Arras Minerals Announces Upsized $21.7 Million Bought Deal Financing

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NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

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VANCOUVER, British Columbia, June 16, 2026 (GLOBE NEWSWIRE) — Arras Minerals Corp. (TSX-V: ARK, OTCQB: ARRKF) (“Arras” or the “Company”) is pleased to announce that, in connection with its previously announced bought deal financing (the “Offering”), it has entered into an amended agreement with Haywood Securities Inc., on its behalf and on behalf of a syndicate of underwriters (collectively, the “Underwriters”), to increase the size of the Offering to 15,984,500 common shares of the Company (the “Common Shares”) at a price of C$1.36 per Common Share (the “Issue Price”), for aggregate gross proceeds to the Company of C$21,738,920 (the “Underwritten Offering”).

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The Company shall have the right to designate subscribers to purchase up to 1,470,588 Common Shares at the Issue Price for up to C$2,000,000 (the “President’s List”) as part of the Underwritten Offering.

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Additionally, the Company has granted the Underwriters an option, exercisable in whole or in part by the Underwriters at any time up to 48 hours prior to Closing (as defined below), to purchase up to an additional 2,397,675 Common Shares at the Issue Price for additional gross proceeds of up to C$3,260,838 (the “Underwriters’ Option” and, together with the Underwritten Offering, the “Offering”).

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The net proceeds of the Offering will be used to fund exploration and development of the Company’s properties in Kazakhstan and for working capital and general corporate purposes as described in the Offering Document (as defined below).

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The Offering is expected to close on or about July 7, 2026, or such other date as may be agreed to by the Company and the Underwriters (the “Closing”). Closing is subject to certain customary conditions, including, but not limited to, the receipt of all necessary approvals including the conditional approval of the TSX Venture Exchange (the “TSXV”). Subject to compliance with applicable regulatory requirements and in accordance with National Instrument 45-106 – Prospectus Exemptions (“NI 45-106”), the Offering is being made to purchasers resident in Canada, except Québec, pursuant to the listed issuer financing exemption under Part 5A of NI 45-106, as amended and supplemented by Coordinated Blanket Order 45-935 Exemptions from Certain Conditions of the Listed Issuer Financing Exemption (the “Listed Issuer Financing Exemption”). The Common Shares offered under the Listed Issuer Financing Exemption will not be subject to a hold period in accordance with applicable Canadian securities laws.

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There is an amended and restated offering document (the “Offering Document”) related to the Offering that can be accessed under the Company’s profile on SEDAR+ at www.sedarplus.ca and on the Company’s website at www.arrasminerals.com. Prospective investors should read this Offering Document before making an investment decision.

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The Company has agreed to pay the Underwriters a cash commission equal to 6.0% of the aggregate gross proceeds raised under the Offering.

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The securities being offered have not been, nor will they be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any applicable securities laws of any state of the United States and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent such registration or an applicable exemption from such registration requirements. This release does not constitute an offer for sale or the solicitation of an offer to buy any of the securities in the United States or to, or for the account or benefit of, a U.S. person. “U.S. person” and “United States” are as defined in Regulation S under the U.S. Securities Act.