Mr. Brian Fowler reports

NORTHSTAR GOLD CORP. CLOSES FIRST TRANCHE OF CRITICAL MINERALS 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 6.15 million critical minerals eligible flow-through units and 381,820 hard-dollar units for a total of $390,000.10. Northstar has since received additional orders to close a second tranche in the near term.

Flow-through units were priced at six cents and comprised 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 10 cents for a period of 24 months. Hard-dollar units were priced at 5.5 cents and comprised 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 $1,680 in finder fees associated with the offering and issued 28,000 finder warrants at an exercise price of six 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 the sale of the flow-through shares will be used to incur expenses that will be eligible for the critical mineral exploration tax credit (the CMETC) and 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. Such proceeds will be renounced to the subscribers with an effective date not later than Dec. 31, 2023, in the aggregate amount of not less than the total amount of gross proceeds raised from the issue of FT shares. Proceeds will also provide for follow-up of 2023 lidar and mobile metal ion soil survey results on the company's 100-per-cent-owned Rosegrove property, targeting shear and alkaline intrusion-related gold-copper mineralization, and for general working capital purposes. The proceeds raised from the non-flow-through component will also be used for non-critical minerals exploration work on the Miller gold property and for general working capital.

Northstar's primary exploration focus is the advancement of the company's flagship, 100-per-cent-owned Miller copper-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 copper-gold property.

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

On Nov. 23, 2023, Northstar announced results from a 720-metre diamond drill program completed on the historic high-grade Cam copper mine, located on Northstar's 100-per-cent-owned Miller property situated 18 kilometres southeast of Kirkland Lake, Ont. The company reported all four drill holes intersected lenses of Cu-rich volcanogenic massive sulphides, including massive and stringer chalcopyrite in drill hole CC03-23 grading 14.8 per cent Cu over 2.45 m from 116.55 m to 119 m in zone 2 (see Northstar news release dated Nov. 23, 2023). These results suggest zone 2 is thickening in a southeast and down-plunge direction. Zones 1, 3 and 4 also remain open along strike and at depth.

Cam is a road-accessible shaft mine and small-scale, past producer of high-grade direct shipping copper ore centred on the historic Boston Creek copper trend.

The Cam copper mine is centred on a newly recognized high-grade Besshi-type volcanogenic massive sulphide (VMS) copper system situated at the northwest end of a 0.9 km long southeast-trending belt of VMS horizons. Besshi-type VMS deposits are an important global source of base metals, simplistically characterized as vented, broad sheet-like layers of magnetite, iron-copper-lead-zinc-arsenic sulphides, cobalt, sulphosalts, silver and possibly gold deposited on an ancient sea floor, hosted in volcano-sedimentary rock packages.

Northstar is positioning to conduct a down-hole electromagnetic geophysical survey from 2023 Cam drill holes in early 2024, with intentions to further define the down-plunge and southeast extensions of zone 1 to 4 copper-bearing massive sulphide horizons. Geophysical anomalies will be subsequently drill tested by a phase II Cam copper diamond drill program in late February/early March, 2024.

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.