Mr. Brian Fowler reports

NORTHSTAR ANNOUNCES FINANCING TO ADVANCE SURGICAL MINING OF HIGH-GRADE COPPER AT CAM COPPER PROJECT

Northstar Gold Corp. has arranged a non-brokered private placement to partially finance permitting, engineering and the initial implementation of Novamera Inc.'s surgical mining system at the company's 100-per-cent-owned Cam copper project, located 18 kilometres southeast of Kirkland Lake, Ont.

The financing provides the initial capital platform to launch Northstar's Cam copper zone 2 surgical mining pilot, being advanced under a definitive Turnkey surgical mining services agreement executed with Novamera on Oct. 9, 2025 (please see Northstar's news release dated Oct. 9, 2025).

Financing overview

The non-brokered offering consists of up to $800,000 in non-flow-through units priced at six cents per unit, with each unit comprising one common share and one warrant exercisable at 7.5 cents for 60 months.

Northstar directors may participate in the offering and finders' fees or commissions may be payable on portions of the financing, subject to Canadian Securities Exchange policies and applicable securities laws.

First-tranche near-term close

A first-tranche close of approximately $530,000 is expected in the near term, led by strategic investors aligned with Northstar's critical minerals and surgical mining objectives.

Use of proceeds

Northstar is advancing toward issuance of a notice-to-proceed under the agreement by obtaining the necessary permits and project financing. The company also intends to commission a National Instrument 43-101-compliant technical report and mineral resource estimate on the Cam copper project to formally evaluate the deposit's reasonable prospects for eventual economic extraction before making any production or development decision.

Proceeds will be directed toward:

• Zone 2 geological model update and block model development;
• Preliminary metallurgical studies;
• Commission an NI 43-101-compliant technical report and mineral resource estimate permitting and detailed engineering for the Cam copper zone 2 surgical mining program;
• Mine planning, surface site preparation and mobilization;
• Working capital.

The existing shareholder exemption and investment dealer exemption

The offerings will be made available to existing shareholders of Northstar who, as of the close of business on Oct. 28, 2025, held common shares of Northstar (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 that 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.

Northstar has also made the offerings available to certain subscribers pursuant to British Columbia 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 offerings 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.

Related party participation in the offerings

It is anticipated that certain directors, officers and other insiders of Northstar may acquire units or royalty-style investments under the offerings. Such participation will be considered as 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 Northstar's market capitalization (as determined under MI 61-101). Details of any related party participation in the offerings will be disclosed in a closing news release.

About Northstar Gold Corp.

Northstar's focus is to advance exploration and development of the near-surface Allied gold zone and the nearby high-grade Cam copper VMS (volcanogenic massive sulphide) exploration and development projects on its 100-per-cent-owned Miller copper-gold property near Kirkland Lake. In 2022, SRK (Canada) reported an exploration target study at Allied ranging from 250,000 to 500,000 ounces of gold averaging between 1.4 grams per tonne and 2.04 grams per tonne, and, in 2025, Northstar reported exploration target study results at Cam ranging from 75,000 to 140,000 tonnes grading between 9 per cent and 18 per cent copper, with a conceptual average grade of 12 per cent copper.

Northstar is collaborating with Digital (Canada's global innovation cluster for digital technologies), Novamera and Micon International Ltd. under an approximately $11-million consortium initiative focused on advancing data-driven mining solutions and Novamera's proprietary surgical mining technology to efficiently and sustainably extract high-grade copper resources. The consortium is progressing toward potential small-scale copper production at the Cam copper project, currently targeted for early 2027.

On Jan. 28, 2026, Northstar announced that consortium partners had received approval to access up to $4-million in total co-investment funding from Digital in support of the Cam copper surgical mining for critical minerals project. Northstar anticipates receiving an initial reimbursement of approximately $300,000 by mid-April, 2026.

On Sept. 19, 2024, Northstar announced that the company had signed a memorandum of understanding (MOU) with China-based Hunan Nonferrous to earn a minority interest in the Allied gold zone through the completion of a 10,000-metre drilling program aimed at expanding the deposit and supporting an NI 43-101 mineral resource estimate. A due diligence site visit remains pending visitor visa approvals.

Northstar has three additional 100-per-cent-owned exploration projects in Northern Ontario, including the 1,150-hectare Rosegrove property, situated 0.5 kilometre from the Miller copper-gold property, the 4,650-hectare 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 Temagami-Milestone copper-nickel-cobalt critical minerals property, located in Strathcona township. Northstar is seeking exploration partners to advance all three properties.

We seek Safe Harbor.