Mr. Duncan Middlemiss reports

ARIZONA METALS CORP. FILES FINAL SHORT FORM PROSPECTUS IN CONNECTION WITH ITS BOUGHT DEAL PUBLIC OFFERING, UNDERWRITERS EXERCISE OVER-ALLOTMENT OPTION

Further to Arizona Metals Corp.'s news release dated Dec. 2, 2024, it has filed a final short-form prospectus dated Dec. 18, 2024, with the securities commissions in each of the provinces of Canada, except Quebec, pursuant to its $25,000,001 bought deal public offering of common shares at $1.70 per common share through a syndicate of underwriters co-led by Stifel Nicolaus Canada Inc. and Scotia Capital Inc. and including BMO Nesbitt Burns Inc., National Bank Financial Inc., Beacon Securities Ltd. and Clarus Securities Inc. The company has granted the underwriters an option (the overallotment option) to purchase an additional 2,205,883 common shares of the company on the same terms exercisable at any time up to 30 days following the closing of the offering, for market stabilization purposes and to cover overallotments, if any. Today, the underwriters exercised the overallotment option to purchase an additional 1,221,817 common shares, for an additional $2,077,089 in gross proceeds to the company (bringing the total gross proceeds to $27,077,090). If the overallotment option is exercised in full, an additional $1,672,912 in gross proceeds will be raised pursuant to the offering and the aggregate gross proceeds the offering will be $28,750,002.

Closing of the offering is expected to occur on or about Dec. 20, 2024. The Toronto Stock Exchange has conditionally approved the offering and the listing of the common shares to be issued pursuant to the offering (including any exercise of the overallotment option), subject to customary conditions.

Final short-form prospectus is accessible through SEDAR+

Delivery of the final prospectus and any amendment thereto will be satisfied in accordance with the "access equals delivery" provisions of applicable securities legislation. The final prospectus is accessible on SEDAR+. An electronic or paper copy of the final prospectus and any amendment may be obtained, without charge, from Stifel Nicolaus Canada Inc., at 161 Bay St. suite 3800, by telephone at 1-416-367-8600 or by e-mail at prospectuscanada@stifel.com, by providing the contact with an e-mail address or address, as applicable. Prospective investors should read the final prospectus in its entirety before making an investment decision.

Note regarding 2024 interim financial statements

The company wishes to confirm that its auditor was not engaged to perform a review of the interim consolidated financial statements (i) for the three months ended March 30, 2024, and filed on May 15, 2024 (the Q1 2024 FS), (ii) for the three and six months ended June 30, 2024, and filed on Aug. 8, 2024 (the Q2 2024 FS), or (iii) for the three and nine months ended Sept. 30, 2024, and filed on Nov. 14, 2024. While the company included a notice to reader in each of the 2024 interim FS advising that the respective financial statements were prepared by and the responsibility of management, the company inadvertently omitted from each of the 2024 interim FS a statement confirming that its auditor had not been engaged to review the respective financial statements, as required in accordance with Section 4.3(3) of NI 51-102 -- Continuous Disclosure Obligations.

The original Q3 2024 FS have been amended and restated, and the auditor of the company was engaged to review the amended Q3 2024 FS. The amended Q3 2024 FS have been filed on SEDAR+ and are incorporated by reference into the final prospectus.

Readers are advised that the neither the Q1 2024 FS, the Q2 2024 FS, nor the original Q3 2024 FS were reviewed by the auditor of the company.

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.

The qualified person who reviewed and approved the technical disclosure in this release is David Smith, CPG, vice-president of 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.