Mr. Darren Klinck reports

ARRAS MINERALS ANNOUNCES C$2 MILLION NON-BROKERED FINANCING

Arras Minerals Corp. has arranged a non-brokered private placement financing of up to 7,692,308 units of the company at a price per unit of 26 cents for aggregate gross proceeds of up to $2-million.

Darren Klinck, president of Arras, commented: "Over the past 18 months since we announced the initial strategic equity investment by Teck, Arras has successfully and significantly advanced our project portfolio in Kazakhstan with the funding from that associated financing in 2022. We are now pleased to have a strategic alliance with Teck on a portion of our land package and a $2.5-million (U.S.) budget in 2024 funded by Teck which is expected to advance targets to drill-ready status this year. In addition, the highly successful soil-sampling program at our 100-per-cent-owned Elemes project, which we announced results from in Q1 this year, has attracted considerable attention from major mining companies as we have identified two coherent copper-in-soil anomalies stretching more than eight kilometres each and containing porphyry mineralization which Arras intends to begin testing later this year."

Tim Barry, chief executive officer of Arras, went on to add: "As we commence our third field season this month in Kazakhstan, we expect to be advancing and drilling at least three new copper-gold porphyry targets this year. By utilizing modern exploration techniques in a region that has had very little to no exploration focus since pre-1990, our thesis is continuing to strengthen that the Bozshakol-Chingiz metallogenic belt has the potential to contain multiple new copper-gold deposits masked under shallow cover. This is truly a very exciting time for Arras as we quickly advance in a new Tier 1 jurisdiction for exploration of base and precious metals."

Private placement terms

Under the offering, each unit shall comprise one common share in the capital of the company and one-half of one non-transferable common share purchase warrant. Each whole warrant will entitle the holder thereof to purchase one additional common share at a price of 40 cents for a period of three years from closing of the offering.

In the event the volume-weighted average trading price of the common shares on the TSX Venture Exchange meets or exceeds 60 cents for 15 consecutive trading days at any time after four months and one day following closing of the offering, the company shall have the option, but not the obligation, at any time thereafter to accelerate the expiry date to a date that is 30 days following the date of issuance of a press release by the company announcing the acceleration of the expiry date.

The net proceeds of the offering will be used to advance the company's exploration program in Kazakhstan and for general corporate purposes. Finders' fees may be payable on a portion of the offering in accordance with applicable laws and TSX-V policies.

The offering is scheduled to close on or about June 4, 2024, and is subject to the approval of the TSX-V. The securities issued pursuant to the offering will be subject to a four-month hold period in Canada and will be subject to U.S. resale restrictions under U.S. securities laws as applicable.

Qualified person: The scientific and technical disclosure for this news release has been prepared under supervision of and approved by Matthew Booth, vice-president of exploration, of Arras Minerals, a qualified person for the purposes of National Instrument 43-101. Mr. Booth has over 19 years of mineral exploration experience and is a qualified person member of the American Institute of Professional Geologists (CPG 12044).

About Arras Minerals Corp.

Arras is a Canadian exploration and development company advancing a portfolio of copper and gold assets in northeastern Kazakhstan, including the option agreement on the Beskauga copper and gold project. The company has established the third-largest licence package in the country prospective for copper and gold (behind Rio Tinto and Fortescue). In December, 2023, the company entered into a strategic alliance with Teck Resources in which Teck will sole-finance a $5-million (U.S.) generative exploration program over a portion of the Arras licence package in 2024 to 2025 focusing on critical minerals. The company's shares are listed on the TSX-V under the trading symbol ARK.

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