Blue Star Gold Corp. (TSX-V: BAU) (OTCQB: BAUFF) (FSE: 5WP0) announces initial results from its 2026 Exploration Program – Phase 2 drilling at the Nutaaq (North) target. Blue Star is a leading explorer in Canada’s North with its projects strategically located along the proposed Gray Bay Road in the High Lake Belt, West Kitikmeot Region of Nunavut (Figure 1). Results are available from drill targeting the northern portion of the 1,600-metre-long Nutaaq trend.

Highlights

• All five of the initial drill holes at the North Nutaaq trend intersected the targeted structures with varying amounts of gold mineralisation within wider alteration zones, indicating a strong gold bearing hydrothermal system
• 26UND003 returned 1.2 metres (m) of 8.66 grams/tonne gold (g/t Au) from 49.8 m downhole and 8.0 m of 2.56 g/t Au from 74.0 m downhole, which includes 1.5 m of 7.41 g/t Au within an alteration corridor 12 metres in core length
• 26UND004 returned 3.4 m of 2.70 g/t Au from 36.3 m within an alteration zone 3.8 metres in core length
• Follow up drilling is warranted to vector into the higher-grade zones within the extensive Nutaaq system

“Continued systematic evaluation of the structures along the Nutaaq trend consistently presents the exploration team with additional targets to build on the Nutaaq (Gnu) Zone mineral resource,” said Grant Ewing, CEO of Blue Star. “The wide spaced drilling indicating structural continuity suggests that there is potential to build additional resource ounces in the northern portion of the 1.6-kilometre-long trend. Follow-up drilling is expected to prove grade continuity.”

Discussion of Nutaaq (North)

The Nutaaq style mineralization on Blue Star’s Ulu property is generally characterized as NE-SW trending tension veins that are hosted within a thick, locally magnetic gabbro sill. These structures are known to host both Flood Zone-style mineralisation and Nutaaq-style polymetallic sulphide veins with high gold values. The Nutaaq (Gnu) Zone resource occurs within a ~200-metre-long section of this gabbro sill, on the eastern limb of the Ulu anticline, less than 1 km from the Flood Zone deposit (Figure 2). Field work in 2025 lead to developing a series of targets based on coincident LOUPE-EM anomalies, mapped alteration zones and quartz vein frost heave samples located by prospecting. These field results led to an expansion of the Nutaaq exploration model for high grade polymetallic veins hosted in a tightly folded gabbroic sill within the Ulu Fold that hosts the Flood Zone gold deposit.

Plate 1: Partial Mineralized Interval From 26UND003

Wide spaced drilling on two 300 m to 400 m long target structures formed the initial high potential Nutaaq targets for the 2026 Exploration Program Phase 2 drilling (Figure 2). Two holes were drilled along the structure hosting high grade grab samples from 2025 (Structure A). Three holes were drilled on the parallel structure, ~130 m northwest of 2025 drill hole 25UND002 which returned 5.70 m of 7.31 g/t including 1.80 m of 21.1 g/t Au among other intercepts (News Release (NR) October 1, 2025) (Structure B).

Hole 26UND001 was designed to test between two samples with visible gold that returned grades of 597 g/t Au and 134 g/t Au (NR Aug 12, 2025). This hole intercepted a 2.4 m interval at the target structure within gabbro that graded 1.06 g/t Au within an alteration zone of 3.5 m core length confirming the presence of the mineralised structure albeit with lower grade than expected.

Hole 26UND002 was drilled approximately 285 m west of 26UND001 to test a promising geophysical anomaly, surface rock alteration, and gold-bearing surface samples along the same structural trend tested by 26UND001 (Structure A). Drilling intersected several quartz veins and zones of alteration throughout the 160.6 m hole, with multiple intervals containing sulphide minerals commonly associated with gold mineralization within the 1,600-metre-long Nutaaq corridor. The strongest features included a broad 5.7 m long zone of quartz veining with alteration and several sulphide-rich veins returning 1.74 g/t Au over 1.5 m, indicating that the targeted structure is part of a larger hydrothermal system.

Hole 26UND003 was designed as a 70 m step-out west of hole 25UND002 (5.70 m of 7.31 g/t including 1.80 m of 21.1 g/t Au among other intercepts; NR October 1, 2025) to test the continuation of the mineralized structure (Structure B) along strike and at depth, following encouraging results from earlier drilling. The 233 m drill hole encountered multiple zones of quartz veining, alteration, and sulphide mineralization within gabbro, including several thick quartz-rich intervals containing abundant sulphides returning 8.66 g/t Au over 1.2 m from 49.8 m depth which includes a 0.6 m interval of 11.55 g/t Au, 2.56 g/t Au over an 8.0 m core length from 74.0 m depth which includes a 1.5 m interval of 7.41 g/t Au, and 1.20 g/t Au over a narrow 0.5 m interval from 100.5 m depth (Figure 3).

Hole 26UND004 stepped 50 m west on the structural trend of 26UND003 to test another strong geophysical anomaly that coincided with surface alteration, anomalous gold values, and mapped gossan trends. The drill hole intersected numerous quartz veins, alteration zones, and sulphide mineralization throughout its 224 m length. A 3.8 m alteration zone contained a 3.4 m interval of 2.70 g/t Au from 36.3 m depth, and an interval of 6.3 m contained 0.37 g/t gold from 154.8 m depth indicating a strong hydrothermal system with less focussed gold mineralisation at this location along the structure.

Hole 26UND005 stepped a further 100 m west along the same mineralized trend (Structure B) to evaluate the strongest geophysical anomaly and largest surface gossan identified at North Nutaaq. Numerous quartz veins containing abundant sulphide mineralization were intersected throughout the hole, culminating in two broad, intensely altered and heavily veined intervals near the bottom of the hole. These zones contain extensive quartz veining and abundant sulphides, suggesting a strong hydrothermal system with excellent potential for gold mineralization. Results from these multi-metre alteration zones returned lower gold values and narrower intervals than anticipated based on the robust alteration and mineralization observed in the drill core; 1.26 g/t Au over 0.6 m from 94.4 m, 1.21 g/t Au over 0.8 m from 103.2 m, and 1.01 g/t Au over 1.3 m from 117.5 m.

Next Steps

Follow-up and infill drilling is warranted given the continuity and strength of the alteration and mineralization along the structures indicated by these wide spaced exploration drill holes to define higher grade vectors within the large system. This proposed work is expected to have a positive impact on the current Nutaaq mineral resource.

Sampling, Assaying & QA/QC

Blue Star field programs collect a variety of samples; prospecting rock samples are selective by nature, channel samples are saw-cut samples from outcrop intended to be representative of the exposed mineralisation, and drill core samples are sawn in half with one half retained as core record and the other half submitted for analysis. Blue Star samples are delivered under chain of custody to ALS Geochemistry in Yellowknife, NT for sample preparation which are then forwarded to ALS Canada Inc. in North Vancouver, BC for final analysis. Samples are prepared using code PREP-31 (crushing and pulverising) and analysed using codes Au-AA26 (50-gram fire assay with atomic absorption finish) and ME-MS61 (48 element four acid digestion with ICP-MS finish). Samples returning >10 g/t Au are reanalysed under code Au-GRA22 (50-gram fire assay with gravimetric finish). Over limits for non-gold elements are ore grade four acid digestion with ICP-AES finish. The work is being conducted using industry standard procedures, including a quality assurance and quality control  program consisting of the insertion of certified standards, blanks and duplicates into the sample stream.

Grays Bay Road and Port Project

On June 24, 2026, the Government of Canada stated it had initiated consultations to consider listing the Grays Bay Road and Port Project (GBRPP) under Schedule 1 of the Building Canada Act. Following the March 12, 2026, announcement by Prime Minister Mark Carney that the GBRPP would be referred to the Major Projects Office, this is a further endorsement of the national significance of the GBRPP, which can accelerate its development (https://www.westkit.ca/news). Blue Star’s projects are strategically located 40-100 km south of the proposed Grays Bay deep-water port, with the planned all-weather Grays Bay Road corridor passing very close to the Company’s projects.

Darren Lindsay, P. Geo. and Vice President Exploration for Blue Star, is a Qualified Person under National Instrument 43-101 (“NI 43-101”) and has reviewed and approved the technical information contained in this news release.

Table of Results:

 Intervals are down hole lengths; there has been insufficient drilling to determine true thicknesses.

Table of Drill Collars:

Figure 1: Location Map Showing Blue Star’s Landholdings.

 Figure 2: North Nutaaq Targets and Drill Holes, Ulu Project.

 Figure 3: Upper Image: Plan Map Showing Drill Holes, Airphoto Base with Mapped Gossan Corridors, LOUPE-EM Anomalies at -40 m Vertical Depth and Rock Sample Assay Values. Lower Image: Vertical Cross Section of Drill Hole 26UND003, Nutaaq Trend.

About Blue Star Gold Corp.

Blue Star is a mineral exploration and development company focused on Nunavut, Canada. The Company controls over 420 square kilometres of highly prospective and underexplored mineral properties in the High Lake Greenstone Belt. Its principal assets include the Ulu Gold Project – comprised of the Ulu Mining Lease and Hood River Property, and the Roma and Auma Projects. The Ulu Mining Lease hosts the high-grade Flood Zone Gold Deposit, and the Company’s broader land package contains numerous high-priority gold and critical mineral targets, providing substantial upside potential for Mineral Resource expansion.