Mr. Tim Barry reports

ARRAS MINERALS REPORTS FIRST HIGH-GRADE GOLD AND SILVER IN GRAB SAMPLES FROM THE ELEMES LICENSE

Arras Minerals Corp. has released the results of 135 grab samples taken from Soviet-era exploration trenches at the Karagandy-Ozek project located within the company's Elemes exploration licence in northeastern Kazakhstan.

Highlights include:

• A total of 135 grab samples, collected by Arras, have returned grades up to 29 grams per tonne gold, 287 g/t silver and 238 g/t tellurium, with average grades of 3.5 g/t Au, 15.3 g/t Ag and 18.7 parts per million Te.
• The northernmost trenches delineate a zone of high-grade Au mineralization of at least 650 metres that remains entirely open to the northeast. The average grade for 63 grab samples collected from the northern zone is 5.6 g/t Au, 20.4 g/t Ag and 29.5 ppm Te.
• The mineralization is interpreted as a low-sulphidation epithermal gold-silver deposit that forms part of a far larger porphyry-epithermal system within the Elemes licence that includes the Berezki Central and Berezki East porphyry copper-gold prospects, and Quartzite Gorka breccia-hosted intermediate-sulphidation epithermal copper-gold-silver-lead-zinc prospect.
• Located nearby the past-producing, high-grade epithermal Au-Ag Aimandai mine.

Tim Barry, chief executive officer, commented: "We are very pleased with our first-pass sampling program of the Elemes licence. Our mapping and sampling program suggests we have a fully intact, and largely unexplored, epithermal and porphyry system. It should be noted that the mineralization identified in the Elemes licence is a completely different mineralizing system to the Beskauga deposit, which sits 85 kilometres to the east. We believe we are just scratching the surface of the potential of the Bozshakol-Chingiz metallogenic arc and our team is methodically advancing towards establishing drill targets at some of these new areas."

The Karagandy Ozek project is located within the 425-square-kilometre Elemes mineral exploration licence, which was acquired in 2022. Elemes benefits from excellent modern infrastructure and ease of accessibility, being located only 20 kilometres from Arras's operational base in the city of Ekibastuz, northeastern Kazakhstan. A paved highway runs through the licence, and within one km of the Karagandy Ozek project. Power lines of 1,100 kilovolt-amps, heavy rail and the Irtysh-Karaganda irrigation canal all lie within a 20 km radius of the project. The past-producing, high-grade Au-Ag epithermal Aimandai mine is nearby.

The gold-silver-tellurium mineralization at Karagandy-Ozek is hosted in zone of quartz veining (individual veins between 0.5 and one m width) that displays typical low-sulphidation textures, including crustiform banding, euhedral crystal infill of vein voids and bladed textures (quartz after calcite). A zone of strong silicification and argillic (kaolinite-illite-quartz) alteration surrounds the quartz veins.

The mineralization is interpreted as a low-sulphidation epithermal gold-silver deposit that forms part of a far larger porphyry-epithermal system within the Elemes licence. Nearby is the past-producing Aimandai mine, a high-grade epithermal Au-Ag deposit which according to historical Soviet reports has an average resource grade of 24.6 g/t Au and 34.7 g/t Ag with minor copper, lead and zinc.

A high-resolution airborne magnetic survey over Elemes and 3-D inversion of the resulting data demonstrate that Karagandy-Ozek and the aforementioned associated prospects are all located within a nine km by 3.5 km aeromagnetic-low feature interpreted to represent magnetite destruction associated with hydrothermal alteration. The airborne survey has significantly improved the company's understanding of the structural controls of the mineralization and provided several new drill targets within the Elemes licence.

The Elemes licence is located within the Bozshakol-Chingiz metallogenic belt that also hosts the company's flagship Beskauga porphyry copper-gold-silver project approximately 80 km to the east, and Kaz Minerals' Bozshakol porphyry copper-gold mine (one of the largest copper resources in Kazakhstan) approximately 60 km to the northwest.

Assay and quality assurance/quality control procedures

Samples were bagged and sealed in the field to ensure integrity during transport. Average sample weight was five to six kilograms. All sample preparation and geochemical analyses of the rock samples were undertaken by ALS Global at its laboratories in Karaganda (Kazakhstan) and Loughrea (Republic of Ireland), respectively. ALS preparation and analytical labs are accredited to ISO 17025:2005 (UKAS reference No. 4028) and have internal quality assurance and quality control (QA/QC) programs for monitoring accuracy and precision. ALS Global is entirely independent of the company. After drying samples were crushed by ALS to greater than 70 per cent passing below two millimetres and split using a riffle splitter. Splits of 250 grams were pulverized to 85 per cent passing below minus 75 microns. A 30-grams split of the pulp was analyzed for gold content by fire assay with an atomic absorption spectroscopy (AAS) finish (ALS method: Au-AA25) at ALS Karaganda. A second pulp split was then air freighted to ALS Loughrea and analyzed for 48 elements by inductively coupled plasma mass spectrometry (ICP-MS) after four-acid digestion on a 0.25-gram aliquot (ALS method: ME-MS61). Samples exceeding 100 g/t silver were reanalyzed using a four-acid digest ICP-MS ore-grade method (ALS method: Ag-OG62).

Qualified person: The scientific and technical disclosure for the Quartzite Gorka project included in this news release has been prepared under supervision of and approved Mr. Barry, chief executive officer and director of Arras Minerals, who is also a member and chartered professional geologist (MAusIMM CP (Geo)) of the Australasian Institute of Mining and Metallurgy. Mr. Barry has sufficient experience, relevant to the styles of mineralization and type of deposits under consideration and to the activity that he is undertaking, to qualify as a qualified person for the purposes of National Instrument 43-101 Standards of Disclosure for Mineral Projects.

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 Venture Exchange under the trading symbol ARK.

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