North Arrow Reports Initial Bulk Sample Results from Naujaat Diamond Project, Nunavut 17.9% of Recovered Stones Classify as Fancy Colour Diamonds

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News Release

NORTH ARROW REPORTS INITIAL BULK SAMPLE RESULTS FROM NAUJAAT

DIAMOND PROJECT, NUNAVUT

17.9% OF RECOVERED STONES CLASSIFY AS FANCY COLOUR DIAMONDS

April 26, 2022 Trading Symbol: TSXV: NAR #22-03

North Arrow Minerals Inc. (TSXV-NAR) is pleased to report initial diamond recoveries from the first 70% (1,316 tonnes)

of a bulk sample collected in 2021 from the Q1 -4 diamond deposit at the Naujaat Diamond Project, Nunavut. Highlights of

this announcement include:

 268 diamonds greater than +9 DTC weighing 117.98 carats were recovered from 1,3 16 dry tonnes of kimberlite

from the A28 unit – the average size of diamonds retained on the +9 DTC sieve is ~0.21 carats

 The three largest recovered diamonds are 3.31, 3.07 and 2.76 carats

 48 of the 268 diamonds (17.9%) classify as fancy colour (20.9% by carat weight) – indicative of a desirable and

potentially high value diamond population

 58% of the fancy diamonds classify as either “intense” or “vivid” - the two highest colour saturation classes and an

important indicator of potential value in fancy colour diamonds

 91% of the fancy diamonds classify with orange as the primary colour – orange is considered amongst the rarest

colours for natural diamonds

 +9 DTC sample grade of 9.0 cpht (carats per hundred tonnes) compares favorably with a similar sized sample

collected from the same geological unit in 2014 (9.3 cpht)

 Processing of the remainder of the 2021 bulk sample, collected from the A88 unit, is ongoing.

Ken Armstrong, President and CEO of North Arrow, commented, “These initial diamond results from the 2021 bulk sample

confirm the presence of an important, potentially high value, fancy orange and yellow diamond population in the Q1 -4

kimberlite and add significant confidence to past results. The significant proportion of fancy colour diamonds in the sample

is positive and will provide important information needed to complete ongoing modelling of the size distributions of fancy

diamonds in the Q1-4 deposit and will be used in an updated average diamond price estimate in due course.”

Peter Ravenscroft, Managing Director and CEO of Burgundy Diamond Mines Limited (ASX: BDM) , North Arrow’s

partner on the project, added, “We are very pleased with the results so far of this bulk sampling program, extremely well

managed by our partners at North Arrow. Initial indications are very promising, and we look forward to completion of the

processing and the subsequent analysis of all results when available.”

The 2021 bulk sample consists of 2,500 sample bags collected from three sample pits (Pits B, D, & E) at the multiphase Q1-

4 kimberlite, located just seven kilometres from the project laydown near the Hamlet of Naujaat. The sample was divided

into five subs amples for processing purposes, including four subsamples reported today: Pit B weathered kimberlite (296

bags), Pit D weathered kimberlite (445 bags), Pit B rock (325 bags) and Pit D rock (733 bags). All four subsamples are from

the A28 unit of Q1 -4. Proc essing of the fifth and final subsample , collected from the A88 unit (Pit E, 701 bags,

approximately 280m southwest of Pit D), is ongoing and will be reported when received.

Mr. Armstrong continued, “Diamond recoveries reported today have been achieved u sing an X-Ray Transmission (XRT)

optical sorter, capable of recovering diamonds larger than 2mm. The results are reported with a bottom sieve size of +9

DTC, which is the smallest sieve size for which diamond s are detected and fully recovered using the XRT . While this is a

very coarse cut off for a traditional evaluation sample, it meets the needs of the current program.”

A summary of the +9 DTC diamond recoveries is provided in the table below along with comparable results from the 2014

bulk sample collected from the A28 unit of Q1-4 (sample A282014).

Sample Weight # Diamonds Carats Sample Grade Proportion Fancy Colours1

(Dry tonnes) (+9 DTC) (+9 DTC) (+9 DTC; cpht2) By Stones By Carats

Pit B Wx 219.5 46 17.91 8.2 21.7% 13.1%

Pit D Wx 335.7 82 35.94 10.7 19.5% 28.7%

Pit D Rk 521.2 98 48.43 9.3 12.2% 14.2%

Pit B Rk 239.6 42 15.69 6.6 23.8% 33.0%

Total3 1,316.0 268 117.98 9.0 17.9% 20.9%

A2820144 1,353.3 336 126.26 9.3 11.0% 11.9%

1 Classification of fancy colour diamonds by Saskatchewan Research Council using colour -grading scale established by the Gemological

Institute of America; For comparison purposes colour classification of the 2014 sample is shown based on a non -standardized empirical

characterization of intense & dark yellow diamonds; 2 Carats per hundred tonnes with bottom cut off of +9 DTC; 3 Totals d etermined by

arithmetic may differ due to rounding; 4 Initially reported at a +1 DTC (~0.01 carat) bottom cut off in North Arrow news release dated May 5,

2015. Restated here using a +9 DTC bottom size cut off to more effectively compare to 2021 results.

Combined diamond recoveries from the first four 2021 subsamples include 268 diamonds greater than + 9 DTC weighing

117.98 carats from 1,316 dry tonnes of kimberlite for an overall +9 DTC sample grade of 9.0 cpht. Recovered diamonds

include 33 diamonds larger than the 3 grainer size class (~0.66 carat) and 21 diamonds larger than 1 carat. The three largest

diamonds are 3.31 carats (Fancy intense orange irregular cube aggregate), 3.07 carats (Grey (boart) cubic aggregate), and

2.76 carats (off-white irregular octahedral aggregate).

The purpose of the 2021 sample is to acquire further information on the coarser sizes of the Q1 -4 diamond population, with

particular emphasis on potential high value fancy colour diamonds. As such, colour characterization studies of the diamonds

have been completed using the industr y standard grading scale established by the Gemological Institute of America (GIA).

Forty-eight of the 268 diamonds (17.9%) classify as fancy coloured (20.9% by carat weight) with over 90% having orange

as the primary colour and 58% c ategorized as having either intense or vivid colour saturations, the two highest colour

saturations. The number of diamonds in each fancy colour grade is provided below.

The GIA colour grading scale is the industry standard for

polished diamonds and, although colour grading of rough

diamonds is very similar to that of polished diamonds, there is

no universally accepted colour grading scheme for rough

diamonds. Colour grading of the Naujaat rough diamonds

provides useful information for modelling the fancy colour

diamond population. However, for individual rough diamonds,

the graded colour does not necessarily represent the final colour

of a diamond polished from the rough stone, nor does it include

characterization of a diamond’s clarity (e.g. presence of

inclusions or cloudiness in the diamond). Previous cutting and polishing of select Naujaat rough fancy colour diamonds has

produced fancy vivid orangey yellow diamonds , certified by the GIA and demonstrating that the Q1-4 deposit can produce

polished fancy colour diamonds for use in the luxury jewelry market.

The $5.6M bulk sample program is being f unded by Burgundy as part of a June 1, 2020 option agreement under which

Burgundy may earn a 40% interest in the Naujaat Project by funding the current bulk sample program. Further details on the

collection of the bulk sample can be found in North Arrow’s news release dated August 19, 2021.

Diamond results reported in this release are based on dense media separation ( DMS) processing, X -Ray Transmission

(XRT) sensor -based diamond sorting, and diamond co lour grading work completed by the Saskatchewan Research

Council’s Geoanalytical Laboratories Diamond Services , Saskatoon, SK (SRC), an independent diamond recovery

laboratory. The sample was processed through a DMS plant configured to recover diamonds ret ained on a 0.8 5mm square

mesh sieve. Kimberlite was fed directly into the DMS plant with plus 50mm oversize material first crushed to 30mm as

required. All +12.5mm material was subsequently reduced through a secondary cone crushing circuit and re-introduced into

the plant. Plus 0.85-12.5mm DMS concentrates were dewatered, dried, and screened into -2mm, 2-4mm, 4-8mm and +8mm

fractions. Dried +2mm DMS concentrate fractions were passed through a TOMRA COM XRT 300/FR optical sorter,

Fancy Colour Stone Count

Vivid Orange 13

Intense Orange 15

Orange 8

Light Orange 8

Light Yellow 1

Orange with brown tinge 2

Light Orange with brownish tinge 1

configured to detect and recover diamonds greater than 2mm in size. XRT accepts (concentrates) were transported to SRC’s

secure sorting lab for diamond sorting, cleaning, sieving and weighing in accordance with SRC handling protocols. Audits

of +2mm XRT rejects (tails), using grease table and magnetic separation techniques, were completed on selected fractions.

Dried +0.85-2mm DMS concentrates have been stored for future diamond recoveries, if and as required.

Quality assurance protocols, security and actual operating procedures for the processing, transport and recovery of

diamonds conform to industry standard Chain of Custody provisions. As part of ongoing QA/QC programs, DMS and XRT

tails, sorted XRT accepts, and other materials are subject to audit. Any significant changes in reco vered diamond contents

will be reported when available.

North Arrow’s diamond exploration programs are conducted under the direction of Kenneth Armstrong, P.Geo. (NWT/NU),

President and CEO of North Arrow and a Qualified Person under NI 43 -101. Mr. Armstrong has reviewed the contents of

this press release.

About North Arrow Minerals

North Arrow is a Canadian based exploration company focused on the identification and evaluation of diamond exploration

opportunities in Canada. North Arrow’s management, board of directors and advisors have significant successful experience

in the global diamond industry. North Arrow’s most advanced diamond project is the Q1 -4 diamond deposit at the Naujaat

Project (NU) , where a $5.6M 2,000 tonne bulk sample i s current ly undergoing final processing and diamond recovery .

North Arrow has also discovered and is evaluating diamond bearing kimberlites at the Pikoo (SK), Mel (NU), Loki (NWT)

and LDG JV Projects (NWT). North Arrow also maintains a 100% interest in the Hope Bay Oro Gold Project (NU), located

approximately 3 km north of Agnico Eagle’s Doris Gold Mine.

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 -looking statements" including but not limited to statements with respect to North Arrow’s plans, the estimation of a

mineral resource and the success of exploration activit ies. Forward-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 b y such forward -looking

statements, including but not limited to: risks related to the successful integration of acquisitions; risks related to general economic and market conditions;

closing of financing; the timing and content of upcoming work programs; actual results of proposed explorat ion activities; possible variations in mineral

resources or grade; failure of plant, equipment or processes to operate as anticipated; accidents, labour disputes, title dis putes, claims and limitations on

insurance coverage and other risks of the mining in dustry; 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 mater ially 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 statements. North Arrow undertakes no obligation or responsibility to update

forward-looking statements, except as required by law.