Mr. Brian Fowler reports

NORTHSTAR GOLD CORP. $500,000 PRIVATE PLACEMENT OVERSUBSCRIBED

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

The third tranche consisted of 1,762,755 units for a total of $96,951.50. This is in addition to a first and second tranche for gross proceeds of $434,705, previously announced on Aug. 30, 2023, and Sept. 14, 2023. After giving effect to this tranche, a total of $531,656.50 has been raised, exceeding the original minimum target of $500,000. Northstar has since received additional orders to close a fourth tranche of the offering 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 gross proceeds from the offering 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, situated 18 kilometres southeast of Kirkland Lake, Ont. 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 critical minerals and alkalic intrusion-hosted gold mineralization, and for general working capital purposes.

Northstar also announces Pelletier Drilling Ltd. of Chapais, Que., has been contracted by the company to conduct a 700-metre, phase 1 diamond drill program targeting near-surface, high-grade copper mineralization at the Cam copper mine. Further details are forthcoming and drilling is scheduled to commence later this month.

The participation of one director in the offering constitutes a related-party transaction within the meaning of Multilateral Instrument 61-101 -- Protection of Minority Security Holders in Special Transactions (MI 61-101) and the policies of the Canadian Securities Exchange. The company is relying upon the exemptions from the formal valuation and minority shareholder approval requirements pursuant to sections 5.5(b) and 5.7(1)(a), respectively, of MI 61-101 on the basis that, at the time the offering was agreed to, neither the fair market value of the subject matter of, nor the fair market value of the consideration for, the transaction insofar as it involves interested parties (within the meaning of MI 61-101) in the offering, exceeds 25 per cent of the company's market capitalization calculated in accordance with MI 61-101.

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 ounces) mineral resource base to support a stand-alone mining operation at the Miller gold property.

Operational updates

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 (Ag), 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 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 per ton (oz/ton) Ag and 0.03 oz/ton gold (Au), presumably from Zone 1.

Northstar recently obtained detailed historic Cam copper mine exploration plans, 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 23. 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. A 700-metre, phase 1 diamond drill program is scheduled to commence at the Cam copper mine later this month.

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.

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