Blue Star Updates its Ulu Gold Project Mineral Resource Estimate

About this update from Blue Star Gold Corp.

Vancouver, British Columbia--(Newsfile Corp. - May 21, 2026) - Blue Star Gold Corp. (TSXV: BAU) (OTCQB: BAUFF) (FSE: 5WP0) ("Blue Star" or the "Company") announces an update to the Company's Mineral Resource Estimate ("MRE") for the Ulu Gold Project (the "Project") in the High Lake Belt, West Kitikmeot Region, Nunavut, Canada. The MRE conceptualizes potential open-pit and underground approaches to the Mineral Resource located within 1,500 metres of the proposed Grays Bay Road Project (Figure 1). Highlights Blue Star's CEO, Grant Ewing, commented, "This updated Mineral Resource Estimate highlights the strength and growth potential of the Ulu Gold Project amid strong gold prices and ongoing support for the proposed Grays Bay Road and Port Project. The higher-grade Measured and Indicated Mineral Resource, combined with an increase in Inferred ounces, further reinforces the Project's potential for continued Mineral Resource expansion. This potential is supported by numerous high-quality Exploration Targets across the Company's extensive land package." Updated Ulu Mineral Resource Estimate P&E Mining Consultants Inc. was contracted to update Blue Star's 2023 Mineral Resource Estimate for the Ulu Gold Project. The updated MRE is based on 574 diamond drill holes totalling 123,004 metres spanning over thirty years to the present along and adjacent to the Ulu Fold Hinge (Figure 2). Blue Star has completed 125 of these drill holes totaling 23,185 metres since 2019. The updated MRE incorporates revised geological interpretations and updated cut-off grades, reflecting higher assumed gold prices and operating costs. These assumptions have been applied to constrain the Mineral Resources and have resulted in lower cut-off grades. Mineralized domains were initially developed by Blue Star and subsequently reviewed, modified, and validated by P&E using Leapfrog Geo™ software. Block model grade estimates were constrained by these geological interpretations and were completed using a multi-pass inverse distance cubed ("ID3") interpolation methodology applied to capped 1.0 metre composites in GEMS™ software. Open Pit Mineral Resources were constrained within optimized pit shells generated using NPV Scheduler™ software, with consideration of reasonable prospects for eventual economic extrac...

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