Dr. Georg Josef Pollert reports

DR. GEORG JOSEF POLLERT ANNOUNCES AN INCREASE IN HIS OWNERSHIP OF THE COMMON SHARES OF BLUE STAR GOLD CORP.

On May 2, 2023, Dr. Georg Josef Pollert (the acquiror), a director of Blue Star Gold Corp., acquired 8,983,000 common shares of the company at an average price of 37.3 cents per share for a total purchase price of $3,350,659, pursuant to a share transfer by private agreement, resulting in the acquiror increasing his security holdings by 14 per cent of the issued and outstanding shares of the company. Prior to the acquisition of shares, the acquiror held 31,361,961 shares, 200,000 stock options and 1.25 million warrants, and the acquiror's non-diluted shareholdings represented approximately 48.88 per cent of the company's issued and outstanding shares.

As a result of the acquisition of shares pursuant to the share transfer, the acquiror now holds 40,344,961 shares, 200,000 options and 1.25 million warrants, and the acquiror's non-diluted shareholdings now represent approximately 62.88 per cent of the company's issued and outstanding shares. Thus, on a partially diluted basis (that is, assuming full exercise of all warrants and options), the acquiror would hold a total of 41,794,961 shares, representing approximately 63.7 per cent of the company's issued and outstanding shares.

The shares were acquired for investment purposes. The acquiror may, depending on market and other conditions, increase or decrease his beneficial ownership of or control or direction over the company's securities, whether in the open market, by privately negotiated agreements, or otherwise, subject to a number of factors, including general market conditions and other available investment and business opportunities.

The acquiror is relying on the private agreement exemption from the formal take-over bid requirements, as set out in Section 4.2 of National Instrument 62-104 -- Take-Over Bids and Issuer Bids. The purchase was made from a single person, there was no bid made generally to holders of shares, there is a published market for the shares, and the value of the consideration paid for the shares is not greater than 115 per cent of the market price at the date of acquisition (as determined in accordance with the provisions of NI 62-104).

To obtain a copy of the early warning report filed by the acquiror, please contact the acquiror at 011-49-172-946-1380, or refer to the company's SEDAR profile.