OTCQB | Cpiff Carlton Precious Provides Esquilache Project Update

TSXV | CPI

OTCQB | CPIFF

CARLTON PRECIOUS PROVIDES ESQUILACHE PROJECT UPDATE

Toronto, Ontario, December 1, 2025 – Carlton Precious Inc. (TSX-V: CPI | OTCQB: CPIFF) (“Carlton”

or the “ Company”) is pleased to provide an update to investors on its Esquilache Silver project

(“Esquilache” or the “Project”) located in the Puno region of Southern Peru. Esquilache covers 1,600

hectares that include historical mine workings formally developed by Hochschild Mining PLC

(“Hochschild”). Carlton owns the project 100% and royalty free after buying back the Project's royalties

in 2022. Although Esquilache has no reported current mineral resources, Hochschild reported production

in the 1960's and 1970's of more than 1 million tonnes grading 3.4 opt Ag, 3.8% Zn, 4.2% Pb and 0.3 gpt

Au. Production was mainly from hillside adits that extracted ore from several well defined and continuous

high grade silver lead and zinc veins. The P roject was last drilled and studied in 2015 by a former TSX

listed Canadian junior, Vena Resources Ltd.

Carlton recently submitted to the Peruvian Ministry of Mines and Energy (“MINEM”) an application for a

FTA (“Ficha Tecnica Ambiental”) level drilling permit that if granted would have allowed the Company to

immediately commence drilling operations at Esquilache. However, after its review of the FTA application,

MINEM notified the Company that it requires the Company to upgrade the application to a standard DIA

(“Declaration de Impacto Ambiental” ) drill permit, a primary environmental certification document that

requires a more detailed environmental approach along with further community consultations. This is due

to the Project containing historical workings and surface mine liabilities related to rehabilitation work that

local authorities have committed to finalize but remain outstanding. The Company expect s to submit the

DIA application to MINEM in early 2026.

Carlton has completed data compilation, sampling and drill targeting work across Esquilache and plans to

implement a 5,000 metre core drilling program as soon as the DIA is approved and in place. This initial

drilling program has been designed to advance the Project toward estimation of a reportable mineral

resource and, dependant on results, may warrant the implementation of engineering programs and feasibility

studies in the context of the recent increase in the silver price.

Qualified Person Statement

The technical content of this news release has been reviewed and approved by Steven L. Park, M.Sc.,

C.P.G., a qualified person as defined by NI 43-101.

About Carlton Precious Inc.

Carlton Precious is a publicly traded precious and base metals exploration company listed on the TSX

Venture Exchange. The Company is managed by a team of experienced mining and geological

professionals. Carlton Precious’ projects are focused on key mining jurisdictions including Peru and

Australia (central Victoria and Tasmania).

For further information, visit the Company’s website at www.carltonprecious.com or contact:

Martin Walter, CEO, Carlton Precious Inc., at +1-416-389-5692 or [email protected].

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Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the

policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Caution Regarding Forward Looking Statements

This news release contains certain “forward -looking information” within the meaning of applicable

securities laws. Forward looking information is frequently characterized by words such as “plan”, “expect”,

“project”, “intend”, “believe”, “anticipate”, “est imate”, “may”, “will”, “would”, “potential”, “proposed”

and other similar words, or statements that certain events or conditions “may” or “will” occur. These

statements are only predictions. Forward- looking information is based on the opinions and estimate s of

management at the date the information is provided, and is subject to a variety of risks and uncertainties

and other factors that could cause actual events or results to differ materially from those projected in the

forward- looking information. For a description of the risks and uncertainties facing the Company and its

business and affairs, readers should refer to the Company’s Management’s Discussion and Analysis. The

Company undertakes no obligation to update forward- looking information if circumsta nces or

management’s estimates or opinions should change, unless required by law. The reader is cautioned not to

place undue reliance on forward-looking information.