OTCQB | Nbrff Carlton Signs Community Agreement FOR Esquilache Silver Project and Provides Update ON Non-Brokered Private Placement

TSXV | CPI

OTCQB | NBRFF

CARLTON SIGNS COMMUNITY AGREEMENT

FOR ESQUILACHE SILVER PROJECT AND PROVIDES UPDATE

ON NON-BROKERED PRIVATE PLACEMENT

Toronto, Ontario, July 14, 2025 – Carlton Precious Inc. (TSX-V: CPI | OTCQB: NBRFF) ("Carlton" or

the "Company") is pleased to announce that it has signed an agreement with the local community of San

Antonio de Esquilache located in the Department of Puno, Southern Peru (the “ Community

Agreement”). The Community Agreement paves the path for further exploration across the project

including the expediting of drilling permits at the Company’s 100% owned Esquilache Silver project

(“Esquilache”). Carlton’s geological and technical staff have design ed a program of up to 40 drill holes

from no more than 20 platforms at Esquilache in order to expand the current known silver -lead-zinc

mineralization. The Company expects to kick off the initial part of the program in the fall of 2025.

In other news, further to the Company’s press releases of June 12, 2025 and June 16, 2025, the Company

wishes to correct and clarify certain disclosure pertaining to its non -brokered private placement (the

“Offering”) of units (the “Units”). In connection with the Offering, and in accordance with the policies of

the TSX Venture Exchange, the Company paid certain eligible finder’s (each, a “ Finder”) cash

commissions in the aggregate of $53,799.30 and issued an aggregate of 598,102 finder’s warrants (each a

"Broker Warrant"). Each Broker Warrant entitled the holder thereof to acquire one common share (each,

a “Common Share”) in the capital of the Company at a price of $0.09 per Common Share for a period of

24 months from the date of issuance. In addition, the Offering constituted a related party transaction within

the meaning of TSX Venture Exchange Policy 5.9 and Multilateral Instrument 61- 101 – Protection of

Minority Security Holders in Special Transactions ("MI 61-101") as insiders of the Company subscribed

for an aggregate 2,553,389 Units pursuant to the Offering. The Company is relied on the exemptions from

the valuation and minority shareholder approval requirements of MI 61- 101 contained in sections 5.5(b)

and 5.7(1)(a) of MI 61-101, as the Company is not listed on a specified market and the fair market value of

the participation in the Offering by insiders does not exceed 25% of the market capitalization of the

Company in accordance with MI 61-101.

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, please contact:

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

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.

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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", "estimate", "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 estimates 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 circumstances 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.