Mr. Brian Fowler reports

NORTHSTAR GOLD CORP. PROVIDES EXPLORATION UPDATE CLOSES SECOND TRANCHE OF PRIVATE PLACEMENT

Northstar Gold Corp. has provided the following exploration update.

Northstar's primary exploration focus is to advance and expand its near-surface, bulk-tonnage gold-telluride and more recently discovered volcanogenic massive sulphide copper mineral deposits on the company's flagship, 100-per-cent-owned Miller copper-gold property, situated 18 kilometres southeast of Kirkland Lake, Ont. The company's strategy is to develop a material (over one million ounces gold/high-grade copper) mineral resource base to support stand-alone mining operations at the property.

Allied gold zone

Since going public by initial public offering in late 2020, Northstar has spent over $5.6-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, or AGZ), one of three known gold-telluride-bearing syenite intrusions at Miller with numerous 70 to 750 gold grams/metre drill hole intercepts. Drilling to date at the AGZ has returned near-surface gold intercepts that include 6.6 grams/tonne Au over 117 metres, four g/t Au over 50.6 metres, 1.4 g/t Au over 118.5 metres and 1.2 g/t Au over 107.3 metres.

As a precursor to a mineral resource estimate and for reporting purposes, Northstar commissioned Ronacher Mackenzie Geoscience and SRK Consulting (Canada) to conduct an exploration target study of the Allied gold zone and No. 1 vein in 2022. An upper range exceeding 500,000 ounces of gold averaging 2.04 g/t Au has been referenced in this study. Results were reported July 26, 2022, verifying the significance, size and gold grade potential of the AGZ 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. Northstar is actively seeking a major joint venture partner to continue Allied gold zone exploration and expansion.

Historic high-grade Cam copper mine

On Nov. 23, 2023, Northstar announced results from a 720-metre diamond drill program completed on the historic high-grade Cam copper mine, also occurring on the Miller copper-gold property 2.4 kilometres southwest of the Allied gold zone. 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). Drill results suggest zone 2 is thickening in a southeast and down-plunge direction. Additional 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. Northstar drilling has confirmed that 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-kilometre-long southeast-trending belt of VMS horizons on the Miller copper-gold property. 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 has recently closed two financings to provide for diamond drilling and down-hole and surface electromagnetic geophysical surveys to further define copper horizon strike and down-plunge extensions of the Cam VMS copper horizons. It is the company's intention subsequently drill test these newly defined geophysical anomalies by a phase II Cam diamond drill program.

Rosegrove, Bryce and Milestone Cu-Ni-Co properties

Northstar's 100-per-cent-owned Northern Ontario exploration project portfolio also includes the recently acquired 1,200-hectare Rosegrove property, situated 0.5 km from the Miller gold property, the 4,650 ha Bryce gold property (includes the recently optioned Britcanna lease), an intrusive-gold/PME VMS project located along the projected east extension of the Ridout break, and the recently expanded Temagami-Milestone Cu-Ni-Co critical minerals property located in Strathcona township. Northstar is advancing all three properties to enhance monetization opportunities.

New discoveries southeast of the Cam copper mine

In the late fall of 2023 Northstar Gold conducted a limited prospecting and sampling program covering the southeast extension of the VMS/exhalite trend along the contact with the Round Lake batholith. The program, while abbreviated due to ground conditions, included the collection of 15 grab samples from older workings and gossanous areas. Several anomalous results in Au (zero to 2.02 g/t Au), Ag (0.15 to 26.9 g/t), Cu (41 to 27,900 parts per million), Pb (0.9 to 3,340 ppm) and Zn (12 to 2,070 ppm) were returned from samples containing semi-massive to massive sulphides in proximity to magnetic anomalies and historic EM conductors in what could represent extensions of VMS zones 1 and 2 for over 700 metres along strike to the southeast of the Cam copper mine site.

High-grade Cu discovery at the Milestone Cu-Ni-Co property

In late summer of 2023 Northstar conducted a brief prospecting program on the Milestone property near Temagami, Ont., as a follow-up to the successful 2022 unmanned aerial vehicle mag survey and prospecting program that traced Cu-Ni-Co mineralization for over 1,000 metres along the footwall gabbro contact and at least one footwall offset-style dike. Assay results from 29 samples collected in 2022 ranged from 0.20 to 1.52 per cent Cu, 0.05 to 0.61 per cent Ni and 0.005 per cent to 0.134 per cent Co.

The primary objective of the summer 2023 sampling program was to locate massive chalcopyrite pods believed to exist below the footwall contact and collect additional samples from the footwall dike area. A total of 15 grab samples were collected in the program with one grab sample (C169316) of Cu-rich massive sulphides returning 9.86 per cent Cu, 0.40 per cent Ni, 0.30 g/t Au and 0.05 per cent Co. This discovery was made only 40 metres away from 2022 prospecting sample E455246 which assayed 1.25 per cent Cu, 1.31 g/t palladium, 0.46 g/t platinum, 0.41 g/t Au and 6.35 g/t Ag, located 50 metres into the footwall rhyolite. The discovery of Cu-rich sulphides within the footwall rhyolite is significant as massive sulphide pods with chalcopyrite and precious metals in the footwall rhyolite formed the main ore constituent at the historic high-grade copper Temagami mine, located along strike 20 km to the southwest.

Over all, assays from the 2023 sampling program ranged from Cu (901 to 98,600 ppm), Ni (53 to 5,720 ppm), Co (31.6 to 1,240 ppm), Ag (0.3 to 6.4 ppm) and Au (0.082 to 0.364 ppm). Additional work is being planned in the spring of 2024 to determine the full extent of high-grade Cu-sulphide mineralization within the footwall rhyolite and explore the mineralized footwall dike in greater detail.

The Milestone property exhibits similar geology, mineralization, stratigraphic setting and alteration as Teck Resources' former high-grade Temagami copper mine located 20 km southwest along strike. The Temagami mine produced approximately 900,000 tons at an average grade of 6 per cent Cu during the period 1955 to 1972. Both the Milestone property and Temagami mine share some similarities with the footwall breccia-type ore deposits found in the Sudbury basin.

Rosegrove property

The Rosegrove property is situated immediately northwest of the Miller copper-gold property, and is highly prospective for alkalic intrusion-related gold-telluride and shear-hosted copper-gold mineralization. In the fall of 2023 Northstar completed a property wide lidar survey and 634 ha MMI (mobile metal ion) soil sampling program covering the central portion of the 1,150 ha property.

The lidar survey was successful in tracing the regional Pacaud fault zone along with potential splay structures or second-order structures with potential to host copper and gold-telluride mineralization similar to the Miller copper-gold property. Several prominent north-south- and east-northeast-trending structures were also identified in the southern and western areas of the property where bedrock was not obscured by the central floodplain. Northstar plans on prospecting and ground truthing several of these interpreted structures in the spring of 2024. Northstar is still awaiting analytical results from 207 MMI soil samples covering the Pacaud fault zone and associated structures.

On Dec. 18, 2023, Northstar reported it had received eligibility notice from the Ontario Ministry of Mines to receive a critical minerals exploration grant of up to $80,532.50 from the Ontario Junior Exploration Program (OJEP). Grant proceeds cover up to 50 per cent of Northstar's eligible 2023 to 2024 critical minerals exploration expenditures at the Rosegrove property.

Northsar closes third tranche private placement

Northstar also announces the company has closed a third tranche of its previously announced non-brokered private placement of hard-dollar units.

The offering consisted of 1,090,910 hard-dollar units for a total of $60,000. This is in addition to closing the first and second tranches consisting of 12,348,479 units for aggregate gross proceeds of $738,999.64 as previously announced on Dec. 13, 2023, and Dec. 29, 2023.

A total of $717,999.54 critical minerals eligible flow-through shares were raised on an oversubscribed basis, exceeding the original minimum critical minerals eligible flow-through target of $600,000 reported Dec. 29, 2023.

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 eligible Canadian exploration expenses (CEE) which will be used primarily to finance the 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 follow-up of 2023 lidar and MMI soil survey results on the company's 100-per-cent-owned Rosegrove property, targeting alkaline intrusion-hosted gold mineralization. The company will renounce CEE effective on or before Dec. 31, 2023. 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 purposes.

Quality control

Rock samples collected in the 2023 surface exploration programs were delivered to ALS Global in Timmins, Ont., for preparation and assayed for gold by ALS Global in Vancouver, B.C.

Northstar has implemented a quality control program for its properties to ensure best practice in the sampling and analysis of surface samples, which includes the insertion of blanks, duplicates and certified standards into the sample stream.

Surface samples were submitted to ALS Global at its Timmins, Ont., facility for sample preparation where the entire sample was crushed to better than 70 per cent passing two millimetres, 250-gram riffle split and pulverized to 85 per cent passing 106 microns. Pulps are forwarded to ALS Global in Vancouver, B.C., for analyses. Gold and platinum group metal analyses are obtained via industry-standard fire assay with inductively coupled plasma finish using five-gram to 30-gram aliquots. For samples returning greater than 10 g/t gold follow-up fire assay analysis with a gravimetric finish is completed. Based on initial fire assay gold indications as well as visual indication of mineralization and alteration, samples are selected for reassay by the screen metallic fire assay method. Samples are also analyzed for 48 trace and major elements by inductively coupled plasma mass spectrometry following a four-acid digestion. ALS Global is ISO/IEC 17025:2017 accredited (lab No. 579) for the preparation and analyses performed on the Milestone samples.

Qualified person

Brian P. Fowler, PGeo, a qualified person as defined under Canadian National Instrument NI 43-101, has reviewed technical aspects of this news release.

About Northstar Gold Corp.

Northstar's primary exploration focus is the advancement and expansion of near-surface, bulk-tonnage gold-telluride and more recently discovered VMS copper mineral deposits on the company's flagship, 100-per-cent-owned Miller copper-gold property, situated 18 km southeast of Kirkland Lake, Ont. The company's strategy is to develop a material (over one Moz gold/high-grade copper) mineral resource base to support stand-alone mining operations at the property.

We seek Safe Harbor.