Mr. Morgan Good reports

CARLYLE COMPLETES DRILL PROGRAM AT NEWTON GOLD PROJECT

Carlyle Commodities Corp. has completed a new diamond drill program at the Newton project. The drill program completed 840.3 metres of drilling across seven drill holes and successfully tested multiple high-priority targets with aims of increasing both tonnage and ounces of gold and silver in the company's current National Instrument 43-101, Standards of Disclosure for Mineral Projects, Newton project resource calculation. All seven holes have been sampled and sent to Bureau Veritas, an ISO 9001 certified independent lab for analysis. The company expects to receive initial results in the coming weeks.

Drill program overview

The targets of this seven-hole drill program included surface geochemical gold anomalies, open mineralization, and mineralized volcanic and intrusive rocks from historic distal drilling, with the intention of increasing the NI 43-101 inferred mineral resource, expanding potential higher-grade areas near surface, and exploring potential new zones of mineralization on the property. At the Newton project, gold is hosted in felsic volcanic, mafic volcanic and quartz porphyry intrusive rocks. This drill program intersected all of these lithologies in varying degrees of alteration and associated sulphide deposition, and all holes successfully intersected their primary targets.

Hole N23-092

Hole N23-092 was drilled 50 metres north of hole 10016, where the inferred mineral resource remains open to the northwest along a broad corridor. The hole was drilled to a depth of 258 metres and intersected strongly altered quartz feldspar porphyries intruding altered felsic volcanic rocks with disseminated and fracture-controlled pyrite.

Holes N23-093, N23-094 and N23-095

Holes N23-093, N23-094 and N23-095 were drilled approximately 350 metres to 450 metres north of the NI 43-101 inferred mineral resource boundary, around historical hole 10030. Hole 10030 intersected 24 metres of 0.83 gram per tonne gold from 18.0 metres to 42.0 metres in propylitic altered mafic volcanics associated with an IP (induced polarization) chargeability anomaly. As such, this area represents a potential higher-grade near-surface area of significant interest.

The company drilled three holes around hole 10030, triangulating 50-metre stepouts to the northeast, southwest and northwest of this hole to investigate possible continuation of this mineralization. These holes were also plotted based on gold-in-soil geochemical anomalies and elevated IP chargeability anomalies proximal to hole 10030. All three holes intersected propylitic altered mafic volcanics with disseminated and fracture-controlled sulphides from surface to the approximate total depth of 100 metres in each hole.

Hole N23-096

Hole N23-096 was drilled more than 100 metres north of the inferred mineral resource, where historic trenching, rock and soil sampling all returned significant gold values at surface. The hole was drilled to 87 metres and intersected very strongly altered felsic volcanics with disseminated and fracture-controlled sulphides to a depth of 24 metres. The hole cut altered mafic volcanics from 24 to the total length of 87 metres, including small metre-scale felsic intrusive.

Hole N23-097

Hole N23-097 was drilled immediately west of the inferred mineral resource where mineralization is open and begins at surface, demonstrated in historic trenching and drilling. The hole was drilled to a depth of 135 metres and intersected strongly altered quartz feldspar porphyry with disseminated and fracture-controlled sulphides as pyrite-chalcopyrite-plus-or-minus-sphalerite veinlets.

Hole N23-098

Hole N23-098 was drilled 750 metres northwest of the inferred mineral resource targeting a gold-in-soil geochemical anomaly proximal to historic drill holes that intersected felsic volcanics and quartz feldspar porphyry. This hole was drilled to 54.0 metres and intersected altered quartz feldspar porphyry with disseminated and vein-hosted pyrite.

Management comments

Morgan Good, president and chief executive officer, commented: "We are very pleased with this efficient seven-hole drill program and the professional work of our team. All holes successfully intersected our primary targets. We look forward to our results and continuing to advance the Newton project in 2024."

Jeremy Hanson, vice-president of exploration, stated: "We are excited about the holes we completed, there was a lot of productive activity completed in a short time frame. The drill team tested a variety of high-potential targets where much of the core contained strongly altered rocks, disseminated and veined sulphides. We are certainly looking forward to our results and getting back on the ground."

Newton gold project summary

The Newton gold project contains a current NI 43-101 resource calculation effective June 13, 2022 (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 and 4,678,000 ounces of Ag with an average grade of 0.63 gram per tonne gold at a cut-off of 0.25 gram per tonne gold 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 (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 billion (0.1 gram per tonne) gold, such as hole 92-03, which returned 54 metres grading 0.50 gram per tonne gold, including 30 metres grading 0.70 gram per tonne gold, and hole 10023, which returned 39 metres at 1.21 grams per tonne gold, 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-sulphidation to intermediate-sulphidation, epithermal gold deposit with nearly 35,000 metres of drilling exploring and developing the historical resource, primarily between 2009 and 2012;
• Updated pit-constrained inferred mineral resource contains 861,400 ounces of gold and 4,678,000 ounces of silver with an average grade of 0.63 gram per tonne gold at a cut-off of 0.25 gram per tonne gold throughout 42,396,600 tonnes;
• The Newton gold project encompasses more than 24,000 hectares;
• The updated Newton resource calculation occurs within an 800-metre-by-400-metre area defined by drilling to depths of approximately 500 metres, with majority of the holes not exceeding 300-metre depth;
• Underlying the deposit, a large IP anomaly measures four kilometres by two kilometres and covers an area greater than seven square kilometres -- yet the existing inferred mineral resource occupies slightly over 0.5 square kilometre, 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 to the Blackwater gold project deposit of Artemis Gold Inc.; the Blackwater gold project, which is in construction phase, is located approximately 185 kilometres 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 gold and 122 million ounces of silver (see Artemis's "Blackwater Gold Project British Columbia NI 43-101 Technical Report on Updated Pre-Feasibility Study," written by Robin Kalanchey et al., dated Sept. 10, 2021).

A copy of Carlyle's NI 43-101 compliant "Technical Report on the Updated Mineral Resources Estimate for the Newton Project, Central British Columbia, Canada," dated June 13, 2022, written 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+.

Quality assurance/quality control

Carlyle Commodities has applied a rigorous quality assurance/quality control program at the Newton project using best industry practice. All core was logged by a geoscientist. The Newton project drill core was drilled at NQ diameter. The drill core was split in half using a core saw and each sample half was placed in a marked sample bag with corresponding sample tag then sealed. The remaining half core is retained in core boxes that are stored in a secure facility. The chain of custody of samples was recorded and maintained for all samples from the drill to the laboratory. All samples were shipped to an ISO 9001 certified independent laboratory. A minimum of 5 per cent of certified reference samples and duplicates were inserted into the sample sequence.

Qualified person

Jeremy 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. Mr. Hanson has not prepared or verified the historical information.

About Carlyle Commodities Corp.

Carlyle is a mineral exploration company focused on the exploration and development of its 100-per-cent-owned Newton gold project, located in the Clinton mining division of British Columbia. The company is listed on the Canadian Securities Exchange under the symbol CCC.

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