25 square miles) [2]. Exploration Activities - The exploration work conducted at NELP includes various surveys and analyses such as airborne hyperspectral surveys, geologic mapping, soil geochemistry, and XRD analysis on over 1,000 surface samples [2]. Shareholder Information - The private placement utilized certain prospectus exemptions, including the Existing Shareholder Exemption, allowing existing shareholders to purchase shares [3]. - The record date for determining eligible existing shareholders was set for August 15, 2025 [3]. Securities Information - The securities issued in connection with the private placement are subject to a hold period of four months and one day from the issuance date [4]. Company Overview - Peloton Minerals Corporation is a reporting issuer in good standing in British Columbia and Ontario, with common shares listed on the CSE and trading on the OTC QB [5]. - The company holds a 100% interest in the North Elko Lithium Project and has additional interests in gold and copper projects in Nevada and Montana [6].