Mr. Brian Fowler reports

NORTHSTAR GOLD CORP. CLOSES FIRST TRANCHE OF $500,000 PRIVATE PLACEMENT

Northstar Gold Corp. has closed the first tranche of its previously announced non-brokered private placement of units.

The first tranche consisted of 3.99 million units for a total of $219,450. This exceeds first tranche expectations of $200,000 announced on Aug. 15, 2023. Northstar has since received additional orders to close a second tranche in the near term. The units were priced at 5.5 cents, and are composed of one common share of the company and one share purchase warrant. Each full warrant is exercisable into one additional common share of the company at an exercise price of 7.5 cents for a period of 24 months.

The company paid a total of $385 in finder's fees associated with the offering and issued 7,000 finder warrants at an exercise price of 7.5 cents expiring 24 months from the closing date of the offering. All securities issued under the offering are subject to a statutory four-month hold period from the closing date under applicable Canadian securities laws.

The gross 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 ions) soil surveys on the company's 100-per-cent-owned Rosegrove property, targeting alkaline intrusion-hosted gold mineralization, and for general working capital purposes.

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 (over 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 km southeast of Kirkland Lake, Ont. The Cam copper mine is a road-accessible satellite high-grade copper system situated 2.4 km 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 (kg), 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 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 (g/t) 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 the sinking of a 220-foot (66.7 m) vertical shaft with 213 feet (64.5 m) of crosscutting and 267 feet (80.9 m) 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 (lb) of Cu (copper) at a Noranda smelter for a recovered grade of 6.3 per cent Cu. 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 Cu, 0.84 ounce (oz)/ton Ag (silver) and 0.03 oz/ton Au (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 Cu over 7.8 feet in zone 1 and 11.8 per cent Cu over 9.2 feet, including 23.1 per cent Cu over 4.6 feet in zone 2. Underground drilling intercepts include 9.6 per cent Cu over 8.5 feet, including 16.6 per cent Cu over three 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 Cu across 33 inches in zone 1, within the hangingwall of the quartz breccia, and 19.95 per cent Cu across 24 inches in zone 2, along the footwall breccia contact on the 200-foot level. Both zones remain open down plunge 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 Gold, 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 km southeast of Kirkland Lake and Agnico Eagle Mine's Macassa SMC gold mine. The company's strategy is to develop either a minimum material (over one million ounces) high-grade gold mineral resource to potentially supplement a nearby mining operation or a stand-alone mining operation at the Miller gold property.

We seek Safe Harbor.