Mr. Wayne Livingstone reports

CARLIN GOLD COMPLETES $2.16 MILLION FINANCING, ANNOUNCES NEW INSIDER, MR. CAL EVERETT

Carlin Gold Corp. has closed a non-brokered private placement consisting of 7,201,834 units of the company at a price of 30 cents per unit for aggregate gross proceeds of $2,160,550. Each unit consists of one common share of Carlin and one common share purchase warrant of Carlin. Each warrant is exercisable for a period of two years after the closing of the transaction at an exercise price of 45 cents per common share.

The company has approximately $2.8-million in cash following the completion of the above financing, plus approximately $2-million in strategic equity holdings of Snowline Gold Corp. and Fireweed Metals Ltd. The company intends to use the proceeds of the private placement for exploration and maintenance of its Nevada mineral properties and for general working capital purposes.

Senior strategic adviser to the company, Cal Everett, acquired 966,667 units pursuant to the private placement for total consideration of $290,000. Immediately prior to the private placement, Mr. Everett beneficially owned or controlled 860,000 common shares, 800,000 common share purchase warrants and 150,000 options, with each warrant and option entitling Mr. Everett to purchase one additional common share upon payment of additional consideration to the company. These common shares, warrants and options represented approximately 4.4 per cent of the company's then-issued and outstanding common shares on an undiluted basis and approximately 8.6 per cent of the company's then-issued and outstanding common shares on a partially diluted basis, assuming conversion of Mr. Everett's warrants and options into common shares.

As a result of the private placement, Mr. Everett now beneficially owns or controls 1,826,667 common shares, 1,766,667 common share purchase warrants and 150,000 options, representing approximately 6.9 per cent of the company's issued and outstanding common shares on an undiluted basis and approximately 13.2 per cent of the company's issued and outstanding common shares on a partially diluted basis, assuming conversion of Mr. Everett's warrants and options into common shares.

The units were acquired by Mr. Everett for investment purposes. Mr. Everett may acquire additional securities of the company, including on the open market or through private acquisitions, or may sell securities of the company, including on the open market or through private dispositions, in the future depending on market conditions, reformulation of plans and/or other relevant factors.

A copy of the early warning report with respect to the foregoing will appear on Carlin's profile on SEDAR+.

Mr. Everett commented: "After reviewing the published database I decided to increase my equity holdings in Carlin Gold. The company has two 100-per-cent-owned core projects in Nevada: Cortez Summit and Ivy. Cortez Summit shares claim boundaries with adjacent projects hosting NNW trending Carlin type gold systems being Four Mile -- Goldrush and Cortez Hills to the west, Pipeline to the northwest, the Aspen and Buckhorn mines, and subsidiary deposits to the east. The Cortez Summit project has only one drill hole that drilled through the Roberts Mountain thrust into the main Carlin-type host rocks. All historical RC holes failed well short of the target.

"Effectively Cortez Summit covers an approximate 11-square-kilometre area tested by a single drill hole collared in the wrong location. More fieldwork is required in advance of drilling.

"Ivy is a Nevada-based copper rich skarn property that is drill ready. The surface copper mineralization is dominantly chalcopyrite-bornite with minor pyrite associated. Half of the surface sampling results have grades of 0.5 per cent Cu and higher, with gold present where copper grades are in the higher range. The strong IP drill target covers a 1,600 m long and up to 250 m wide area with the geophysical anomaly continuing to plus 250 m depth from surface."

Wayne Livingstone, president of Carlin, commented: "We are pleased to have Cal Everett as senior adviser and shareholder of the company. He brings important financial expertise to the company which will assist Carlin to advance its projects."

The private placement is subject to all necessary regulatory approvals including final acceptance from the TSX Venture Exchange. The securities issued or issuable under the private placement are subject to a four-month-plus-one-day hold period expiring on Aug. 14, 2026, in accordance with applicable securities laws, in addition to such other restrictions as may apply under applicable securities laws of jurisdictions outside Canada. No finders' fees were payable in connection with the private placement.

About Mr. Everett

Mr. Everett is a geologist with more than 14 years of surface and underground exploration experience with senior mining companies. He moved to the financial sector in 1990 and spent 12 years with BMO Nesbitt Burns focused on resource equities, and seven years with PI Financial Corp. in senior resource institutional sales and capital markets.

From 2008 to 2015, he was president and chief executive officer of Axemen Resource Capital. Mr. Everett holds a bachelor of science degree in economic geology from the University of New Brunswick.

About Carlin Gold Corp.

Carlin is focused in Nevada where it has 100-per-cent interest in three projects. Its flagship project is Cortez Summit, consisting of 142 claims located in the Cortez trend, which contains a gold endowment over 60 million ounces of production, reserves and resources. This includes the recently commissioned Goldrush deposit (owned by Nevada Gold Mines) and the contiguous Fourmile deposit (owned by Barrick), which is currently being aggressively drilled to explore and define additional resources. Cortez Summit is located 1.4 kilometres northeast of the north end of Goldrush and one km east of Fourmile. This highly prospective project is underexplored, with the same geological rock sections hosting Cortez trend deposits and defined structural zones presenting several drill targets.

Carlin's 161-claim Ivy property is a copper-gold skarn project in northeast Nevada. A prominent area of altered and skarnified carbonate rocks contains a main skarn zone identified with mineralization containing chalcopyrite and bornite extending over a 1.6 km strike length and widths up to 150 m. An IP/resistivity survey completed by the company last year showed a chargeability anomaly coincident with the mapped main skarn zone and an elevated response beyond 250 m depth. The combination of geology, mineralization and geophysics presents potential drill targets on the property.

Carlin's 47-claim Willow property is an early stage Carlin-style project in Elko county north of the town of Wells, Nevada. Anomalous gold and Carlin pathfinder elements in structurally controlled jasperoids and altered carbonates present drill targets.

Robert Thomas, CPG, a director of the company and a qualified person as defined in National Instrument 43-101, has reviewed and approved the scientific and technical information contained in this news release.

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