Mr. Grant Ewing reports

BLUE STAR ANNOUNCES SECOND TRANCHE ISSUANCE OF SHARES PURSUANT TO LOAN AGREEMENT

Further to Blue Star Gold Corp.'s news release of Oct. 25, 2023, it has issued 98,451 common shares at a deemed price of 45 cents per share which represents the second tranche of shares owing pursuant to a renewal agreement entered into with Dr. Georg Pollert, a director of the company and a controlling shareholder, in relation with a loan in the principal amount of $2,537,434 (the loan), being $2,435,542 as original principal and $101,892.40 as accrued interest. The loan has a term of three years and bears interest at 3 per cent per annum.

Pursuant to the agreement, the company agreed to issue an aggregate of 295,354 shares of the company to Dr. Pollert as a loan bonus payable in three tranches. The first 98,451 shares were issued on Oct. 25, 2023, and the remaining 98,452 shares are due to be issued by Oct. 25, 2025.

The shares are subject to a four-month-and-one-day hold period pursuant to securities laws in Canada and the exchange hold period.

The issuance of the shares pursuant to the Loan is considered a related party transaction (as defined under Multilateral Instrument 61-101 -- Protection of Minority Security Holders in Special Transactions (MI 61-101)). The company relied on certain exemptions from the requirement to obtain a formal valuation and minority shareholder approval, namely sections 5.5(a) and 5.7(a) of MI 61-101, as neither the fair market value of the subject matter of, nor the fair market value of the consideration for, the issuance of shares exceeds 25 per cent of the company's market capitalization.

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 targets (gold and critical minerals) occur throughout the company's extensive landholdings, providing Blue Star with excellent resource growth potential. The site of the future deepwater port at Grays Bay is 40 to 100 kilometres to the north of the properties, and the proposed route corridor for the all-weather Grays Bay Road passes close by the Roma and Ulu gold projects.

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