Mr. Morgan Good reports

CARLYLE COMMENCES DRILLING AT NEWTON

Carlyle Commodities Corp. has commenced its phase 2 drilling program 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.

The company's phase 2 drill program intends to test high-priority targets, with an aim to increase the understanding of the company's current National Instrument 43-101 -- Standards of Disclosure for Mineral Projects inferred mineral resource calculation for the Newton gold project. The focus will test near-surface targets, including geochemical gold anomalies, open mineralization, and mineralized volcanic and intrusive rocks from historic distal drilling, also with the intention of discovering a new zone of mineralization.

Morgan Good, Carlyle's chief executive officer, commented: "The company is feeling optimistic with its phase 2 drill strategy considering the various high-priority targets we have available to test. A potential new discovery zone northwest of the current inferred NI 43-101 mineral resource calculation boundary is of keen interest, and timing of the current overall macro environment for gold only increases our enthusiasm for this program."

Jeremy Hanson, the company's vice-president, exploration, stated: "We have several untested drill targets both nearby and distal to the Newton resource. Phase 2 drilling is going to focus primarily on the near-surface potential of higher-grade targets."

Newton gold project summary

The Newton gold project contains a current NI 43-101 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 and 4,678,000 oz of silver with an average grade of 0.63 gram per tonne Au, a cut-off of 0.25 g/t Au throughout 42,396,600 tonnes.

The Newton gold 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 gold project sulphide-bearing alteration zone, as defined by Amarc Resources Ltd.'s 2010 IP survey, has not been thoroughly explored. The Newton gold 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 million (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, 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 by 400 m area defined by drilling to depths of approximately 500 m with majority of the holes not exceeding 300 m depth.
• Underlying the deposit, a large IP anomaly measures four kiloemetres 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 Pre-Feasibility Study," authored by Robin Kalanchey et al., Sept. 10, 2021).

A copy of Carlyle's NI 43-101 compliant "Technical Report on the Updated Mineral Resources Estimate for the Newton Gold 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+.

Qualified person

Mr. Hanson, PGeo, a qualified person, as such term is defined by NI 43-101, has reviewed the scientific and technical information that forms the basis for this news release and has approved the disclosure herein. Historical information contained in this news release cannot be relied upon as Mr. Hanson has not prepared nor verified the historical information.

About Carlyle Commodities Corp.

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

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