pegasus resources highlights 2024 progress and readies for uranium industry growth in 2025

• 2024 highlights include: Energy Sands exploration success, Jupiter acquisition, successful permitting
• 2025 milestones include: drilling at Energy Sands and Jupiter, evaluation of strategic acquisitions and corporate opportunities, macro and micro tailwinds

VANCOUVER, BC—January 14, 2025 – Pegasus Resources Inc. (TSX-V:PEGA; Frankfurt:0QS0, OTC/Pink:SLTFF) (the "Company" or "Pegasus") is pleased to reflect on a transformative 2024, marked by significant milestones that position the Company as a leading uranium explorer in Utah. With high-grade results, strategic acquisitions, and regulatory approvals, Pegasus is poised to capitalize on the surging demand for uranium, driven by the global transition to clean energy and increasing energy security concerns.

Map 1: Utah Area Map

Pegasus achieved substantial progress in advancing its uranium exploration projects in Utah. With high-grade results, strategic acquisitions, and critical regulatory approvals, 2024 was a pivotal year of growth and development for the Company. Pegasus has continued to be a good steward of investor capital, adding significant value through creative and unique strategies. The Company continues to build relationships on the ground in Utah, which should continue to yield value creation opportunities.

“2024 was a pivotal year for Pegasus, as we made significant strides in advancing our uranium exploration projects,” stated Christian Timmins, CEO of Pegasus. “From the Energy Sands exploration success to the acquisition of the historically drilled Jupiter Project and securing key regulatory approvals, these achievements position the Company to define meaningful uranium resources in Utah—a region with proven uranium production.”

“As the global demand for uranium accelerates, and M&A activity in North America signals a thriving sector, Pegasus is uniquely placed to create long-term shareholder value. Our focus in 2025 will be on executing our drill campaigns and evaluating strategic opportunities to further enhance our portfolio.”

Insider Buying Signals Strong Leadership Confidence

Pegasus is pleased to spotlight recent insider buying activity, highlighting the unwavering confidence of its leadership team in the Company’s growth potential and strategic direction.

• Christian Timmins, CEO, and Noah Komavli, Director, have significantly increased their personal stakes in Pegasus through open market purchases and private placements. This demonstrates their strong belief in the Company’s vision and commitment to advancing its uranium exploration projects.
• Insider buying showcases the alignment between leadership and shareholder interests, reinforcing the team's confidence in Pegasus’ ability to deliver value and drive meaningful progress. This proactive investment by Pegasus’ insiders reflects their optimism about the Company’s ability to unlock high-grade uranium resources and capitalize on the surging global demand for clean, reliable energy. It is a clear testament to the leadership’s commitment to creating long-term value for shareholders.

Highlights from 2024

Energy Sands Exploration Success:

• Collected 41 samples, with 13 showing over 1% U₃O₈, including a standout result of 18.8% U₃O₈.
• Developed a geological model to guide future drilling, building on historical high-grade results and the success of the recent ground sampling program on this past-producing property.

Jupiter Project Acquisition:

• Acquired a strategic uranium property featuring over 100+ densely drilled historical holes, providing valuable data for resource development. 

Permits Secured:

• Obtained the Notice of Intention (NOI) to commence exploration, enabling transformative drilling campaigns at the 100%-owned Energy Sands and the Jupiter projects in Utah.

Leadership Expansion:

• Strengthened the team with the addition of Derrick Strickland to the Board of Directors and Mike Magrum to the Advisory Board, bringing decades of industry expertise.

2025 Outlook

Pegasus is poised to commence drilling at its two flagship uranium projects in Utah:

• Energy Sands Project:

Plans include 18 drill holes with an average depth of 178 feet, totalling approximately 3,200 feet of drilling. These efforts will target mineral-hosting paleochannels identified in the geological model and historical high-grade intercepts of over 2% U₃O₈.

• Jupiter Project:

The program includes 30 drill holes with an average depth of 550 feet, totalling approximately 15,360 feet of drilling. This property's extensive historical drilling data will guide efforts to define a current resource estimate. 

With these drilling campaigns, Pegasus aims to further advance its projects toward resource development, meet the growing global demand for uranium, and strengthen its position in the energy sector. The Company remains committed to delivering shareholder value through strategic exploration and development initiatives.

Map 2: Jupiter Historic Drill holes

Evaluation of Strategic Acquisitions and Corporate Opportunities

Pegasus has been successful in its cost-efficient property expansion and acquisition strategy, as highlighted by the Jupiter acquisition, which will continue to be a core focus for value creation. The Company will continue to explore areas for collaboration and development of all its assets, as it seeks to create shareholder value.

Macro and Micro Tailwinds

The uranium sector is undergoing a renaissance, driven by surging global demand for clean energy and the growing need for secure domestic supply chains. Pegasus’ Utah projects are strategically positioned to capitalize on these dynamics, supported by local infrastructure and proven uranium potential:

Macro Tailwinds: A Global Energy Shift

• Surging Demand for Clean Energy: As nations worldwide pursue net-zero carbon emissions, nuclear power is emerging as a cornerstone of clean energy strategies. Its reliability as a baseload power source makes it indispensable in the transition away from fossil fuels.

• Uranium Supply Deficit: Despite growing demand, uranium production has lagged, leading to tightening supplies. This supply-demand imbalance is setting the stage for sustained price increases.
• US Government Support: The U.S. government has prioritized domestic uranium production, recognizing it as critical to energy security. Recent bipartisan initiatives, such as the establishment of a $75 million strategic uranium reserve, underscore the commitment to reducing reliance on foreign uranium supplies.

• Nuclear Expansion: Over 60 new reactors are under construction globally, with many more in planning phases, ensuring long-term demand for uranium.

Micro Tailwinds: Utah’s Strategic Importance

• Proven Uranium Potential: Utah is home to established uranium mining districts and producing mines, highlighting the region's viability. With Pegasus’ Energy Sands and Jupiter projects located in uranium-rich areas, the opportunity to contribute to domestic production has never been greater.
• Proximity to Infrastructure: Utah benefits from existing uranium milling infrastructure, including Energy Fuels' White Mesa Mill—the only operational conventional uranium mill in the U.S.—positioning Pegasus for cost-effective development.
• Energy Security Concerns: With geopolitical tensions affecting global energy markets, domestically sourced uranium is increasingly valued as a secure and reliable supply chain solution.
• High-Grade Discoveries: Pegasus’ exploration success, including Energy Sands sample results of up to 18.8% U₃O₈, positions the Company as a key player in unlocking new domestic uranium resources.

The Time Is Now

The combination of global uranium demand, supportive government policies, and the strategic advantages of Pegasus’ Utah projects present a compelling opportunity for investors. Pegasus is uniquely positioned to capitalize on these tailwinds, advancing critical energy resources while delivering significant shareholder value.

NI 43-101 Disclosure

The technical content of this news release has been reviewed and approved by Jacob Anderson, CPG, MAusIMM, who is a Resource Geologist for Dahrouge Geological Consulting USA Ltd., and a Qualified Person under National Instrument 43-101, who has prepared and/or reviewed the content of this press release.

The results discussed in this document are historical. Pegasus nor the qualified person have performed sufficient work or data verification of the historical data. Although the historical results may not be reliable, the Company nevertheless believes that they provide an indication of the properties potential and are relevant for any future exploration programs. 

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. For additional information, please visit the Company at www.pegasusresourcesinc.com.

On Behalf of the Board of Directors:
Christian Timmins
President, CEO and Director
Pegasus Resources Inc.
700 – 838 West Hastings Street
Vancouver, BC V6C 0A6 

PH: 1-403-597-3410
X: https://twitter.com/MrChris_Timmins
X: https://twitter.com/pegasusresinc
E: info@pegasusresourcesinc.com

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Disclaimer for Forward-Looking Information

This news release contains certain information that may be deemed "forward-looking information" with respect to the Company within the meaning of applicable securities laws. Such forward-looking information involves known and unknown risks, uncertainties and other factors that may cause the Company's actual results, performance or achievements, or developments in the industry to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking information. Forward-looking information includes statements that are not historical facts and are generally, but not always, identified by the words "expects," "plans," "anticipates," "believes," "intends," "estimates," "projects," "potential" and similar expressions, or that events or conditions "will," "would," "may," "could" or "should" occur.   

Although the Company believes the forward-looking information contained in this news release is reasonable based on information available on the date hereof, by its nature, forward-looking information involves assumptions and known and unknown risks, uncertainties and other factors which may cause our actual results, level of activity, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information.

Examples of such assumptions, risks and uncertainties include, without limitation, assumptions, risks and uncertainties associated with general economic conditions; the COVID-19 pandemic; adverse industry events; the receipt of required regulatory approvals and the timing of such approvals; that the Company maintains good relationships with the communities in which it operates or proposes to operate, future legislative and regulatory developments in the mining sector; the Company's ability to access sufficient capital from internal and external sources, and/or inability to access sufficient capital on favorable terms; mining industry and markets in Canada and generally; the ability of the Company to implement its business strategies; competition; the risk that any of the assumptions prove not to be valid or reliable, which could result in delays, or cessation in planned work, risks associated with the interpretation of data, the geology, grade and continuity of mineral deposits, the possibility that results will not be consistent with the Company's expectations, as well as other assumptions risks and uncertainties applicable to mineral exploration and development activities and to the Company, including as set forth in the Company's public disclosure documents filed on the SEDAR+ website at www.sedarplus.ca.

The forward-looking information contained in this press release represents the expectations of Pegasus as of the date of this press release and, accordingly, is subject to change after such date. Readers should not place undue importance on forward-looking information and should not rely upon this information as of any other date. While Pegasus may elect to, it does not undertake to update this information at any particular time except as required in accordance with applicable laws.