4 June 2026
Vancouver, British Columbia--(Newsfile Corp. - June 4, 2026) - Blue Star Gold Corp. (TSXV: BAU) (OTCQB: BAUFF) (FSE: 5WP0) ("Blue Star" or the "Company") announces that, further to its news releases of May 19, 2026 and May 25, 2026 and subject to the approval of the TSX Venture Exchange (the "Exchange"), it has closed the first tranche of its non-brokered private placement of units (each, a "Unit") and flow-through common shares (each, a "FT Share") raising total gross proceeds of $3,141,000.62 through the issuance of 8,395,834 Units at $0.24 per Unit and 4,330,771 FT Shares at $0.26 per FT Share (the "Private Placement").
Each Unit consists of one common share of the Company (each a "Share") and one-half of one common share purchase warrant of the Company (each whole warrant, a "Warrant"). Each whole Warrant entitles the holder thereof to acquire one additional Share in the capital of the Company (each, a "Warrant Share") at a price of $0.30 per Warrant Share for a period of two (2) years following the closing date of the Private Placement.
Each FT Share qualifies as a "flow-through share" (within the meaning of subsection 66(15) of the Income Tax Act (Canada).
The proceeds from the Private Placement of Units will be used by the Company for general working capital and the proceeds from the Private Placement of FT Shares will be used by the Company to incur eligible "Canadian exploration expenses" that qualify as "flow-through mining expenditures" (as both terms are defined in the Income Tax Act (Canada)) (the "Qualifying Expenditures") related to the Company's projects in Nunavut.