Mr. Grant Ewing reports

BLUE STAR GOLD ANNOUNCES CLOSING OF NON-BROKERED PRIVATE PLACEMENT

Blue Star Gold Corp., further to its news release of July 13, 2023, and subject to the final approval of the TSX Venture Exchange, has closed its non-brokered private placement of $869,750 through the issuance of 700,000 flow-through units at 42 cents per FT unit and 1,175,000 charitable flow-through units at a price of 49 cents per charitable FT unit.

Each FT unit consists of one flow-through common share of the company and one-half of one transferable warrant, with each whole warrant exercisable at 50 cents per share until July 20, 2025.

Each charitable FT unit consists of one FT share and one-half of one warrant, with each whole warrant exercisable at 50 cents per share until the expiry date.

The FT shares qualify as flow-through shares for purposes of the Income Tax Act (Canada). The company will renounce said expenditures to the investors for the taxation year ending Dec. 31, 2023.

All securities issued are subject to the exchange hold period and a four-month-and-one-day hold period pursuant to securities laws in Canada expiring on Nov. 21, 2023. The company intends to use the net proceeds from the private placement of FT units and charitable FT units to incur Canadian exploration expenses on its projects in Nunavut prior to Dec. 31, 2023.

The company paid finders' fees in the amount of $34,912.50 cash and 77,250 non-transferable finders' warrants to GloRes Securities Inc., and $17,272.50 cash and 35,250 finders' warrants to Teresa Schmid. Each finder's warrant is exercisable at 50 cents per share until the expiry date.

About Blue Star Gold Corp.

Blue Star is a gold company focused on exploration and development within Nunavut, Canada. Blue Star's landholdings total 270 square kilometres of highly prospective and underexplored mineral properties in the High Lake greenstone belt, Nunavut. The company owns the Ulu gold project, comprising the Ulu mining lease and Hood River property, and the Roma project. A significant high-grade gold resource exists at the Flood zone deposit (Ulu mining lease), and numerous high-potential exploration target areas occur throughout the company's extensive landholdings, providing Blue Star with excellent resource growth potential.

Blue Star is listed on the TSX Venture Exchange under the symbol BAU, the U.S. OTCQB Venture Market under the symbol BAUFF and on the Frankfurt Exchange under the symbol 5WP0.