Mr. Marc Pais reports

ARIZONA METALS INTERSECTS 25.0 M GRADING 2.7% CUEQ (INCL. 3.2 M AT 6.3% CUEQ) AND 49.2 M GRADING 2.4% CUEQ (INCL. 10.4 M AT 6.4% CUEQ) AT THE KAY MINE DEPOSIT

Arizona Metals Corp. has released the latest drilling results from its Kay mine deposit in Arizona.

Hole KM-23-106 intersected 25.0 metres grading 2.7 per cent copper equivalent, including 3.2 metres at 6.3 per cent CuEq. At 17 m farther down hole, this hole also intersected 49.2 metres at 2.4 per cent CuEq (including 10.4 metres at 6.4 per cent CuEq). Ten m farther down hole, this hole also intersected 5.2 m at 1.0 per cent CuEq. This hole confirms the high-grade copper and gold mineralization previously encountered in hole KM-21-21A, located 30 metres above, which intersected 63 m grading 4.2 g/t gold equivalent. Moreover, it continues the mineralization 30 metres above hole KM-22-41, which intersected 96.7 m grading 2.9 per cent CuEq.

In addition to these promising results, drilling at the western target has been continuing since February, 2023. The first four holes, KM-23-104, branch hole KM-23-104A, KM-23-107 and KM-23-108, have been completed, and assays are currently pending. In order to continue testing the strike extent of the west target, hole KM-23-109 is targeting an area approximately 150 metres south of KM-23-104. Hole KM-23-110 will target the area between holes KM-23-104 and KM-23-107, with the goal of testing beneath recently reported high-grade surface samples.

The drill rig at the Kay mine deposit is targeting extensions of the high-grade mineralization encountered in hole KM-23-103, which intersected 10.5 m grading 6.2 per cent CuEq. 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. The company intends to drill test all areas open to expansion. Independent consulting firms have been engaged to model drill data as holes are completed and assays become available. The company intends to complete drilling of all priority targets before finalizing a maiden resource estimate.

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 fifth and sixth holes at the western target has commenced, following up visual mineralization previously reported 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."

With the completion of recent drill holes, Arizona Metals has drilled a total of 83,400 metres on the Kay property, and successfully completed its phase 2 drill program of 75,000 metres. The company is fully financed (with $49-million in cash as of March 31, 2023) to complete the remaining 75,000 m of the 76,000-metre phase 3 program (budgeted at $31.5-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.

Permitting update

The company currently has 11 drill pads permitted through the Bureau of Land Management (BLM) under a notice of intent to explore. All permits are fully bonded and in good standing. Last week, BLM staff conducted an annual inspection of the Kay project, verifying that the company is in compliance with all permitted activities. Recently completed structural mapping and soil sampling programs have identified a number of new, highly prospective targets not previously located by geophysical methods. The company is currently mapping a number of new drill pads to test these targets and will be applying to the BLM for an exploration plan of operations. This more-expansive permit will allow for additional roads and drill pads, giving the company the ability to test these additional targets.

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, and 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, averaging 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.

Shareholder update webinar

The company will host a virtual-only shareholder update webinar on Monday, July 17, 2023, from 11 a.m. to 12 a.m. ET.

The shareholder update webinar will be facilitated by Marc Pais, chief executive officer, and Morgan Knowles, vice-president, investor relations, who will review the company's most-recent drilling results as well as discuss milestones, financial strength and the outlook for the remainder of the fiscal year. Mr. Pais and Mr. Knowles will facilitate presubmitted and live-chat questions and answers.

Investors are asked to submit their questions to mknowles@arizonametalscorp.com.

Webinar log-in details

Topic:  Arizona Metals shareholder webinar

Date/time:  July 17, 2023, at 11 a.m. ET (United States and Canada)

Meeting ID:  81979704873

Passcode:  340147

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.

We seek Safe Harbor.