Mr. Duncan Middlemiss reports

ARIZONA METALS ANNOUNCES INITIAL DRILL RESULTS FROM SUGARLOAF PEAK DRILLING

Arizona Metals Corp. has released the first round of results from its 2025 reverse circulation drill program on the Sugarloaf Peak project in Arizona. Highlights of the drilling include:

• SP-25-09: A total of 195.1 metres at 0.31 gram per tonne Au (gold), including 25.9 m at 0.61 g/t Au. This was an infill hole in the centre of the deposit, demonstrating excellent continuity and mineralization from surface.
• SP-25-11: A total of 109.7 m at 0.31 g/t Au, including 16.8 m at 0.49 g/t Au. This was an infill hole in a 300 by 300 m gap in the north-central part of the deposit; together with holes 12 and 13, this confirms good continuity of mineralization in this area, adding significant volume to the deposit.
• SP-25-05: A total of 134.1 m at 0.29 g/t Au and 70.1 m at 0.32 g/t Au. This was a twin of historic hole WW-9 in the central portion of the deposit.
• SP-25-12: A total of 73.2 m at 0.27 g/t Au and 41.1 m at 0.30 g/t Au. This was an infill hole in a 300 by 300 m gap in the north-central part of the deposit.

Mineralization was intersected in all nine drill holes assayed to date in an area covering 900 m along the strike of mineralization and 800 m in width. These initial drill results are consistent with the drill program goals, as these results demonstrate mineralization in all infill holes and extend mineralization in all stepout holes received to date. In several drill holes, mineralization was also extended at a depth below previous drilling by 40 to 75 m. Assay results from the remaining 16 drill holes are pending. The total drilling to date on the project, in 2025, comprises 5,186 m drilled in 25 reverse circulation drill holes.

Duncan Middlemiss, president and chief executive officer of Arizona Metals, commented: "We are pleased to confirm the expansion potential at Sugarloaf Peak. This is a very large mineralized system that our drilling has expanded, not only laterally but within the deposit. In particular, our drilling confirmed excellent continuity of mineralization, a real benefit in a bulk-mining open-pit scenario. We intend to continue to explore Sugarloaf Peak and test its size within the deposit, at depth and along strike."

Additional drill results are as follows:

• SP-25-06: A total of 21.3 m at 0.20 g/t Au and 10.7 m at 0.37 g/t Au. This hole extends mineralization 95 m southwest of previous drilling, increasing the width of mineralization.
• SP-25-07: A total of 35.1 m at 0.32 g/t Au. Infill hole in a 260 m gap along the southwestern edge of the deposit, confirming good continuity of mineralization in this area.
• SP-25-08: A total of 15.2 m at 0.22 g/t Au. Stepout hole 110 m southwest of hole 7. Together with hole 7, this extends mineralization almost 200 m southwest in this portion of the deposit.
• SP-25-10: A total of 9.1 m at 0.25 g/t Au. Stepout hole to the 135 m to the west of previous drilling, warranting follow-up drilling in this area.
• SP-25-13: Four intervals, including 35.1 m at 0.40 g/t Au and 30.5 m at 0.27 g/t Au. Infill hole in a 300 by 300 m gap in the north-central part of the deposit. This hole returned the highest individual assay in this round of drilling so far, 6.64 g/t Au (56.4 to 57.9 m).

About the Sugarloaf Peak project

The Sugarloaf Peak project is located in La Paz county, Arizona, on 4,400 acres of Bureau of Land Management) claims. The Sugarloaf Peak project 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 (Dausinger, N.E., 1983, Phase 1 Drill program and Evaluation of Gold-Silver Potential, Sugarloaf Peak Project, Quartzsite, Arizona: Report for Westworld Inc.) The historic estimate at the Sugarloaf Peak project 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.

Metallurgical testwork on the project by Arizona Metals indicates favourable gold recoveries in both oxide and sulphide mineralization, as previously announced (June 1, 2021, and Sept. 14, 2023). Cyanide bottle-roll tests on oxide material achieved gold recoveries averaging 76 per cent with recoveries as high as 95 per cent; column leach testing achieved gold recoveries of up to 90 per cent.

As a result of these initial results, the company engaged SRK Consulting (Canada) Inc. to oversee metallurgical testwork to develop low-cost flow sheets to recover gold from the sulphide zone. This testwork on sulphide mineralization indicated gold recoveries of up to 85 per cent. Mineralogy and diagnostic leach tests on the samples indicate the majority of gold is present as free gold within sulphides, primarily pyrite. As the samples tested demonstrated relatively soft material, it is likely that whole-ore leach would be the preferred processing method for sulphide material.

About Arizona Metals Corp.

Arizona Metals owns 100 per cent of the Sugarloaf Peak project and 100 per cent of the Kay mine project in Yavapai county, which is located on 1669 acres of patented and BLM mining claims and 193 acres of private land that are not subject to any royalties. The Kay mine project is a steeply dipping VMS 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 Kay Mine project contains a current mineral resource estimate (MRE) of 9.28 million tonnes grading 1.39 g/t Au, 27.6 g/t Ag, 0.97 per cent Cu, 0.33 per cent Pb and 2.39 per cent Zn in the indicated category, and 860,000 tonnes grading 1.06 g/t Au, 15.4 g/t Ag, 0.87 per cent Cu, 0.20 per cent Pb and 1.68 per cent Zn in the inferred category, at a base-case cut-off grade of 1.00 per cent CuEq (copper equivalent). Copper equivalent MRE grades are 9.28 million tonnes at 3.18 per cent CuEq in the indicated category and 860,000 tonnes at 2.44 per cent CuEq in the inferred category.

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 (QA/QC) protocol which includes the insertion of blind standard reference materials and blanks at regular intervals. Logging was completed at Arizona Metals' facilities located in Blythe, Calif., and Phoenix, Ariz. Reverse circulation drill samples were collected on site and securely transported to ALS Laboratories' (ALS) sample preparation facility in Tucson, Ariz. Sample pulps were sent to ALS's labs in Vancouver, Canada, and Reno, Nev., for analysis.

Gold content was determined by fire assay of a 30-gram charge with ICP finish (ALS method Au-AA23). Silver and 47 other elements were analyzed by ICP methods with four-acid digestion (ALS method ME-MS61L).

ALS Laboratories is independent of Arizona Metals and its Vancouver and Reno facilities are ISO 17025 accredited. ALS also performed its own internal QA/QC 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 has reviewed and approved the disclosure herein. Mr. Smith is the vice-president, exploration, of the company. Mr. Smith supervised the drill program and verified the data disclosed, including sampling, analytical and QA/QC (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 and quality control in a manner consistent with industry practice, and all matters were consistent and accurate according to his professional judgement. There were no limitations on the verification process.

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