Mr. Brian Fowler reports

NORTHSTAR CLOSES 1ST TRANCHE OF PRIVATE PLACEMENT TO ADVANCE SURGICAL MINING PROJECT AT CAM COPPER

Northstar Gold Corp. has closed a first tranche of its previously announced non-brokered private placement of hard-dollar units for gross proceeds of up to $800,000. Please refer to the company's news release dated Feb. 26, 2026, for additional details regarding the offering.

Financing overview

The company issued an aggregate of 9.3 million units at a price of six cents per unit for gross proceeds of $558,000 with strategic investors. Each unit consists of one common share and one common share purchase warrant, with each warrant entitling the holder thereof to acquire one additional common share at an exercise price of 7.5 cents per common share for a period of 60 months from the date of issuance.

In connection with the offering, the company paid aggregate finders' fees of $28,800 and issued 480,000 finder warrants to an eligible finder. Each finder warrant is exercisable to acquire one common share at a price of 7.5 cents per share for a period of 60 months from the date of issuance.

All securities issued pursuant to the offering, including the units, warrants and finder warrants, are subject to a statutory hold period of four months and one day from the closing date, in accordance with applicable Canadian securities laws, in addition to such other restrictions as may apply under applicable securities laws of jurisdictions outside Canada.

The company will close a near-term, second tranche with additional orders on hand. The offering remains subject to final approval of the Canadian Securities Exchange.

Use of proceeds

Proceeds from the offering will provide initial capital to partially finance permitting, engineering and early-stage implementation of Novamera Inc.'s surgical mining system at Northstar's 100-per-cent-owned Cam copper project, located approximately 18 kilometres southeast of Kirkland Lake, Ont. The Cam copper zone 2 surgical mining pilot program is advancing under a definitive turnkey surgical mining services agreement with Novamera executed on Oct. 9, 2025 (please see Northstar news release dated Oct. 9, 2025).

Northstar is also advancing the project through a collaborative consortium with Digital (Canada's global innovation cluster for digital technologies), Novamera Inc. and Micon International Ltd. under a master project agreement announced Nov. 24, 2025. On Jan. 28, 2026, the company reported that Digital approved access for up to $4-million in total co-investment funding to partially support the consortium's two-year, approximately $11-million Cam copper surgical mining initiative aimed at accelerating the sustainable production of critical minerals (see Digital news release dated March 2, 2026).

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 by Micon 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.

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.