North Arrow Closes Non-Brokered C$1.25 Million Private Placement Financing

Suite 960 – 789 West Pender Street, Vancouver, BC, Canada V6C 1H2

Tel: 604 668 8355 / Fax: 604 336 4813

News Release

NORTH ARROW CLOSES NON-BROKERED C$1.25 MILLION PRIVATE PLACEMENT

FINANCING

July 31, 2019 Trading Symbol: TSXV: NAR #19-10

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE

SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

North Arrow Minerals Inc. (TSXV-NAR) (“North Arrow” or “the Company”) announces that it has closed the non-brokered

private placement announced on July 11, 2018.

The company has issued 17,904,286 units priced at $0.07 per unit (the “Units”) for gross proceeds of $1,253,300. Each Unit

issued under the private placement consisted of one common share in the capital of the Company and one transferable common

share purchase warrant (a “Warrant”). Each Warrant entitles the holder thereof to purchase one additional common share of

the Company at a price of $0.10 for a period of five years up to July 31, 2024.

Insiders and advisors of the Company participated in the privat e placement on the same terms and conditions as non-arm’s

length subscribers, subscribing for a total of 10,025,000 Units for aggregate proceeds of $701,750.

Proceeds from the private placement will be used to advance Nor th Arrow’s Canadian diamond projects including the

continued planning, permitting and funding of a 10,000t bulk sa mple of the Q1-4 diamondiferous kimberlite at the Naujaat

Project, Nunavut, and ongoing exploration at the Loki diamond project in the Lac de Gras region of the Northwest Territories.

Exploration drilling also continues at the Company’s LDG Joint Venture Diamond Project in the Lac de Gras region of the

Northwest Territories (please see news release dated July 8, 2019 for details).

In connection with the private p lacement, the Company paid find ers fees of $15,099. All securities issued in the private

placement are subject to a hold period expiring on December 1, 2019.

Warrant Extension and Repricing

The Company also announces it has received TSX Venture Exchange approval to:

 extend the expiry dates of 20,000,000 warrants by two years and reprice the exercise price of the warrants to $0.225.

These warrants were originally i ssued on May 17, 2017 in connec tion with a private placement of units of the

Company (please see news releases dated May 2, 2017 and May 18, 2017 for details).

 extend the expiry dates of 5,070,887 warrants by two years and reprice the exercise price of the warrants to $0.225.

These warrants were originally i ssued on June 19, 2018 in conne ction with a private placement of units of the

Company (please see news releases dated May 28, 2018 and June 19, 2018 for details); and

 extend, by two years, the expiry date of the remaining 1,410,830 warrants issued as part of the June 19, 2018 private

placement. These warrants are held by insiders of the Company and will retain their original exercise price, pursuant

to TSX Venture Exchange Policy 4.1 Sec. 3.3 (d).

Number of Warrants Original expiry date Amended expiry date Ori ginal exercise

price

Amended exercise

price

20,000,000 Ma y 17, 2020 Ma y 17, 2022 $0.40 $0.225

5,070,887 June 19, 2020 June 19, 2022 $0.30 $0.225

1,410,830 June 19, 2020 June 19, 2022 $0.30 Not Applicable

About North Arrow Minerals

North Arrow is focused on the discovery and evaluation of diamond deposits in Canada. North Arrow’s management, board

of directors and advisors have significant successful experienc e in the global diamond industry. The Company’s most

advanced diamond project is the Q1-4 diamond deposit at the Naujaat Project (NU) where planning is underway for a 10,000t

bulk sampling program in 2020/21. North Arrow has current expos ure to ongoing discovery drilling at the LDG JV Project

(NWT) with partner Dominion Diamonds where a new kimberlite dis covery was announced earlier this month (please see

North Arrow news release dated July 8, 2019 ). The Company is also conducting renewed exploration at the Lo ki Project

(NWT), where it discovered kimb erlite 465 in 2018, and continue s to evaluate diamondiferous kimberlite fields it has

discovered at the Mel (NU) and Pikoo (SK) Projects. The Company maintains a 100% interest in the Hope Bay Oro Gold

Project (NU), located approximately 3 km north of TMAC Resources’ Doris Gold Mine. North Arrow’s diamond exploration

programs are conducted under the direction of Kenneth Armstrong , P.Geo. (ON), President and CEO of North Arrow and a

Qualified Person under NI 43-101. Mr. Armstrong has reviewed the contents of this press release.

North Arrow Minerals Inc.

/s/ “Kenneth A. Armstrong”

Kenneth Armstrong

President and CEO

For further information, please contact:

Ken Armstrong

Tel: 604-668-8355 or 604-668-8354

Website: www.northarrowminerals.com

Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility

for the adequacy or accuracy of this release.

This news release contains "forward-looki ng statements" including but not limited to stat ements with respect to North Arrow’s p lans, the estimation of a

mineral resource and the success of exploration activities. Forwar d-looking statements, while based on management's best estimates and assumptions, are

subject to risks and uncertainties that may cause actual results to be materially different from those expressed or implied by such forward-looking statements,

including but not limited to: risks related to the successful inte gration of acquisitions; risks related to general economic an d market conditions; closing of

financing; the timing and content of upcoming work programs; actual results of proposed exploration activities; possible variations in mineral resources or

grade; failure of plant, equipment or processes to operate as anticipated; accidents, labour disputes, title disputes, claims a nd limitations on insurance

coverage and other risks of the mining indu stry; changes in national and local government regulation of mining operations, tax rules and regulations.

Although North Arrow has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking

statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will

prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not

place undue reliance on forward-looking stat ements. North Arrow undertakes no obligation or responsibility to update forward-lo oking statements, except

as required by law.