Pegasus Resources Executes Other Business Arrangement (OBA) for 640 Acres of Uranium Exploration Lands in Utah

Rhea-AI Summary

Pegasus Resources (OTC:SLTFF) announced that its subsidiary executed an Other Business Arrangement (OBA) with the Utah School and Institutional Trust Lands Administration on January 23, 2026 for ~640 acres in Emery County, Utah.

The OBA grants Pegasus exclusive exploration rights for uranium and associated metalliferous minerals for a five-year term, with an option to convert all or parts of the lands to a mineral lease if exploration and payment conditions are met. Annual option payments are US$6.00 per acre. Planned staged exploration includes geophysical surveys, permitting, drilling and technical studies. The arrangement remains subject to regulatory, bonding and reclamation requirements.

VANCOUVER, BC / ACCESS Newswire / January 23, 2026 / Pegasus Resources Inc. (TSXV:PEGA)(OTCID:SLTFF)(FSE:OQS2) ("Pegasus" or the "Company") announces that its wholly owned subsidiary, Pegasus Resources (USA) Inc., has executed an Other Business Arrangement ("OBA") with the Utah School and Institutional Trust Lands Administration ("SITLA") covering approximately 640 acres in Emery County, Utah.

The OBA, signed on January 23, 2026, provides Pegasus the exclusive right to explore for uranium and associated metalliferous minerals on the property for a five-year term and includes an option to convert all or portions of the lands to a mineral lease upon satisfaction of exploration and payment requirements.

Pegasus will make annual option payments of US$6.00 per acre and complete staged exploration activities during the term, including geophysical surveys, permitting, drilling and technical studies.

The OBA grants exploration rights only and remains subject to standard regulatory, bonding and reclamation requirements.

The Company will provide further updates as exploration progresses.

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

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this release.

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.

SOURCE: Pegasus Resources, Inc.

View the original press release on ACCESS Newswire

FAQ

What did Pegasus Resources (SLTFF) secure in Utah on January 23, 2026?

Pegasus secured an OBA covering ~640 acres in Emery County that grants exclusive uranium exploration rights for five years.

How long is the exploration term under the SLTFF OBA in Utah?

The OBA provides a five-year exclusive exploration term starting with the January 23, 2026 agreement date.

What are the payment terms for the SLTFF Utah OBA?

Pegasus will make annual option payments of US$6.00 per acre during the OBA term.

Can Pegasus convert the Utah lands under the SLTFF OBA to a mineral lease?

Yes. The OBA includes an option to convert all or portions of the lands to a mineral lease upon meeting exploration and payment requirements.

What exploration activities does SLTFF plan under the Utah OBA?

Planned activities include geophysical surveys, permitting, drilling and technical studies conducted in staged phases during the five-year term.

Are the SLTFF exploration rights in Utah final and unconditional?

No. The OBA grants exploration rights only and remains subject to standard regulatory, bonding and reclamation requirements.