Carlton Precious Provides Esquilache Project Update

TORONTO, Dec. 01, 2025 (GLOBE NEWSWIRE) -- 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 Project 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 expects 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 martin@carltonprecious.com.

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”, “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.

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