CARLYLE COMMODITIES CORP. has completed its Phase 1 diamond drill program at its 100% owned Newton Gold Silver Project near Williams Lake, British Columbia. The Newton Gold Silver 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 1 diamond drill program was intended to test high priority targets with aims of increasing both tonnage and ounces of the Company's current National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101") pit-constrained inferred mineral resource estimate. The initial focus tested a key zone of felsic volcanic host rock that is outside of the current pit-constrained inferred mineral resource estimate with the intention of discovering a new zone of mineralization, particularly at depth below the current inferred resource.

For further clarity, the current inferred resource is primarily hosted in the felsic volcanic units at Newton. The main objective of drill hole #1 (N23-089) and drill hole #3 (N23-091) was to test continuity and dip of the well mineralized main felsic domain, which remains open at depth below approximately 500 meters of historical drilling. Carlyle successfully completed drill hole #1 by drilling to a depth of 1,001 meters directly through the current inferred resource and extending to untested sections of the felsic domain at depth.

Visual reports indicate that much of the host rock encountered throughout the entire 1,001 meters of drill length encompasses the felsic volcanic unit, which historically hosted much of the gold and silver mineralization within the current inferred resource (see the Technical Report for further information). Drill hole #3, which ran 764 meters, tested the same felsic domain at depth and ended 170m south of drill N23-89. The drill site was collared 75m due north from drill N23-089 and drilled southwestward through the deposit and into the untested felsic domain.

The Company expects that assay results from its Phase 1 diamond drilling program will enhance the Company's current understanding and modelling of the trend of the mineralized zone at depth below the current inferred resource, and ultimately expand the overall size of the deposit. Drill hole #2 (N23-090) tested the southern boundary of the current inferred resource and went to a depth of 251 meters. The objective of drill hole #2 was to test the southern contact between the felsic and epiclastic volcano-sedimentary units where a series of faults create an irregular boundary of the mineralized domain.

The Carlyle technical team demobilized from camp upon completion of Phase 1 Drilling. All of the core samples have been submitted and received at Bureau Veritas Commodities Canada Labs, located in Vancouver, BC. The Company expects to receive the assay results from its first 1,001 meter drill hole N23-089 over the coming couple of weeks.

Assay results from the remainder of the Phase 1 drilling program are expected on or around the end of First Quarter 2023.