Mr. Tim Barry reports

ARRAS MINERALS DEFINES A NEW 14KM COPPER SOIL ANOMALY ON THE ELEMES PROJECT, KAZAKHSTAN

Arras Minerals Corp. has introduced the results of its soil sampling program over the Aimandai target, located within its Elemes project in northeastern Kazakhstan. The Elemes project is composed of several mineral licences that are 100 per cent owned by Arras and not included in the Teck-Arras strategic exploration alliance announced on Dec. 7, 2023.

Highlights from the soil sampling program:

• Identified a second, unexplored 14-kilometre-by-3.2-kilometre northeast-southwest-trending coherent copper anomaly (greater than 100 parts per million) called the Aimandai target located within the Elemes project;
• Large, overlapping arsenic anomaly interpreted to be associated with an intermediate-sulphidation to high-sulphidation epithermal system indicating a preserved porphyry system;
• Field mapping and sampling have identified coincident altered rocks typical of a porphyry alteration system that has never been drill tested;
• The Aimandai target is a copper anomaly parallel to the Berezski target, which Arras announced on Feb. 22, 2024; the Berezski target is an 8.8-kilometre-long copper anomaly with historical drilling that has yielded notable results such as 132 metres at 0.80 per cent copper equivalent and 108 metres at 0.94 per cent copper equivalent from surface; both the Berezski target and the Aimandai target are located within the Elemes project.

Tim Barry, chief executive officer of Arras Minerals, stated: "Our Elemes project is starting to yield some very exciting potential. Recently we announced the Berezski target, an 8.8-kilometre-long copper-in-soil anomaly with historical drill holes spread over a five-kilometre strike of this anomaly, which intercepted 132.6 metres at 0.80 per cent copper equivalent and 108 metres at 0.94 per cent copper equivalent from surface. In this news release, we are now announcing a second parallel copper-in-soil anomaly called the Aimandai target that stretches over a remarkable 14-kilometre strike and is associated with at surface porphyry-style alteration that has never been drilled. The large alteration zone and associated arsenic anomaly suggests preservation of the upper and generally higher-grade parts of a porphyry system. In summary, we have now defined what appears to be two parallel, multikilometre porphyry-epithermal targets (the Aimandai and Berezski targets) on the Elemes project, which we intend to develop further in 2024."

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.

This press release announces the analysis results from the final 14,000 samples from this program. The 2023 program collected approximately 31,000 samples were collected and covered an area of 328.5 square kilometres and was completed in November, 2023.

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 100 parts per million. Background copper in the area is less than 20 parts per million. This anomaly stretches over a remarkable distance of more than 14 kilometres in a northeast-to-southwest direction and extends to approximately 3.2 kilometres in width from east to west. Limited historic drilling has occurred to the south of this new anomaly exploring a series of outcropping, low-sulphidation, gold-bearing quartz veins.

The Berezski and Aimandai targets are located within the 531-square-kilometre Elemes project. The project 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 five kilometres of the two targets. Heavy rail and 1,100-kilovolt-ampere power lines all lie within a 15-kilometre radius of the project.

The Elemes project 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 (XRF) analyzer at the company's core storage facility in Ekibastuz.

Assay, 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 this news release has been prepared under supervision of and approved by Matthew Booth, vice-president of exploration, of Arras Minerals, a qualified person for the purposes of National Instrument 43-101. Mr. Booth has over 19 years of mineral exploration experience and is a qualified person member of the American Institute of Professional Geologists (CPG 12044).

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). In December, 2023, the company entered into a strategic alliance with Teck Resources, in which Teck will sole finance a $5-million (U.S.) generative exploration program over a portion of the Arras licence package in 2024/2025 focusing on critical minerals. The company's shares are listed on the TSX Venture Exchange under the trading symbol ARK.

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