Pegasus Resources Inc. announced that on July 3, 2024 the Company finalized an agreement with KD Prospect to acquire an undivided 100% right, title, and interest in the Jupiter Project, a strategic uranium Project located in Emery County, Utah, USA. This acquisition is subject to the terms and conditions specified in the agreement. The Jupiter claim group is located 3 kilometers north of Energy Sands and consists of 48 unpatented claims situated in part, in sections 10 and 15, Township 21 S. Range 14 E. SLPM, Emery County, Utah.

The claims occur in the Bureau of Land Management, and access is obtained over a well-maintained service road which joins I-70 near Green River, Utah. The Jupiter Project was previously held by Atlas Minerals from 1972 to 1983. During this period, the claim group consisted of 25 unpatented claims. Atlas Minerals conducted approximately 100+ drill holes on the Jupiter Project with the greatest density occurring in the vicinity of the northeast corner of section 15.

The extensive drilling and exploration activities conducted by Atlas Minerals demonstrated significant potential, and the project was considered a viable mineral resource. Atlas Minerals was advancing the project towards full-scale mining before the collapse of the uranium market in the early 1980s. The historical drill logs reveal promising results, with notable uranium intercepts.

Pegasus will utilize the valuable information provided to guide exploration program. Terms of the agreement: Issuance of Shares: Pegasus will issue 2,200,000 common shares to the Vendor within 10 business days following TSX Venture Exchange approval of the Agreement. Cash Payments: The Company will make a payment of $25,000 USD to the Vendor within 30 days of signing the Agreement.

Additionally, subject to TSX Venture Exchange approval, a further payment of $75,000 USD will be made on or before the earlier of November 1, 2024, or 10 business days following the closing of a Private Placement. By the Company. Pegasus commits to conducting a drilling program totalling 1500 meters on the Jupiter Project within 30 days following the first anniversary of the Agreement.