Blue Star Announces Closing of Non-Brokered Private Placement and Debt Settlements

Blue Star Announces Closing of Non-Brokered Private Placement and Debt Settlements

Blue Star Gold Corp. (TSXV: BAU,OTC:BAUFF) (OTCQB: BAUFF) (FSE: 5WP0) ("Blue Star" or the "Company") announces that, further to its news release of September 1, 2026 it has completed its non-brokered private placement raising gross proceeds of $800,000 through the issuance of 4,000,000 common shares (each, a "Share") at $0.20 per Share (the "Private Placement").

The proceeds from the Private Placement will be used for general working capital. No finder's fees were paid in connection with the Private Placement.

The Company also announces that it has completed its debt settlements issuing an aggregate of 638,993 Shares at a deemed price of $0.20 per Share to extinguish debts owing in the amount of $127,798.66 (excluding goods and services tax) (the "Debt Settlements").

The debts owing relate to past director services provided to the Company by Dr. Georg Pollert from January 2021 until May 31, 2026 and for unpaid finder's fees owing to an arm's length party from private placements that closed in May 2025 and July 2026.

Dr. Georg Pollert, a director and controlling shareholder of the Company, is participating in the Private Placement for 4,000,000 Shares and the Debt Settlements for 388,993 Shares. As a result, the issuance of these Shares pursuant to the Private Placement and the Debt Settlements is considered a related party transaction (as defined under Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions ("MI 61-101")). The Company relied upon the exemptions from the formal valuation and minority shareholder approval requirements set out in sections 5.5(a) and 5.7(1)(a) Fair Market Value not More than 25% of Market Capitalization, of MI 61-101, respectively.

The Shares issued pursuant to the Private Placement and Debt Settlement are subject to a four-month and one day hold period pursuant to securities laws in Canada and, where applicable, the Exchange Hold Period.

The Private Placement and the Debt Settlements remain subject to the final approval of the TSX Venture Exchange.

About Blue Star Gold Corp.

Blue Star Gold Corp. 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 resource expansion.

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 close to the Company's Projects. The Grays Bay Road and Port Project was recently referred to the Major Projects Office by Prime Minister Carney. The Major Projects Office was created to fast-track infrastructure projects that are deemed to be of national importance.

Blue Star is listed on the TSX Venture Exchange (BAU), the OTCQB Venture Market (BAUFF), and the Frankfurt Exchange (5WP0). Additional information is available at www.bluestargold.ca.

For further information, please contact:

Grant Ewing, P. Geo., CEO
Telephone: +1 778-379-1433
Email: info@bluestargold.ca

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the Policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this Release.

The securities referred to in this news release have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent U.S. registration or an applicable exemption from the U.S. registration requirements. This news release does not constitute an offer for sale of securities for sale, nor a solicitation for offers to buy any securities. Any public offering of securities in the United States must be made by means of a prospectus containing detailed information about the company and management, as well as financial statements.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/312708

News Provided by TMX Newsfile via QuoteMedia

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