Mr. Morgan Good reports

CARLYLE RECOVERS 80% GOLD IN PRELIMINARY NEWTON METALLURGICAL TESTING

Carlyle Commodities Corp. has released positive results from recent preliminary metallurgical test work on its Newton gold and silver project, with gold extraction of approximately 80 per cent.

Metallurgical testing summary

The company submitted a master composite consisting of primarily felsic volcanic material of continuous drill core intervals from three drill holes for testing, which is the primary host rock of the company's current National Instrument 43-101 -- Standards of Disclosure for Mineral Projects Newton project inferred mineral resource. Testing was carried out and supervised by Base Metallurgical Laboratories (BaseMet), Kamloops, B.C., under test program BL1338. The objective of the program was to conceptualize a preliminary process flowsheet that would produce gold and silver dore, and to evaluate the metallurgical performance of the mineralization. The test work included gravity concentration, whole ore leach (WOL) and flotation at various grind sizes followed by leach of the rougher concentrate and tailings.

Gravity test results

Two initial gravity concentration tests were conducted on the master composite at 80 per cent passing (P80) 75 and 150 microns. The highest recovery was at the coarser grind size with approximately 22.8 per cent of the gold being recovered at a grade of 211.8 grams per tonne.

Initial whole ore leach test results

A preliminary WOL investigation was completed at three grind sizes. The results for the master composite tested showed that a primary grind size in the range of P80 75 microns provided the best results with 73.2 per cent of the gold and 43.2 per cent of the silver extracted. To investigate the gold losses, a three-stage diagnostic leach test was completed on test 3 WOL tailings. The results indicated that some of the gold may be locked in sulphide minerals and gangue requiring additional liberation.

Flotation plus leach results

To provide better liberation and improve overall gold extraction a flotation/leach flowsheet was tested. The flotation results were encouraging with 88.5 per cent of the gold and 82.6 per cent of the silver recovered to a rougher concentrate. The rougher concentrate was reground to approximately P80 15 microns prior to a two-hour preoxidation and 48-hour cyanide leach. The rougher tailings were leached at the target primary grind of P80 75 microns and achieved the best gold extraction after 24 hours. The overall gold and silver extraction for the master composite was 80.3 per cent and 32.7 per cent, respectively.

Management comments

Morgan Good, chief executive officer, stated about the results: "The company is very encouraged by the preliminary gold and silver extraction numbers derived from the first ever metallurgical testing of material from the Newton project. We look forward to optimizing our potential recoveries, testing additional material from different host rocks and continuing to advance the Newton project in the best interests of all stakeholders."

Qualified persons

The technical information in this news release under headings "metallurgical testing summary," "gravity test results," "initial whole ore leach test results," "flotation plus leach results" has been prepared in accordance with Canadian regulatory requirements and has been reviewed and approved by Kelly McLeod, PEng, who is a qualified person as defined in National Instrument 43-101 and independent of Carlyle Commodities. Jeremy Hanson, PGeo, is a qualified person, as defined in National Instrument 43-101, and has prepared the other technical information contained in this news release. Mr. Hanson has also supervised the sampling and delivery of the material submitted for metallurgical testing. Mr. Hanson has not prepared nor verified the historical information contained in this news release and such information is not indicative of the mineralization of the company's Newton project.

Metallurgical tests have been completed using industry-standard methods and procedures by Base Metallurgical Laboratories. Basemet is an independent metallurgical laboratory in Kamloops, B.C. Quality assurance/quality control is conducted in-house using certified reference standards and blanks, together with in-house metallurgical balance controls. Suitably trained technicians and professionals in the field of metallurgical testing completed and supervised the testing.

About the Newton project

The Newton project is a 100-per-cent-owned gold and silver project near Williams Lake, B.C., encompassing more than 24,000 hectares.

• The Newton project contains a current National Instrument 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 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 is a large, bulk-tonnage, low- to intermediate-sulphidation, epithermal gold deposit with nearly 35,000 metres of drilling exploring and developing the historical resource, primarily between 2009 and 2012.
• Gold and associated base metal mineralization is 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.
• Underlying the deposit, a large induced polarization anomaly measures four kilometres by two km 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.
• The system remains open in multiple directions and is workable year-round.

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+.

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 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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