Mr. Tim Barry reports

ARRAS MINERALS ANNOUNCES UP TO $15 MILLION FINANCING

Arras Minerals Corp. has entered into an agreement with Haywood Securities Inc., on behalf of a syndicate of agents, whereby Haywood has agreed to sell, on a commercially reasonable efforts private placement basis, up to 15,295,000 common shares of the company at a price of 85 cents per share for aggregate gross proceeds of up to $13,000,750. In addition, the company intends to complete a concurrent non-brokered private placement of up to 2,353,000 shares at the issue price for additional gross proceeds of up to $2,000,050, on the same terms as the brokered offering, with certain strategic and existing shareholders.

Additionally, the company has granted the agents an option, exercisable in whole or in part by the agents at any time up to 48 hours prior to the closing date (as defined herein), to sell up to an additional 2,294,250 shares at the issue price.

The shares to be issued under the brokered offering, including any shares issued upon exercise of the agents' option, will be offered to purchasers pursuant to the: (i) accredited investor exemption under National Instrument 45-106 -- Prospectus Exemptions; and (ii) the listed issuer financing exemption under Part 5A of NI 45-106, in all provinces of Canada, except Quebec. The shares offered under the listed issuer financing exemption will not be subject to resale restrictions, pursuant to applicable Canadian securities laws. All other shares issued pursuant to the offering will be subject to a statutory hold period of four months from the date of issuance, in accordance with applicable Canadian securities laws. Purchasers of shares under the brokered offering will receive a fixed ratio of shares issued pursuant to the NI 45-106 exemption and shares issued pursuant to the listed issuer financing exemption, being 1:1.

The offering document related to the listed issuer financing exemption portion of the brokered offering can be accessed under the company's profile on SEDAR+ and on the company's website. Prospective investors should read the offering Document before making an investment decision.

The company plans to use the net proceeds from the offering to finance exploration and advancement of the company's projects in Kazakhstan, and for general corporate purposes. The offering is scheduled to close on or about April 10, 2025, and is subject to certain conditions customary for transactions of this nature, including, but not limited to, the receipt of all necessary approvals, including the approval of the TSX Venture Exchange and the execution of an agency agreement between the company and the agents. The company has agreed to pay the agents a cash commission of 6 per cent of the gross proceeds raised under the brokered offering. No commission will be payable to the agents with respect to the concurrent non-brokered offering.

The company expects certain related parties, as defined in Multilateral Instrument 61-101 -- Protection of Minority Security Holders in Special Transactions, to participate in the offering. Any such resulting related party participation will be exempt from the formal valuation requirement and minority shareholder approval requirement of MI 61-101, as the fair market value of any shares issued to such persons will not exceed 25 per cent of the company's market capitalization.

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 Elemes copper-gold porphyry project and the option agreement on the Beskauga copper-gold project. The company has established the third-largest licence package prospective for copper and gold in the country (behind Rio Tinto and Fortescue). In December, 2023, the company entered into a strategic alliance with Teck Resources Ltd. in which Teck may sole finance a $5-million (U.S.) generative exploration program over a portion of the Arras licence package in 2024/2025.

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