Mr. Grant Ewing reports

BLUE STAR ANNOUNCES CLOSING OF FIRST TRANCHE OF NON-BROKERED PRIVATE PLACEMENT

Further to the news release of Oct. 30, 2023, and subject to the final approval of the TSX Venture Exchange, Blue Star Gold Corp. has closed the first tranche of its non-brokered private placement of $1.9-million through the issuance of 4.75 million flow-through shares at 40 cents per FT share.

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, under the look-back rule.

All securities issued are subject to a four-month-and-one-day hold period pursuant to securities laws in Canada and the exchange hold period, expiring on March 4, 2024. The company intends to use the net proceeds from the private placement to incur Canadian exploration expenses on its projects in Nunavut prior to Dec. 31, 2024.

The company paid a finder's fee in the amount of $114,000 in cash and 285,000 non-transferable finder warrants to GloRes Securities Inc. Each finder warrant is exercisable at 40 cents per common share for a period of two years from the closing date of the private placement.

About Blue Star Gold Corp.

Blue Star is a mineral exploration and development company focused on Nunavut, Canada. Blue Star's landholdings total 270 square kilometres of highly prospective and underexplored mineral properties in the High Lake greenstone belt. The company owns the Ulu gold project, composed of the Ulu mining lease and the 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, on the U.S. OTCQB Venture Market under the symbol BAUFF and on the Frankfurt Stock Exchange under the symbol 5WP0.