ARK.V · 2023-05-25 12:00:00

Vancouver, British Columbia - Arras Minerals Corp. (TSX.V: ARK) (“Arras”, or the “Company”) is pleased to announce assay results from holes Bg22021, Bg22022, Bg22016, Bg22018 and Bg22019 from the ongoing drill program at the Beskauga copper-gold deposit and surrounding area (“Beskauga” or the

Drill Results

ARRAS MINERALS INTERCEPTS 603.7M @ 0.40% CUEQ, INCLUDING 317.6M

@ 0.55% CUEQ ON THE BESKAUGA LICENCE, NORTHEASTERN KAZAKHSTAN

May 25, 2023 TSX-V: ARK

Vancouver, British Columbia - Arras Minerals Corp. (TSX.V: ARK) (“Arras”, or the “Company”) is pleased

to announce assay results from holes Bg22021, Bg22022, Bg22016, Bg22018 and Bg22019 from the

ongoing drill program at the Beskauga copper-gold deposit and surrounding area (“Beskauga” or the

“Project”).

Highlights Include:

 Bg22021: 603.7 m of mineralization grading 0.40% copper-equivalent (“CuEq”) (0.24 g/t gold

(“Au”), 0.19 % copper (“Cu”), 0.86 g/t silver (“Ag”)) starting at 136.0 m.

 Including: 317.6 m grading 0.55 % CuEq (0.35 g/t Au, 0.25% Cu, 1.05 g/t Ag) starting at 351.0 m

depth down-hole.

 Consistent mineralization was seen for the entire length of hole Bg22021 (739.7 m) and further

defines a high-grade core to the Beskauga deposit within a lower grade halo.

 Bg22022: 546.9 m of mineralization grading 0.14 gram per ton (“g/t”) gold-equivalent (“AuEq”)

(0.12 g/t gold (“Au”), 0.01 % copper (“Cu”), 0.1 g/t silver (“Ag”)) starting at 31.1 m to the end of

the drill hole.

 Including: 65.0 m grading 0.44g/t AuEq (0.41 g/t Au, 0.02% Cu, 0.2 g/t Ag) starting at 105.0 m

depth down-hole.

 Including: 34.0 m grading 0.30g/t AuEq (0.28 g/t Au, 0.01% Cu, 0.13 g/t Ag) starting at 243.0 m

depth down-hole.

Mr. Tim Barry, CEO commented, “Drilling at Beskauga continues to deliver near-surface, broad intervals

of significant copper-gold mineralization. Hole Bg22021 also included two zones of high-grade

mineralization including 26 meters at @ 1.01% copper equivalent and another zone of 18 meters at 1.41%

copper equivalent. These grades are indicative of high-grade zones found throughout the deposit which

we continue to review as we explore for the core of this very extensive system.”

Table 1. Summary table for drill holes for this news release is shown below

Notes: Copper Equivalent (“CuEq”) grades reported for the drill holes at Beskauga were calculated using the following formula: CuEq % = Copper

(%) + (Gold (g/t) x 0.8264) + (Silver (g/t) x 0.0107) + (Molybdenum (ppm) x 3.3333). Gold Equivalent (“AuEq”) grades reported for the drill holes

at Beskauga were calculated using the following formula: AuEq g/t = Gold (g/t) + (Copper (%) x 1.2100) + (Silver (g/t) x 0.0129) + (Molybdenum

(ppm) x 4.0334). Assumptions used for the copper and gold equivalent calculations were metal prices of US$3.00/lb. Copper, US$1,700/oz Gold,

US$22/oz Silver, US$10/lb. Molybdenum, and metallurgical recoveries were assumed to be 100%.

Bg22021: drill hole was designed as an infill in an untested zone between Arras drill holes Bg21008 and

Bg21004 and further tested the eastern boundary of the potassic-altered monzodiorite intrusion

(magnetic bullseyes) at Beskauga main Cu-Au deposit. Drill hole also targeted deeper extension of

mineralization based on the defined steep SW plunge of Beskauga Main Cu-Au mineralization.

The drill hole started in weak to moderate argillic (Illite-smectite) altered diorite. Diorite Cu-Au

mineralization is comprised from quartz-tennantite-chalcopyrite veins and weak tennantite-chalcopyrite

dissemination within broad veins halo. Bornite is rarely observed. Diorite is cut by two post mineral

porphyritic diorite dykes at 193.5-245.0m and 325.0-330.7m. At 344.1 m after diorite drill hole continued

in potassic (biotite, K-Feldspar, magnetite) altered monzodiorite. Monzodiorite mineralization is seen in

quartz-pyrite-chalcopyrite veins with weak and rare presence of bornite and molybdenite, and very rarely

covellite and tennantite closely related with weak and local - structurally controlled epithermal overprint.

Monzodiorite is cut by couple of post mineral porphyritic diorite dykes. After monzodiorite from 668.8 m

drill hole ended in weakly potassic (K-Feldspar, magnetite, biotite) altered microdiorite. Microdiorite

mineralization is comprised by weak quartz-chalcopyrite-pyrite veins and weak presence of chalcopyrite

only veinlets.

Bg22022: drill hole was collared as a step back hole on fence of holes Bg22011 and Bg22013 ( see Arras'

press release on March 6 2023) 200 m SW of Bg22013. Tested the continuity and geometry of the strong

Au mineralization in these earlier holes and potential of NW-SE striking magnetic low corridor.

Interval Au Cu Ag Mo CuEq AuEq

Easting Northing RL From (m) To (m) (m) (g/t) (%) (g/t) ppm (%) (g/t)

587976 5739271 127 0 -84.5 739.7 136 739.7 603.7 0.24 0.19 0.86 16.57 0.40 0.49

351 668.6 317.6 0.35 0.25 1.05 12.70 0.55 0.66

444 468.3 24.3 0.60 0.40 1.47 15.14 0.91 1.11

503 529 26 0.66 0.44 2.08 7.23 1.01 1.22

558 576 18 0.91 0.63 2.75 29.88 1.41 1.70

587372 5736760 127 55 -70.3 578 31.1 578 546.9 0.12 0.01 0.10 8.62 0.11 0.14

105 170 65 0.41 0.02 0.20 3.14 0.36 0.44

105 112.1 7.1 0.66 0.07 0.56 7.80 0.62 0.75

161 170 9 0.94 0.01 0.44 3.77 0.80 0.97

243 277 34 0.28 0.01 0.13 3.39 0.24 0.30

243 246 3 0.55 0.06 0.95 6.99 0.52 0.63

251 254 3 0.52 0.00 0.08 7.62 0.44 0.53

272 277 5 0.68 0.01 0.11 6.56 0.57 0.69

523 526 3 0.34 0.07 0.91 79.61 0.39 0.47

586818 5739510 127 25 -80.5 637.9 38 637.9 599.9 0.02 0.04 0.36 6.79 0.06 0.08

102 112 10 0.02 0.15 3.03 10.27 0.21 0.25

124 126 2 0.04 0.64 6.59 21.70 0.75 0.91

230 234 4 0.12 0.26 2.98 9.66 0.39 0.47

286.95 296 9.05 0.08 0.19 1.05 36.55 0.27 0.33

312 330 18 0.05 0.14 0.67 12.70 0.19 0.23

586673 5738545 128.6 74 -64 351.7 37.5 351.7 314.2 0.06 0.03 0.18 6.78 0.09 0.10

112.8 124 11.2 0.34 0.15 1.05 23.03 0.45 0.55

144 154.9 10.9 0.21 0.10 0.92 6.37 0.29 0.35

586900 5739690 127 25 -70 274.4 36.2 274.4 238.2 0.02 0.03 0.31 6.01 0.05 0.06

44 49 5 0.14 0.04 0.82 10.74 0.17 0.20

58 61 3 0.01 0.07 0.55 26.87 0.09 0.11

75 80 5 0.06 0.07 0.59 8.50 0.13 0.16

88 102 14 0.03 0.07 0.75 19.50 0.10 0.12

106 117 11 0.05 0.07 0.58 8.51 0.12 0.14

126 127 1 0.37 0.12 0.84 3.56 0.44 0.53

Including

That includes

And including

Bg22022

That includes

And including

Bg22021

Including

That includes

Intersection

Including

Hole_ID Coordinates (UTM) Azi Dip Hole

depth (m)

Including

And Including

Bg22018

And Including

Bg22016

And Including

Bg22019

And Including

Including

Drill hole intersected quartz monzonite with moderate Argillic (illite-smectite) alteration in first 379.0 m

from where alteration gradually changed to weak potassic (K-Feldspar, magnetite, epidote) alteration and

continues till the end of the drill hole. Quartz monzonite is cut by porphyritic quartz monzonite at 135.0-

150.3 m. Unmineralized basaltic andesite is intersected at 311.6-355.8m. Intersected mineralization is

mainly related to the quartz-pyrite veins with sporadic mainly weak presence of chalcopyrite, and

infrequent quartz-magnetite veins with first appearance starting from 390.0m to the end of the drill hole.

Bg22019: Hole designed as 200 m step back to the SW from drilled hole Bg22016 with aim to test

continuation of phyllic altered Diorite hosting Quartz-Pyrite veining intersected in hole Bg22016. Testing

strong magnetic low anomaly corresponding with interpreted phyllic magnetite destructive alteration

starting from top to the bottom of proposed hole and testing chargeability high anomaly.

The drill hole intersected diorite with strong phyllic (sericite-pyrite) alteration up to 200 m depth where

phyllic alteration becomes weaker further down the hole and potassic (K-Feldspar, biotite, magnetite)

alteration remnants start prevailing. Weak random Au and Cu mineralization is related mainly with quartz-

pyrite (D type) veins having sporadic weak presence of chalcopyrite within the first 300 m of drill hole.

Bg22018: drill hole was drilled at angle of 65 degrees toward northeast to test anomalous KGK copper

values going up to 0.47 % and 0.15 g/t Au, and to test demagnetized zone surrounding several discreet

mag highs.

With first 154.0 m drill hole intersected weak potassic (magnetite-biotite-epidote-chlorite) altered

monzonite cut by several less than 1.0 m thick apophyses of diorite. Monzonite weak mineralization is

driven by weak veining of quartz-pyrite-chalcopyrite veins. From 154.0 m drill hole continued through

propylitic (epidote-magnetite-smectite) altered diorite with sporadic presence of quartz-pyrite veins

without significant mineralization. The drill hole is terminated at depth of 357.1m.

Bg22016: was drilled approximately 1 km west of the Beskauga Main deposit with aim to test magnetic

low and chargeability high anomalies, and anomalous As, Cu, Au, Bi and Mo values in historical KGK

drilling.

The drill hole started in diorite with moderate phyllic (sericite-pyrite) alteration up to depth of 163.2m

down the hole. Diorite is hosting moderately intense quartz-pyrite (D type) veins with typical sericite halo

and carrying weak and on spots Au mineralization. After diorite from 163.2m drill hole continued through

in lithic tuff that is moderately argillic (kaolinite-illite) altered but hosting no veining and mineralization.

Drill hole is terminated at 247.4 m depth.

Figure 1. Location of the holes completed to date as part of Arras’ planned 30,000-metre drill program on the Beskauga Main

deposit and wider area. The surface projection of the block model from the current NI-43-101 Mineral Resource Estimate is

shown for copper. The inset map in Figure 2 below shows the location of Beskauga Main relative to Beskauga South.

Figure 2. Location of the holes completed to date at the Beskauga South area, located approximately 3.2 kilometres SSW from

the Beskauga Main deposit, and outside of the current NI-43-101 Mineral Resource Estimate. The inset map shows the location

of Beskauga South relative to Beskauga Main.

Figure 3. Cross-section showing drill holes Bg22021 in relation to historical drill hole Bg-084, Bg-097 and Bg-101. Also shown are

grade contours based on the Beskauga block model for copper (only) developed for the purposes of the current Mineral

Resource Estimate for Beskauga (for further details, please (see Arras’ press release on June 20, 2022). CuEq grades of key

intercepts in Bg22015 and historical holes are shown. The cross-section demonstrates the steep dipping high-grade copper-

gold-silver trend observed through Arras’ exploration to date. This trend is observed beginning at the paleo-bedrock surface (41

m in depth) and averages between 200-300 m wide and to be consistently mineralized down to at least 1000 meters.

Figure 4. Cross-section showing drill holes Bg22021 in relation to historical drill hole Bg-084, Bg-097 and Bg-101. Also shown are

grade contours based on the Beskauga block model for gold (only) developed for the purposes of the current Mineral Resource

Estimate for Beskauga (for further details, please see Arras’ press release on June 20, 2022). AuEq grades of key intercepts in

Bg22012 and historical holes are shown. The cross-section demonstrates the steep, southwest dipping high-grade copper-gold-

silver trend observed through Arras’ exploration to date. This trend is observed beginning at the paleo-bedrock surface (41 m in

depth), to average between 200-300 m wide and to be consistently mineralized down to at least 1000 meters.

Figure 5. Cross-section showing drill holes Bg22022 in relation with previously drilled Bg22011 and Bg22013 and historical holes

drilled by Copperbelt. AuEq grades of key intercepts in Bg22022, Bg22011, Bg22013 and historical holes are shown. The cross-

section demonstrates structurally controlled mineralization largely focused in the contacts between steep, southwest dipping

quartz monzonite intrusion and surrounding porphyritic quartz monzonite and andesite basalts.

Qualified Person: The technical information of this news release has been reviewed and approved by Tim

Barry, a Chartered Professional Geologist MAusIMM CP(Geo), and a qualified person for the purposes of

National Instrument 43-101.

On behalf of the Board of Directors

"Tim Barry"

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