ARK Arras Minerals Corp

Arras Minerals Corp. (TSX-V: ARK) (“Arras” or “the Company”) is pleased to announce the commencement of a regional field program across the more than 3,300 square kilometer license package it controls in Pavlodar, Kazakhstan. This program is a follow-up to the Company’s inaugural field program in 2022.

Highlights of the Planned 2023 Regional Field Program:

• Planned soil sampling program to follow-up with 2022 program results focusing at Akkuduk, Besshoky, Nogurbek, Elemes, Aimandai and Bozshakol South licenses. More than 50,000 soil samples are planned, which will be analyzed using a portable X-ray fluorescent (pXRF) analyzer.
• Target Mapping will quickly follow up anomalies identified by the soil program.
• Where applicable, and to gain a deeper understanding of the geology and any identified mineralization, trenching will also follow up anomalous areas.
• An airborne geophysics (magnetics) program across the three newly acquired licenses (Besshoky, Aimandai and Bozshakol South) is planned for later this year.

Tim Barry, CEO of Arras, commenting on the upcoming 2023 Regional Field Program, stated, “We were very pleased with the success of our inaugural field program last year and as a result have identified new, high-quality targets to be followed up on. With the lack of modern exploration activity across much of our license package and in many cases no known exploration activity at all over the past 30-40 years since the collapse of the Soviet Union, we are very excited about advancing on newly identified targets in the Bozshakol-Chingiz Magmatic Arc. The belt is proven to be productive with three known copper porphyries, two of which are highly profitable mining operations to go alongside Arras’ Beskauga deposit. While much of the belt possesses shallow unconsolidated cover, the soil sampling program has proven to be very effective on the licenses where there is some outcrop or subcrop that can be targeted and our geological understanding of the region has subsequently continued to expand rapidly since last year.”

The Company has continued drilling this year on the Beskauga license with one core rig operating focused on expanding the mineral resource at Beskauga Main as well as testing additional targets on the license. The current drill program will pause in the coming weeks to allow for technical information and assays to catchup and be analyzed before a re-start of drilling commences either at Beskauga or potentially pivoting for a program at one of the other license areas.

Figure 1. Arras Minerals License Package in Pavlodar, Kazakhstan

Figure 2. The Bozshakol-Chingiz magmatic arc is an Ordovician aged belt which contains the Bozshakol mine and Arras Minerals Beskauga deposit, and is the focus of Arras’s 3,300 square kilometer license package

Qualified Person: The technical information of this news release has been reviewed and approved by Tim Barry, a Chartered Professional Geologist MAusIMM CP(Geo), and a qualified person for the purposes of National Instrument 43-101.

Appointment of Market Maker

The Company wishes to advise that, subject to regulatory approval, it has engaged the services of Independent Trading Group ("ITG") to provide market-making services in accordance with TSX Venture Exchange TSXV policies. ITG will trade shares of the Company on the TSXV and all other trading venues with the objective of maintaining a reasonable market and improving the liquidity of the Company's common shares.

Under the agreement, ITG will receive compensation of CAD$5,000 per month, payable monthly in advance. The agreement is for an initial term of three months and will renew for additional one-month terms unless terminated. The agreement may be terminated by either party with 30 days' notice. There are no performance factors contained in the agreement and ITG will not receive shares or options as compensation. ITG and the Company are unrelated and unaffiliated entities and at the time of the agreement, neither ITG nor its principals have an interest, directly or indirectly, in the securities of the Company.

About Independent Trading Group

Independent Trading Group (ITG) Inc. is a Toronto based IIROC dealer-member that specializes in market making, liquidity provision, agency execution, ultra-low latency connectivity, and bespoke algorithmic trading solutions. Established in 1992, with a focus on market structure, execution and trading, ITG has leveraged its own proprietary technology to deliver high quality liquidity provision and execution services to a broad array of public issuers and institutional investors.

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

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 Metals Group). 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 March 30, 2023 and in the Company’s Annual Report on Form 20-F for the fiscal year ended October 31, 2022 filed with the U.S. Securities and Exchange Commission filed on February 24, 2023 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.

Photos accompanying this announcement are available at https://www.globenewswire.com/NewsRoom/AttachmentNg/fedaa184-6696-45cb-be3d-088ac674f3cahttps://www.globenewswire.com/NewsRoom/AttachmentNg/34dbd96d-4db4-4ee5-983c-8c478206b924