Mr. Grant Ewing reports

BLUE STAR MOBILIZES 2026 EXPLORATION PROGRAM

The phase I exploration program is now under way across Blue Star Gold Corp.'s highly prospective properties in the High Lake belt, west Kitikmeot region, Nunavut, Canada. This initial phase comprises ground-based fixed loop electromagnetic (FLEM) surveys designed to refine airborne electromagnetic plate models derived from the 2025 SkyTEM data set. The program is focused on advancing targets prospective for the discovery of critical mineral-rich volcanogenic massive sulphide (VMS) bodies. These targets are all proximal to the known High Lake VMS (volcanogenic massive sulphide) deposit and adjacent to the proposed Grays Bay Road.

Highlight activities of the 2026 exploration program:

• Multiple high-priority target areas, defined from SkyTEM plate modelling and supplemented by compiled historical data sets, will be evaluated through a ground-based geophysical program;
• Two FLEM crews will complete approximately 80 line kilometres across proposed survey grids;
• An 8,000-metre drill program is being planned to test both gold and critical mineral targets;
• Initial drilling will be undertaken at the Auma project, targeting high-grade gold mineralization associated with conductive alteration corridors;
• Follow-up drilling is planned to evaluate the previously reported North Nutaaq intercept of 7.31 grams per tonne (g/t) gold (Au) over 5.7 metres.

"This year, we are initiating exploration activities earlier across our highly prospective properties to enable a more comprehensive and efficient program," stated Blue Star's chief executive officer Grant Ewing. "Initial work will focus on generating early season drill targets for critical minerals, followed by drilling on prioritized gold and critical mineral targets. We anticipate a high-impact year, highlighted by one of our largest drill programs to date, aimed at testing multiple areas with strong potential for resource expansion."

Critical mineral targets in the High Lake belt

The Roma project hosts numerous critical mineral prospects, including the 2024 discovery of the Ataani massive sulphide body (17.1 metres of massive sulphide, including 2.0 metres of 10.95 per cent zinc and 3.5 metres of 1.46 per cent copper (Cu); news release dated July 24, 2024). The Sand Lake exploration target (historical intersections up to 2.71 per cent Cu over 21 metres; news release dated April 21, 2026), with the presence of dalmatianite, sodium depletion and high-grade copper values in grab samples (up to 9.99 per cent copper from Cairo, up to 5.17 per cent from Stu), further underscores the strong prospectivity of this sector of the High Lake belt for additional VMS discoveries.

VMS systems are typically developed as clusters or camps, comprising multiple sulphide lenses. The nearby High Lake deposit comprises three distinct lenses. It hosts a mineral resource of approximately 14 million tonnes grading approximately 2.5 per cent copper and approximately 3.8 per cent zinc (MMG Ltd., 2025), underscoring the scale of the system and the potential for additional lenses and deposits to be discovered within the broader camp.

Discussion of the 2026 exploration program

Phase I of the 2026 field program will entail ground-based electromagnetic surveys to refine conductive plate targets modelled using airborne geophysical data (news release dated Nov. 14, 2025). This work will be completed in preparation for a phase 2 drill program focused on critical minerals and gold discovery. Survey results, combined with subsequent ground-truthing of identified target areas, will support prioritization. The highest-ranking critical mineral targets will advance to drill testing.

The initial phase 2 drilling will focus on the highly prospective Auma gold project. The primary target area has been upgraded through detailed surface mapping and sampling (news release dated Sept. 10, 2025), which returned very high-grade samples from zone 3, along with numerous additional high-grade results across the broader Auma project area.

Additional gold-focused drilling will follow up on the substantial drill intersection from North Nutaaq last year of 7.31 g/t gold over 5.7 metres (news release dated Oct. 1, 2025). Surface samples from a parallel structure approximately 150 metres south returned more than 100 g/t gold. These targets are located 600 metres north of the Flood Zone deposit and are a continuation of the 1,500-plus-metre Nutaaq resource and target area.

Phase I 2026 activities will also include field evaluation of the 800-metre strike length along the east side of the Ulu fold that is associated with abundant surface samples returning strong gold grades, inferred early and late structures, and interpreted conductive zones from geophysical data. This area has historically been defined by the South Contact, Contact, Zebra and Apex targets. The area has undergone limited shallow drilling, totalling approximately 2,000 metres (Davidson, 1996). Several longer drill holes report sulphide-rich veining in the drill logs and are unsampled (Chernish, 2013). The company anticipates that this area may advance to drill testing during the later stages of phase 2.

Continuing surface exposure of the Flood Zone deposit beneath a thin glacial till cover will continue throughout the current field season, enabling additional detailed mapping and channel sampling. This work is expected to enhance the understanding of mineralization and structural controls, support the potential extension of the existing mineral resource to surface, and help inform future mining approaches for the deposit.

Darren Lindsay, PGeo and vice-president exploration for Blue Star, is a qualified person under National Instrument 43-101, and has reviewed and approved the technical information contained in this news release.

About Blue Star Gold Corp.

Blue Star is a mineral exploration and development company focused on Nunavut, Canada. The company controls over 420 square kilometres of highly prospective and underexplored mineral properties in the High Lake greenstone belt. Its principal assets include the Ulu gold project -- comprising the Ulu mining lease and Hood River property, and the Roma and Auma projects. The Ulu mining lease hosts the high-grade Flood Zone gold deposit, and the company's broader land package contains numerous high-priority gold and critical mineral targets, providing substantial upside potential for resource expansion.

Blue Star's projects are strategically located 40 to 100 kilometres south of the proposed Grays Bay deepwater port, with the planned all-weather Grays Bay road corridor passing very close to the company's projects. The Grays Bay road and port project was recently referred to the Major Projects Office. Prime Minister Mark Carney created the office last year to fast-track infrastructure projects that are deemed to be of national importance.

Blue Star is listed on the TSX Venture Exchange (BAU), the OTCQB Venture Market (BAUFF) and the Frankfurt Stock Exchange (5WP0).

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