Mr. Tim Barry reports

ARRAS MINERALS ANNOUNCES $15 MILLION BOUGHT DEAL FINANCING

Arras Minerals Corp. has entered into an agreement with Haywood Securities Inc., on its behalf and on behalf of a syndicate of underwriters, pursuant to which the underwriters have agreed to purchase, on a bought-deal basis, 11.03 million common shares of the company at a price of $1.36 per common share, for aggregate gross proceeds to the company of $15,000,800.

The company shall have the right to designate subscribers to purchase up to 1,470,588 common shares at the issue price for up to $2-million as part of the underwritten offering.

Additionally, the company has granted the underwriters an option, exercisable in whole or in part by the underwriters at any time up to 48 hours prior to closing (as defined below), to purchase up to an additional 1,654,500 common shares at the issue price for additional gross proceeds of up to $2,250,120.

The net proceeds of the offering will be used to finance exploration and development of the company's properties in Kazakhstan, and for working capital and general corporate purposes, as described in the offering document (as defined below).

The offering is expected to close on or about July 7, 2026, or such other date as may be agreed to by the company and the underwriters. Closing is subject to certain customary conditions, including, but not limited to, the receipt of all necessary approvals, including the conditional approval of the TSX Venture Exchange. Subject to compliance with applicable regulatory requirements and in accordance with National Instrument 45-106, Prospectus Exemptions, the offering is being made to purchasers resident in Canada, except Quebec, pursuant to the listed issuer financing exemption under Part 5A of NI 45-106, as amended and supplemented by Coordinated Blanket Order 45-935, Exemptions from Certain Conditions of the Listed Issuer Financing Exemption. The common shares offered under the listed issuer financing exemption will not be subject to a hold period in accordance with applicable Canadian securities laws.

There is an offering document related to the offering that can be accessed under the company's profile on SEDAR+ and on the company's website. Prospective investors should read this offering document before making an investment decision.

The company has agreed to pay the underwriters a cash commission equal to 6.0 per cent of the aggregate gross proceeds raised under the offering.

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 Elemes copper-gold porphyry project, where initial drill results in 2025 identified porphyry-style mineralization across a 10-kilometre line of strike. The company has established one of the largest land packages in the country prospective for copper and gold. The company's shares are listed on the TSX Venture Exchange under the trading symbol ARK and on the OTCQB under the trading symbol ARRKF.

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