Mr. Tim Barry reports

ARRAS MINERALS COMMENCES REGIONAL FIELD PROGRAM ON 3,300 SQ. KM LICENSE PACKAGE IN PAVLODAR, KAZAKHSTAN

Arras Minerals Corp. has commenced a regional field program across the more-than-3,300-square-kilometre licence package it controls in Pavlodar, Kazakhstan. This program is a follow-up to the company's inaugural field program in 2022.

Highlights of the planned 2023 regional field program:

• Planned soil sampling program to follow up with 2022 program results, focusing at Akkuduk, Besshoky, Nogurbek, Elemes, Aimandai and Bozshakol South licences; more than 50,000 soil samples are planned, which will be analyzed using a portable X-ray fluorescence (pXRF) analyzer;
• Target mapping will quickly follow up anomalies identified by the soil program;
• Where applicable, and to gain a deeper understanding of the geology and any identified mineralization, trenching will also follow up anomalous areas;
• An airborne geophysics (magnetics) program across the three newly acquired licences (Besshoky, Aimandai and Bozshakol South) is planned for later this year.

Tim Barry, chief executive officer of Arras, commenting on the coming 2023 regional field program, stated: "We were very pleased with the success of our inaugural field program last year and, as a result, have identified new, high-quality targets to be followed up on. With the lack of modern exploration activity across much of our licence package and, in many cases, no known exploration activity at all over the past 30 to 40 years since the collapse of the Soviet Union, we are very excited about advancing on newly identified targets in the Bozshakol-Chingiz magmatic arc. The belt is proven to be productive with three known copper porphyries, two of which are highly profitable mining operations to go alongside Arras's Beskauga deposit. While much of the belt possesses shallow unconsolidated cover, the soil sampling program has proven to be very effective on the licences where there is some outcrop or subcrop that can be targeted and our geological understanding of the region has subsequently continued to expand rapidly since last year."

The company has continued drilling this year on the Beskauga licence, with one core rig operating focused on expanding the mineral resource at Beskauga Main as well as testing additional targets on the licence. The current drill program will pause in the coming weeks to allow for technical information and assays to catch up and be analyzed before a restart of drilling commences either at Beskauga or potentially pivoting for a program at one of the other licence areas.

Qualified person

The technical information of this news release has been reviewed and approved by Tim Barry, a chartered professional geologist, MAusIMM CP (Geo), and a qualified person for the purposes of National Instrument 43-101.

Appointment of market maker

Subject to regulatory approval, the company has engaged the services of Independent Trading Group (ITG) to provide market-making services in accordance with TSX Venture Exchange policies. ITG will trade shares of the company on the TSX-V and all other trading venues with the objective of maintaining a reasonable market and improving the liquidity of the company's common shares.

Under the agreement, ITG will receive compensation of $5,000 per month, payable monthly in advance. The agreement is for an initial term of three months and will renew for additional one-month terms unless terminated. The agreement may be terminated by either party with 30 days of notice. There are no performance factors contained in the agreement and ITG will not receive shares or options as compensation. ITG and the company are unrelated and unaffiliated entities, and, at the time of the agreement, neither ITG nor its principals have an interest, directly or indirectly, in the securities of the company.

About Arras Minerals Corp.

Arras is a Canadian exploration and development company advancing a portfolio of copper and gold assets in northeastern Kazakhstan, including the option agreement on the Beskauga copper and gold project. The company has established the third-largest licence package in the country prospective for copper and gold (behind Rio Tinto and Fortescue Metals Group). The company's shares are listed on the TSX-V under the trading symbol ARK.

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