Pegasus Resources Inc. announced the commencement of 2023 mapping and sampling program on Golden Project, which is comprised of three Properties along trend between Golden and Valemount, British Columbia. The 2023 exploration program will focus efforts on the Punch Bowl Property, following up on the encouraging results obtained during the 2021 prospecting campaign, which included the discovery of a 200 m copper trend at Punch Bowl, with sample 151871 reporting 0.70% Cu and 151888 1.68% Cu. Punch Bowl: The Punch Bowl Property consists of three mineral claims totaling 3,079 ha and is approximately 90 km NW of the Gold Mountain Property and 140 km NW of Golden, BC.

The Property surrounds the historic Punch Bowl, showing where discrete quartz-gold veins are hosted within quartzites and pelites of the McNaughton Formation. 2021 Exploration Highlights: A total of 37 samples were collected on the Punch Bowl Property. Discovery of a new copper mineralized zone located approximately 2.5 km southeast of the main gold zone.

Of the 13 outcrop and float samples, six samples returned values greater than 0.1% Cu and up to 1.68% Cu. Vertebrae Ridge: The Vertebrae Ridge Property is comprised of four claims encompassing about 5,324 ha (13,156 acres) roughly 81 kilometers northwest of Golden, BC. The exploration campaign during August 2021 resulted in the extension of known polymetallic mineralization trends, the confirmation of significant mineralization continuity at historically sampled locations and the discovery of the Canon Cu-Au Zone.

The Company believes the newly discovered Canon Zone may be related to a large oval, alkaline intrusion located a short distance west of the mineralized area. 2021 Exploration Highlights: Expanded Cu-Ag-Pb-Zn zone to at least 4,000 meters strike. Crest Zone: 65 samples of rock and float samples were collected over nearly 4,000 meters strike of mineralized Copper +- Ag/Pb/Zn outcrop.

Of the 65 samples: 1. A total of 34 returned >1% Cu, and 22 samples >2% Cu. Gold Mountain: The Gold Mountain Property is an early-stage gold/silver property located approximately 50 km NW of Golden, BC, just north of Highway 1. The Property comprises two mineral claims over 802 ha and encompasses the historic Grizzly occurrence featuring gold and silver hosted within polymetallic quartz/carbonate veins. The Ag-Au-Pb-Zn-Cu-Sb mineralized system at Gold Mountain was extended from approximately 600 meters in length on surface to over 900 meters.

The mineralized system is oriented southeast-northwest and is considered open in all directions. 2021 Exploration Highlights: Extension of polymetallic mineralization from 600 meters to over 900 meters in strike length with sample 151659: 1.63% Cu, 76 g/t Ag, 2.34 g/t Au; Confirmation sampling of main zone with sample 151637: 0.37% Cu, 2260 g/t Ag, 0.99 g/t Au, 4.6% Zn; 7 samples collected for petrographic analysis and characterization of mineralization, textures and alteration. NI 43-101 Disclosure.

The technical content of this news release has been reviewed and approved by Nathan Schmidt, P. Geo., Senior Geologist for Dahrouge Geological Consulting Ltd., and a Qualified Person under National Instrument 43-101, who has prepared and/or reviewed the content of this press release.