Mr. Kevin Reid reports

ARIZONA EAGLE MINING CORP. ANNOUNCES GRANT OF STOCK OPTIONS AND RESTRICTED SHARE UNITS AND ADOPTION OF OMNIBUS EQUITY INCENTIVE PLAN

Arizona Eagle Mining Corp.'s board of directors has granted incentive stock options and restricted share units (RSUs) to certain directors, officers and consultants of the company, and has adopted a new omnibus equity incentive plan, as described below.

The board has adopted the omnibus plan, effective June 19, 2026, which provides for the grant of options, restricted share units, deferred share units and performance share units to eligible directors, officers, employees, management company employees and consultants of the company. The omnibus plan is a rolling plan under which the aggregate number of common shares of the company issuable under the omnibus plan may not exceed 10 per cent of the issued and outstanding common shares from time to time, inclusive of common shares reserved for issuance under the company's existing stock option plan. The adoption of the omnibus plan is subject to acceptance by the TSX Venture Exchange under Policy 4.4, Security Based Compensation, and disinterested shareholder approval, which will be sought at the company's next meeting of shareholders.

Under, and in accordance with the terms of, the option plan, the company has granted an aggregate of 1,625,000 options to directors, officers and consultants of the company. Each option is exercisable to purchase one common share at an exercise price of $1.10 per common share for a period of five years, expiring on June 19, 2031, and will vest as to one-third on each of the date of grant, the first anniversary of the date of grant and the second anniversary of the date of grant. The closing price of the common shares on the TSX-V on the date of grant was $1.06 and the five-day volume weighted average price of the common shares was $1.086. As the option plan has previously been accepted by the TSX-V and approved by the company's shareholders, the grant of the options is not subject to further shareholder approval.

Under the omnibus plan and pursuant to TSX-V Policy 4.4, the company has also conditionally granted an aggregate of one million RSUs to the chief executive officer of the company, vesting as to 500,000 RSUs on the first anniversary of the date of grant and 250,000 RSUs on each of the second and third anniversaries of the date of grant. The RSUs may not be settled or paid, and no common shares may be issued in respect thereof, unless and until the omnibus plan has been accepted by the TSX-V and approved by disinterested shareholders of the company.

Capital markets advisory engagement

The company also announces that it has entered into a consulting agreement with Domestique Capital Corp., effective June 22, 2026, pursuant to which the consultant has been engaged to provide capital markets advisory and investor relations services to the company. The consultant is a Toronto, Ont.-based capital markets advisory firm, and Wayne Phipps, its president, will act as the principal providing the services. The consultant deals at arm's length with the company, is not an insider of the company, and, to the knowledge of the company, has no direct or indirect interest in the securities of the company, nor any right or intent to acquire any such interest.

The consulting agreement has a term of six months commencing on the effective date. In consideration for the services, the company will pay the consultant a cash fee of $5,000 plus applicable taxes per month, payable monthly from the company's working capital, together with the reimbursement of reasonable and documented out-of-pocket expenses, for anticipated total cash fees of approximately $30,000 plus applicable taxes over the term, exclusive of reimbursable expenses. No securities of the company are issuable to the consultant under the consulting agreement. The engagement is subject to acceptance by the TSX-V, and each principal and/or key employee of the consultant who will provide the services will file the requisite personal information form with the TSX-V.

About Arizona Eagle Mining Corp.

Arizona Eagle is a mineral exploration company focused on the acquisition, exploration and development of mineral properties. Arizona Eagle's principal asset is the Eagle project, a 4,169-acre property comprising patented and unpatented claims located near the town of Prescott Valley in Yavapai county, Arizona. The Eagle project is centred on the past-producing McCabe mine, a high-grade gold-silver deposit, and includes multiple parallel structures hosting past-producing mines that remain largely untested by modern drilling. Arizona Eagle also continues to own Core Nickel Corp.'s legacy land portfolio in the Thompson nickel belt of Northern Manitoba.

We seek Safe Harbor.