Mr. Marc Pais reports

ARIZONA METALS INTERSECTS 10.5 M GRADING 6.2% CUEQ, 7.3 M GRADING 4.6% CUEQ, AND 29 M GRADING 1.2% CUEQ AT THE KAY MINE DEPOSIT AND PROVIDES UPDATE ON WESTERN TARGET DRILLING

Arizona Metals Corp. has released the latest drilling results from the Kay mine deposit in Arizona. The results from five additional drill holes demonstrate the significant potential of the deposit and highlight the expansion opportunities within the broader property.

Highlights of the recent drilling include:

• Hole KM-23-103 intersected 10.5 metres grading 6.2 per cent copper equivalent, including 2.7 metres at 10.5 per cent CuEq and 1.5 metres at 8.9 per cent CuEq. This hole confirms the high-grade copper and gold mineralization previously encountered in hole KM-21-19. Moreover, it extends the mineralization 20 metres north of KM-21-19 and 70 metres north of KM-22-68. The presence of multigram gold assays suggests the potential for delineating a high-grade gold zone in the western portion of the Kay mine deposit.
• Hole KM-23-105 intercepted 7.3 metres grading 4.6 per cent CuEq (including 2.0 metres at 8.7 per cent CuEq), starting at a depth of 553.2 metres. Furthermore, at 13.7 metres below, the hole intersected 28.8 metres grading 1.2 per cent CuEq, including 2.3 metres at 5.9 per cent CuEq. This hole confirms the excellent continuity, thickness and grade of mineralization within a previously unexplored 50-metre gap in the central part of the Kay mine deposit.

In addition to these promising results, drilling at the western target has been continuing since February, 2023. The first two holes, KM-23-104 and branch hole KM-23-104A, have been completed, and assays are currently pending. Hole KM-23-107 is under way to test for mineralization approximately 250 metres north of KM-23-104, while hole KM-23-108 is targeting an area approximately 125 metres south of KM-23-104. The company has conducted down-hole electromagnetic surveys on hole KM-23-104A and on 85 per cent of hole KM-23-107, aimed at identifying extensions of previously observed conductors. The collected data are undergoing analysis and three-dimensional inversion modelling.

To further accelerate exploration efforts, Arizona Metals has mobilized a third drill rig specifically for targeting extensions of the high-grade mineralization encountered in hole KM-23-103. This rig will also focus on areas with lower drill density, including the northern part of the deposit and shallow areas above a depth of 200 metres.

Marc Pais, chief executive officer, commented: "The high-grade copper and gold drill results reported today continue to demonstrate the expansion potential of the Kay mine deposit, which we believe is part of a much-larger, property-wide mineralized system. We are also pleased to report that drilling of the third and fourth holes at the western target has commenced, and we are now targeting the fifth drill hole in this area, following up visual mineralization encountered in holes 104 and 104A. Down-hole electromagnetic surveying of the first two western target holes has been completed, and data are currently being analyzed. Surface outcrop sampling at the western target has returned significant grades of both copper and gold, extending the strike length of mineralization exposed at surface in this area to approximately 800 metres."

Arizona Metals is fully financed (with $49-million in cash as of March 31, 2023) to complete the remaining 1,250 metres planned for the phase 2 drill program at the Kay mine deposit (budgeted at $526,000) as well as an additional 76,000 metres in the phase 3 program (budgeted at $32-million), which will be used to test the numerous parallel targets heading west of the Kay mine deposit, as well as possible northern and southern extensions.

Drilling details -- Kay mine deposit

Drill holes KM-23-100 through KM-23-103, described herein, extended mineralization northward or filled in large gaps in mineralization along the northern portion of the deposit, in its upper half. Collectively, they confirmed mineralization in an area approximately 175 m in strike and 300 m in depth.

KM-23-100:

• 4.5 m at 1.6 per cent CuEq, 1.8 m at 0.5 per cent CuEq and 1.3 m at 0.7 per cent CuEq;
• This hole confirmed continuity of mineralization 40 m north of hole 34 and added mineralization in two deeper intervals in the footwall of the main deposit in this area.

KM-23-101:

• 2.3 m at 1.1 per cent CuEq;
• A large stepout hole, this extended mineralization approximately 65 m north of hole 22, and suggests mineralization potential in the approximately 200 m gap north of hole 11.

KM-23-102:

• 4.4 m at 0.6 per cent CuEq;
• This hole confirmed mineralization in a large gap along the northern edge of the deposit; it extended mineralization almost 100 m north of hole 69 and 50 m north of hole 19, indicating further potential in this area of the deposit.

KM-23-103:

• 10.5 m at 6.2 per cent CuEq (including 2.7 m at 10.5 per cent CuEq) and 3.5 m at 0.6 per cent CuEq;
• Confirms the high copper and gold grades drilled in hole 19, and extended mineralization 20 m north of hole 19 and 70 m north of hole 68;
• Hole 103 included numerous multigram Au assays, suggesting potential for tracing a steeply dipping, relatively high Au zone within the western portion of the deposit.

KM-23-105:

• 28.8 m at 1.2 per cent CuEq, including 2.3 m at 5.9 per cent CuEq;
• 7.3 m at 4.6 per cent CuEq, including 2.0 m at 8.7 per cent CuEq;
• Hole 105 confirmed excellent continuity, thickness and grade of mineralization in a 50 m gap in the central portion of the deposit.

West target surface sampling

Recent surface mapping and sampling on the west target have extended the mineralized horizon that was drilled in holes 104 and 104A as well as previously sampled at surface, where it returned 8.6 per cent Cu. Nine new surface samples all returned per-cent-grade Cu, up to 4.9 per cent Cu, and averaged 2.9 per cent Cu. These samples also contained anomalous Au, up to 0.5 g/t Au. The surface strike length of mineralization exposed at surface in this area is now approximately 800 m. These surface samples suggest increasing intensity of mineralization to the north; along with data gathered in the drill holes completed and under way, these results will be used to refine drill targeting on the west target.

Kay mine project phase 2 drill program update

With the assayed holes released today, the company has completed a total of 82,200 metres at the Kay mine project since the inception of drilling. The company is fully financed to complete the remaining 1,250 metres planned for the phase 2 program with the priority focus areas for upcoming drilling, as well as an additional 76,000 metres currently planned for the upcoming phase 3 program.

About Arizona Metals Corp.

Arizona Metals owns 100 per cent of the Kay mine property in Yavapai county, which is located on a combination of patented and Bureau of Land Management claims totalling 1,300 acres that are not subject to any royalties. A historical estimate by Exxon Minerals in 1982 reported a proven and probable reserve of 6.4 million short tons at grades of 2.2 per cent copper, 2.8 grams per tonne gold, 3.03 per cent zinc and 55 g/t silver.

The Kay mine deposit is a steeply dipping volcanogenic massive sulphide deposit that has been defined from a depth of 60 m to at least 900 m. It is open for expansion on strike and at depth.

The company also owns 100 per cent of the Sugarloaf Peak property in La Paz county, which is located on 4,400 acres of Bureau of Land Management claims. Sugarloaf is a heap-leach, open-pit target and has a historical estimate of 100 million tons containing 1.5 million ounces of gold at a grade of 0.5 g/t.

Qualified person and quality assurance/quality control

All of Arizona Metals' drill sample assay results have been independently monitored through a quality assurance/quality control protocol, including the insertion of blind standard reference materials and blanks at regular intervals. Logging and sampling were completed at Arizona Metals' core-handling facilities located in Anthem and Black Canyon City, Ariz. Drill core was diamond sawn on site, and half drill core samples were securely transported to ALS's sample preparation facility in Tucson, Ariz. Sample pulps were sent to ALS's labs in Vancouver, Canada, for analysis.

Gold content was determined by fire assay of a 30-gram charge with ICP finish (ALS method Au-AA23). Silver and 32 other elements were analyzed by ICP methods with four-acid digestion (ALS method ME-ICP61a). Overlimit samples for gold, silver, copper and zinc were determined by ore-grade analyses Au-GRA21, Ag-OG62, Cu-OG62 and Zn-OG62, respectively.

ALS is independent of Arizona Metals, and its Vancouver facility is ISO 17025 accredited. ALS also performed its own internal quality assurance/quality control procedures to assure the accuracy and integrity of results. Parameters for ALS's internal and Arizona Metals' external blind quality control samples were acceptable for the samples analyzed. Arizona Metals is not aware of any drilling, sampling, recovery or other factors that could materially affect the accuracy or reliability of the data referred to herein.

The qualified person who reviewed and approved the technical disclosure in this release is David Smith, CPG, a qualified person as defined in National Instrument 43-101 -- Standards of Disclosure for Mineral Projects. Mr. Smith supervised the preparation of the scientific and technical information that forms the basis for this news release, and he has reviewed and approved the disclosure herein. Mr. Smith is the company's vice-president of exploration. Mr. Smith supervised the drill program and verified the data disclosed, including sampling, analytical and quality assurance/quality control data underlying the technical information in this news release, including reviewing the reports of ALS, methodologies, results and all procedures undertaken for quality assurance/quality control in a manner consistent with industry practice, and all matters were consistent and accurate according to his professional judgment. There were no limitations on the verification process.

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