Mr. Morgan Good reports

CARLYLE PROVIDES PHASE 2 DRILLING STRATEGY AT NEWTON

Carlyle Commodities Corp. has released its phase 2 drilling strategy at its 100-per-cent-owned Newton gold project near Williams Lake, B.C. The Newton gold project is a low-sulphide epithermal system. The system remains open in multiple directions, within a highly prospective land package that is workable year-round.

Carlyle's phase 2 drilling strategy includes four key objectives:

1. Test higher-grade, near-surface extensions of the current inferred resource.
2. Tie-in historical stepout locations from the current inferred resource to potentially increase the inferred resource.
3. Drill testing a fourth highly prospective felsic unit in the northwest area of the property.
4. Continue to define the ultimate resource and development potential of the Newton project.

The initial portion of the company's phase 2 drill campaign is anticipated to include approximately seven drill holes and 1,500 metres total drilling, at an average depth of 200 metres per hole. The company intends to expand this drill program once work is under way.

The proposed locations have been plotted after close review of various geological, geophysical, geochemical, geotechnical and historical drill data. The company benefits from a deep library of data at Newton, given that previous owners and operators have input more than $25-million exploring the project to date.

Management is currently co-ordinating with stakeholders to begin drilling as soon as possible.

Jeremy Hanson, Carlyle's vice-president of exploration and director, commented: "We are excited to continue expanding this resource and test some of our higher-potential targets, both along the peripheries of the deposit and more distal targets. We have an excellent asset and exploration model to grow this resource."

Morgan Good, Carlyle's chief executive officer, stated: "As the gold market continues to strengthen, Carlyle is looking forward to advancing its efforts at Newton. There are various higher-grade, near-surface targets to follow up with from historical drilling close to the limits of the current [National Instrument] 43-101 inferred resource, as well as an intriguing felsic volcanic unit northwest of the deposit we are very keen to test early in the next phase of drilling."

Newton gold project summary

The Newton project contains a current National Instrument 43-101 (NI 43-101) resource calculation (the updated Newton resource calculation) which utilizes optimized pit shell constraints to fulfill the requirement for reasonable prospects for eventual economic extraction. The inferred mineral resource contains 861,400 ounces of gold (Au), and 4,678,000 oz of silver (Ag), with an average grade of 0.63 gram per tonne (g/t) Au and a cut-off of 0.25 g/t Au throughout 42,396,600 tonnes.

The Newton project deposit remains open in multiple directions with potential for increased size, grade and additional mineralized areas. The current inferred mineral resources occupy only approximately 7 per cent of the area of an underlying broad induced polarization (IP) anomaly. Immediate areas for follow-up include south and southwest of the current inferred mineral resource, where historic drilling has intercepted mineralized volcanics, which are not part of the updated Newton resource calculation, as well as down dip to the southwest, where the mineralization remains open. Much of the large Newton project sulphide-bearing alteration zone, as defined by Amarc Resources Ltd.'s 2010 IP survey, has not been thoroughly explored. The Newton project gold deposit lies within a northwest-trending total field magnetic low that extends approximately 500 metres to the northwest beyond the deposit as defined by the densest drilling, to an area where the few exploration holes returned geologically important intersections of greater than 100 parts per billion (ppb) (0.1 g/t) Au, such as hole 92-03 that returned 54 m grading 0.50 g/t Au, including 30 m grading 0.70 g/t Au, and hole 10023 that returned 39 m at 1.21 Au, indicating potential to host additional resources. In addition, to the north, mineralization in hole 12076 has not been fully explored and, in the south, the mineralized intervals in hole 12086 are indicative of resource potential in this vicinity.

Project highlights:

• The Newton gold project is a large, bulk-tonnage, low-to-intermediate-sulphidation, epithermal gold deposit with nearly 35,000 m of drilling exploring and developing the historical resource, primarily between 2009 and 2012.
• Updated inferred pit-constrained mineral resource contains 861,400 oz of Au, and 4,678,000 oz of Ag with an average grade of 0.63 g/t Au and a cut-off of 0.25 g/t Au throughout 42,396,600 tonnes.
• The Newton gold project encompasses more than 24,000 hectares.
• The resource occurs within an 800 m by 400 m area defined by drilling to depths of approximately 500 m, with the majority of the holes not exceeding 300 m depth.
• Underlying the deposit, a large IP anomaly measures four kilometres by two kilometres and covers an area greater than seven square km -- yet the existing inferred mineral resource occupies slightly over 0.5 square km, or just 7 per cent of the anomaly.
• Gold and associated base metal mineralization precipitated in extensive zones of strong quartz-sericite alteration, as well as in mafic volcanic and clastic sedimentary rocks, and along fault and fracture zones.
• The alteration assemblages and metal associations at the Newton gold project are similar the Blackwater gold project deposit of Artemis Gold Inc. The Blackwater gold project, which is in construction phase, is located approximately 185 km northeast of Newton, where it is one of Canada's largest open-pittable gold deposits and one of the world's largest environmental assessment approved gold development projects. Blackwater has a measured and indicated resource estimated at 11.7 million ounces Au and 122 million ounces of Ag (see Artemis's "Blackwater Gold Project British Columbia NI 43-101 Technical Report on Updated Prefeasibility Study," authored by Robin Kalanchey et al., Sept. 10, 2021. at Artemis's website).

A copy of Carlyle's NI 43-101-compliant "Technical Report on the Updated Mineral Resources Estimate for the Newton Project, British Columbia, Canada," dated June 13, 2022, authored by Michael F. O'Brien, PGeo, and Douglas Turnbull, PGeo, which contains the updated Newton resource calculation, is available under Carlyle's profile on SEDAR+.

Issuance of stock options

The company also announces that it has granted 300,000 stock options to a consultant of the company for the purchase of up to 300,000 shares, pursuant to the company's stock option plan. The options are exercisable for a period of two years at an exercise price of 17 cents per share and vested on the date of the grant.

Qualified person

Jeremy Hanson, PGeo, a qualified person for purposes of NI 43-101, has reviewed the scientific and technical information that forms the basis for this news release, and has approved the disclosure herein. Information regarding Artemis's Blackwater project contained in this news release has not been verified by Mr. Hanson, and such information is not necessarily indicative of the mineralization on Carlyle's Newton gold project.

About Carlyle Commodities Corp.

Carlyle Commodities is a mineral exploration company focused on the acquisition, exploration and development of mineral resource properties. Carlyle Commodities owns 100 per cent of the Newton project in the Clinton mining division of British Columbia, and is listed on the Canadian Securities Exchange under the symbol CCC, on the OTCQB market under the ticker CCCFF and on the Frankfurt Stock Exchange under the ticker BJ4.

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