Mr. Tim Barry reports

ARRAS MINERALS ANNOUNCES PLAN TO INCREASE DIAMOND DRILLING BY 100% TO 40,000 METRES FOR 2026 & PROVIDES EXPLORATION UPDATE

Following the closing of the upsized $25-million bought deal financing this week, Arras Minerals Corp. is expanding its current 2026 drilling program by 100 per cent to 40,000 metres for completion by year-end.

Darren Klinck, president and director of Arras Minerals, commented: "We are very pleased with the strong support from current and new investors in the recently closed upsized bought deal financing. The completion of the financing underpins a strong financial position for the company and allows it to continue advancing its expanding exploration programs in Kazakhstan through to the end of 2027. This strong financial position will allow us to maintain momentum with the excellent progress we have made over the past six months with four drill rigs operating. We are doubling the size of the current drill program to 40,000 m that we aim to complete by the end of the year."

Tim Barry, chief executive officer and director, commented: "With more than 30,000 metres drilled by Arras so far at the Berezski trend on the Elemes project, we are improving our understanding of the geology and structure across the approximately 10-kilometre strike with at least three porphyry centres identified. As we move into the second half of the year with this expanded drill program, we will be balancing definition drilling initiatives at Berezski North, Central and East alongside continued exploration, and new target testing throughout the trend. Results from the 6,000 m top of bedrock (KGK) program are expected in the next couple of weeks and these will inform on priority targets at Berezski East, Berezski Central and in the five km zone between Berezski North and Berezski Central. We also plan to evaluate targets at the Aimandai trend located approximately seven kilometres to the east."

Elemes exploration update

Drilling

Drilling is progressing very well, at present, four drills are operating at Elemes. In total 27 holes have been completed and over 18,000 metres have been drilled to date. Complete assay results have been received from just four holes to date, as preparation and assay laboratories have been dealing with extreme volumes, which have led to increasing delays in receiving final assay results. The company is working with accredited local and international assay laboratories to try and speed up this process.

Drilling in 2026 has focused on the Berezski North, Central and East targets. However, several exploration holes have also been drilled at Novii as well as the K-Ozek epithermal target to determine its potential.

At Berezski North, the company focused initial drilling to explore and better understand the controls and extent of the porphyry and breccia-style mineralization with eight wide-spaced drill holes, and assay results for six holes are still pending:

• Holes EL26034, EL26036 and EL26038 were large stepouts, ranging from 200 metres to 400 metres, and designed to explore the underlying porphyry mineralization and to see if the breccia zones continued to depth.
• Holes EL26035 and EL26037 were designed to explore for the eastern continuation of the high-grade breccias to see if they connect with mineralization hit in hole EL25016 located approximately 300 m to the east.
• Hole EL26040 was designed to explore a large chargeability anomaly along the eastern margin of Berezski North target to determine its source.

The company plans to return to drill the Berezski North target next week to conduct a systematic drill program to determine the scale of the porphyry and breccia zones.

In May, the company completed a top of bedrock (KGK) drill program over the Berezski and Aimandai trends. In total 381 holes were completed, totalling 6,002 m.

At Berezski, the KGK drilling targeted the five-kilometre long magnetic low anomaly between the Berezski Central and Berezski North targets, as well as a large, coincident Cu-Mo (copper-molybdenum) soil geochemical anomaly to the north of Berezski North.

In addition, high-density KGK drilling was conducted over the Berezski East-K-Ozek trend to determine the scale of the Au (gold) anomaly identified in the 2025 KGK program, and an initial drill program was conducted over the core of the Aimandai trend to define priority targets for future diamond drilling.

Assay results from the KGK program are expected to be received over the next few weeks.

Elemes project overview: The Elemes project comprises two exploration licences covering 531 square kilometres in northeast Kazakhstan, located approximately 13 km southwest of Ekibastuz and just 20 km from Arras's operational base. The project benefits from exceptional infrastructure, with a paved highway crossing the licence, and access to 1,100 KVA (kilovolt-ampere) power lines, heavy rail and other utilities within a 15 km radius.

Situated within the prolific Bozshakol-Chingiz metallogenic belt, Elemes lies near significant regional deposits, including the Beskauga porphyry copper-gold-silver deposit (approximately 80 km east) and KAZ Minerals' Bozshakol copper-gold mine (approximately 60 km northwest), which reported mined grades in Q1 2025 of 0.39 per cent copper and 0.19 g/t gold.

Geologically, the property is underlain by interbedded intermediate volcanic and sedimentary rocks intruded by multiple phases of diorite and monzodiorite porphyry. Copper-gold mineralization occurs in sheeted and stockwork quartz-chalcopyrite veins associated with these intrusions. In addition, high-grade low-sulphidation epithermal veins have been mapped on the property, representing a secondary exploration target.

Property-wide soil sampling programs defined two extensive Cu-Mo-As (arsenic) geochemical anomalies: the Berezski and Aimandai trends, both considered priority targets for follow-up exploration drilling. A phase 1 drill program on the Berezski trend returned high-grade porphyry/epithermal copper-gold mineralization in results announced in Q1 2025. More than 30,000 m of drilling has been completed over 2025 to 2026.

Quality assurance and quality control

The company adheres to CIM (Canadian Institute of Mining) Best Practices Guidelines for exploration related activities conducted on its property. Quality assurance and quality control (QA/QC) procedures are overseen by the qualified person.

Arras Minerals QA/QC protocols are maintained through the insertion of certified reference material (standards), blanks and field duplicates within the sample stream. Drill core is cut at Arras Minerals operations base in Ekibastuz, Kazakhstan, by company personnel. Diamond drill core was sawn in-half with a diamond saw, and then sampled in maximum two-metre intervals, stopping at geological boundaries, with one-half placed in sealed bags and shipped to the laboratory and the other half retained on site.

Each bagged core sample was shipped to ALS Laboratory in Karaganda, Kazakhstan. Samples were dried, crushed and pulverized to greater than 80 per cent passing negative 200 mesh. The prepared sample splits were sent to ALS Chemex's geochemical analysis laboratories in Loughrea, County Galway, Ireland, and Lima, Peru, for multielement analysis. Multielement analyses were analyzed with ICP-MS following a four-acid digestion (method ME-MS61) and samples containing greater than 1.0 per cent copper were analyzed via method Cu-OG62.

Gold analysis was conducted by ALS Chemex at the analytical laboratory in Karaganda, Kazakhstan. Gold was analyzed by fire assay (30 g) with an AA (atomic absorption) finish (method Au-AA23) with detection limits of 0.005 g/t gold. Samples containing greater than 10.0 g/t gold were analyzed by fire assay with a gravimetric finish (method Au-GRA21).

ALS is an accredited laboratory that is independent of the company. Chain of custody is maintained from the drill to the submission to the laboratory preparation facility.

Qualified person

The scientific and technical disclosure for this news release has been prepared under the supervision of and approved by Matthew Booth, vice-president of exploration of Arras Minerals, a qualified person for the purposes of NI 43-101. Mr. Booth has reviewed and approved this release. Mr. Booth has over 20 years of mineral exploration experience and is a qualified person member of the American Institute of Professional Geologists (CPG 12044).

Gold, copper and other mineral equivalents are calculated on the basis set forth in this news release, and are based upon the reasonable assumptions as to the prices of various metals and their recoveries assumed by management of the company on a project-by-project basis as converted metal. All drill-hole intervals are reported as drill widths, as true thicknesses are unknown. Assumed metal prices are: $3.75 (U.S.)/pound copper, $3,000 (U.S.)/ounce gold, $35 (U.S.)/oz silver and $30 (U.S.)/lb molybdenum.

The company has updated metal recoveries: 90 per cent for copper, 85 per cent for gold, 75 per cent for silver and 80 per cent for molybdenum. These figures are based on a review of published data from advanced-stage porphyry projects (including Vizcachitas, Los Andes Copper; Copper Creek, Faraday Copper; Valeriano, ATEX Copper; Los Helados, NGEx Resources Inc.; Opemiska, XXIX Metal Corp; Costa Fuego, Hot Chili Ltd.; Moonlight-Superior, U.S. Copper Corp.; Warintza, Solaris Resources Inc.; Chita Valley, Minsud Resources Corp.; Hat, Doubleview Gold Corp.)

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 where initial drill results in 2025 identified porphyry style mineralization across a 10 km strike. The company has established one of the largest land packages in the country prospective for copper and gold. The company's shares are listed on the TSX-V under the trading symbol ARK and on the OTCQB under the trading symbol ARRKF.

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