Mr. Marc Pais reports

ARIZONA METALS INTERCEPTS 65.6 M AT 3.5 G/T AUEQ (INCL. 5.7 M AT 6.6 G/T AUEQ) AT THE KAY MINE DEPOSIT; WESTERN TARGET DEEP DRILLING HITS 1.8 M AT 1.8 G/T AU AND 1.5 M AT 2.1 G/T AU

Arizona Metals Corp. has released the latest drill results from the Kay mine project in Arizona. Nine new drill holes at the Kay mine deposit, all mineralized, continue to demonstrate the continuity and expansion potential of the deposit, particularly in extending mineralization toward surface through shallow drilling. The final hole assayed from deeper drilling at the Western Target demonstrates the presence of gold mineralization to a depth of almost one kilometre (km).

Highlights of the recent drilling include:

• Hole KM-23-117 intersected 65.6 metres (m) at 3.5 grams per tonne (g/t) gold equivalent (AuEq), including 5.7 m at 6.6 g/t AuEq. This hole is in the centre of the Kay deposit, filling an approximately 80-metre gap between holes KM-22-60 and KM-21-25. It demonstrates excellent continuity and elevated gold grades in this portion of the Kay deposit, returning among the highest gold grades on the property to date, including 21.9 g/t Au (614.4 to 614.9 m).
• Hole KM-23-123, part of the shallow drilling program at the Kay deposit, returned 28.1 m at 1.0 per cent CuEq, including 4.1 m at 2.8 per cent CuEq. This shallow hole added considerable volume to the Kay deposit, stepping out 160 m above hole KM-23-114 and 45 m south of KM-23-120.
• Hole KM-23-118 at the Western target intersected 1.8 m at 1.8 g/t AuEq and 1.5 m at 2.1 g/t AuEq. This hole penetrated the western mineralized horizon in two locations, on each side of the principal anticline present on the Western target. The deeper, westernmost of the two intercepts (1.5 m at 2.1 g/t AuEq) intersected the consistent mineralized horizon intersected in all seven of the other Western target drill holes, confirming its presence at depth, approximately one km below surface.

Marc Pais, chief executive officer, commented: "These new drill results from the Kay Deposit continue to point to its expansion potential, in this case adding 35 m to the vertical extent, which has now been drilled to a depth of greater than 935 m. Our specially modified drill rig has extended mineralization to approximately 50 m below surface. Altogether, the shallow drill holes completed to date in the upper portions of the Kay deposit extend mineralization approximately 110 m upward and along a strike length of about 130 m.

"We will continue to test these shallower portions of the Kay deposit along more than 350 m of strike length defined to date, while also expanding mineralization with the second rig targeting northern and southern extensions of the Kay deposit."

With the completion of recent drill holes, Arizona Metals has drilled a total of 99,000 metres on the property. The company is fully financed (with $40-million in cash as of Sept. 30, 2023) to complete the remaining 60,000 m of the 76,000-metre phase 3 drill program.

Kay mine deposit drilling

KM-23-117

Three intervals: 65.6 m at 3.5 g/t AuEq, 5.4 m at 5.3 g/t AuEq and 2.7 m at 1.6 g/t AuEq.

This hole is in the centre of the Kay deposit, filling an 80-metre gap between holes KM-22-60 and KM-21-25. It demonstrates excellent continuity and elevated gold grades in this portion of the Kay deposit.

KM-23-117 returned among the highest gold grades on the property to date, including 21.9 g/t Au (614.4 to 614.9 m).

KM-23-122

32.1 m at 1.3 per cent CuEq.

This hole is located in the upper third of the Kay deposit and filled in a 70-metre gap between holes

KM-21-18A and KM-21-17.

KM-23-124

Two intervals: 16.5 m at 0.8 per cent CuEq and 5.8 m at 0.7 per cent CuEq.

This hole confirmed continuous mineralization in a 70 m gap between previous holes KM-20-14A and KM-21-29.

KM-23-126

Two intervals: 10.5 m at 1.0 per cent CuEq and 3.1 m at 0.8 per cent CuEq.

This hole is located in the upper middle portion of the Kay deposit, filling in an 80-metre gap between previous holes.

Western target drilling

KM-23-118

1.8 m at 1.8 g/t AuEq and 1.5 m at 2.1 g/t AuEq.

This hole penetrated the western mineralized horizon of the property in two locations, on each side of the principal anticline present on the Western target. The deeper, westernmost of the two intercepts (1.5 m at 2.1 g/t AuEq) intersected the consistent mineralized horizon intersected in all seven of the other Western target drill holes, confirming its presence at depth, approximately one km below surface.

Kay mine deposit shallow drilling

KM-23-119

9.2 m at 1.0 per cent CuEq, including 1.6 m at 2.8 per cent CuEq.

This hole is part of the shallow drilling program at the Kay deposit, extending mineralization toward surface. It showed continuity in the 65-metre gap between holes KM-23-116 and KM-21-55.

KM-23-120

Three intervals: 2.9 m at 1.7 per cent CuEq, 2.6 m at 1.2 per cent CuEq and 1.8 m at 1.5 per cent CuEq.

Among the shallowest of the Kay deposit holes, KM-23-120 extended mineralization 30 m above KM-23-116 (previously released) and is approximately 50 m below ground surface. Hole 120, along with holes 119 and 121 (see below), extended mineralization a total of 100 m upward above the previously shallowest drill hole in this area, KM-21-55.

KM-23-121

Three intervals: 1.8 m at 1.7 per cent CuEq, 6.3 m at 0.7 per cent CuEq and 2.4 m at 0.5 per cent CuEq.

Stepping out approximately 30 m north of KM-23-119, this shallow Kay Deposit hole demonstrated continuing mineralization at shallow depths in this area and a substantial extension of approximately 105 m upward above hole KM-23-98.

KM-23-123

28.1 m at 1.0 per cent CuEq, including 4.1 m at 2.8 per cent CuEq.

This shallow hole added considerable volume to the Kay Deposit, stepping out 160 m above hole KM-23-114 and 45 m south of KM-23-120.

KM-23-125

Two intervals: 6.1 m at 1.4 per cent CuEq and 10.4 m at 1.5 per cent CuEq

This shallow hole demonstrates good continuity in the mineralization drilled in the shallow Kay deposit holes, falling between holes 114, 116, 120, and 123.

Altogether, the shallow drill holes drilled to date in the shallow portions of the Kay deposit extend mineralization approximately 110 m upward along a strike length of about 130 m.

The true width of mineralization is estimated to be 50 per cent to 99 per cent of reported core width, with an average of 76 per cent.

About Arizona Metals Corp

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

We seek Safe Harbor.