Mr. Patrick Power reports

ARCTIC STAR ANNOUNCES GRANT OF STOCK OPTIONS AND DEFERRED SHARE UNITS

Arctic Star Exploration Corp. has granted an aggregate of five million stock options and 500,000 deferred share units (DSUs) to certain officers, directors and consultants of the company. The awards were granted in accordance with the company's omnibus incentive plan and are in consideration for services provided by the officers, directors and consultants for the period ended May 26, 2023.

The options are exercisable at a price of five cents per share for a period of five years from the date of grant. The DSUs were issued at a deemed price of five cents per DSU.

The DSUs vest one year from the date of grant, subject to certain exemptions, and each DSU entitles the holder to receive one share of the company or, in certain circumstances, a cash payment equal to the value of one share of the company at the time the DSU becomes payable pursuant to the terms of the applicable DSU award agreement.

About Arctic Star Exploration Corp.

Arctic Star is predominantly a diamond explorer, recently discovering five new kimberlites in the prolific Lac De Gras kimberlite field that supports two multibillion-dollar kimberlite mining complexes. The company also has a 958-hectare exploration permit containing several diamond-bearing kimberlites on its Timantti project in Kuusamo, Finland. The company continues to look for appropriate diamond opportunities elsewhere.

The Diagras project is a joint venture between Arctic Star Exploration (currently 81.5 per cent) and Margaret Lake Diamonds Inc. (currently 18.5 per cent).