Mr. Grant Ewing reports

BLUE STAR ANNOUNCES CLOSING OF NON-BROKERED PRIVATE PLACEMENT AND DEBT SETTLEMENTS

Further to the news release of Sept. 1, 2026, Blue Star Gold Corp. has completed its non-brokered private placement, raising gross proceeds of $800,000 through the issuance of four million common shares at 20 cents per share.

The proceeds from the private placement will be used for general working capital. No finders' fees were paid in connection with the private placement.

The company also announces that it has completed its debt settlements issuing an aggregate of 638,993 shares at a deemed price of 20 cents per share to extinguish debts owing in the amount of $127,798.66 (excluding goods and services tax).

The debts owing relate to past director services provided to the company by Dr. Georg Pollert from January, 2021, until May 31, 2026, and for unpaid finders' fees owing to an arm's-length party from private placements that closed in May, 2025, and July, 2026.

Dr. Pollert, a director and controlling shareholder of the company, is participating in the private placement for four million shares and the debt settlements for 388,993 shares. As a result, the issuance of these shares pursuant to the private placement and the debt settlements 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(a) and 5.7(1)(a) (Fair Market Value not More than 25% of Market Capitalization) of MI 61-101, respectively.

The shares issued pursuant to the private placement and debt settlement are subject to a four-month-and-one-day hold period pursuant to securities laws in Canada and, where applicable, the exchange hold period.

The private placement and the debt settlements remain 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. 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 -- composed of 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 close to the company's projects. The Grays Bay road and port project was recently referred to the Major Projects Office by Prime Minister Carney. The Major Projects Office was created 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 exchange (5WP0).