Michael Fox introduces Ted Elwood, the President and CEO of Peloton Minerals (CSE:PMC) (OTCQB:PMCCF), at the Mining Expo in Quebec City. Ted provides an overview of Peloton, describing it as a junior exploration company that recently discovered a promising lithium prospect in northeastern Nevada, adjacent to a rich deposit found by Surge Battery Metals. He mentions that Peloton has invested about a million dollars in exploration since their last conversation, indicating significant developments to discuss.

Nevada Lithium Deposit Opportunities

Ted discusses the importance of clay lithium deposits in Nevada, particularly those owned by Lithium Americas. He explains that these deposits are attractive due to their size, surface accessibility, and the ability to produce lithium carbonate on-site, which sells for much higher prices than lithium concentrate. Michael also highlights the partnership between Lithium Americas and General Motors, noting that the deposit will only meet about half of GM’s projected lithium needs. He emphasizes the growing demand for lithium in various industries, including electric vehicles and battery storage, and the importance of securing a domestic supply chain to reduce dependence on Chinese production.

Supply Chain Partnership Exploration Update

Ted discusses the company’s efforts to secure partnerships in the supply chain, mentioning preliminary discussions with various car and battery companies interested in their promising project. He explains that as they move forward with discovery, they will eventually select a partner like Ford or GM to help advance the project to its full potential. Michael then shifts the conversation to their current project status, noting that while they have a vast land mass with clay believed to contain lithium, no drilling has occurred yet. Ted mentions that significant exploration has been conducted since their last discussion, with approximately one million dollars spent on these efforts.

Nevada Lithium Exploration Update

Ted reviews the exploration work done on their lithium property in Nevada, which covers 37 square kilometers. He explains that the property is in an ideal environment for lithium clay deposits, similar to the neighboring Surge project, and likely part of the same historic lakebed. The company has identified a clay layer underlying almost the entire property, with a significant lithium anomaly in the center. He notes that their drilling program, set to begin in the summer, will target depths of 10-20 feet to reach the clay layer, which extends to at least 300 feet. He emphasizes the potential value of the deposit, comparing it to nearby projects with in-situ values in the billions of dollars. Summer Drilling Program Phase 1 The company plans a two-phase drilling program this summer. In the first phase, they will drill 24 holes to about 100-110 feet deep, covering most of the 37 square kilometer area. The second phase will involve deeper drilling to 300-400 feet using reverse circulation. Ted explains that due to the homogeneous nature of the clay layer, not every hole needs to be drilled to full depth. The total budget for both phases and operations is discussed, but the specific amount is not mentioned in this segment.

Peloton Minerals Investment and Drilling Update

Ted provides an update on Peloton Minerals’ current activities and future plans. The company is raising 1.5 million Canadian dollars and is receiving a positive response from investors at the mining event. Drilling is set to begin in mid-July, with initial results expected in August and September. Additional results from an airborne geophysical survey and X-ray diffraction program are also anticipated. Michael encourages accredited investors to reach out through the company’s website, pelotonminerals.com, if they wish to participate in the placement.

Peloton Minerals