Arras Minerals Commences Ground IP Survey at Elemes Project, Kazakhstan

VANCOUVER, July 2, 2024 - Arras Minerals Corp. (TSX-V:ARK) ("Arras" or the "Company") is pleased to announce that it has commenced an Induced Polarization ("IP") survey on its 531 square kilometer Elemes project in northeastern Kazakhstan ("Elemes" or the "Project"), to help further define the most prospective drill targets.

Highlights

• 125km long Pole-Dipole Induced Polarization survey covering the entire Berezski 8.8km x 1.5km NE-SW trending long copper ("Cu") soil anomaly (+150ppm Cu).

• Initial focus of the survey will be the 2.8km x 1.6km coherent Molybdenum ("Mo") bulls-eye anomaly (> 5ppm Mo) interpreted to be the core of untested porphyry copper-gold system.

• The survey will also extend over the 3km x 2.2km Novi arsenic ("As") anomaly (>25ppm As) thought to be associated with a large high-sulphidation epithermal above a preserved porphyry deposit.

The commencement of the IP survey works follows the recent closing of an upsized financing in which the Company successfully raised C$5.2 million to support ongoing exploration activities on the Company's copper-gold projects in Kazakhstan.

The IP survey will cover the extensive Berezski copper anomaly, associated with highly altered diorites, that displays remarkably similar geological and structural characteristics to the Bozshakol copper-gold mine located approximately 60 km northwest.

Tim Barry, CEO of Arras Minerals, announced, "With the recent completion of the C$5.2 million equity financing, we are well-positioned to advance our exploration programs on our key copper-gold projects across a number of targets areas. The start of the IP survey at the Berezski target on the Elemes project will assist with further defining high-priority targets ahead of drill testing in the following months this summer and fall."

Figure 1. The 8.8km Berezski copper soil anomaly identified by Arras within the Elemes project. Also shown are proposed IP lines and the results of the re-assayed historical drillholes by Arras on 8 January 2024, and 22 January 2024 respectively.

Figure 2. The 8.8km Berezski molybdenum soil anomaly identified by Arras within the Elemes project. Also shown are proposed IP lines and the results of the re-assayed historical drillholes announced by Arras on 8 January 2024, and 22 January 2024 respectively.

Figure 3. The 8.8km Berezski arsenic soil anomaly identified by Arras within the Elemes project. Also shown are proposed IP lines and the results of the re-assayed historical drillholes announced by Arras on 8 January 2024, and 22 January 2024 respectively.

Induced Polarization (IP) Survey

The IP and resistivity surveys are being undertaken by Aurora Geophysics of Astana, Kazakhstan. The survey includes 125km of survey lines and will utilize a pole?dipole array with an electrode spacing of 200m, and an average line spacing of 500m. The survey is designed to measure to a depth of ~250m.

Mineralization in porphyry deposits is associated with sulphide minerals, predominantly pyrite and chalcopyrite, which makes the IP survey an important tool in targeting sulphide mineralization at depth and enhancing the definition of drill targets. Additionally, the resistivity function of the survey will assist in identifying silica enriched zones, another import vector tool for future drill planning.

The Berezski Target is located within the 531 square kilometre Elemes/Aimandai license area ("Elemes Project"). The property benefits from excellent modern infrastructure and ease of accessibility, being located only 20 kilometres ("km") from Arras' operational base in the city of Ekibastuz, Pavlodar. A paved highway runs through the license, and within 5 km of the Berezski target. 1100 KVA power lines and heavy rail all lie within a 15-kilometer radius of the project.

The Elemes Project is located within the Bozshakol-Chingiz metallogenic belt that also hosts the Beskauga porphyry copper-gold-silver project approximately 80 km to the east, and KAZ Minerals' Bozshakol porphyry copper-gold mine (2022 production 102kt Cu and 113Koz Au ² ) approximately 60 km to the northwest.

Qualified Person: The scientific and technical disclosure for this news release has been prepared under supervision of and approved by Matthew Booth, Vice President of Exploration, of Arras Minerals Corp., a Qualified Person for the purposes of NI 43-101. Mr. Booth has over 19 years of mineral exploration experience and is a Qualified Person member of the American Institute of Professional Geologists (CPG 12044).

On behalf of the Board of Directors

"Tim Barry"

Tim Barry, MAusIMM CP(Geo)
Chief Executive Officer and Director

INVESTOR RELATIONS:
+1 604 687 5800
info@arrasminerals.com

Further information can be found on the Company's website https://www.arrasminerals.com or follow us on LinkedIn: https://www.linkedin.com/company/arrasminerals or on Twitter: https://twitter.com/arrasminerals

About Arras Minerals Corp.

Arras is a Canadian exploration and development company advancing a portfolio of copper and gold assets in northeastern Kazakhstan, including the Option Agreement on the Beskauga copper and gold project. The Company has established the third-largest license package in the country prospective for copper and gold (behind Rio Tinto and Fortescue). In December 2023, the Company entered into a strategic alliance with Teck Resources ("Teck") in which Teck will sole fund a US$5 million generative exploration program over a portion of the Arras license package in 2024-2025 focusing on critical minerals. The Company's shares are listed on the TSX-V under the trading symbol "ARK".

Cautionary Note to U.S. Investors concerning estimates of Measured, Indicated, and Inferred Resources: This press release uses the terms "measured resources", "indicated resources", and "inferred resources" which are defined in, and required to be disclosed by, NI 43-101. The Company advises U.S. investors that these terms are not recognized by the SEC. The estimation of measured, indicated and inferred resources involves greater uncertainty as to their existence and economic feasibility than the estimation of proven and probable reserves. U.S. investors are cautioned not to assume that measured and indicated mineral resources will be converted into reserves. The estimation of inferred resources involves far greater uncertainty as to their existence and economic viability than the estimation of other categories of resources. U.S. investors are cautioned not to assume that estimates of inferred mineral resources exist, are economically minable, or will be upgraded into measured or indicated mineral resources. Under Canadian securities laws, estimates of inferred mineral resources may not form the basis of feasibility or other economic studies.

Disclosure of "contained ounces" in a resource is permitted disclosure under Canadian regulations, however the SEC normally only permits issuers to report mineralization that does not constitute "reserves" by SEC standards as in place tonnage and grade without reference to unit measures. Accordingly, the information contained in this press release may not be comparable to similar information made public by U.S. companies that are not subject NI 43-101.

Cautionary note regarding forward-looking statements: This news release contains forward-looking statements regarding future events and Arras' future results that are subject to the safe harbors created under the U.S. Private Securities Litigation Reform Act of 1995, the Securities Act of 1933, as amended, and the Exchange Act, and applicable Canadian securities laws. Forward-looking statements include, among others, statements regarding plans and expectations of the exploration program Arras is in the process of undertaking, including the expansion of the Mineral Resource, and other aspects of the Mineral Resource estimates for the Beskauga project. These statements are based on current expectations, estimates, forecasts, and projections about Arras' exploration projects, the industry in which Arras operates and the beliefs and assumptions of Arras' management. Words such as "expects," "anticipates," "targets," "goals," "projects," "intends," "plans," "believes," "seeks," "estimates," "continues," "may," variations of such words, and similar expressions and references to future periods, are intended to identify such forward-looking statements. Forward-looking statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond management's control, including undertaking further exploration activities, the results of such exploration activities and that such results support continued exploration activities, unexpected variations in ore grade, types and metallurgy, volatility and level of commodity prices, the availability of sufficient future financing, and other matters discussed under the caption "Risk Factors" in the Management Discussion and Analysis filed on the Company's profile on SEDAR on February 28, 2024 and in the Company's Annual Report on Form 20-F for the fiscal year ended October 31, 2023 filed with the U.S. Securities and Exchange Commission filed on February 28, 2024 available on www.sec.gov. Readers are cautioned that forward-looking statements are not guarantees of future performance and that actual results or developments may differ materially from those expressed or implied in the forward-looking statements. Any forward-looking statement made by the Company in this release is based only on information currently available and speaks only as of the date on which it is made. The Company undertakes no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments, or otherwise.

SOURCE: Arras Minerals Corp.