Mr. Tim Barry reports

ARRAS MINERALS CONFIRMS LARGE "AT SURFACE" UNTESTED PORPHYRY SYSTEM ON THE ELEMES LICENCE IN KAZAKHSTAN

Arras Minerals Corp. has released the initial results of its 2023 soil sampling program conducted over the Berezski target, located within the company's Elemes 425-square-kilometre exploration licence in northeastern Kazakhstan. The Elemes licence is not included in the Teck-Arras strategic exploration alliance announced on Dec. 7, 2023.

Highlights from the soil sampling program:

• 8.8-kilometre-by-1.5-kilometre northeast-southwest-trending coherent copper anomaly (greater than 150 parts per million) linking two zones of shallow (less than 298 metres) high-grade historical drilling that sit five kilometres apart and include reassayed results of 108 metres of 0.94 per cent copper equivalent (including 30.8 metres of 2.21 per cent copper equivalent) and 132.6 metres of 0.80 per cent copper equivalent (including 57.1 metres of 1.00 per cent copper equivalent) starting from surface;
• Bull's-eye 2.8-kilometre-by-1.6-kilometre coherent molybdenum anomaly interpreted to be the core of an at-surface porphyry system that is untested with drilling;
• An arsenic peripheral to copper-molybdenum anomaly thought to be associated with an intermediate-sulphidation epithermal system, which recent sampling by Arras has returned gold and silver grades up to 29 grams per tonne gold and 287 grams per tonne silver;
• Results confirm a multikilometre-scale system, delimited by several mineralized zones, which may be contiguous under surface cover;
• Arras collected 31,000 soil samples over the Elemes licence in 2023; the results presented in this news release cover only the western half of the Elemes licence and represent approximately 60 per cent of the soil samples collected; the results of the remaining 14,000 soil samples are expected in the next three to four weeks.

Tim Barry, chief executive officer of Arras Minerals, stated: "The coherence and continuity of the copper soil anomaly over 8.8 kilometres is impressive. The results of our soil sampling program, combined with widely spaced historical drilling, some of which we have been able to reassay, all points to a very large and intact porphyry system that starts at surface and has unknown extent as it continues under recent cover to both the northeast and southwest. The reassay results we put out at the start of this year on some of the historical shallow drill holes in the area show strong copper-gold mineralization grading up to 0.94 per cent copper equivalent over 108 metres and 0.80 per cent copper equivalent over 132.6 metres, ending in mineralization in some cases. What is even more exciting is that, in addition to the copper soil anomaly, our soil results were also able to delineate a 2.8-kilometre-by-1.6-kilometre bull's-eye molybdenum anomaly that has yet to be drill tested. The significance of the molybdenum is that it may point towards the core of the porphyry, which typically holds high-grade copper and gold mineralization. In summary, we now have a confirmed second large porphyry system within our extensive licence package in northeast Kazakhstan."

The soil sampling program

In 2023, a comprehensive soil sampling program was undertaken across the Elemes licence area. This program specifically targeted the well-developed B soil horizon utilizing a 50-metre sample interval and 200-metre line spacing grid. A total of approximately 31,000 samples were collected.

This press release announces the findings from the initial batch of 17,000 samples, which cover an area of 189.3 square kilometres (approximately 11.5 kilometres by 18.2 kilometres) situated on the western side of the Elemes licence. The results from the remaining 14,000 samples, covering the eastern portion of the Elemes licence, are anticipated to be available within the next three to four weeks.

The soil analysis was conducted utilizing a portable X-ray fluorescence device (pXRF), a widely employed instrument for determining the elemental composition of samples. Due to the limited sampling area of the pXRF, the results presented in this release are considered indicative rather than fully quantitative regarding mineralization.

Despite this limitation, the results have revealed a substantial and coherent copper-in-soil anomaly, with copper concentrations exceeding 150 parts per million. Background copper in the area is considered to be less than 20 parts per million. This anomaly stretches over a remarkable distance of more than 8.8 kilometres from north to south and extends to approximately 1.5 kilometres in width from east to west. Notably, it connects the Quartzite Gorka and Berezski East historical drilling areas, which are situated over five kilometres apart. These areas have previously confirmed high-grade porphyry copper-gold mineralization starting at the surface.

The continuity of the copper soil anomaly strongly suggests that the Quartzite Gorka and Berezski East areas represent only a small part of a much larger porphyry copper-gold system.

Reassay of historical core

The Quartzite Gorka and Berezski East areas were drilled between 2007 and 2010. All available drill core have been relogged in detail by Arras for lithology, structure, alteration and mineralization. The mineralization seen at both locations is interpreted to be the upper part of a porphyry copper-gold mineralizing system. The mineralization comprises sheeted and/or stockwork veining of quartz-magnetite A veins with minor chalcopyrite-bornite plus or minus potassium-feldspar halos; magnetite-only M veins; and quartz-chalcopyrite veins. Locally disseminated patches of chalcopyrite, bornite and pyrite occur. Anhydrite veins and late epidote-carbonate veins are also observed. The host diorite intrusion is fine grained, equigranular and typically highly magnetic. Strong potassic (potassium feldspar/quartz/magnetite/secondary biotite) alteration of the host diorite has been variably overprinted by intermediate argillic (illite-chlorite) alteration.

Arras also sent six holes, three each from Quartzite Gorka and Berezski East, for reassay. The summarized results of these reassays are provided in the attached table and were disclosed in news releases on Jan. 8, 2024, and Jan. 22, 2024, respectively. Notably, the findings showcased zones of exceptionally high-grade mineralization, including sections measuring 30.8 metres grading 2.21 per cent copper equivalent and 62 metres grading 1.53 per cent copper equivalent.

The Berezski target is located within the 425-square-kilometre Elemes mineral exploration licence. The licence 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 kilometre of the Berezski target. Heavy rail and 1,100-kilovolt-ampere power lines all lie within a 15-kilometre radius of the project.

The Berezski target is located within the Bozshakol-Chingiz metallogenic belt, which also hosts the Beskauga porphyry copper-gold-silver project approximately 80 kilometres to the east and Kaz Minerals' Bozshakol porphyry copper-gold mine approximately 60 kilometres to the northwest.

Sampling methodology

Samples were collected on a 50-metre (east-west) by 200-metre (north-south) grid spacings. Samples were collected from hand-dug pits, trying to consistently sample the B horizon. Approximately 500 grams of material were collected and sieved (five-millimetre mesh size) to review larger particles and organic matter. Following collection, the samples were bagged, dried and analyzed by the company with a portable Niton XL5 X-ray fluorescence analyzer at the company's core storage facility in Ekibastuz.

Assay and quality assurance/quality control procedures

Analysis was conducted using the company's two Niton XL5 portable XRF units. Units were calibrated at the start and end of each work shift as well as after every 100 samples to verify accuracy. In addition, a measurement from a certified reference material was taken every 20 measurements to ensure accuracy and repeatability of data. In addition, prior to commencement of the measurements, 100 duplicate samples were analyzed using both units to confirm that both units were producing accurate results and that no bias was present in either of the units.

All soil material is stored at Arras's warehouse in Ekibastuz, and the company plans to send a proportion of these samples to ALS Chemex in Karaganda, Kazakhstan, for reanalysis with a four-acid-digest ICP-MS61 analysis and for trace gold analysis (using Au-ST43).

Qualified person

The scientific and technical disclosure for the Elemes project included in this news release has been prepared under the supervision of and has been approved by 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 of 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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