Mr. Brian Fowler reports

NORTHSTAR GOLD CORP CLOSES FIRST TRANCHE OF CRITICAL MINERALS FLOW-THROUGH FINANCING

Northstar Gold Corp. has closed the first tranche of its previously announced non-brokered private placement of critical minerals flow-through common shares (please see Northstar's news release dated April 20, 2026).

Offering overview

The offering consisted of the issuance of an aggregate of 4,285,714 critical minerals flow-through (FT) common shares at a price of seven cents per share, for aggregate gross proceeds of $299,999.98.

The FT common shares qualify as flow-through shares within the meaning of the Income Tax Act (Canada). The gross proceeds from the FT common shares will be used to incur eligible Canadian exploration expenses that qualify as flow-through mining expenditures and will be renounced to subscribers with an effective date no later than Dec. 31, 2026. The company expects to close a second tranche in the near term.

In connection with the offering, the company paid cash finders' fees of $18,000.

All securities issued pursuant to the offering are subject to a statutory hold period of four months and one day from the date of issuance, in accordance with applicable Canadian securities laws, in addition to such other restrictions as may apply under applicable securities laws of jurisdictions outside Canada.

The offering remains subject to final approval of the Canadian Securities Exchange and the company intends to close a second tranche in the near term.

Cam copper project consortium and Surgical Mining technology partnership

Northstar's 100-per-cent-owned Cam copper project is located 18 kilometres southeast of Kirkland Lake, Ont.

A Surgical Mining pilot program is advancing under a definitive turnkey Surgical Mining services agreement with Novamera Inc. (please see Northstar news release dated Oct. 9, 2025), and a collaborative consortium with Novamera, Micon International Ltd. and DIGITAL, Canada's global innovation cluster for digital technologies, under a master project agreement announced Nov. 24, 2025.

This collaboration is focused on deploying data-driven mining solutions and Novamera's proprietary Surgical Mining technology to enable efficient, low-impact extraction of high-grade copper resources. The consortium is targeting potential small-scale surgical mining copper production at Cam copper in early 2027.

Northstar is advancing toward issuance of a notice to proceed under the agreement by obtaining the necessary permits and project financing. The company has commissioned Micon to prepare a National Instrument 43-101 technical report and mineral resource estimate for the Cam copper project to formally evaluate zone 2 reasonable prospects for eventual economic extraction before making any production or development decision.

Strategic financing and project advancement

Northstar continues to strengthen its funding base through a combination of equity and non-dilutive sources:

• The company and consortium partners have been approved to access up to $4.0-million in co-investment financing from DIGITAL (please see Jan. 28, 2026, Northstar news release).
• This financing supports the Cam copper Surgical Mining for critical minerals project, part of a broader approximately $11-million initiative.
• Under the master project agreement, Northstar has applied for and anticipates near-term reimbursement of eligible project expenditures from DIGITAL.

Offering use of proceeds

Northstar is pleased with continued government and strategic investor support to advance the company's Cam copper zone 2 copper Surgical Mining pilot project," states Brian P. Fowler, PGeo, president, chief executive officer and director.

Offering proceeds will support:

• Zone 2 geological and block model updates;
• Preliminary metallurgical testing;
• Preparation of an NI 43-101 technical report and mineral resource estimate permitting and detailed engineering;
• Mine planning and site preparation;
• Initial deployment of Novamera's Surgical Mining system;
• General working capital.

About Northstar Gold Corp.

Northstar is focused on advancing two key assets on its 100-per-cent-owned Miller copper-gold property near Kirkland Lake, Ont., adjacent to KirKland Lake Discovery Corp.'s recently acquired KL South property:

• Allied gold zone (near-surface gold system);
• Cam copper project (high-grade VMS (volcanogenic massive sulphide) copper system).

Recent exploration target study highlights include:

• Allied gold zone (2022, SRK Canada): 250,000 to 500,000 ounces of gold grading 1.4 grams per tonne (g/t) to 2.04 g/t;
• Cam copper zone 2 (2025): 75,000 to 140,000 tonnes grading 9 per cent to 18 per cent copper (conceptual average approximately 12 per cent).

Both targets remain open for expansion.

In addition, Northstar holds three other 100-per-cent-owned exploration properties in Northern Ontario:

• Rosegrove property (1,150 hectares);
• Bryce gold property (4,650 hectares, including Britcanna lease);
• Temagami-Milestone Cu-Ni-Co (copper-nickel-cobalt) property.

The company is actively seeking partners to advance these additional assets.

We seek Safe Harbor.