Mr. Gordon Tainton reports

AZARGA METALS RECEIVES RESULTS OF INDUCED POLARIZATION SURVEY ON HIGH-GRADE COPPER-RICH VMS MARG PROJECT

Azarga Metals Corp. has received the final report on its induced polarization (IP) survey at its high-grade copper-rich volcanogenic massive sulphide (VMS) Marg project, located in the Keno Hill silver district in Yukon. The IP survey commenced in late 2022 (see news release dated November 24, 2022) and covered a significant portion of the known Marg VMS horizon, as well as an area immediately north of strong multi-element soil geochemical anomalies lying along an interpreted fold repetition of the Marg VMS horizon (Figure 1).

"The results of the IP work completed at Marg by Abitibi continues to suggest that significant exploration potential remains on the property," stated Gordon Tainton, President and CEO of Azarga Metals. "We are excited by the initial interpretation of 'Zone A', which appears to represent a similar type of structure directly north of the historical resource estimate (Figure 2). Importantly, Zone A has never been drill tested. Our methodical, staged exploration approach of validating every parameter both geophysical and geological will allow us to plan our key drill targets as we continue to move the Marg Project forward."

The IP survey was undertaken by Abitibi Geophysics Inc. ("Abitibi"), over, across, and along strike from the Marg deposit, with the goal of assisting to identify drill targets which could extend the known Marg mineralization or discover new zones of interest with similar signatures. The highest priority areas were covered by the IP survey; however, due to winter weather conditions, a minor number of peripheral lines had to be deferred until a later date. The IP survey data was acquired using a "sounding-style" Wenner array to identify resistive and chargeable features. Where chargeable zones with high resistivity coincide, the "Gold Index parameter" amplifies the response. In the IP survey, two such zones, both relatively continuous along strike, were identified, with Zone A lying to the north of Zone B (Figure 3). Zone A is interpreted as the probable "up-dip", near surface mineralized Marg horizon, and Zone B, an apparently sub-parallel horizon, is interpreted as a possible fold repeat of Zone A (and hence of the known Marg horizon), across a tight overturned fold, with both limbs dipping to the south and extending beyond the depth of investigation of the IP survey.

Extension of the IP survey with a deeper penetrating array during the summer months is recommended to test the continuation of chargeable Zones A and B.

ABOUT THE MARG PROJECT

The most recent NI 43-101 Mineral Resource estimate for the Marg Project (see Table 1 below) was completed by Mining Plus Canada Consulting Ltd. in 2016 and incorporated into a Preliminary Economic Assessment ("PEA") for the project (note: the PEA title is "Revere Development Corp, Marg Project Preliminary Economic Assessment, Technical Report, Yukon Canada" and is dated August 31, 2016).

The mineral resource estimate in the 2016 PEA was prepared in accordance with NI 43-101 standards and is considered by Azarga Metals management to have a high degree of reliability, however, the resource has not been verified by Azarga Metals and is considered historical in nature. A qualified person representing Azarga Metals has not done sufficient work to classify the historical estimate as a current mineral resource and Azarga Metals is not treating it as a current mineral resource.

Qualified Person

Charles J. Greig, P.Geo., a consultant to Azarga Metals and a Qualified Person as defined by NI 43-101, is relying on the Induced Polarization Survey, CTS Wenner Configuration, logistics and interpretation report prepared for Azarga Metals by Abitibi Geophysics Inc. dated February 2023 for certain disclosure regarding the geophysical interpretation and conclusions contained in this News Release.

About Azarga Metals Corp.

Azarga Metals is a mineral exploration and development company that owns 100% of the high-grade copper-rich VMS Marg project located in the Mayo Mining District in Central Yukon, approximately 40 kilometres east of Keno City and 465 kilometres by road north of Whitehorse.

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