Mr. Grant Ewing reports

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

Further to the news releases of Oct. 30, 2025, and Nov. 4, 2025, Blue Star Gold Corp. has closed the final tranche of its non-brokered private placement raising proceeds of $100,000 through the issuance of 400,000 flow-through common shares at 25 cents per FT share. The company raised total proceeds of $1.35-million in the private placement.

The FT shares will 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, 2025.

The company paid finder fees totalling $6,000 in cash and 24,000 non-transferable finder warrants to a qualified arm's-length party. Each finder warrant is exercisable at 25 cents until Nov. 28, 2027.

All securities issued in connection with the private placement are subject to a four-month hold period pursuant to securities laws in Canada expiring on March 29, 2026.

The company intends to use the net proceeds from the private placement of FT shares to incur Canadian exploration expenses on its projects in Nunavut prior to Dec. 31, 2026, and the net proceeds from the private placement of shares for general working capital purposes.

The private placement remains subject to the final approval of the TSX Venture Exchange.

About Blue Star Gold Corp.

Blue Star is a mineral exploration and development company focused on Nunavut, Canada. Blue Star's landholdings total over 300 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 exchange under the symbol 5WP0.