Pegasus Resources Inc. announced the commencement of a geological mapping and sampling program on its past-producing Energy Sands property in Utah. The Company has engaged Dahrouge Geological Consulting USA Ltd. ("Dahrouge") to conduct a thorough assessment to advance understanding of the property's potential. Pegasus will compile the data gathered during this program to inform and facilitate the application process for all applicable permits, with the goal of commencing a drill program at Energy Sands in 2024.

This strategic initiative underscores commitment to responsible exploration and the systematic development of mineral assets. Pegasus and the Dahrouge team have completed a desktop review, and the ground crew has deployed to the site, operating from January 15 to January 29, 2024. Geological Mapping & Sampling: Detailed mapping and lithologic confirmation of favourable units for sediment-hosted uranium.

Collection samples for geochemical analysis. Samples described, photographed, sealed, and sent to lab for analysis. Evaluation of access and identification of idealized areas for planned drilling in Q2/Q3 of 2024.

Provision of daily progress updates Reporting: Generation of a comprehensive field report covering access details, local geology, samples collected, analytical results, drilling targets & access, and recommendations. Mapping the contacts and sampling within the Salt Wash Member (Jms). Taking structural measurements.

Sampling in-situ mineralization and old workings. Identification of potential mineralization within the Brushy Basin Member (Jmb) and Salt Wash Member (Jms) with the Morrison Formation. Mapping Brushy Basin Member (Jmb) and other units to the east.

Defining contacts and taking structural measurements. Identifying potential drill locations. Imaging potential pad locations.

This program marks a significant step in advancing exploration efforts, aiming to unlock the full potential of mineral assets. Pegasus Resources remains committed to diligent and strategic exploration, with a focus on sustainable resource development.