Mr. Duncan Middlemiss reports

ARIZONA METALS ANNOUNCES RESTATEMENT OF Q3 FINANCIAL STATEMENTS

Arizona Metals Corp. is restating its financial statements for the period ended Sept. 30, 2024, along with a corresponding restated management's discussion and analysis (MD&A).

The restatement of the amended financial statements and amended MD&A was made to correct an overstatement of the company's share-based payments for the three and nine months ended Sept. 30, 2024, in the company's financial statements for the period ended Sept. 30, 2024, filed on Nov. 14, 2024, and the corresponding management's discussion and analysis. The overstatement was identified during the preparation for the filing of the company's preliminary short form prospectus, which was filed on Dec. 6, 2024, in connection with the bought-deal offering of common shares of the company announced on Dec. 2, 2024. The need to restate of the original financial statements was disclosed in the preliminary prospectus.

The company, together with its auditor, which has reviewed the amended financial statements in connection with the offering, determined that while the correction does not represent a material change to the issuer, it does necessitate the restatement and filing of the amended financial statements and amended MD&A. The correction of the overstatement of the company's share-based payments for the period in the company's financial statements has no impact on the company's current or net assets, non-current or total liabilities, meaning there is no change to the company's cash or working capital positions as at Sept. 30, 2024. Readers are encouraged to review the amended financial statements and amended MD&A.

About Arizona Metals Corp.

Arizona Metals owns 100 per cent of the Kay project in Yavapai county, which is located on a 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. A historical 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 g/t silver." The historic estimate at the Kay deposit was reported by Exxon Minerals in 1982 (M.L. Fellows, 1982, "Kay Mine massive sulphide deposit: Internal report prepared for Exxon Minerals Company").

The Kay mine historical 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 historical 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 (volcanic 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 tons containing 1.5 million ounces gold" at a grade of 0.5 g/t (N.E. Dausinger, 1983, "Phase 1 Drill Program and Evaluation of Gold-Silver Potential, Sugarloaf Peak Project, Quartzsite, Arizona: Report for Westworld Inc.").

The historical 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 historical 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.

We seek Safe Harbor.