High-Grade Nevada Samples Deliver Up to 493 g/t Silver as Project Footprint Expands

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1. Ownership and Share Structure Information

The information listed above was updated on the date this article was published and was compiled from information from the company and various other data providers.

Carlton Precious Inc (CPI:TSXV; CPIFF:OTCMKTS) announced assay results from a rock chip sampling program completed in late 2025 at its 100%-owned Dunfee Project in Nevada. The company reported gold values of up to 6.7 g/t and silver assays reaching 493 g/t from a total of 35 rock chip samples collected from mineralized vein structures and dumps across the project area. According to the company, eight of the 35 samples returned silver grades of more than two ounces per tonne or better.

Carlton stated that the program followed encouraging field observations and led to the staking of an additional 30 lode claims, expanding the Dunfee Project's footprint from 23 to 53 lode claims, now covering approximately 430 hectares.

The Dunfee Project is located within the Walker Lane Gold Trend, approximately 80 kilometers south of Tonopah and 73 kilometers northwest of Beatty. The company noted that the project lies 30 miles north of AngloGold Ashanti Ltd.'s (AU:NYSE;  ANG:JSE;  AGG:ASX;  AGD:LSE) Silicon Gold Project and southeast of the historical Gold Point mining camp, which reportedly produced about 74,000 ounces during the mid to late 1800s.

At Dunfee, Carlton identified at least five principal northwest-trending quartz veins, some of which reach up to four meters in width and extend more than 1,000 meters in strike length. The sampled mineralized structures include quartz veins and quartz-sulfide veins within altered wall rock. Higher-grade assays were typically associated with base metal sulfides and pyrite. Many of the samples were collected from historical waste dumps and are not considered representative of previously processed material.

The company also reported that 16 samples averaged 0.99 g/t gold and 31 g/t silver. Carlton stated in a company news release, "Carlton is now planning an Induced Polarization and Ground Magnetic survey across the Project to define the sulfide-rich zones along these mineralized structures prior to drilling the Project planned for mid-2026."

Samples were analyzed by American Assay Laboratories Inc. in Sparks, Nevada, using a 50-gram fire assay for gold, 28-element ICP, and an additional four-element acid digestion for silver, zinc, lead, and copper.

Gold and Silver Respond to Global Uncertainty and Supply Strain

According to a February 4 report from Yahoo Finance, gold futures hovered near US$4,900 per ounce while silver rallied for the second consecutive session following a steep market correction. Goldman Sachs analysts reaffirmed their gold forecast of US$5,400 per ounce by year-end, stating, "Our forecast incorporates two drivers: that central banks maintain their recent pace of accumulation and that private investors step up gold ETF purchases as the Fed cuts rates." The analysts also identified "a significant upside risk" from potential private sector diversification into gold.

JPMorgan analysts expressed continued confidence in gold and silver, noting that central bank and investor demand were expected to support gold prices reaching US$6,300 per ounce by the end of the year. In the same report, they projected that silver would maintain a floor between US$75 and US$80 per ounce, writing that the metal was "unlikely to fully relinquish its recent gains."

Peter Krauth addressed the recent volatility in silver in his February 4 issue of Silver Stock Investor, describing the nearly 40% drop in late January as "one of the largest corrections since the 1980s." He characterized the downturn as a "healthy balancing of sentiment," adding, "This is normal bull market behaviour when an asset gets overbought, like silver clearly had." Despite the correction, Krauth stated that he had not sold his silver holdings and was considering acquiring more, suggesting that the current price range may offer opportunities for accumulation.

Krauth also noted a growing divergence between physical and futures-based silver pricing. He reported that silver on the Shanghai market traded at a more than 40% premium over COMEX futures in January, attributing the disparity to China's new export restrictions, structural supply deficits, and the difficulty of arbitrage between the two markets. He described the persistent premium in Shanghai as a "warning signal" that physical silver supply was under significant strain.

Bloomberg reported on February 4 that Fidelity International's George Efstathopoulos had reduced his gold exposure prior to the late January decline but indicated plans to increase it again. He stated, "A lot of the froth has been taken out, and the structural sort of medium-term themes are very much in place." Efstathopoulos cited continued inflation, a weakening US dollar, and central bank accumulation as factors contributing to gold's strength. He described gold as a tool to "create a more robust portfolio" and planned to increase bullion holdings back to around 5% of his fund.

Michael Ballanger Calls Carlton Precious His "Dark Horse"

According to a January 8 report by Michael Ballanger of GGM Advisory Inc., Carlton Precious Inc. was described as his "dark horse" for 2026. He stated that the Esquilache Project, located in Peru's South Silver Belt, had historical operations under Hochschild Mining and a defined silver-gold-bearing system. Ballanger wrote, "The strategy for Carlton is to carry out a drill program around the edges of the known silver-gold-bearing system with a view to increasing the resource in advance of PEA."

Ballanger highlighted the potential for deeper porphyry-style mineralization, noting that "the geological model upon which management is relying is one that also involves deeper drilling with the objective of locating what they believe could be a large porphyry copper-molybdenum deposit." He emphasized the location of Esquilache near the mineralized corridor known as the Cintura Porfiritica.

Discussing the company's leadership, Ballanger pointed to CEO Marc Henderson's experience, stating that "having strong management is a 'must' for shareholders," particularly in junior exploration. He added that "it was Henderson's Aquiline Resources that sold the [Navidad] deposit to Pan American Silver Corp. for over US$600 million in 2010."

On the permitting front, Ballanger acknowledged that delays had been a challenge for Carlton in Peru. However, he cited a conversation with Henderson in which the CEO stated that permits for drilling at Esquilache should be in place "by the end of January."

Ballanger set a target price of CA$1.00 to CA$1.25 for the stock once permits were secured and drilling commenced, and stated, "CPI/CPIFF is my 'dark horse' for 2026."

Geophysics and Drill Targeting Planned in Nevada Exploration Corridor

Carlton Precious Inc. reported that the Dunfee Project, located in Nevada's Gold Point District, has never been tested with modern drilling despite the presence of historical shafts and prospect pits tracing over several kilometers of gold-bearing quartz veins. The company stated that surface and dump materials have returned grades of up to 1.0 oz/ton gold and up to 10 oz/ton silver.

According to the company, a discovery-focused exploration program is planned that includes geophysical work followed by a diamond drilling campaign. Carlton noted the project's proximity to AngloGold's Silicon Project and recent regional M&A activity as part of the growing interest in the southern Walker Lane Trend. 

Carlton has already expanded the Dunfee land position from 23 to 53 lode claims, covering approximately 430 hectares. The upcoming geophysical survey will include Induced Polarization and Ground Magnetic methods designed to define sulfide-rich zones along the identified mineralized structures. Drilling is scheduled to begin in mid-2026.

Ownership and Share Structure¹

Management and Insider hold 20.39% of Carlton Precious, with Strategic Entities owning 8.47%.

The rest is retail.

Carlton has 86.56 million outstanding shares, a market cap of CA$9.82 million, and a 52-week range of CA$0.05 – CA$0.30.