Mr. Patrick Power reports

ARCTIC STAR ANNOUNCES WITHDRAWAL OF ONGOING OFFERING AND LAUNCH OF NEW OFFERING

Arctic Star Exploration Corp. has withdrawn the private placement first announced on July 26, 2024, as further updated on Sept. 17, 2024, and Sept. 25, 2024. The offering was for up to 13.75 million units of the company at a price of two cents per unit for gross proceeds of up to $275,000. Each unit was to be composed of one common share in the capital of the company and one non-transferable share purchase warrant. Each warrant was exercisable to purchase one additional share for a period of 24 months from the closing date at an exercise price of eight cents per warrant share.

The company is pleased to announce that it will be launching a new offering. Under the new offering, the company will offer units at a price of 1.5 cents per unit instead of two cents per unit and warrants at five cents instead of eight cents per warrant share. The remaining terms of the new offering and the terms of the warrants and the anticipated gross proceeds will remain the same as the offering.

The company may pay a finder's fee on the new offering within the maximum amount permitted by the policies of the TSX Venture Exchange. The company may complete multiple closings of the new offering as subscriptions are received. Each closing is subject to a number of conditions, including receipt of all necessary corporate and regulatory approvals.

No insiders (as such term is defined under the policies of the TSX-V) or persons conducting investor relations activities are expected to participate in the new offering.

Closing of the new offering is subject to certain customary conditions, including, without limitation, approval of the TSX-V. The securities to be issued under the new offering will be offered by way of a private placement in such provinces or territories of Canada as may be determined by the company, in each case, pursuant to applicable exemptions from the prospectus requirements under applicable securities laws. Securities issued under the new offering will be subject to a hold period, which will expire four months and one day from the date of closing of the new offering.

Among other costs, the company will use the proceeds from the offering for exploration expenses and general working capital.

About Arctic Star Exploration Corp.

Arctic Star is predominantly a diamond explorer, recently discovering five new kimberlites in the prolific Lac De Gras kimberlite field that supports two multibillion-dollar kimberlite mining complexes. The company also has a 958-hectare exploration permit containing several diamond-bearing kimberlites on its Timantti project, Kuusamo, Finland. The company continues to look for appropriate diamond opportunities elsewhere.

We seek Safe Harbor.