November 3, 2025 TheNewswire – London, Ontario Peloton Minerals Corporation (“Peloton” or the “Company”) (CSE Symbol: PMC; OTCQB Symbol: PMCCF)) has closed the first tranche of a non-brokered private placement financing previously announced as planned on August 15, 2025. Total proceeds received were $902,749.77, which is in excess of the originally planned yield. A second and final tranche is expected to close in about a week. The financing cost CDN$0.09 per unit, with each unit consisting of one common share and one common share purchase warrant, exercisable for three years at $0.12. Proceeds from the private placement will be used for lithium exploration in northern Nevada and for working capital.
Peloton plans to begin drilling at the company’s North Elko Lithium Project (NELP) in northeastern Nevada later this month and will make a further announcement on that program when drilling begins.
Peloton President and CEO Edward (Ted) Ellwood commented “By 2024, we have raised approximately $1,000,000 to conduct an extensive and successful surface exploration program at NELP, which now leads us to this funding and an exciting initial drilling program for the NELP project.”
NELP is located directly adjacent to a high-grade lithium deposit discovered in 2023 by Surge Battery Metals in northeastern Nevada. NELP is approximately 37 square kilometers (14.25 sq mi) in size and is 100% owned with no outstanding royalties. The Platoon’s exploration work to date includes an airborne hyperspectral survey, magnetic survey, airborne radiometric and VLF-EM surveys, geological mapping, soil geochemistry over a 32 square kilometer grid, prospecting, XRD analysis of more than 1,000 surface samples and surface tTEM geophysics.
The private placement was carried out on the basis of certain prospectuses exemptions, including the exemption that allows issuers to raise capital by distributing securities to existing ones shareholders (the “Existing Shareholder Exemption”) included in OSC Lines 45-501 (2.9) and the miscellaneous corresponding general orders and rules of participating jurisdictions (excluding Newfoundland and Labrador ) as well as other available prospectus exemptions, including sales to accredited investors and close personal friends and business associates of directors and officers of the company. The company has set August 15, 2025 as the record date for determining existing shareholders entitled to purchase Shares under the Existing Shareholder Exemption.
The securities issued in connection with the Private Placement are subject to a holding period that expires four months and one day from the issuance of the securities.
For more information please contact:
Edward (Ted) Ellwood, MBA
Chairman & CEO 1-519-697-2313
Richard C. Capps, PhD, is the Qualified Person under NI 43-101 who approved the technical information contained in this press release. Mr. Capps is a senior geologist and director of the company.
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 traded in the U.S. on the CSE. OTC QB (Symbol: PMCCF) . There are 148,744,813 ordinary shares issued and outstanding in the capital of the Company, including the first tranche of the placement described above.
Peloton’s exploration portfolio includes a 100% interest in the North Elko Lithium Project in northeastern Nevada, which has potential for lithium, uranium, critical and rare earth minerals, as well as the Golden Trail and Independence Valley Carlin-style gold projects in northeastern Nevada, and a non-controlling interest in a copper porphyry project near Butte, Montana. .
CSE has not reviewed and assumes no responsibility for the appropriateness or accuracy of this release.
This press 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 by words such as “anticipate,” “believe,” “estimate,” “expect,” “foresee,” “intend,” “watch,” “plan,” “potential,” “envision,” “project,” “suggest,” “outlook” or similar words suggesting future results or forward-looking statements.
Such statements include, among others, those regarding the Company’s plans to close a second tranche of financing and undertake future exploration programs. Such forward-looking information or statements are based on various risks, uncertainties and assumptions that could 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 may differ materially due to a number of factors, including, but not limited to, operational risks associated with the completion of the Company’s future exploration work; technical, safety or regulatory issues; availability of capital; changes in general economic conditions and financial markets; imposing government restrictions on industry that could ultimately impact and delay the exploration timeline; and changes in prices for metals the company is researching .
Although the Company believes that the expectations reflected in the forward-looking information or statements are reasonable, potential investors in the Company’s securities should not place undue reliance on forward-looking statements because the Company can give no assurance that such expectations will prove to be correct. Forward-looking information and statements contained in this press release speak as of the date of this press release and the Company assumes no obligation to update or revise these forward-looking information and statements, except as required by law.
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