2024 Exploration Program Summary

Blue Star mobilized its 2024 exploration program in May and completed the program in September. The program focused on the Company’s Ulu Gold Project and Roma Project in the Kitikmeot region of Nunavut.

Highlights:

• Mobilization of the discovery drill program at Ulu and Roma Projects occurred in May
• Gold focus, with a component of the program dedicated to discovery of critical mineral deposits
• Priority targets were drilled based on potential for discovery, scale, and proximity to existing resources, including:
  • Evaluation of higher-grade, larger targets within and near the Flood deposit
  • Initial drill test of the 2023 Mikigon surface discovery, a new style of mineralization at Ulu
  • Testing mineralized structures and targets in the trend that hosts the Gnu deposit
  • Other high-potential targets were evaluated (both gold and critical minerals)
• 16 diamond drill holes for ~4,000 metres across five main target areas were completed, including: HI (Ataani), Mikigon, Penthouse, Gnu Zone (Nutaaq), and the Flood Zone

• Highlights from the Ulu Gold Project drilling:
  • Targeted Flood Zone structure returned 3.66 metres of 8.46 g/t Au including 1.00 metre of 15.25 g/t Au
  • Extended Flood Zone with drillhole intercepts of 9.61 metres of 1.83 g/t Au including 1.36 metres of 3.66 g/t Au, and 3.22 metres of 7.52 g/t Au including 2.01 metres of 10.38 g/t Au in a 30-metre step-out from the existing resource model
  • Mikigon drilling indicated a pathfinder halo for the system that includes 1+ g/t Au intervals associated with quartz veining, arsenopyrite and elevated bismuth and tellurium values
  • Results from drill holes testing both the Nutaaq veins and the inaugural test of the Zebra prospect include:
    • Nutaaq veins returned 17.3 metres of 2.60 g/t Au including 1.0 metre of 23.5 g/t Au, and 6.6 metres of 2.63 g/t Au
    • Prospecting samples from the Nutaaq trend returned 23.0, 8.96, 6.03, and 2.49 g/t Au
    • Prospecting samples from the Zebra prospect returned grades of 28.1, 14.6, and 5.01 g/t Au
    • Inaugural drilling of the Zebra prospect returned encouraging results of 3.6 metres of 1.73 g/t Au including 2.9 metres grading 2.01 g/t Au

• Highlights from the Roma Project drilling:
  • A program of Fixed Loop Electromagnetic ("EM") surveying outlined a 320 metre by 100 metre EM plate representing a zone of strong conductivity located 180 metres below surface
  • The inaugural critical minerals component of the drill program included 1,365 metres of drilling at the Ataani discovery (Roma, HI property)
  • Five holes for 1,365 metres were undertaken
    • Hole 1: intersected 17.1 metres of 0.973% copper equivalent (CuEq*) from a zone of stringer to massive sulphides
    • Hole 2: targeted ~45 metres below the 17.1 metre sulphide intercept in the first hole and intersected a 37.25 metre zone of stringer to massive sulphide mineralisation. A 26.9 metre stringer to massive sulphide section returned 0.576% CuEq, including a 7.2 metre zone grading 1.145% CuEq
    • Hole 3: was drilled ~50 metres down dip of the 37.25 metre mineralized zone intersected in the second hole, and intersected a 1.7 metre mineralized zone grading 0.880% CuEq
    • Two additional drill holes, totalling 492 metres, tested the ground along strike 110 metres to the south and 110 metres to the north of the reported drill holes. Both holes intersected the mineralized zone.

*Metal Equivalents: Copper Equivalent (CuEq) and Gold Equivalent (AuEq) mentioned above for drill intersections are calculated on a basis of US$ 3.75/lb for Cu, US$ 1,900/oz for Au, US$ 20/oz for Ag, US$ 1/lb for Zn, and US$ 0.95/lb for Pb with metallurgical recoveries assumed for all metals based on the values in the MMG 2023 Mineral Resource and Ore Reserves Statement. The assays have not been capped. CuEq = Cu + 0.279 * Zn + 0.231 * Pb + 0.623 * Au + 0.007 * Ag; calculations reviewed with Equivalent Grade Calculator (aaronmcm.com).

Flood Zone Drilling

Ataani Drilling