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Pegasus Completes Disposition of Icefield Property to Ashley Gold Corp.

VANCOUVER, BC—May 13, 2025 – Pegasus Resources Inc. (TSX-V: PEGA: Frankfurt – 0QS0, OTC/Pink Sheet symbol: SLTFF) (the "Company" or "Pegasus") is pleased to announce that it has completed the disposition of its Icefield Property located in British Columbia to Ashley Gold Corp. ("Ashley"), as initially announced on April 17, 2025.

In accordance with the terms of the purchase and sale agreement, Pegasus received an initial payment of 6,000,000 common shares of Ashley Gold on April 22, 2025. An additional 2,000,000 shares are to be issued within 60 days of Ashley receiving drill permits for the Icefield Property. Additionally, Noah Komavli, a Director of Pegasus, has been appointed to the Board of Directors of Ashley, ensuring ongoing representation and strategic oversight.

Furthermore, Pegasus announces that pursuant to its stock option plan, the Company has granted incentive stock options to certain directors, officers, and consultants to purchase a total of 725,000 common shares in the capital stock of the Company, exercisable for a period of three years at a price of $0.08 per share.

About Pegasus Resources Inc.

Pegasus Resources Inc. is a Canadian uranium exploration company focused on advancing high-potential projects in the United States. The Company's flagship asset, the Jupiter Uranium Project in Utah, is a drill-ready property positioned for resource expansion. With a commitment to strengthening domestic uranium supply, Pegasus is strategically developing its portfolio to capitalize on the growing demand for nuclear energy.

For additional information, please visit 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
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