Mr. Brian Fowler reports

NORTHSTAR CLOSES 2ND TRANCHE OF PRIVATE PLACEMENT, COMPLETES CAM COPPER ZONE 2 INFILL DRILL PROGRAM

Northstar Gold Corp. has closed the second tranche of the previously announced non-brokered private placements of hard dollar, flow-through and non-dilutive advanced royalty units. (Please see Northstar news release dated Oct. 29, 2025.)

Tranche 2 of the offering consisted of the issuance of 600,000 flow-through units for proceeds of $36,000 and 500,000 non-flow-through units for proceeds of $25,000, for a tranche 2 total of $61,000. This, in addition to the previously closed tranche 1 total of $855,700 (please see Northstar news release dated Dec. 15, 2025) provides for a cumulative offerings total of $916,700.

The flow-through units were issued at six cents and comprise one flow-through common share designed as a flow-through share under the provisions of the Income Tax Act (Canada) and one non-flow-through share purchase warrant. Each full warrant is exercisable into one non-flow-through common share at an exercise price of eight cents for a period of 24 months. The non-flow-through units were issued at five cents and comprised one common share and one share purchase warrant. Each full purchase warrant is exercisable into common shares at a price of five cents for a period of 24 months.

The company paid a total of $2,160 in finder fees associated with the offering and issued 36,000 finder warrants at an exercise price of six cents expiring 24 from the closing date of the offering. All securities issued under the offering are subject to a statutory four-month hold period from the closing date under applicable Canadian securities laws. Northstar insiders participated in both offering tranches.

Use of proceeds

This financing provides the initial capital platform to launch Northstar's Cam Copper Zone 2 Surgical Mining pilot, being advanced under a definitive turnkey surgical mining services agreement executed with Novamera on Oct. 9, 2025. (Please see Northstar news release dated Oct. 9, 2025). Project financing and support will be augmented further by the recently signed master project agreement (or MPA) with Digital -- Canada's global innovation cluster for digital technologies, Novamera Inc. and Micon International Ltd., as part of a larger project providing partial funding to support data-driven and digital solutions. (Please see Northstar news release dated Nov. 24, 2025.)

Northstar is advancing toward issuance of a notice-to-proceed under the agreement by obtaining the necessary permits and project financing.

Proceeds will be directed toward:

• Zone 2 definition diamond drill program;
• Completed Dec. 22, 2025;
• Cam Copper Zone 2 metallurgical testwork;
• Commission a National Instrument 43-101-compliant technical report and mineral resource estimate;
• Permitting and detailed engineering for the Cam Copper Zone 2 Surgical Mining program;
• Mine-planning, surface-site preparation and mobilization;
• Working capital.

Northstar completes zone 2 infill diamond drill program

Northstar is pleased to announce completion of the previously announced Cam copper mine Zone 2 infill diamond drill program. (Please see Northstar news release dated Dec. 18, 2025.) During the period Dec. 12 to Dec. 22, 2025, the company completed seven infill diamond drill holes totalling 1,194 metres. The company is positioning to report significant assay results in late January, 2026.

Qualified person

All scientific and technical information contained in this news release has been reviewed and approved by Brian P. Fowler, PGeo, president, chief executive officer and director of Northstar Gold, a qualified person as defined by National Instrument 43-101.

About Northstar Gold Corp.

Northstar's focus is to advance and expand the near-surface Allied gold zone and high-grade Cam copper VMS deposits on its 100-per-cent-owned Miller copper-gold property near Kirkland Lake. The company is targeting a one-million-ounce gold/high-grade copper resource base capable of supporting regional or stand-alone production.

Northstar has three additional 100-per-cent-owned exploration projects in Northern Ontario, including the 1,150-hectare Rosegrove property, situated 0.5 kilometre from the Miller property, the 4,650-hectare Bryce Gold property (includes the recently optioned Britcanna lease), an intrusive-gold/PME VMS project located along the projected east extension of the Ridout Break, and the Temagami-Milestone Cu-Ni-Co (copper-nickel-cobalt) critical minerals property located in Strathcona township. Northstar is seeking exploration partners to advance all three properties.

Northstar's primary exploration focus is to advance and expand the near-surface, Allied gold zone bulk-tonnage gold-telluride deposit and more recently discovered VMS copper mineral deposits on the company's flagship, 100-per-cent-owned Miller copper-gold property. The company's strategy is to develop a material (plus-one-million-ounce gold/high-grade copper) mineral resource base to supplement a nearby mining operation or support stand-alone mining operations at the property.

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