FORM 7 – MONTHLY PROGRESS REPORT January 2015 Page 1 FORM 7 MONTHLY PROGRESS REPORT Name of Listed Issuer
FORM 7 – MONTHLY PROGRESS REPORT
January 2015
Page 1
FORM 7
MONTHLY PROGRESS REPORT
Name of Listed Issuer: Carlyle Commodities Corp. (the “Issuer”).
Trading Symbol: CCC
Number of Outstanding Listed Securities: 49,100,509
Date: March 2021
This Monthly Progress Report must be posted before the opening of trading on the fifth trading day of each
month. This report is not intended to replace the Issuer’s obligation to separately report material
information forthwith upon the information becoming known to management or to post the forms required
by Exchange Policies. If material information became known and was reported during the preceding month
to which this report relates, this report should refer to the material information, the news release date and
the posting date on the Exchange website.
This report is intended to keep investors and the market informed of the Issuer’s ongoing business and
management activities that occurred during the preceding month. Do not discuss goals or future plans
unless they have crystallized to the point that they are "material information" as defined in the Policies. The
discussion in this report must be factual, balanced and non-promotional.
General Instructions
(a) Prepare this Monthly Progress Report using the format set out below. The sequence of questions
must not be altered nor should questions be omitted or left unanswered. The answers to the items
must be in narrative form. State when the answer to any item is negative or not applicable to the
Issuer. The title to each item must precede the answer.
(b) The term “Issuer” includes the Issuer and any of its subsidiaries.
(c) Terms used and not defined in this form are defined or interpreted in Policy 1 – Interpretation and
General Provisions.
Report on Business
1. Provide a general overview and discussion of the development of the Issuer’s business and
operations over the previous month. Where the Issuer was inactive disclose this fact.
The Issuer and its partner Riverside Resources Inc. continued the previously announced
phase one drill campaign at The Cecilia Gold-Silver Project in Sonora , Mexico (see press
release dated February 8, 2021). The work program will test the un-drilled San Jose structure
on the Cerro Magallanes target where recent sampling returned values up to 48.3 g/t gold
over 0.75 m at surface (out of 21 samples; see press release of November 18, 2020). As project
operator, Riverside Resources has planned a total of 6 drill holes designed to test down to
roughly 250 m in depth between 2,200 m and 1,900 m elevation over the Cerro Magallanes
FORM 7 – MONTHLY PROGRESS REPORT
January 2015
Page 2
rhyolitic dome. This target is one out of five major targets on the 7,000 hectares (70 sq. km)
claim block in the prolific gold and copper mining region of northern Sonora, Mexico.
On March 8, 2021, the Issuer issued 200,000 compensation shares as more particularly
described in Item 14 herein.
2. Provide a general overview and discussion of the activities of management.
The Issuer is a mineral exploration company focused on the acquisition, exploration and
development of mineral resource properties, specifically in the strategic battery metals sector.
The Issuer has an option agreement to purchase a 100% interest in the highly prospective
Sunset Property (the “Sunset Property”), which consists of 4 mineral claims comprising a total
of approximately 785.31 hectares located in the Vancouver Mining Division approximately
15km north of Whistler, British Columbia, and 108km north of Vancouver, British Columbia.
In order to earn the interest in the Sunset Property, the Issuer must complete $1,000,000 in
exploration by June 30, 2020 ($100,000 by September 30, 2018 (completed); $200,000 by
December 31, 2020; and $700,000 by December 31, 2021), make cash payments of $15,000 by
April 1, 2018 (completed), and issue 666,667 shares by April 1, 2018 (completed). The parties
to the Sunset Option Agreement are currently working to prepare an amendment to the
agreement extending the terms of the remaining obligations of the Issuer.
The Issuer has an option agreement to purchase a 100% interest in and to the 7,739 hectare
Cecilia Gold-Silver Project (the “Cecilia Project”) located in the State of Sonora, Mexico. In
order to earn the interest in the Cecilia Project, the Issuer must make aggregate cash
payments of $200,000 ($10,000 on signing a Letter of Intent (completed); $40,000 upon closing
(completed); $50,000 by July 13th, 2021; $50,000 by July 13th, 2022; and $50,000 by July 13th,
2023), issue 1,500,000 common shares upon closi ng (completed), issue 3,000,000 non -
transferable special warrants (completed), and incur an aggregate of $2,500,000 in
exploration expenditures by July 13th 2023 ($750,000 by July 13th, 2021 (completed); $500,000
by July 13th, 2022; and $1,250,000 by July 13th, 2023).
The Issuer has an option agreement (the “ Mack Option Agreement ”) with United Mineral
Services Ltd. (“UMS”) and Amarc Resources Ltd. as operator (“Amarc”), pursuant to which
the Issuer has the right to earn a 50% working interest (the “ Mack Option”) in the Mack
Project.
The Issuer has an option agreement (the “ Jake Option Agreement ”) with UMS and Amarc,
pursuant to which the Issuer has the right to earn a 50% working interest (the “Jake Option”)
in the Jake gold property (the “Jake Project”), located in British Columbia.
Under the terms of the Mack Option Agreement and the Jake Option Agreement, the Issuer
has the right to earn a 50% working interest in the Mack Project and the Jake Project by
completing $400,000 of drilling and other surveys on each property. Upon completion of the
required expenditures, separate 50:50 joint ventures (each a “Joint Venture”) will be formed
between the Issuer and UMS (or its assigns) in order to continue to advance each property.
The Issuer and its partner Riverside Resources Inc. (“ Riverside”) completed a Phase I
prospecting program on its Cecilia Project in Sonora, Mexico. A total of 57 rock samples were
FORM 7 – MONTHLY PROGRESS REPORT
January 2015
Page 3
collected from Cerro Magallanes with assays returning as high as 48.3 grams per tonne (g/t)
gold over 0.75 m . Phase I prospecting has defined and confirmed extensive high -grade
mineralization on surface at San Jose and North Breccia targe ts. Channel results including
43.2 g/t Au (40 cm channel) and 5.6 g/t Au (60 cm channel), are part of a more extensive
structural corridor for which historical work has defined the extension up to 300 m in strike
length and 20 m width . Surface work has helped Riverside define and detail a 6-hole drill
program for 1,500 m over the primary structural zones at the San Jose, North Breccia and
Central targets at the Project.
The Issuer and its partner UMS completed a Phase I wide-spaced three hole core drilling
program (totalling 583 metres) at their Mack cop per-molybdenum-tungsten-gold, sheeted
and stockwork vein/fracture target, (the “ Mack Project”) located near Dease Lake, British
Columbia. All three holes (MK2001 thru MK2003) intersected the targeted geological setting;
a sheeted and stockwork vein/fracture system hosted by granodiorite. No other significant
rock types were encountered. Fractures, veins, alteration and occurrences of pyrite,
chalcopyrite (copper) and molybdenite (molybdenum) were similar in all three holes but their
degree of development varied. The Issuer and UMS (or its assigns) have now formed a 50:50
Joint Venture to further advance the project.
The Issuer’s wholly-owned subsidiary, Isaac Newton Mining Corp, owns 100% of the Newton
Gold Project (the “ Newton Gold Project ”) located in the Clinton Mining Division of the
Province of British Columbia. The Newton Gold Project covers approximately 23,000
contiguous hectares of generally flat -lying topography, located approximately 100 km west -
southwest of Williams Lake in south-central British Columbia, Canada. The area is accessible
year-round by a 2.5 -hour drive from Williams Lake, using Highway 20 and maintained
logging roads. The Newton Gold Project includes more than 30,000 m of drilling, and a 2012
historic mineral resource estimated at the inferred confidence level for 1.6 million ounces gold
(Au), and 7.7 million ounces silver (Ag), as reported in a NI 43 -101 technical report effective
dated December 19, 2012 entitled “Technical Report on the Initial Mineral Resource Estimate
for the New Project, Central British Columbia, Canada”, prepared by Reno Pressacco,
M.Sc.(A), P.Geo., for Amarc and filed under Amarc’s profile on www.sedar.com (the
“Newton Technical Report”). This inferred mineral resource estimates a grade of 0.44 g/t Au
and 2.1 g/t Ag. at a cut-off grade of 0.25 g/t Au. The mineralization is typical of bulk-tonnage,
low to intermediate sulphidation, disseminated epithermal gold-silver deposits.
3. Describe and provide details of any new products or services developed or offered. For resource
companies, provide details of new drilling, exploration or production programs and acquisitions of
any new properties and attach any mineral or oil and gas or other reports required under Ontario
securities law.
N/A
4. Describe and provide details of any products or services that were discontinued. For resource
companies, provide details of any drilling, exploration or production programs that have been
amended or abandoned.
N/A
5. Describe any new business relationships entered into between the Issuer, the Issuer’s affiliates or
FORM 7 – MONTHLY PROGRESS REPORT
January 2015
Page 4
third parties including contracts to supply products or services, joint venture agreements and
licensing agreements etc. State whether the relationship is with a Related Person of the Issuer and
provide details of the relationship.
N/A
6. Describe the expiry or termination of any contracts or agreements between the Issuer, the Issuer’s
affiliates or third parties or cancellation of any financing arrangements that have been previously
announced.
N/A
7. Describe any acquisitions by the Issuer or dispositions of the Issuer’s assets that occurred during
the preceding month. Provide details of the nature of the assets acquired or disposed of and provide
details of the consideration paid or payable together with a schedule of payments if applicable, and
of any valuation. State how the consideration was determined and whether the acquisition was from
or the disposition was to a Related Person of the Issuer and provide details of the relationship.
N/A
8. Describe the acquisition of new customers or loss of customers.
N/A
9. Describe any new developments or effects on intangible products such as brand names, circulation
lists, copyrights, franchises, licenses, patents, software, subscription lists and trade-marks.
N/A
10. Report on any employee hirings, terminations or lay -offs with details of anticipated length of lay -
offs.
N/A
11. Report on any labour disputes and resolutions of those disputes if applicable.
N/A
12. Describe and provide details of legal proceedings to which the Issuer became a party, including the
name of the court or agency, the date instituted, the principal parties to the proceedings, the nature
of the claim, the amount claimed, if any, if the proceedings are b eing contested, and the present
status of the proceedings.
None
13. Provide details of any indebtedness incurred or repaid by the Issuer together with the terms of such
indebtedness.
N/A
FORM 7 – MONTHLY PROGRESS REPORT
January 2015
Page 5
14. Provide details of any securities issued and options or warrants granted.
On March 8, 2021, the Issuer issued 200,000 compensation Shares at a deemed price of $0.075
per Share pursuant to an advisory board consulting agreement.
15. Provide details of any loans to or by Related Persons.
None
16. Provide details of any changes in directors, officers or committee members.
None
17. Discuss any trends which are likely to impact the Issuer including trends in the Issuer’s market(s)
or political/regulatory trends.
There has been a global pandemic outbreak of COVID-19. The actual and threatened spread
of the virus globally has had a material adverse effect on the global economy and, specifically,
the regional economies in which the Issuer operates. The pandemic could continue to have a
negative impact on the stock market, including trading prices of the Issuer’s shares and its
ability to raise new capital. These factors, amongst others, could have a significant impact on
the Issuer’s operations. As a result, there ex ists material uncertainty that casts significant
doubt about the Issuer’s ability to continue as a going concern.
FORM 7 – MONTHLY PROGRESS REPORT
January 2015
Page 6
Certificate Of Compliance
The undersigned hereby certifies that:
1. The undersigned is a director and/or senior officer of the Issuer and has been duly authorized by a
resolution of the board of directors of the Issuer to sign this Certificate of Compliance.
2. As of the date hereof there were is no material information concerning the Issuer which has not
been publicly disclosed.
3. The unde rsigned hereby certifies to the Exchange that the Issuer is in compliance with the
requirements of applicable securities legislation (as such term is defined in National Instrument 14-
101) and all Exchange Requirements (as defined in CNSX Policy 1).
4. All of the information in this Form 7 Monthly Progress Report is true.
Dated April 1, 2021 .
Morgan Good
Name of Director or Senior Officer
“Morgan Good”
Signature
CEO
Official Capacity
Issuer Details
Name of Issuer
Carlyle Commodities Corp.
For Month End
March 2021
Date of Report
YY/MM/DD
21/04/01
Issuer Address
#620 – 111 Melville Street
City/Province/Postal Code
Vancouver, BC, V6E 3V6
Issuer Fax No.
N/A
Issuer Telephone No.
(604) 715-4751
Contact Name
Morgan Good
Contact Position
CEO
Contact Telephone No.
(604) 715-4751
Contact Email Address
Web Site Address
https://carlylecommodities.com/