Mr. Marc Pais reports

ARIZONA METALS CORP ANNOUNCES DISCOVERY OF NEW GOLD-ZINC ZONE AT THE KAY MINE: HOLE 25 INTERSECTS 79 M OF 7.0 G/T AUEQ (INCL. 9 M OF 18.1 G/T AUEQ AND 11 M OF 14.7 G/T AUEQ)

Arizona Metals Corp. has discovered a new gold-rich zone of open-ended mineralization at the Kay mine, in an area previously untested by historic drilling or exploration. In addition, all seven recently completed holes at the Kay mine project in Yavapai county, Arizona, intersected massive sulphide mineralization.

Hole 25 intersected 79 metres (m) of seven grams per tonne (g/t) gold equivalent (AuEq), including two separate higher-grade intervals of nine m grading 18.1 g/t AuEq and 11 m grading 14.7 g/t AuEq, from a vertical depth of 638 m.

Hole 24 intersected 91 m of 4.7 g/t AuEq, including two separate higher-grade intervals of 20 m grading 9.2 g/t AuEq and 16 m grading 6.8 g/t AuEq, from a vertical depth of 470 m. This hole also intersected a high-grade interval of 0.8 m grading 33.4 g/t AuEq.

The bulk of the mineralized intervals in holes 25 and 24 are located between the North and South zones, outside of the area defined in the historic estimate by Exxon. Historical records show very little exploration in this area by Exxon or other previous operators. Hole 24 was drilled 104 m deeper than hole 21A, which also intersected a broad zone of 65 metres of semi-massive to massive sulphides (assays pending), and hole 25 is 276 m deeper than 21A. These newly defined, wide, high-grade intervals demonstrate the potential to add a significant tonnage of gold-zinc mineralization outside of the historic resource, which is predominantly copper-gold in composition.

In addition to the new discovery of the gold-zinc zone in holes 24 and 25, holes 17, 18, 18A, 21 and 23 returned wide intervals of copper and gold in the South zone area, extending the plunge of the hinge zone defined by phase 1 drilling. Some highlights include:

• Hole 18A intersected 32.5 m of 3.5 g/t AuEq.
• Hole 21 intersected 42.8 m of 3.2 g/t AuEq, including 4.8 m grading 6.7 g/t AuEq.
• Hole KM-21-17 intersected 20 m of 3.0 per cent copper equivalent (CuEq) (including 4.6 m of 6.4 per cent CuEq). This hole is located 41 m above hole KM-20-13, drilled in 2020, which intersected 43 m grading 3.9 per cent CuEq, including 15 m at a grade of 6.7 per cent CuEq.

Marc Pais, chief executive officer, commented: "It is very common in VMS [volcanic massive sulphide] districts for deposits to show distinct zonation of copper-rich mineralization, alternating with gold-zinc mineralization. The historical record of the Kay mine shows an almost exclusive focus by previous operators on the copper-rich mineralization, with exploration focused on depths above 450 m.

"The new broad intervals of high-grade gold-zinc mineralization reported today, of 79 m in hole 25 and 91 m in hole 24, define 276 m of vertical plunge below hole 21A (for which assays are pending), in an area between the North and South zones that make up the historic resource. This area was not historically explored and is open for expansion at depths below 450 m.

"These discovery holes demonstrate the potential to define a significant tonnage of gold-rich zinc VMS mineralization, outside of the historic resource defined by Exxon in 1982. Drilling at Kay continues to confirm that the deposit was historically underexplored, despite being part of a rich mineralized system. Based on copper prices of under $1 (U.S.) per lb [pound] during the 1970s and 1980s, Exxon's exploration work employed a cut-off grade of 2.5 per cent CuEq.

"We believe that, as a result, historic exploration overlooked large areas of mineralization in the immediate vicinity of both the Kay historic estimate and surroundings. This will become even more important as we move the drills north and south on strike, to recently completed pads. On completion of the strike testing, the drills will move west to the Central and Western targets, to test for new satellite deposits in previously undrilled areas."

Additional results include hole KM-21-18, which intersected 25.5 m of 2.7 g/t AuEq, from a depth of 255 m.

In the North zone, hole KM-21-19 intersected an interval of 0.5 m at a grade of 17 g/t AuEq, from a vertical depth of 337 m. Hole KM-21-20 intersected 0.9 m of 7.1 g/t AuEq and 2.1 m of 3.1 g/t AuEq, from a vertical depth of 362 m. Drilling is currently under way to target an area laterally between holes 19 and 20, which the company believes has the potential to host a North zone hinge, similar to the thick hinge encountered in recent South zone drilling.

Holes KM-21-21A, KM-21-25A, KM-21-25B, KM-21-26 and KM-21-27 have been completed and submitted to ALS of Tucson, Ariz., for assaying. These holes were drilled to test for the downplunge and lateral extensions of the broad intervals of gold-zinc mineralization encountered in the holes announced today.

Kay mine permitting update and addition of third drill rig

Permitting and bonding for Kay mine strike extension pads 4, 5 and 6 were completed in March, 2021, and pad construction was recently completed. Permitting for pad and road construction to test the Central and Western targets was subject to COVID-19-related delays, but is now progressing well again, with drilling expected at these targets later this year. A third drill rig is scheduled to arrive at site later this month and will start drilling at pad 4, located 500 m north of the Kay mine.

COVID-19 monitoring and mitigation procedures

The company's drill contractor, Boart Longyear, has instituted COVID-19 monitoring procedures for all drill crew members, including daily temperature and symptom checks. Arizona Metals will be provided with daily health tracking updates for the drill crews and has also instituted its own social distancing policies and provided a guidance manual for employees at site.

Webinar on Thursday, May 27, 2021, at 11 a.m. ET: Please join company management to discuss today's results.

https://us02web.zoom.us/webinar/register/WN_2OnNWvi8Rjadug-QuHkV0Q

About Arizona Metals Corp.

Arizona Metals owns 100 per cent of the Kay mine property in Yavapai county, which is located on a combination of patented and BLM claims totalling 1,300 acres that are not subject to any royalties. A historic estimate by Exxon Minerals in 1982 reported a proven and probable reserve of 6.4 million short tons at a grade of 2.2 per cent copper, 2.8 g/t gold, 3.03 per cent zinc and 55 g/t silver. The historic estimate at the Kay mine was reported by Exxon Minerals in 1982. 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 in National Instrument 43-101 (Standards of Disclosure for Mineral Projects)) before the historic estimate can be verified and upgraded to be 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.

The Kay mine 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 company also owns 100 per cent of the Sugarloaf Peak property in La Paz county, which is located on 4,400 acres of BLM claims. Sugarloaf 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.

The historic estimate at the Sugarloaf Peak property 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.

Qualified person and quality assurance/quality control

All of Arizona's 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 and sampling were completed at the company's core handling facilities located in Anthem and Black Canyon City, Ariz. Drill core was diamond sawn on site and half drill core samples were securely transported to the ALS sample preparation facility in Tucson, Ariz. Sample pulps were sent to ALS's labs in Vancouver, Canada, for analysis.

Gold content was determined by fire assay of a 30-gram charge with ICP finish (ALS method Au-AA23). Silver and 32 other elements were analyzed by ICP methods with four-acid digestion (ALS method ME-ICP61a). Overlimit samples for gold, silver, copper and zinc were determined by ore-grade analyses Au-GRA21, Ag-OG62, Cu-OG62 and Zn-OG62, respectively.

ALS is independent of Arizona Metals and its Vancouver facility is 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's 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 Instrument43-101 (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 of 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.

We seek Safe Harbor.