Mr. K. Wayne Livingstone reports

CARLIN PROVIDES CORPORATE UPDATE

Carlin Gold Corp. has completed the previously announced consolidation of all of its issued and outstanding share capital on the basis of one postconsolidated common share for every 10 preconsolidated common shares.

Immediately prior to the consolidation, the company had 88,939,464 common shares issued and outstanding. Following the consolidation and the company's private placement of 5.05 million units completed on June 16, 2023, the company has 13,943,964 common shares issued and outstanding. The common shares will continue to be listed on the TSX Venture Exchange.

The company's transfer agent, Computershare Trust Company of Canada, has sent a letter of transmittal to the registered holders who hold their common shares in certificated form. The letter of transmittal contains instructions on how to surrender common share certificates representing preconsolidation common shares to the transfer agent. The transfer agent will forward to each registered holder who has sent the required documents a new common share certificate representing the number of postconsolidation common shares to which the registered holder is entitled. Shareholders who hold their shares in book entry form (through a broker or another intermediary), will automatically receive their postconsolidation common shares, and they will not receive, or be required to submit, a letter of transmittal. Shareholders who hold their common shares through an intermediary are encouraged to contact their intermediaries if they have any questions.

The company also announces that, further to its news release dated May 30, 2023, it intends to complete a shares-for-debt transaction to settle outstanding debts totalling $772,539 owing to certain directors and officers of the company for management fees. The creditors have agreed to reduce the debt by $82,539 and that such debt will be definitively extinguished by the issuance of an aggregate of 4.6 million common shares of the company (on a postconsolidation basis) at a deemed price of 15 cents per settlement share for an aggregate value of $690,000.

The debt settlement is subject to all necessary regulatory approvals, including acceptance from the TSX-V. The settlement shares will be subject to a four-month hold period from the closing date under applicable Canadian securities laws, in addition to such other restrictions as may apply under applicable securities laws of jurisdictions outside Canada.

About Carlin Gold Corp.

Carlin controls two 100-per-cent-owned gold exploration properties in Nevada: the Cortez Summit property and Willow property, both containing Carlin-style gold targets.

Cortez Summit lies about one kilometre northeast of the north end of Nevada Gold Mines' (NGM) Goldrush deposit and east of Barrick Gold Corp.'s Fourmile resource. The Goldrush deposit, currently under development, has a reported underground mineral resource with 6.6 million ounces (oz) grading 7.8 grams per tonne (g/t) indicated and 1.2 million oz grading 7.6 g/t gold inferred, for an attributable (61.5 per cent) total of 7.8 million oz (Barrick 2019 annual report) of the overall NGM resource of 12.7 million oz. The Fourmile resource, owned by Barrick, and located directly north of Goldrush and west of Cortez Summit, has an indicated and inferred resource containing 2.55 million oz Au grading 10.6 g/t Au (Barrick 2021 annual report). NGM has completed a stand-alone underground feasibility study for the Goldrush deposit (Barrick third quarter 2021 report). An environmental impact statement has been completed, and a record of decision is expected in the second half of 2023 (Barrick first quarter 2023 management's discussion and analysis).

The Willow property is an early-stage project in Elko county, north of the town of Wells, Nev. Willow is located within a potential new gold belt that contains the Long Canyon mine being operated by NGM.

We seek Safe Harbor.