Mr. Duncan Middlemiss reports

ARIZONA METALS SUGARLOAF PEAK DRILL RESULTS DELIVER CONTINUED EXPANSION POTENTIAL AND CONFIRM CONTINUITY

Arizona Metals Corp. has released the second round of results from its 2025 reverse circulation drill program on the company's Sugarloaf Peak gold project in Arizona. These drill results continue to expand the deposit laterally to the southwest, along strike both northwest and southeast, and at depth. They also confirm excellent continuity within the deposit. Highlights of the drilling include:

• SP-25-18: 199.6 metres at 0.29 gram per tonne Au (gold), including 15.2 m at 0.54 g/t Au and 12.2 m at 0.61 g/t Au. This long drill intercept confirmed the continuation of mineralization in a large area of sparse drill holes in the eastern portion of the deposit. These results warrant additional drilling in this area.
• SP-25-14: 89.9 m at 0.32 g/t Au and 93.0 m at 0.45 g/t Au. This hole is located in an undrilled portion in the center of the deposit and demonstrated excellent continuity among other encouraging drill holes. This drill hole includes the highest gold assay to date in the company's drilling, 12.57 g/t Au over 1.5 m (173.7 to 175.3 m), indicating good potential for higher grade within the deposit.
• SP-25-17: 51.8 m at 0.31 g/t Au, 27.4 m at 0.30 g/t Au and 27.4 m at 0.24 g/t Au. Stepping out 120 m to the south of previous drilling, this hole, together with SP-25-15, extended the deposit laterally to the southwest along 350 m of strike length. The company's nine drill holes in this area have added a broad swath along the southwestern part of the deposit that measures approximately 135 m wide and stretches along almost a kilometre of northwest-southeast strike length. A 10th hole in this area is pending assays.
• SP-25-21: 62.5 m at 0.22 g/t Au and 38.1 m at 0.32 g/t Au. Hole 21 extended mineralization 135 m west of previous drilling, indicating excellent expansion potential for the deposit to the west.

Mineralization was intersected in the majority of drill holes and succeeded in expanding the deposit and demonstrating good continuity between widely spaced previous drill holes. Assay results from the remaining six drill holes are pending. The total drilling to date on the project, in 2025 and 2026, comprises 5,186 m drilled in 25 reverse circulation drill holes.

Duncan Middlemiss, president and chief executive officer of Arizona Metals, commented: "We are very encouraged by the continued expansion potential at Sugarloaf Peak. The results from this drill program have delivered a meaningful increase in the scale of the deposit, with strong continuity demonstrated along a broad southwest corridor where mineralization remains open and highly prospective. With six additional drill holes pending at the lab and active exploration under way to refine and prioritize further stepout targets, we believe Sugarloaf is well positioned for continued growth through additional drilling later this year."

Additional drill results are as follows:

• SP-25-16: 30.5 m at 0.23 g/t Au. Drilled to the southwest at the same location as SP-25-17 (which was drilled to the northeast) this hole contributed to the southwesterly expansion of the deposit.
• SP-25-20: 19.8 m at 0.37 g/t Au and SP-25-19: 13.7 m at 0.37 g/t Au. These holes were drilled from the same pad, hole 19 to the southwest and hole 20 to the northeast. Together, they confirm mineralization expanding to the southwest of previous drilling.

Table 1. Results of drill program at the Sugarloaf Peak project, La Paz county, Arizona, announced in this news release, including the depth of oxidized mineralization encountered in each hole.

The true width of mineralization has not been determined at this time.

Q1 2026 corporate update

The company is fully financed and on track to deliver a preliminary economic assessment (PEA) in the first quarter of 2026, for its Kay mine project located in Yavapai county, Arizona. Continuing exploration drilling throughout the first quarter is planned with 2,000 metres at the Kay project. After encouraging current drilling results at the Sugarloaf Peak project, the company is conducting a comprehensive, detailed program to evaluate current data and gather additional modern exploration data, including geophysics (IP-resistivity, magnetics, radiometrics), geochemistry (surface rock-sample grid, hyperspectral airborne survey) and AI studies. The intent of the planned exploration program is to integrate all past data with new, consistent, deposit-wide data in order to optimize drill spending later in 2026.

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 (as defined below) 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 sulfides, primarily pyrite. As the samples tested demonstrated relatively soft material, it is likely that whole-ore leach would be the preferred processing method for sulfide material.

About Arizona Metals Corp.

Arizona Metals owns 100 per cent of the Sugarloaf Peak project and 100 per cent of the Kay project in Yavapai county, which is located on 1,669 acres of patented and BLM mining claims, and 193 acres of private land that are not subject to any royalties. The Kay project is a steeply dipping VMS (volcanogenic massive sulphide) 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 project contains a current mineral resource estimate (MRE) of 9.28 million tonnes grading 1.39 g/t Au, 27.6 g/t Ag (silver), 0.97 per cent Cu (copper), 0.33 per cent Pb (lead) and 2.39 per cent Zn (zinc) in the indicated category, and 0.86 million 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 MRE grades are 9.28 million tonnes at 3.18 per cent CuEq in the indicated category and 0.86 million 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' 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 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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