Announcement • Jul 14
Carlin Gold Corporation Announces Management Changes Carlin Gold Corporation announced that Cal Everett appointed as Chairman and Director. Mr. Everett has worked in various capacities over 35 years in the mineral exploration industry. Mr. Everett is a geologist with more than 14 years of surface and underground exploration experience with senior mining companies. He moved to the financial sector in 1990 and spent 12 years with BMO Nesbitt Burns focused on resource equities, and seven years with PI Financial Corp. in senior resource institutional sales and capital markets. From 2008 to 2015, Mr. Everett was President and CEO of Axemen Resource Capital. From 2016 to 2025, Mr. Everett served as President & CEO of Liberty Gold, which is currently in the development phase with a market capitalization of approximately $900 million. In total, Mr. Everett has been involved in raising over $1 billion in the mineral exploration sector, resulting in the early discovery of deposits with a growing list of takeovers to date in excess of $15 billion. He holds a Bachelor of Science degree in Economic Geology from the University of New Brunswick. Craig Roberts was appointed as Director. Mr. Roberts is a retired mining engineer with over 40 years of operations, engineering consulting, and investment banking experience in the mining sector. Mr. Roberts is a former Director & CEO of New Found Gold Corp. with a peak market cap of $1 billion, and current and former director of other high market cap public exploration companies. Mr. Roberts has a B.A.Sc. (Mining Engineering) degree from the University of British Columbia and an M.Phil. (Management Studies) degree from Oxford University. He has worked on several merger and acquisition transactions. Mr. Roberts has acted as an advisor on open pit and underground mining opportunities worldwide for major and junior mining companies as a specialty focus. Robert Thomas resigned as Director and will continue as Vice President Exploration, assisting with the transfer of data on Cortez Summit and other projects. Robert Culbert resigned as Director. Aris Morfopoulos resigned as Director. Wayne Livingstone resigned as President & CEO and will continue as Director. The board also appointed Quentin Mai as President and director. Mr. Mai has 30 years of capital markets and corporate communications experience working with successful early - stage growth companies from mineral discovery to production. His most recent position was President &CEO of West Point Gold where he successfully undertook critical early-stage capital raises and oversaw growth from a $6 million to over $80 million market capitalization. Mr. Mai also spent 10 years with Corvus Gold, from its founding to eventual sale to AngloGold Ashanti for CAD 570 million. Furthermore, he was Vice President Business Development for International Tower Hill from inception to its peak valuation exceeding $800 million market capitalization in 2010 helping to raise over $250 million. New Risk • Jun 12
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: CA$13.4m (US$9.61m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks High level of non-cash earnings (51% accrual ratio). Shareholders have been substantially diluted in the past year (45% increase in shares outstanding). Revenue is less than US$1m. Market cap is less than US$10m (CA$13.4m market cap, or US$9.61m). 
