ARRAS MINERALS INTERSECTS BROAD ZONES OF COPPER-GOLD MINERALIZATION AT BEREZSKI CENTRAL INCLUDING 338 METRES @ 0.44% CUEQ (0.24g/t AU, 0.17% CU) ON THE ELEMES PROJECT IN KAZAKHSTAN

Arras Minerals Corp. (ARK) has released additional diamond-drill results from the Berezski Central target at its Elemes copper-gold project in Kazakhstan. The company reported two mineralized holes alongside two peripheral holes that intersected weak or no significant mineralization. All reported intervals represent core lengths, and true thicknesses are not stated.

The drill results include the following intercepts:

• EL26046: 338 m grading 0.44% CuEq from 415 m, including 184 m grading 0.52% CuEq from 569 m; also 86 m grading 0.26% CuEq from 94 m.
• EL26045: 705 m grading 0.23% CuEq from surface, including 366 m grading 0.36% CuEq from 339 m and 86 m grading 0.46% CuEq from 473 m.
• EL26049: Drilled approximately 1,000 m northeast of Berezski Central; intersected minor pyrite veining and disseminated pyrite, with no significant mineralization reported.
• EL26051: Drilled west of Berezski Central; intersected weak mineralization consisting of sparse disseminated pyrite.

Arras Minerals states that the Berezski Central target now covers approximately 1,000 m by 600 m and extends to more than 700 m depth. Top-of-bedrock (KGK) drilling suggests potential to extend mineralization by an additional 50–100% beyond current drilling limits, though no assays for that extension are provided in the release.

The company disclosed the CuEq assumptions used in the calculations: US$3.75/lb Cu, US$3,000/oz Au, US$35/oz Ag, and US$30/lb Mo. Recoveries were assumed at 90% for Cu, 85% for Au, 75% for Ag, and 80% for Mo. Approximately 39,000 m of drilling has been completed in 2026, with the program expected to extend to approximately 44,000 m.

Additionally, the release grants 37,184 deferred share units to independent directors at C$1.01 per DSU.

Arras Minerals Corp. (ARK) is an exploration-stage company with no Elemes resource estimate and no revenue. The equity is valued on the scale and continuity of the Elemes porphyry system, not on near-term cash flow. At C$1.01 and approximately 143.5 million shares, the market capitalization is about C$144.9 million. The stock is down from its C$1.94 52-week high and below the C$1.36 July financing price.

The expectation anchor is the June 9 Berezski North result: 935.9 m at 0.71% CuEq, including 214.9 m at 1.42% CuEq and 55 m at 4.41% CuEq. That release drove the stock from about C$0.84 to a peak near C$1.94. The October 8 Berezski Central release, with 574 m at 0.40% CuEq including 211 m at 0.62% CuEq, did not sustain a rally; the stock drifted from about C$1.30 to below C$1.00 by late October. The current price therefore does not fully embed the October result as a bar that must be cleared.

Against that background, the latest release is an incremental positive. It confirms a southern and western step-out at Berezski Central and expands the defined footprint to 1,000 m by 600 m and more than 700 m depth. That supports the scale story. But the best assay is lower-grade than the October anchor, the longest interval is only 0.23% CuEq, two peripheral holes are weak, and the 50–100% expansion claim is not assay-supported.

It is solid incremental news, not a thesis-changing result.

Arras Minerals Corp. (TSXV: ARK, OTCQB: ARRKF) is a Canadian exploration company focused on its Elemes copper-gold project in northeastern Kazakhstan. The asset comprises two exploration licences covering 531 km², located approximately 13 km southwest of Ekibastuz and about 20 km from the company’s operational base. Infrastructure, including paved highway access, power, heavy rail, and utilities, is available within roughly 15 km of the site.

Elemes is situated in the Bozshakol-Chingiz metallogenic belt, near KAZ Minerals’ Bozshakol copper-gold mine and the Beskauga porphyry deposit. The Berezski Trend has been defined over approximately 10 km of strike and includes multiple porphyry centres, such as Berezski North, Berezski Central, Berezski East, and the Novii target. Arras Minerals currently has no resource estimate for the Elemes project.

An investor presentation describing the Beskauga copper-gold project outlines an indicated resource of 207 Mt at 0.23% Cu and 0.35 g/t Au, alongside an inferred resource of 147 Mt at 0.15% Cu and 0.33 g/t Au. This presentation appears dated, referencing 2021 share counts and 2021–2022 drilling plans, and serves as background information rather than a current statement of the Elemes asset.

For the nine months ended July 31, 2026, Arras Minerals reported a net loss of US$7.56 million, cash holdings of US$19.7 million, total equity of US$23.3 million, and 143.5 million shares outstanding. Management disclosed a going-concern uncertainty and noted US$29.3 million in mandatory exploration licence commitments over the next five years.