Mr. Martin Walter reports

CARLTON PRECIOUS ANNOUNCES FILING OF NOTICE OF INTENTION TO SELL ATHENA GOLD CORPORATION COMMON SHARES

Carlton Precious Inc. has filed a notice of intention to distribute securities (Form 45-102F1) in connection with its proposed sale of up to five million common shares of Athena Gold Corp. The common shares are expected to be sold through the facilities of the Canadian Securities Exchange, and may also be sold or transferred privately. The company has held its shares of Athena since December, 2021, and this sale is part of a monetization strategy.

As of Sept. 16, 2025, the company owns an aggregate of 55 million common shares of Athena, or 21.1 per cent of the issued and outstanding Athena common shares. If the maximum number of shares covered by the notice are ultimately sold, and assuming no other variation of Athena's common shares outstanding, the company would still hold an aggregate of 50 million common shares of Athena, or 19.2 per cent of Athena's common shares currently issued and outstanding. Depending on market and other conditions, the company may further decrease its security holdings in Athena as it may determine appropriate. A copy of the notice has been filed by the company on Athena's SEDAR+ profile. There is no assurance as to the timing of the proposed sales contemplated in the notice, and any such proposed sales may not occur.

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).

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