Carlyle Commodities Announces Letter of Intent With Silver Pony Resources
NEWS RELEASE
CARLYLE COMMODITIES ANNOUNCES LETTER OF INTENT WITH SILVER PONY
RESOURCES
December 31st, 2025
Vancouver, British Columbia - Carlyle Commodities Corp. (CSE:CCC, FSE:BJ4) (“Carlyle”) is pleased to
announce that it has entered into a non-binding letter of intent with Silver Pony Resources Corp. (“Silver
Pony”) to complete a business combination by way of a three-cornered amalgamation (the “Transaction”).
In exchange for 100% of the issued and outstanding shares of Silver Pony, the Silver Pony shareholders will
receive one common share of Carlyle for every Silver Pony share held, resulting in the issuance of
approximately 60.5 million Carlyle shares. Prior to completion of the Transaction, Carlyle expects to
complete a 20:1 consolidation of its common shares, resulting in approximately 4,996,407 issued and
outstanding Carlyle shares. Carlyle also expects to complete a financing of at least $2.5 million prio r to
completion of the Transaction.
Upon completion of the Transaction, the parties expect that the board of directors of the resulting issuer
will consist of five members, three of which will be nominated by Silver Pony and two of which will be
nominated by Carlyle.
The Carlyle shares to be issued pursuant to the Transaction are expected to be subject to contractual
escrow, in addition to any restrictions imposed by applicable securities laws or CSE policies.
The parties anticipate entering into a definitive amalgamation agreement following the completion of
satisfactory due diligence. Further details regarding the Transaction, definitive agreement, planned
consolidation and financing will be announced in future news releases of Carlyle.
The closing of the Transaction is subject to the receipt of all necessary approvals, including the approval
of the CSE.
Morgan Good, Carlyle’s Chief Executive Officer, commented: “Carlyle and its team are extremely thrilled
to be entering into a deal with Silver Pony Resources and its excellent, seasoned, and experienced technical
group. They have a very large district scale silver -focused project in North America, along with some
promising sampling results . With the strong performance of precious metals and a positive outlook for
silver, we believe this business combination is well -timed to capitalize on market trends in the mining
sector.”
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About Silver Pony
Silver Pony’s Trout Lake Projects are district-scale polymetallic exploration properties located in the historic
Lardeau Mining District of southeastern British Columbia, approximately 90 km south of Revelstoke. The
projects lie within the prolific Trout L ake-Lardeau belt, an area that has seen more than a century of
exploration and production focused on Silver, Lead, Zinc and Gold hosted in Orogenic Gold veins and
Carbonate Replacement Systems. Initial development began in the late 1800s, supported by regional rail
and lake transport infrastructure, with notable historic production from nearby operations including the
Silver Cup, Abbott, and Wagner Mines.
Silver Pony has consolidated these historic workings into a large land package. Since 2007, more than $2.9
million CAD has been invested and spent across the broader Trout Lake projects by various operators,
including detailed mapping, geochemical rock sam pling, trenching, airborne magnetics, drilling, and
complete data compilation. Highlights include modern and historic samples returning very high -grade
precious and base metal values, with assays up to 12,147 g/t Silver, 45.66% Lead, 40.94% Zinc, and up to
107.7 g/t Gold, particularly along the Black Warrior, Badshot, and related limestone -hosted trends. A
comprehensive lithogeochemical review completed in 2023 defined multiple coherent mineralized
subzones and property-scale trends, confirming the presence of several distinct but related mineralization
styles and reinforcing the project’s district-scale potential.
Recent work has focused on targeted prospecting, confirmation sampling, and refining geological and
structural controls on mineralization. Key milestones include the completion of modern surface work,
updated geological models, and the granting of the Company’s final 5-year NoW drilling permit, which is
expected in short order as final draft permits have already been received. With extensive along -strike
continuity, multiple high-grade prospects, and drill permits imminent, the Trout Lake Projects are well
positioned for upcoming near-term drill testing and long-term systematic expansion of known mineralized
zones.
Here are some images from the Projects:
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Looking East From an Adit - Geologist looks at rock from a historic Adit at the Old Gold occurrence.
Axiom Geologist collects rock sample from Wagner Zone.
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Rock Sample from the Rambler occurrence south of Wagner with 107.7 g/t Gold, 1303 g/t Silver, and
1.07% Copper.
For more information regarding Silver Pony, and for a copy of Silver Pony’s corporate presentation, please
visit Silver Pony’s website at www.silverponyresources.com.
Qualified Person
Darcy Vis, P .Geo., a qualified person as per National Instrument 43 -101 – Standards of Disclosure for
Mineral Projects, has reviewed and approved the scientific and technical information contained in this
news release. Mr. Vis is a professional geoscientist registered with Engineers and Geoscientists British
Columbia, and sits on the Board of Directors of the AME (Association for Mineral Exploration). Mr. Vis is
also the Founder and President of Tripoint Geological Services which has led projects from early targeting
through drill discovery.
About Carlyle
Carlyle is a mineral exploration company focused on the acquisition, exploration, and development of
mineral resource properties. Carlyle owns 100% of the Quesnel Gold Project located in the Cariboo Mining
Division, 30 kilometers northeast of Quesnel in central B.C, as well hold the option to acquire 100%
undivided interest in the Nicola East Mining Project, located approximately 25 kilometers east of the
mining town of Merritt, B.C., and is listed on the CSE under the symbol “CCC” and the Frankfurt Exchange
under the ticker “BJ4”.
ON BEHALF OF THE BOARD OF DIRECTORS OF CARLYLE
CARLYLE COMMODITIES CORP .
“Morgan Good”
Morgan Good
President and Chief Executive Officer
For more information regarding this news release, please contact:
Morgan Good, CEO and Director
T: 604-715-4751
W: www.carlylecommodities.com
Cautionary Note Regarding Forward-Looking Information
This release includes certain statements and information that may constitute forward-looking information within the
meaning of applicable Canadian securities laws. Forward -looking statements relate to future events or future
performance and reflect the exp ectations or beliefs of management of Carlyle regarding future events. Generally,
forward-looking statements and information can be identified by the use of forward -looking terminology such as
“intends” or “anticipates”, or variations of such words and phrases or statements that certain actions, events or results
“may”, “could”, “should”, “would” or “occur”. This information and these statements, referred to herein as "forward-
looking statements", are not historical facts, are made as of the date of this ne ws release and include without
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limitation, statements regarding discussions of future plans, estimates and forecasts and statements as to
management's expectations and intentions with respect to, among other things: the Transaction (including the
expected terms, timing and structure , regulatory approvals, the entering into of a definitive agreement and
satisfactory completion of due diligence) and planned exploration of the Trout Lake Projects.
These forward-looking statements involve numerous risks and uncertainties, and actual results might differ materially
from results suggested in any forward-looking statements. These risks and uncertainties include, among other things:
that Carlyle may be unable to enter into the definitive agreement on the expected terms and on the expected timing,
or at all, that Carlyle may not receive Exchange approval for the Transaction, that the results of due diligence may be
unsatisfactory and that the resulting issuer may not have the necessary funds or resources to carry out its planned
exploration of the Trout Lake Projects.
In making the forward looking statements in this news release, Carlyle has applied several material assumptions,
including without limitation, that: the Carlye will receive Exchange approval for the Transaction, that Carlyle will be
able to negotiate the terms of the definitive agreement as anticipated and on the expected timing, that the
Transaction will be structured as currently anticipated and that the resulting issuer will have the necessary funds and
resources to carry out its planned exploration of t he Trout Lake Projects . Although management of Carlyle has
attempted to identify important factors that could cause actual results to differ materially from those contained in
forward-looking statements or forward-looking information, there may be other factors that cause results not to be
as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as
actual results and future events could differ materially from those anticipated in such statements. Acco rdingly,
readers should not place undue reliance on forward -looking statements and forward -looking information. Readers
are cautioned that reliance on such information may not be appropriate for other purposes. The Company does not
undertake to update any forward-looking statement, forward -looking information or financial out -look that are
incorporated by reference herein, except in accordance with applicable securities laws.
Neither the CSE nor its Market Regulator (as that term is defined in the policies of the CSE) accepts responsibility for
the adequacy or accuracy of this release.