Dr. Georg Josef Pollert reports

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

Dr. Georg Josef Pollert (the acquiror), a director of Blue Star Gold Corp., together with his wife, Gabriele Pollert, on May 25, 2023, acquired ownership of a total of 6.25 million units at a price of 40 cents per unit for a total purchase price of $2.5-million pursuant to the closing of a non-brokered private placement. Each unit consisted of one share and one-half of one transferable warrant, with each full warrant being exercisable into one share at an exercise price of 50 cents per share for a period of 24 months from the closing date of the private placement. The acquiror directly acquired 1.25 million units and Ms. Pollert directly acquired five million units.

Prior to the acquisition of shares and warrants pursuant to the private placement, the acquiror held 40,344,961 shares, 350,000 stock options and 1.25 million warrants and the acquiror's non-diluted shareholdings represented approximately 62.88 per cent of the company's issued and outstanding shares. As a result of the acquisition of units (shares and warrants) pursuant to the private placement, the acquiror and Ms. Pollert now together hold 46,594,961 shares, 350,000 options and 4,375,000 warrants, and the acquiror's and Ms. Pollert's combined non-diluted shareholdings now represent approximately 66.17 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 and Ms. Pollert would together hold a total of 51,319,961 shares, representing approximately 68.30 per cent of the company's issued and outstanding shares.

The shares were acquired for investment purposes. The acquiror and Ms. Pollert may, depending on market and other conditions, increase or decrease their 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. 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.