Mr. Grant Ewing reports

BLUE STAR ANNOUNCES CLOSING OF SECOND TRANCHE OF NON-BROKERED PRIVATE PLACEMENT, AND INCREASES THE SIZE DUE TO HIGH DEMAND

Blue Star Gold Corp., further to its news releases of Oct. 30, 2023, and Nov. 3, 2023, and subject to the final approval of the TSX Venture Exchange, has closed the second tranche of its non-brokered private placement of $1.45-million through the issuance of 3,625,000 flow-through shares at 40 cents per FT share. The company has raised total funds of $3.35-million in tranches 1 and 2 of the private placement.

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 23, 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 finders' fees in the amount of $87,000 cash and 217,500 non-transferable finders' warrants to Echelon Wealth Partners Inc., Middlefield Capital Corp. and GloRes Securities Inc. Each finder's warrant is exercisable at 40 cents per common share for a period of two years from the closing date of the private placement.

Additionally, due to high demand, the company has increased the size of its private placement from $2.5-million to $3.75-million through the issuance of up to a maximum of 9,375,000 FT shares in all tranches of the private placement. The company anticipates closing the final tranche of the private placement in early December.

About Blue Star Gold Corp.

Blue Star is a mineral exploration and development company focused in 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, 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, on the U.S. OTCQB Venture Market under the symbol BAUFF and on the Frankfurt Stock Exchange under the symbol 5WP0.