Mr. Duncan Middlemiss reports

ARIZONA METALS INTERSECTS 65.2 M AT 4.0% CUEQ (INCL. 14.2 M AT 7.3% CUEQ) AND 27.4 M AT 2.5% CUEQ (INCL. 3.2 M AT 7.1% CUEQ) IN KAY MINE DRILLING

Arizona Metals Corp. has released the latest drill results from the Kay mine project in Arizona. Seven new drill holes at the Kay mine deposit continue to demonstrate the continuity and expansion potential of the deposit, and returned excellent grades in the deeper portions of the deposit.

Highlights of the recent drilling include:

• Hole KM-24-94B intersected 65.2 metres of 4.0 per cent copper equivalent, including 14.2 m of 7.3 per cent CuEq and 10.4 m of 7.0 per cent CuEq. This hole returned among the highest gold assays to date on the project, 22.3 grams per tonne gold (751.9 to 753.5 m), and among the highest copper grades to date, 13.7 per cent Cu (745.9 to 746.2 m). The hole also showed a northern continuation of outstanding mineralization previously intersected in hole KM-21-27B (97.1 m of 3.3 per cent CuEq).
• Hole KM-24-146A cut 61.1 m of 1.4 per cent CuEq, including 4.6 m of 9.4 per cent CuEq. Drilled deeper in the deposit, this hole added considerable thickness and continuity in an 85-metre gap between previous holes.
• Hole KM-24-146 returned 27.4 m of 2.5 per cent CuEq, including 3.2 m of 7.1 per cent CuEq. Placed along the deposit's deeper north edge, this hole showed excellent thickness and grade in a 73-metre gap between previous holes.

Duncan Middlemiss, president and chief executive officer of Arizona Metals, commented: "These new drill results from the Kay deposit point to its expansion potential and continue to highlight the excellent thickness and grade. Our drilling strategy will continue to focus on stepout and infill targets on the Kay deposit to complete the remaining approximately 12,000 m of our Kay deposit resource-definition drill program. Upon completion of this phase of drilling in [fourth quarter], the company will be in position to provide the Kay deposit mineral resource estimate, which we expect in [first half] of 2025."

With the completion of recent drill holes, Arizona Metals has drilled a total of 113,000 metres on the property. The company is well financed (with $26-million in cash as of March 31, 2024) to complete the remaining 46,000 m of the 76,000-metre phase 3 drill program. Drilling continues on the North Central target, and results will be released in coming weeks.

Kay deposit shallow drilling

Three new holes in the shallow portions of the Kay deposit extend mineralization to the south and demonstrate good infill continuity in this area of the deposit. Together, the 17 drill holes in the shallow portions of the deposit have extended mineralization approximately 70 metres upward toward surface, along a strike length of 365 metres.

KM-24-145:

• 4.1 m of 1.4 g/t gold equivalent;
• Drilled in the upper southern portion of the deposit, this hole extended mineralization over 30 m to the south.

KM-24-147:

• 27.1 m of 0.6 per cent CuEq, including 1.7 m of 1.5 per cent CuEq, and 2.0 m of 1.4 per cent CuEq;
• This hole filled a gap in the upper portion of the deposit and confirmed a thicker region of mineralization also intersected in holes KM-21-44 (23.9 m of 1.8 per cent CuEq) and KM-23-114 (22.1 m of 0.6 per cent CuEq and other intercepts).

KM-24-148:

• 8.5 m of 3.4 g/t AuEq, including 3.1 m of 5.5 g/t AuEq and 8.5 m of 2.1 per cent CuEq, including 3.1 m of 3.4 per cent CuEq;
• This hole confirmed good continuity of mineralization along the southern edge of the deposit's upper portions.

About Arizona Metals Corp.

Arizona Metals owns 100 per cent of the Kay mine project in Yavapai county, which is located on a combination of patented and Bureau of Land Management claims totalling 1,300 acres that are not subject to any royalties. A historic estimate by Exxon Minerals Company 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 deposit was reported by Exxon Minerals in 1982 (M.L. Fellows, 1982, Kay mine massive sulphide deposit: internal report prepared for Exxon Minerals Company).

The Kay mine historic estimate has not been verified as a current mineral resource. None of the key assumptions 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 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 volcanogenic massive sulphide 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 (N.E. Dausinger, 1983, Phase 1 drill program and evaluation of gold-silver potential, Sugarloaf Peak project, Quartzsite, Arizona: report for Westworld Inc.).

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 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 Metals' drill sample assay results have been independently monitored through a quality assurance/quality control protocol, which includes the insertion of blind standard reference materials and blanks at regular intervals. Logging and sampling were completed at Arizona Metals' core handling facilities located in Phoenix and Black Canyon City, Ariz. Drill core was diamond sawn on site, and half drill core samples were securely transported to ALS Laboratories' sample preparation facility in Tucson, Ariz. Sample pulps were sent to ALS Laboratories 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 Laboratories 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. Assumptions for ALS's internal and Arizona Metals' 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 Instrument 43-101 (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, 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 judgment. There were no limitations on the verification process.

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