Arctic Star Exploration Provides Update on Private Placement for Gross Proceeds of up to $3,800,000

The Private Placement now consists of:

• up to 38,571,429 Non-FT Units at $0.07 per Non-FT Unit for gross proceeds of up to $2,700,000.03; and

• up to 13,750,000 FT Units at $0.08 per FT Unit for gross proceeds of up to $1,100,000.

Pursuant to tranche 1 and tranche 2 of the Private Placement, the Company has sold and issued:

• 20,858, 287 Non-FT Units (leaving a balance of up to 17,713,142 Non-FT Units); and

• 6,725,000 FT Units (leaving a balance of up to 7,025,000 FT Units).

The Company expects to close the third and final tranche of the Private Placement on or before May 6, 2022.

For further details on the Private Placement, see the Company's news releases dated February 10, 2022, February 28, 2022, March 11, 2022, April 14, 2022 and April 22, 2022, each filed under the Company's profile on SEDAR at https://www.sedar.com.

Closing of the Private Placement is subject to certain customary conditions, including, without limitation, approval of the TSXV. The securities to be issued under the Private Placement will be offered by way of private placement in the provinces of British Columbia, Alberta and Ontario and such other provinces or territories of Canada as may be determined by the Company, in each case, pursuant to applicable exemptions from the prospectus requirements under applicable securities laws. Securities issued under the Private Placement will be subject to a hold period which will expire four months and one day from the date of closing of the Private Placement.

ON BEHALF OF THE BOARD OF DIRECTORS OF
Arctic Star Exploration Corp.

"Patrick Power"

Patrick Power, President & CEO
+1 (604) 218-8772
ppower@arcticstar.ca

This news release contains "forward-looking statements" including but not limited to statements with respect to Arctic Star's plans, the private placement and the use of proceeds. 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 by such forward-looking statements, including but not limited to: risks related to the completion of the Private Placement and our plan to use all or some portion of the proceeds for exploration on the Diagras Diamond Project. 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. Factors that could affect our plans include the possibility that we do not receive final TSXV approval for the Private Placement or we are unable to raise all of the funds we are seeking to raise, in which event we may require all funds raised, if any, to be used for working capital rather than for exploration on the Diagras Diamond Project; and our proposed use of proceeds is subject to receipt of TSXV approval. Accordingly, readers should not place undue reliance on forward-looking statements. Arctic Star undertakes no obligation or responsibility to update forward-looking statements, except as required by law.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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