VANCOUVER - Pegasus Resources Inc. (TSXV:PEGA)(FRA:0QS0)(OTC PINK:SLTFF) (the 'Company' or 'Pegasus') has retained Dahrouge Geological Consulting USA Ltd. ('Dahrouge') to complete a preliminary geological model based on detailed geological mapping and sampling completed on the Company's Energy Sands project (the 'Property') located in Utah in Q1 2024.

The outcome of the ground program provided a detailed geological map inclusive of lithologies, geological structure, mineralization style and controls, along with confirmation of paleochannel structures controlling the uranium and vanadium mineralization present on the Property. Dahrouge used this collected data in conjunction with the 2015 Utah Geological Survey regional map and stratigraphic column (Doelling et al., 2015) as a reference framework to build a preliminary geological model to support Pegasus' permitting efforts for the planned upcoming drill program in 2024.

The generation of the geological model was a crucial step in understanding the Property's geology and mineralization. This preliminary geological model was then used as a basis to define drill targets for the planned drill program and support and submittal of a Notice of Intent to the Bureau of Land Management ('BLM') Price, Utah Field Office. As part of the Notice of Intent submittal, all surface disturbances (access roads, drill pads, etc.) must be defined and presented to the BLM.

During the generation of the geological model and a Notice of Intent filing, Pegasus was provided with historical drilling data completed on the Property in 1975. This data was inclusive of a drillhole location map, geological logs, downhole geophysical surveys (presented in counts per minute 'CPM') and interval analytical values for uranium and vanadium from eleven (11) drillholes. Dahrouge completed a data compilation and review of the geological logs and drilling location map to evaluate their consistency to what was observed in the field during the mapping campaign. The drillhole map was then georeferenced based on available data, such as topography and state plain section corner, to determine relative historical drillhole locations. The historical drillholes have been overlain on the preliminary geological model to evaluate consistency of the historical logs to the detailed mapping completed during Q1 2024.

During the data compilation, Dahrouge also evaluated how the historical analytical results compared to surface grab and paleochannel mineralization. As previously highlighted in (March 25, 2024, press release), the field samples from the area of historical drilling returned values of 3.55% U3O8 and 5.34% V2O5. The historical data in conjunction with geological and analytical data collected by Dahrouge, does provide direct insight into potential mineralization on the Property. The results outlined in Table 1, do provide guidance to interpreted mineralized paleochannel and will be used to help guide future drilling campaigns.

NI 43-101 Disclosure

About Pegasus Resources Inc.

Pegasus Resources Inc. is a diversified Junior Canadian Mineral Exploration Company with a focus on uranium, gold, and base metal properties in North America. The Company is also actively pursuing the right opportunity in other resources to enhance shareholder value.

Contact:

Christian Timmins

President, CEO and Director

Pegasus Resources Inc.

Tel: 1-403-597-3410

Email: info@pegasusresourcesinc.com

Forward Looking Statements

Statements included in this announcement, including statements concerning the Company's plans, intentions, and expectations, which are not historical in nature are intended to be, and are hereby identified as, 'forward-looking statements.' Forward-looking statements may be identified by words including 'anticipates,' 'believes,' 'intends,' 'estimates,' 'expects' and similar expressions. The Company cautions readers that forward-looking statements, including without limitation those relating to the Company's future operations and business prospects, are subject to certain risks and uncertainties that could cause actual results to differ materially from those indicated in the forward-looking statements.

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