Mr. Duncan Middlemiss reports

ARIZONA METALS CORP. ANNOUNCES BOUGHT DEAL FINANCING

Arizona Metals Corp. has entered into an agreement with a syndicate of underwriters co-led by Stifel Canada and Scotiabank, pursuant to which the underwriters have agreed to purchase, on a bought deal basis, 14,705,883 common shares of the company at a price of $1.70 per common share for gross proceeds to the company of $25,000,001.

The company has agreed to grant the underwriters an overallotment option to purchase up to an additional 2,205,883 common shares under the offering at the offering price, exercisable in whole or in part, at any time and from time to time on or prior to the date that is 30 days following the closing of the offering to cover overallotments, if any, and for market stabilization purposes. If this option is exercised in full, an additional $3,750,001 in gross proceeds will be raised pursuant to the offering and the aggregate gross proceeds of the offering will be $28,750,002.

The company plans to use the net proceeds from the offering to finance exploration expenditures at the company's Kay mine project and Sugarloaf Peak property, both in Arizona, as well as for working capital and general corporate purposes. The common shares will be offered by way of a short form prospectus to be filed in all provinces of Canada, except Quebec. The common shares will also be sold to U.S. buyers on a private placement basis pursuant to an exemption from the registration requirements in Rule 144A of the U.S. Securities Act of 1933, as amended, and other jurisdictions outside of Canada provided that no prospectus filing or comparable obligation arises.

The offering is scheduled to close on or about Dec. 20, 2024, and is subject to certain conditions, including, but not limited to, the receipt of all necessary approvals, including the approval of the TSX and the securities regulatory authorities.

About Arizona Metals Corp

Arizona Metals owns 100 per cent of the Kay project in Yavapai county, which is located on 1,669 acres of patented and BLM (Bureau of Land Management) mining claims and 193 acres of private land that are not subject to any royalties. An 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 grams per tonne gold, 3.03 per cent zinc and 55 grams per tonne silver. The historic estimate at the Kay deposit was reported by Exxon Minerals in 1982 (Fellows, M.L., 1982, Kay mine massive sulphide deposit: internal report prepared for Exxon Minerals Company). The Kay mine historic estimate has not been verified as a current mineral resource. None of the key assumptions, parameters and methods used to prepare the historic estimate were reported, and no resource categories were used. Significant data compilation, redrilling and data verification may be required by a qualified person before the historic estimate can be verified and upgraded to be a current mineral resource. A qualified person has not done sufficient work to classify it as a current mineral resource, and Arizona Metals is not treating the historic estimate as a current mineral resource. The Kay mine is a steeply dipping VMS (volcanogenic massive sulphide) deposit that has been defined from a depth of 60 metres to at least 900 metres. 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 BLM claims. Sugarloaf is a heap-leach, open-pit target and has a historic estimate of 100 million tonnes containing 1.5 million ounces gold at a grade of 0.5 gram per tonne (Dausinger, N.E., 1983, phase 1 drill program and evaluation of gold-silver potential, Sugarloaf Peak Project, Quartzsite, Ariz.; report for Westworld Inc.). The historic estimate at the Sugarloaf Peak property was reported by Westworld Resources in 1983. The historic estimate has not been verified as a current mineral resource. None of the key assumptions, parameters and methods used to prepare the historic estimate were reported, and no resource categories were used. Significant data compilation, redrilling and data verification may be required by a qualified person before the historic estimate can be verified and upgraded to a current mineral resource. A qualified person has not done sufficient work to classify it as a current mineral resource, and Arizona Metals is not treating the historic estimate as a current mineral resource.

The qualified person who reviewed and approved the technical disclosure in this release is David Smith, CPG, vice-president, exploration, of the company and a qualified person as defined in National Instrument 43-101, Standards of Disclosure for Mineral Projects.

We seek Safe Harbor.