Mr. Duncan Middlemiss reports

ARIZONA METALS CORP ANNOUNCES ANNUAL GENERAL MEETING AND DEFERRAL OF SHAREHOLDER VOTE ON PREVIOUSLY PROPOSED SPIN-OUT TRANSACTIONS

Arizona Metals Corp. will hold its annual general meeting of shareholders on June 28, 2024, at 1 p.m. (Toronto time). The meeting will be held by live audio webcast in order to facilitate shareholder attendance and participation. Details regarding how to attend and vote at the meeting will be included in the management information circular being delivered to shareholders in connection with the meeting and filed on Arizona Metals' profile on SEDAR+.

The company also announces today that the board of directors has determined to defer the shareholder vote on the proposed spinout transactions which were previously announced by the company on Jan. 22, 2024. Arizona Metals had previously announced its intention to seek shareholder approval for the creation and spinoff of two new companies to shareholders: one of which would own the company's Sugarloaf Peak gold project, and the other which would own a newly created net smelter return royalty on the company's Kay mine project. However, with the recent appointment of Duncan Middlemiss as president and chief executive officer of the company and Jacques Perron as chair of the board, the board has determined to defer the vote on the proposed spinouts and decide whether they fit with the strategic vision being developed for the company.

Mr. Middlemiss, president and CEO of Arizona Metals, comments: "As new management I believe we need more time to fully evaluate the merits of the spinout proposals and therefore have chosen to defer the vote. I am very pleased to be leading the company at this juncture, as the Kay mine deposit continues to be further defined and expanded. Additionally, I would like to acknowledge the team's accomplishments in advancing the Kay mine project to date and especially Paul Reid and Marc Pais for their foresight. The next phase of my mandate is to define the plan on what will deliver long-term value for our shareholders."

There are two exploration drills currently in operation on the Kay mine property. One drill is focused on stepout and infill targets on the Kay mine deposit, and the other is testing exploration targets in the north-central area of the project. The company has completed 26,200 metre of the 76,000-metre phase 3 drill program; 30,000 m of this program has been earmarked for resource drilling on the Kay deposit, 15,000 m of which has been completed. Management is looking forward to updating shareholders on exploration progress in the coming weeks.

About Arizona Metals Corp.

Arizona Metals owns 100 per cent of the Kay mine property in Yavapai county, which is located on a combination patented and Bureau of Land Management claims totalling 1,665 acres that are not subject to any royalties, and 193 acres of private land. 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 grams per tonne gold, 3.03 per cent zinc and 55 g/t silver.

The qualified person who reviewed and approved the technical disclosure in this release is David Smith, CPG.

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