Mr. Tim Barry reports

ARRAS MINERALS COMMENCES DRILLING AT ELEMES PROJECT AND PROVIDES EXPLORATION ACTIVITIES UPDATE FROM KAZAKHSTAN PROJECTS

Arras Minerals Corp. has provided an update on its exploration activities under way across the project portfolio in northeastern Kazakhstan.

Highlights:

• 3,547-line-kilometre heli-TEM survey over the entire 1397 square-kilometre Bozshakol project mineral tenement package announced July 22, 2024, has now been completed;
• KGK drill program under way at Aktasty and Maisor licences (Bozshakol project) targeting high-priority areas to test bedrock under 10 to 40 metres (m) of unconsolidated cover;
• Ground IP survey at Elemes project is now 80 per cent completed, high-priority targets identified, core drill program now under way at Berezski East and Berezski Central targets;
• KGK drill program at Tay project completed.

Bozshakol project

The Bozshakol project is located 56 km to the northwest of the town of Ekibastuz and surrounds and covers the potential continuation of mineralization of KAZ Minerals' Bozshakol copper mine.

The heli-Tem survey announced on July 22 has now been completed. Analysis of data is under way. A 17,000-metre KGK drill program has commenced at the Aktasty and Maisor licences to test the bedrock at targets identified through geophysics and soil sampling completed to date and to better understand the subsurface geology that lays below 10 to 40 m of quaternary cover. This program, along with the heli-Tem survey is expected to inform on priority drill targets for 2025.

Elemes project

The ground IP survey at the Elemes project which commenced in July is approximately 80 per cent complete and expected to be finished in September. The survey over the Berezski East and Berezski Central target areas has been completed and drill targets for these areas prioritized. A core drill is now under way at these areas with drilling at the Elemes project expected to continue across a number of priority targets into November with 5,000 m planned for this phase I program. Initial assays are expected in November.

Tay project

A 5,424-metre KGK drilling program has been completed at the Tay project. This program targeted the Soviet-era IP anomaly that formed the basis to acquire the licence earlier this year. The 135 KGK holes successfully tested the top of bedrock across the anomaly returning predominantly basalts and schists.

Following completion of the KGK program, a single line of ground IP survey was undertaken which confirmed the location of the Soviet IP anomaly with inversion analysis indicating an anomaly at approximately 140 m below surface. Given the KGK drill is not able to reach that depth, a single core hole was drilled to test the heart of the anomaly and was drilled to 400 m. Visual results from the hole indicate several zones of chalcopyrite mineralization along fractures within basalts and gabbros. Priority intervals have been dispatched to the assay lab with results expected in October.

Tim Barry, chief executive officer, commented: "We are very pleased with how the programs are progressing so far this summer with activity across virtually the entire licence package. The ground IP survey at Elemes has progressed well and we are excited to have a drill turning there now as we begin to test the first batch of new priority targets at this exciting project. Additionally, all the work taking place at the Bozshakol group is advancing this project area to prioritize drill targets and follow up areas ahead of an expected busy drilling campaign in 2025. At Tay, while we are awaiting assay results, we were surprised to not see more intensive alteration and sulfides in the drill core given how well the IP anomaly was confirmed with our own ground IP survey. Once assays are received, we will review and decide on next steps at Tay."

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.

We seek Safe Harbor.