File: '\\swfile\EmailIn\20241204 150841 Attachment Arctic Star - News Release Announcing Closing of Unit Private Placement - December 4, 2024.docx'

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LEGAL_45490384.1

LEGAL_45490384.1

TSX-V: ADD

Frankfurt: 82A1

WKN: A2DFY5

THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES FOR DISSEMINATION IN THE UNITED STATES

Arctic Star Announces Closing of Non-Brokered Private Placement of Units

December 4, 2024 - Vancouver, British Columbia - Arctic Star Exploration Corp. ("Arctic Star" or the "Company") is pleased to announce the closing of its non-brokered private placement of units (the "Units") of the Company at a price of $0.015 per Unit first announced on July 26, 2024, as further updated on September 7, 2024, September 25, 2024 and October 4, 2024 (the "Offering").

The Offering consisted of 15,643,334 Units for gross aggregate proceeds of $234,650. Each Unit consisted of one common share in the capital of the Company (a "Share") and one non-transferable share purchase warrant (a "Warrant"). Each Warrant is exercisable to purchase one additional Share (a "Warrant Share") for a period of 24 months from the closing date at an exercise price of $0.05 per Warrant Share.

No Insiders (as such term is defined under the policies of the TSX Venture Exchange) or persons conducting investor relations activities participated in the Offering.

All securities issued under the Offering will be subject to a hold period which will expire on April 5, 2024 in accordance with applicable securities legislation.

The Company will use 100% of the proceeds from the Offering for general working capital and trade payables.

No finders' fees were paid in connection with the Offering.

About Arctic Star

Arctic Star is predominantly a diamond explorer, recently discovering 5 new kimberlites in the prolific Lac De Gras kimberlite field that supports 2 multi-billion dollar kimberlite mining complexes. The Company also has a 958 Ha Exploration permit containing several diamond-bearing kimberlites on its Timantti project, Kuusamo Finland. The Company continues to look for appropriate diamond opportunities elsewhere.

ON BEHALF OF THE BOARD OF DIRECTORS OF

ARCTIC STAR EXPLORATION CORP.

"Patrick Power"

Patrick Power, President & CEO

+1 (604) 218-8772

ppower@arcticstar.ca

This news release contains "forward-looking statements" including but not limited to statements with respect to Arctic Star's plans, the Offering and the use of proceeds. Forward-looking statements, while based on management's best estimates and assumptions, are subject to risks and uncertainties that may cause actual results to be materially different from those expressed or implied by such forward-looking statements, including but not limited to: risks related to the completion of the Offering and receiving requisite regulatory approvals for the Offering. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Factors that could affect our plans include the possibility that we do not receive final TSXV approval for the Offering or we are unable to raise all of the funds we are seeking to raise. Our proposed use of proceeds is subject to receipt of TSXV approval. Accordingly, readers should not place undue reliance on forward-looking statements. Arctic Star undertakes no obligation or responsibility to update forward-looking statements, except as required by law.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

File: Attachment Arctic Star - News Release Announcing Closing of Unit Private Placement - December 4 2024.pdf

TSX-V: ADD Frankfurt: 82A1 WKN: A2DFY5

THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES FOR DISSEMINATION IN THE UNITED STATES

Arctic Star Announces Closing of Non-Brokered Private Placement of Units

December 4, 2024 Vancouver, British Columbia Arctic Star Exploration Corp. ("Arctic Star" or the "Company") is pleased to announce the closing of its non-brokered private placement of units (the "Units") of the Company at a price of $0.015 per Unit first announced on July 26, 2024, as further updated on September 7, 2024, September 25, 2024 and October 4, 2024 (the "Offering"). The Offering consisted of 15,643,334 Units for gross aggregate proceeds of $234,650. Each Unit consisted of one common share in the capital of the Company (a "Share") and one non-transferable share purchase warrant (a "Warrant"). Each Warrant is exercisable to purchase one additional Share (a "Warrant Share") for a period of 24 months from the closing date at an exercise price of $0.05 per Warrant Share. No Insiders (as such term is defined under the policies of the TSX Venture Exchange) or persons conducting investor relations activities participated in the Offering. All securities issued under the Offering will be subject to a hold period which will expire on April 5, 2024 in accordance with applicable securities legislation. The Company will use 100% of the proceeds from the Offering for general working capital and trade payables. No finders' fees were paid in connection with the Offering. About Arctic Star Arctic Star is predominantly a diamond explorer, recently discovering 5 new kimberlites in the prolific Lac De Gras kimberlite field that supports 2 multi-billion dollar kimberlite mining complexes. The Company also has a 958 Ha Exploration permit containing several diamond-bearing kimberlites on its Timantti project, Kuusamo Finland. The Company continues to look for appropriate diamond opportunities elsewhere.

LEGAL_45490384.1 2 ON BEHALF OF THE BOARD OF DIRECTORS OF ARCTIC STAR EXPLORATION CORP. "Patrick Power" Patrick Power, President & CEO +1 (604) 218-8772 ppower@arcticstar.ca This news release contains "forward-looking statements" including but not limited to statements with respect to Arctic Star's plans, the Offering and the use of proceeds. Forward-looking statements, while based on management's best estimates and assumptions, are subject to risks and uncertainties that may cause actual results to be materially different from those expressed or implied by such forward-looking statements, including but not limited to: risks related to the completion of the Offering and receiving requisite regulatory approvals for the Offering. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Factors that could affect our plans include the possibility that we do not receive final TSXV approval for the Offering or we are unable to raise all of the funds we are seeking to raise. Our proposed use of proceeds is subject to receipt of TSXV approval. Accordingly, readers should not place undue reliance on forward-looking statements. Arctic Star undertakes no obligation or responsibility to update forward- looking statements, except as required by law. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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