Peloton Minerals Is Raising CAD$4m to Fund Development of Its North Elko Project in Nevada

Why It Matters

The funding will enable drilling that could unlock a Manhattan‑sized lithium‑rich deposit plus rare rubidium, positioning Peloton as a key domestic source of critical minerals essential for tech and defense sectors.

Key Takeaways

• Peloton seeks CAD 4 million to expand North Elko drilling.
• Target area could double to size of Manhattan, 24.5 km².
• Discovery includes rubidium and cesium, rare critical minerals.
• Rubidium valued at $128/gram, essential for photonics, atomic clocks.
• Drilling slated for August, aiming for initial resource estimate.

Summary

Peloton Minerals announced a CAD 4 million financing round to advance its North Elko lithium‑clay project in Nevada, following a maiden drill that identified a 24.5‑square‑kilometre lithium‑bearing claystone and the unexpected presence of rubidium and cesium.

The company believes the deposit could be twice as large as the initial estimate, roughly the size of Manhattan, and plans to drill 15‑20,000 ft of core to delineate a first‑pass resource. Rubidium, priced around $128 per gram, and cesium are highlighted as high‑value, supply‑constrained critical minerals used in photonics, atomic clocks, 5G/6G networks and AI data centers.

CEO Ted Elwood emphasized rubidium’s role in next‑generation technologies and noted that current global supply comes mainly from China and Russia, making a U.S. source strategically valuable. He also referenced comparable government‑backed projects, such as Lithium Americas’ $2.9 billion DOE financing, underscoring the growing public support for Nevada’s lithium clay deposits.

If drilling confirms the projected scale, Peloton could become a domestic supplier of both lithium and rare critical minerals, enhancing U.S. supply chain security and offering investors upside before the resource is reflected in the share price.

Original Description

Peloton Minerals Corporation (CSE; PMC: OTCQB; PMCCF) is raising CAD$4.0m to fund the exploration of the company’s North Elko project in Nevada, USA. As announced on 28 May 2026, the Company has already closed the first tranche of the non-brokered private placement financing raising CAD$1.0m.

President and Chief Executive Officer, Ted Ellwood, says the system the company is investigating could be the ‘size of Manhattan’ and with demand for strategic minerals accelerating amid AI expansion, energy transition initiatives, and geopolitical supply concerns, its Nevada project could offer investors exposure to multiple critical mineral markets from a single discovery.

If you are a professional, HNW or sophisticated investor and want to learn more about the current funding round, please email [e-mail].

In this interview investors will learn:

- Why Peloton Minerals is raising C$4.0m

- How the Company has already secured CAD$1m and how the new funds will be deployed

- How the upcoming drilling programme could double current calculations of 24.5 square kilometers of thick lithium bearing claystone

- Upcoming exploration catalysts, drilling programmes and resource development plans

- What milestones investors should monitor over the next 6–12 months

Peloton Minerals President & CEO Ted Ellwood was interviewed for focusIR by Sarah Lowther.

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