Mr. Grant Ewing reports

BLUE STAR ANNOUNCES CLOSING OF FINAL TRANCHE OF OVER SUBSCRIBED NON-BROKERED PRIVATE PLACEMENT

Further to Blue Star Gold Corp.'s news releases of Oct. 30, 2023, Nov. 3, 2023, and Nov. 22, 2023, and subject to the final approval of the TSX Venture Exchange, it has closed the final tranche of its oversubscribed non-brokered private placement raising $452,500 through the issuance of 1,131,250 flow-through shares at 40 cents per FT share. The company raised total aggregate proceeds of $3,802,500 through the issuance of 9,506,250 FT shares in all three tranches 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 April 14, 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 $27,000 cash and 67,500 non-transferable finders' warrants to Echelon Wealth Partners Inc., Qwest Investment Fund Management Ltd. 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. The company paid total finders' fees of $228,000 cash and 570,000 finders' warrants in all three tranches of the private placement.

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 United States OTCQB Venture Market under the symbol BAUFF and on the Frankfurt Stock Exchange under the symbol 5WP0.