Mr. Brian Fowler reports

NORTHSTAR GOLD CORP. ANNOUNCES NON-BROKERED PRIVATE PLACEMENT

Northstar Gold Corp. has arranged a non-brokered private placement financing for targeted minimum proceeds of $500,000. The offering will consist of units of the company at a price of 5.5 cents per unit. Each unit shall consist of one common share of the company and one share purchase warrant, with each whole share purchase warrant entitling the holder thereof to acquire one additional common share of the company at an exercise price of 7.5 cents for a period of 24 months from the date of issuance.

Proceeds from this private placement will be used primarily to finance critical minerals exploration at the historic high-grade Cam copper mine on the 100-per-cent-owned Miller gold property. Proceeds will also provide for Lidar (light detection and ranging) and MMI (mobile metal ion) soil surveys on the company's 100-per-cent-owned Rosegrove property, targeting alkaline intrusion-hosted gold mineralization, and for general working capital purposes.

The offering is scheduled to close in tranches, with the first tranche of approximately $200,000 expected to close between Aug. 15, 2023, and Aug. 25, 2023, and is subject to certain conditions, including, but not limited to, the receipt of all necessary approvals, including the approval of the Canadian Securities Exchange. The offering is being made by way of private placement in Canada and such other jurisdictions as the company may determine.

The company may pay finders' fees on a portion of the offering of up to 7 per cent of the aggregate gross proceeds raised. The finders' fees shall be paid in accordance with applicable securities laws and the policies of the Canadian Securities Exchange.

It is anticipated that certain directors, officers and other insiders of the company may acquire units under the offering. Such participation will be considered to be related party transactions within the meaning of TSX Venture Exchange Policy 5.9 and Multilateral Instrument 61-101, Protection of Minority Security Holders in Special Transactions, adopted in the policy. The company intends to rely on the exemptions from the formal valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101 in respect of related party participation in the offering as neither the fair market value (as determined under MI 61-101) of the subject matter of, nor the fair market value of the consideration for, the transaction, insofar as it involves interested parties, is expected to exceed 25 per cent of the company's market capitalization (as determined under MI 61-101). Details of any related party participation in the offering will be disclosed in a closing news release.

The existing shareholder exemption and investment dealer exemption

The offering will be made available to existing shareholders of the company, who, as of the close of business on Aug. 15, 2023, held common shares of the company (and who continue to hold such common shares as of the closing date), pursuant to the prospectus exemption set out in British Columbia Instrument 45-534, Exemption From Prospectus Requirement for Certain Trades to Existing Security Holders, and in similar instruments in other jurisdictions in Canada. The existing shareholder exemption limits a shareholder to a maximum investment of $15,000 in a 12-month period unless the shareholder has obtained advice regarding the suitability of the investment and, if the shareholder is resident in a jurisdiction of Canada, that advice has been obtained from a person who is registered as an investment dealer in the jurisdiction. If the company receives subscriptions from investors relying on the existing shareholder exemption exceeding the maximum amount of the financing, the company intends to adjust the subscriptions received on a pro rata basis.

The company has also made the offering available to certain subscribers pursuant to B.C. Instrument 45-536, Exemption Form Prospectus Requirement for Certain Distributions Through an Investment Dealer. In accordance with the requirements of the investment dealer exemption, the company confirms that there is no material fact or material change about the company that has not been generally disclosed.

All securities issued in connection with the offering will be subject to a four-month hold period from the closing date under applicable Canadian securities laws, in addition to such other restrictions as may apply under applicable securities laws of jurisdictions outside Canada.

Northstar's primary exploration focus is the advancement of the company's flagship, 100-per-cent-owned Miller gold property, situated 18 kilometres southeast of Kirkland Lake and Agnico Eagle Mine's Macassa SMC gold mine. The company's strategy is to develop a material (plus-one-million-ounce) mineral resource base to support a stand-alone mining operation at the Miller gold property.

The historic high-grade Cam copper mine critical minerals exploration opportunity

On July 5, 2023, Northstar announced high-grade copper results of a recent surface sampling program at the historic Cam copper mine site on the company's 100-per-cent-owned, flagship Miller property, situated 18 kilometres southeast of Kirkland Lake, Ont. The Cam copper mine is a road-accessible satellite high-grade copper system situated 2.4 kilometres southwest of the Allied gold zone, the advanced, near-surface bulk-tonnage alkalic gold-telluride exploration target being actively explored by Northstar.

High-grade copper assays ranging between 0.99 per cent and 31.8 per cent copper were returned from 19 select surface grab samples containing massive to semi-massive sulphides (including massive chalcopyrite and bornite) and collectively weighing 43.39 kilograms, recently collected near the historic Cam copper mine site on the Miller property in Pacaud township. The weighted average grade of the 19 select samples collected from the historic muck pile and bedrock exposure near the historic shaft was 14.0 per cent copper.

In addition to high-grade copper, one select sample that assayed 31.8 per cent copper also returned 452 grams per tonne silver, suggesting silver can also be a significant mineralization component.

The Cam copper mine hosts two separate lenses (zone 1 and zone 2) of massive copper sulphides about 40 metres apart striking and plunging southeast along the contact with the Round Lake granite batholith. Underground development took place between 1929 and 1953, which includes sinking of a 220-foot (66.7-metre) vertical shaft with 213 feet (64.5 metres) of cross-cutting and 267 feet (80.9 metres) of drifting. The recent surface sampling results verify historic reporting of a 1955 shipment of 346 tons of hoisted underground ore, which produced 43,411 pounds of copper at a Noranda smelter for a recovered grade of 6.3 per cent copper. The ore was shipped directly from the mine site to the smelter without requiring further concentration in a mill. A previous 1948 shipment of 22 tons of ore to Noranda reportedly graded 12.72 per cent copper, 0.84 ounce per ton silver and 0.03 ounce per ton gold, presumably from zone 1.

Northstar recently obtained detailed historic Cam copper mine exploration, and development plans and production records that are currently being digitized and integrated into a 3-D Cam copper geological and exploration model. This model will provide the means to effectively propose a few short diamond drill holes targeting near-surface extensions of zones 1 and 2 high-grade copper mineralization. Historic surface drilling intercepts include 12.4 per cent copper over 7.8 feet in zone 1 and 11.8 per cent copper over 9.2 feet, including 23.1 per cent copper over 4.6 feet in zone 2. Underground drilling intercepts include 9.6 per cent copper over 8.5 feet, including 16.6 per cent copper over 3.0 feet in zone 2 along strike to the southeast. Underground sampling over true widths was limited to massive sulphide bands and produced numerous high-grade intervals such as 14.79 per cent copper across 33 inches in zone 1 within the hangingwall of the quartz breccia and 19.95 per cent copper across 24 inches in zone 2 along the footwall breccia contact on the 200-foot level. Both zones remain open downplunge below the 200-foot level. Drilling is expected to be conducted in early fall.

All scientific and technical information contained in this news release has been prepared under the supervision of Brian P. Fowler, PGeo, president, chief executive officer and director of Northstar, a qualified person within the meaning of National Instrument 43-101.

About Northstar Gold Corp.

Northstar's primary exploration focus is the advancement of the company's flagship, 100-per-cent-owned Miller gold property, situated 18 kilometres southeast of Kirkland Lake and Agnico Eagle Mine's Macassa SMC gold mine. The company's strategy is to develop either a minimum material (plus-one-million-ounce) high-grade gold mineral resource to potentially supplement a nearby mining operation or a stand-alone mining operation at the Miller gold property.

Since going public by initial public offering in late 2020, Northstar has spent over $4.7-million in exploration at Miller, resulting in the discovery of a series of broad, near-surface, shallow-dipping sheeted quartz-gold-telluride vein structures in the Allied syenite (Allied gold zone) and Planet syenites and numerous 70-to-750-gold-gram-per-metre drill hole intercepts. Drilling to date at the AGZ has returned near-surface gold intercepts that include 6.6 grams per tonne gold over 117.0 metres, 4.0 grams per tonne gold over 50.6 metres, 1.4 grams per tonne gold over 118.5 metres and 1.2 grams per tonne gold over 107.3 metres. Stepout AGZ drilling in 2021 intersected peripheral steeply dipping copper-gold-bearing structures (CG1 and CG2 zones) returning intercepts that include 9.41 grams per tonne gold and 1.03 per cent copper over 3.0 metres. The AGZ shares numerous compelling similarities to Agnico Eagle's nearby Upper Beaver deposit, currently in the predevelopment stage.

In April, 2022, as a precursor to a mineral resource estimate and for reporting purposes, the company commissioned Ronacher Mackenzie Geoscience and SRK Consulting (Canada) to conduct an exploration target study of the Miller property, Allied gold zone and No. 1 vein. An upper range exceeding 500,000 ounces of gold averaging 2.04 grams per tonne gold has been referenced in this study. Results were reported July 26, 2022, verifying the significance, size and gold grade potential of the Allied gold mineralizing system. Results provide the company and investors a fact-based conceptual tonnage and gold grade range for the Allied syenite gold zone, and basis for continued expansion drilling and mineral resource development.

In April, 2023, Northstar reported results of a high-resolution UAV (unmanned aerial vehicle) airborne magnetic survey completed over the Miller gold property that identified a volumetrically large positive magnetic anomaly (SM-01) partially underplating the near-surface Allied gold zone and syenite stock. The SM-01 anomaly displays a high-magnetic susceptibility signature, possibly reflecting a deeper, large, discrete mafic intrusion and source area for higher, recently discovered steeply dipping gold-copper sulphide mineralization discovered in 2021 drill holes MG21-64 (4.71 grams per tonne gold and 0.51 per cent copper over 6.4 metres -- CG1 zone) and MG21-65 (9.41 grams per tonne gold and 1.03 per cent copper over 3.0 metres -- CG2 zone). Eleven additional anomalies consistent with possible syenite intrusions have also been identified.

In addition to drill testing extensions of the high-grade Cam copper mine this fall, Northstar is positioning to conduct a phase IIIA Allied gold zone lateral and depth expansion drill program on the Miller gold property.

Northstar has three additional 100-per-cent-owned exploration projects in Northern Ontario, including the recently acquired 1,200-hectare Rosegrove property situated 0.5 kilometre from the Miller gold property, the 4,650-hectare Bryce gold property (includes the recently optioned Britcanna lease), an intrusive-gold/PME VMS (volcanic massive sulphide) project located along the projected east extension of the Ridout break and the recently expanded Temagami-Milestone copper-nickel-cobalt critical minerals property located in Strathcona township. Northstar is advancing all three properties to enhance monetization opportunities.

We seek Safe Harbor.