Mr. Tim Barry reports

ARRAS MINERALS ANNOUNCES C$2 MILLION NON-BROKERED FINANCING

Arras Minerals Corp. has arranged a non-brokered private placement financing of up to 7,692,308 units of the company at a price per unit of 26 cents for aggregate gross proceeds of up to $2-million.

Darren Klinck, President of Arras, commented, "Over the past 18 months since we announced the initial strategic equity investment by Teck, Arras has successfully and significantly advanced our project portfolio in Kazakhstan with the funding from that associated financing in 2022. We are now pleased to have a strategic alliance with Teck on a portion of our land package and a US$2.5 million budget in 2024 funded by Teck which is expected to advance targets to drill-ready status this year. In addition, the highly successful soil-sampling program at our 100%-owned Elemes project which we announced results from in Q1 this year, has attracted considerable attention from major mining companies as we have identified two coherent copper-in-soil anomalies stretching more than 8 km each and containing porphyry mineralization which Arras intends to begin testing later this year."

Tim Barry, CEO of Arras, went on to add, "As we commence our third field season this month in Kazakhstan, we expect to be advancing and drilling at least three new copper-gold porphyry targets this year. By utilizing modern exploration techniques in a region that has had very little to no exploration focus since pre-1990, our thesis is continuing to strengthen that the Bozshakol-Chingiz metallogenic belt has the potential to contain multiple new copper-gold deposits masked under shallow cover. This is truly a very exciting time for Arras as we quickly advance in a new tier-one jurisdiction for exploration of base and precious metals."

Private Placement Terms

Under the Offering, each Unit shall comprise of one (1) common share in the capital of the Company (each, a "Common Share") and one-half of one (1/2) non-transferable Common Share purchase warrant (each whole warrant, a "Warrant"). Each whole Warrant will entitle the holder thereof to purchase one (1) additional Common Share at a price of C$$0.40 for a period of (3) years from closing of the Offering (the "Expiry Date").

In the event the volume weighted average trading price of the Common Shares on the TSX Venture Exchange (the "TSXV") meets or exceeds C$$0.60 for fifteen (15) consecutive trading days at any time after four months and one day following closing of the Offering, the Company shall have the option, but not the obligation, at any time thereafter to accelerate the Expiry Date to a date that is thirty (30) days following the date of issuance of a press release by the Company announcing the acceleration of the Expiry Date.

The net proceeds of the Offering will be used to advance the Company's exploration program in Kazakhstan and for general corporate purposes. Finders' fees may be payable on a portion of the Offering in accordance with applicable laws and TSXV policies.

The Offering is scheduled to close on or about June 4, 2024 and is subject to the approval of the TSXV. The securities issued pursuant to the Offering will be subject to a four-month hold period in Canada and will be subject to U.S. resale restrictions under U.S. securities laws as applicable.

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 Corp., a Qualified Person for the purposes of NI 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 license 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 Limited ("Teck") in which Teck will sole fund a US$5 million generative exploration program over a portion of the Arras license package in 2024-2025 focusing on critical minerals. The Company's shares are listed on the TSXV under the trading symbol "ARK".

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