Arras Minerals Corp. announced the results from the re-analysis of samples from three historic diamond drill holes from the Quartzite Gorka project (?Quartzite Gorka? or the ?Project?) located within the Company?s Elemes exploration licence (?Elemes?

or the ?Licence?) in northeastern Kazakhstan. The Elemes licence is not included in the Teck-Arras Strategic Exploration Alliance announced on December 7, 2023. Highlights from the Re-Assay include: Q11 - 127.0m of mineralization grading 0.66 %CuEq or 0.80 g/t AuEq (0.61 g/t Au, 0.25 % Cu, 3.6 g/t Ag and 90.4 ppm Mo) starting at 41.0 m from surface.

Including62.0m grading 1.53 % CuEq or 1.87 g/t AuEq (1.04 g/t Au, 0.43 % Cu, 4.8 g/t Ag and 156.3 ppm Mo) from 41.0 m depth down-hole. Q10 - 132.6m grading 0.80% Cu Eq or 0.96 g/t Au Eq (0.39% Cu, 0.52 g/t Au, 4.1 g/t Ag, 59.5 ppm Mo) from 140.7m depth. Including57.1m grading 1.00 % CuEq or 1.20 g/t AuEq (0.85 g/t Au, 0.45 % Cu, 4.8 g/t Ag and 51.0 ppm Mo) from 188.7 m depth down-hole.

Fourth Quarter - 68.2m of mineralization grading 0.48 %CuEq or 0.58 g/t AuEq (0.41 g/t Au, 0.23 % Cu, 4.5 g/t Ag and 3.7 ppm Mo) starting at 19.8 m from surface. Including 14.0m grading 0.69 % CuEq or 0.84 g/t AuEq (0.84 g/t Au, 0.16 % Cu, 7.7 g/t Ag and 3.6 ppm Mo) from 73.2 m depth down-hole. The mineralization is interpreted as a breccia-hosted intermediate sulfidation epithermal system that forms part of a far larger porphyry-epithermal system within the Elemes licence.

The Elemes license also hosts the Berezki copper-gold and Karagandy-Ozek gold prospects all of which were part of the key focus for the 2023 summer field program with more than 30,000 soil samples taken which are now being analyzed. Once analysis of the full 2023 summer field program has been completed, the Company plans to develop an extensive exploration strategy. This strategy will encompass additional geological mapping and KGK drilling to investigate the geological features concealed beneath younger cover sequences.

Any identified targets will then be subject to the company's initial drilling campaign. The Quartzite Gorka project: is located within the 425 square kilometre Elemes mineral exploration licence. Elemes benefits from excellent modern infrastructure and ease of accessibility, being located only 20 kilometres (?km?) from Arras?

operational base in the city of Ekibastuz, northeastern Kazakhstan. A paved highway runs through the licence, and within 3 km of the Quartzite Gorka project. 1100 KVA power lines, heavy rail, and the Irtysh?Karaganda irrigation canal all lie within a 15 km radius of the project.

Quartzite Gorka was drilled between 2007 and 2010 by the previous operators. 30 shallow drillholes for a total of 7,550 metres have been historically drilled at the project, to a maximum depth of 301 metres with an average depth of 252 metres per hole. 14 historical drill core (Figure 2) and all available coarse rejects have been acquired by Arras and are stored at the Company?s core storage facility in Ekibastuz.

All available drillcores have been re-logged in detail by Arras employees for lithology, structure, alteration, mineralization and petrophysical properties. The mineralization seen at Quartzite Gorka is interpreted as a breccia-hosted intermediate sulfidation epithermal system that forms part of a much larger porphyry-epithermal system within the Elemes licence that includes the Berezki Central, Berezki East and Karagandy-Ozek prospects. The Elemes licence is located within the Bozshakol-Chingiz metallogenic belt that also hosts the Company?s flagship Beskauga copper-gold-silver Project approximately 80 km to the east, and KAZ Minerals?

Bozshakol porphyry copper-gold mine (one of the largest copper resources in Kazakhstan) approximately 60 km to the northwest. The re-analysis demonstrated the high-grade nature of the mineralization. Individual assays returned up to 11.2 g/t Au, 4.92 % Cu, 0.48 % Pb, 2.61 % Zn, 0.16 % Sb, 29.1 g/t Ag, and 1,232 ppm Mo, respectively.

Mineralization comprises of quartz-pyrite-chalcopyrite ± tourmaline, anhydrite, carbonate, k-feldspar, hematite, sphalerite, galena, tetrahedrite, bornite, molybdenite as a cement within the hydrothermal breccia and as quartz veins (Figure 2). Occasionally the cement lacks quartz and comprises of massive sulfide only. Alteration of the clasts within the breccia is variable and comprises of strongly silicified, phyllic (quartz-pyrite ± sericite, chlorite), argillic (kaolinite-dickite-illite) and potassic (k-feldspar-magnetite-secondary biotite) altered host diorite.

Some clasts are rimmed by massive pyrite. The clasts contain rare porphyry-style quartz-chalcopyrite veins. The host diorite intrusion is fine-grained, equigranular and typically highly magnetic.

The breccia bodies are enveloped by potassic (k-feldspar-magnetite-secondary biotite) alteration before transitioning to propylitic (chlorite-hematite-carbonate ± epidote) alteration. Rare quartz-chalcopyrite veins ± k-feldspar halos and disseminated chalcopyrite-pyrite occur in the host diorite.