Mr. Grant Ewing reports

BLUE STAR ANNOUNCES CLOSING OF NON-BROKERED PRIVATE PLACEMENT

Further to the news release of March 25, 2025, and subject to the approval of the TSX Venture Exchange, Blue Star Gold Corp. has issued 35 million common shares at 10 cents per share, raising gross proceeds of $3.5-million.

Dr. Georg Pollert, a director and controlling shareholder of the company, purchased an aggregate of 29.5 million shares pursuant to the private placement. As a result, the issuance of these shares pursuant to the private placement is considered a related-party transaction (as defined under Multilateral Instrument 61-101 (Protection of Minority Security Holders in Special Transactions)). The company relied upon the exemptions from the formal valuation and minority shareholder approval requirements set out in sections 5.5(b) and 5.7(e) of MI 61-101, respectively.

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 Sept. 10, 2025. The company paid an arm's-length finder a fee in the amount of $30,000 in cash and 300,000 finder warrants to a qualified party in accordance with exchange policies. The finder warrants are non-transferable and exercisable at 10 cents per share until May 9, 2026.

The company intends to use the net proceeds from the private placement for general working capital purposes.

About Blue Star Gold Corp.

Blue Star is a mineral exploration and development company focused on Nunavut, Canada. Blue Star's landholdings total 290 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 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.

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.

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