Mr. Patrick Power reports

ARCTIC STAR PROVIDES UPDATE ON DIAGRAS JOINT VENTURE

Arctic Star Exploration Corp. has provided an update to the joint venture with respect to the Diagras property, in which Arctic Star holds an 81.5-per-cent interest and Margaret Lake Diamonds Inc. held an 18.5-per-cent interest, pursuant to an option and joint venture agreement dated Nov. 7, 2016, between Arctic Star and Margaret Lake (the OJVA).

Arctic Star has provided its consent to an arm's-length transaction, whereby Margaret Lake sold its 18.5-per-cent interest in the Diagras joint venture to a new joint venture party. The acquirer is an arm's-length party to Arctic Star and is a privately held company. Arctic Star has entered into an assignment, consent and acknowledgement agreement with the acquirer and Margaret Lake, whereby Arctic Star has consented to the assignment of Margaret Lake's 18.5-per-cent interest in the Diagras joint venture to the acquirer. Pursuant to the assignment agreement, Arctic Star will continue to be operator and will hold 81.5-per-cent interest in the Diagras joint venture. The Diagras joint venture remains subject to the terms and conditions of the OJVA. If a party to the OJVA dilutes to below a 10-per-cent interest in the Diagras joint venture, then such party's interest will convert to a 1.5-per-cent gross overriding royalty.

Arctic Star has been advised by the acquirer that the assignment agreement closed on March 25, 2024.

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, Kuusamo, Finland. The company continues to look for appropriate diamond opportunities elsewhere.

We seek Safe Harbor.