Mr. Mike Stark reports

ARIZONA GOLD & SILVER ANNOUNCES CDN$18 MILLION DOLLAR INVESTMENT ABOVE MARKET

Arizona Gold & Silver Inc. has entered into a binding agreement dated March 9, 2026, with arm's-length institutional investors Sorbie Bornholm LP and Sorbie Investments LLP for $18-million. The agreement is subject to final approval from the TSX Venture Exchange, and no new control position will be created. This is the largest investment of Sorbie to date.

There are no finders' fees to be paid under this placement and there will be no related party disclosure required. No shareholder approval is required.

The investment is structured through a 22.5 million unit placement, representing an approximately 18-per-cent premium to the five-day VWAP (volume-weighted average price). Each unit comprises one common share and one-half share purchase warrant. Each unit is priced at 80 cents per unit and each full warrant is priced at $1.00. A portion of the shares will serve as the basis for the sharing agreement, allowing the company to capture additional non-dilutive upside as milestones are met. Funds will be allocated to advance exploration and development at the company's flagship Philadelphia gold-silver project in Arizona, expand drilling programs led by senior vice-president of exploration Dr. Lex Lambeck across prospective vein and stockwork systems, and support continued technical and operational progress in one of the most historically productive precious metals districts in Arizona.

Arizona Gold & Silver continues to advance the Philadelphia gold-silver project located near the historic Oatman mining district in northwestern Arizona, an area that has produced more than 2.5 million ounces of gold from high-grade epithermal vein systems (National Instrument 43-101 technical report, Philadelphia property, Mohave county, Arizona, Section 7). Continuing exploration programs have focused on expanding mineralization along the Philadelphia vein and testing additional targets across the company's broader land package, with drilling confirming the continuity and potential scale of gold-silver mineralization at both shallow and deeper depths. Information disclosed from adjacent properties is not necessarily indicative to the mineralization on the property that is the subject of the disclosure.

Reflecting on the new investment, Mike Stark, chief executive officer of Arizona Gold & Silver, commented:

"I'm extremely pleased to be working with Sorbie and their dedicated team. This long-term capital commitment will ensure and support our drilling programs well into 2027, with multiple rigs operating on our flagship Philadelphia property.

"The fact that this financing was completed above market value demonstrates strong confidence in our team and in the potential of the project. Whitney and I have been working on this transaction for several months, and throughout that process I have come to appreciate Sorbie's approach to building long-term investment relationships. In many of their other investments, they have maintained positions for two to three years or longer. We will be working together like a team building and rewarding financially to both Arizona and Sorbie as well execute drilling and increasing the size of our deposit on the Philadelphia property.

Whitney Kofford, managing director of Sorbie Bornholm, added:

"Sorbie is proud to announce our largest investment to date, and we are thrilled to partner with Arizona Gold & Silver. Having worked closely with Mike, Lex and their team over the past few months during Sorbie's due diligence process, it is clear they possess the vision and confidence to utilize our growth-linked, non-dilutive sharing agreement to its full potential. Arizona remains a premier global mining jurisdiction, and the Philadelphia project's location within a historic high-grade district is exceptional. We believe the company's systematic exploration strategy presents a compelling opportunity for discovery, and we look forward to supporting their team as they unlock long-term value over the coming years."

Qualified person

Dr. Lex Lambeck, senior vice-president -- exploration of Arizona Gold & Silver, a certified professional geologist (No. 11734), is a qualified person as defined under NI 43-101 and is not independent within the meaning of NI 43-101. Dr. Lambeck has reviewed and approved the scientific and technical information in this news release

About Arizona Gold & Silver Inc.

Arizona Gold & Silver is a United States-focused precious metals exploration company advancing the Philadelphia gold-silver project in northwestern Arizona. The project lies within the historic Oatman mining district, an area with a long history of gold production from epithermal vein systems.

The company is focused on expanding known mineralization along the Philadelphia vein and evaluating additional exploration targets across its district-scale land position. Through systematic drilling, geologic modelling and modern exploration techniques, Arizona Gold & Silver is working to define the broader potential of this historically productive district while advancing the project toward future development.

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