Mr. George Ogilvie reports

ARIZONA SONORAN REPORTS POSITIVE NUTONTM TECHNOLOGIES EXTRACTION RATES ON CACTUS PRIMARY SULPHIDES

Arizona Sonoran Copper Company Inc. has released positive preliminary column leach metallurgical extraction rates using the Nuton technologies as part of the phase 1 testing program with Nuton LLC, a Rio Tinto venture. Primary sulphide extraction ranges from 61 per cent to 82 per cent based on five columns, including two early cycle columns returning 83 per cent and 61 per cent, two mid-cycle columns above 70 per cent, and one with lower extraction based on biotite content. Nuton is currently reassessing the additives for this low-extraction column to address future biotite exposure, which accounts for approximately 1 per cent to 2 per cent of the Cactus West deposit in the primary zone. A total of 13 continuing columns are approximately 75 days to 150 days through their 300-day leach cycle, and include samples from the sulphide, both primary and enriched (secondary sulphide), zones from both Cactus and Parks/Salyer deposits, as well as from the tailing facility, all of which are situated on wholly owned private land in Pinal county, Arizona.

Nuton offers a portfolio of proprietary copper-leach-related technologies and capabilities, developed by Rio Tinto to deliver increased copper recovery and leading environmental performance. In December, samples were sent to the Nuton testing lab to begin column leach testing, following initial mineralogical analysis and associated performance modelling of Arizona Sonoran material. The columns are leaching under a range of conditions and additive combinations with a view toward identifying the ideal Nuton offering for further testwork and commercial deployment. With Arizona Sonoran input, the metallurgical programs are overseen by the Nuton technical team and have been provided qualified person confirmation by Samuel Engineering.

George Ogilvie, Arizona Sonoran Copper Company president and chief executive officer, commented: "We are extremely encouraged that the initial column testing is consistent with the initial modelling presented by the Nuton team. While our on-site teams remain focused on delivering a robust PFS [prefeasibility study] based on our oxides and enriched material, Rio Tinto's Nuton technologies present ASCU with future optionality for continued scaling of our assets from our currently excluded primary resource. We look forward to continuing to explore the leaching opportunity with Nuton, which would utilize a traditional SX/EW [solvent extraction and electrowinning] plant for the primary sulphides, and has a cleaner footprint than a concentrator, lower GHG [greenhouse gas] emissions and reduced water consumption requirements."

Adam Burley, CEO of Nuton LLC, commented: "Nuton has a wide range of potential use cases. At Cactus and Parks/Salyer we are encouraged by the potential of Nuton to unlock copper resources, currently not in the company's mine plan. This would increase resource utilization and enable a larger, more economically and environmentally efficient operation."

Sample location and preparation

Samples were prepared and composited from enriched and primary material from drill holes SE-02, ECP-019, ECW-011, SE-10 and SE-12 from the Cactus East, West and Parks/Salyer deposits. Additional samples from the historic Cactus tailings were also collected for the phase 1 metallurgical testwork program. Chemical and mineralogical analyses of each column sample were completed by Nuton to obtain a full chemical and mineralogical understanding of the material introduced to each individual column test. Chemical and mineralogical assay data were used to predict column test results.

Overview of Nuton flowsheet

The Nuton flowsheet is a conventional crushed and agglomerated feed, bio-heap leach flowsheet, for heap leaching of copper sulphide minerals, however, it includes the addition of catalytic and other reagents, as well as a bacterial growth and inoculation facility.

The table entitled "Preliminary extraction rates and acid consumption" illustrates results from preliminary extraction rates ranging from 75 days up to 150 days of direct column leaching. Testing is continuing.

The initial results show enhanced extraction rates on existing enriched material within Cactus and Parks/Salyer, which may or may not be incremental to the Arizona Sonoran-only extraction rates, even in a blended sulphide approach, and is subject to further Arizona Sonoran-only metallurgical testwork and the impact of a commercial framework with Nuton.

Phase 1: methodology

All 13 Nuton, six-inch (150 centimetre)-diameter columns were a height of 3.3 feet (one metre) and controlled at a range of temperatures. The column temperatures are controlled and continuously monitored. In a commercial-scale heap, heat is generated by exothermic bio-oxidation reactions which can be positively affected by the existence of pyrite.

Core samples were obtained from Cactus, as well as from the historical tailings facility for the phase 1 testwork program. Samples were separated into primary and secondary samples, dependent on the classification provided by the Arizona Sonoran geology team. Subsequent mineralogical analyses of the primary samples showed that these are dominated by chalcopyrite as the main copper-bearing mineral. Enriched samples generally provided a mixture of primary and secondary copper mineralization. Unoptimized preliminary leach conditions already provided excellent results, with further optimization planned for the potential second phase of the testwork program.

Phase 2: program

Subject to agreement on a commercial path forward, a phase 2 program is currently being planned, under the guidance of Arizona Sonoran's independent QP (qualified person), with additional sample material being prepared for shipping to the Nuton test facilities. The phase 2 program will expand on phase 1's proof of concept and provide more rigorous testing scenarios.

The additional column test program is expected to continue for a further 12 to 16 months from the end of phase 1, but interim data will provide further information for development of the final process design criteria.

Commercial framework

Testing work to date has been consistent with the terms of a material testing agreement between Arizona Sonoran and Nuton, which does not include the granting of any type of licence for Arizona Sonoran's use of the Nuton technologies. The parties continue to explore various commercial frameworks for the deployment of the Nuton technologies at Cactus and/or Parks/Salyer, and potential integration in Arizona Sonoran's technical studies. The parties are working toward agreement on major terms, however, it is possible that the parties may be unable to reach agreement for any number of reasons.

Qualified person's statement

Technical aspects related to the metallurgical program of this news release have been reviewed and verified by James L. Sorensen, FAusIMM registration No. 221286, with Samuel Engineering, who is a qualified person as defined by National Instrument 43-101 -- Standards of Disclosure for Mineral Projects. The indicative metallurgical information presented describes preliminary results from testing that is currently in progress and subject to confirmation. Final metallurgical performance estimates will require decommissioning of the columns and analysis of the column residues.

About Nuton LLC

Nuton is an innovative new venture that aims to help grow Rio Tinto's copper business. At the core of Nuton is a portfolio of proprietary copper-leach-related technologies and capability -- a product of almost 30 years of research and development. The Nuton technologies offer the potential to economically unlock low-grade copper sulphide resources, copper-bearing waste and tailings, and achieve higher copper recoveries on oxide and transitional material, allowing for a significantly increased copper production outcome. One of the key differentiators of Nuton is the potential to deliver leading environmental performance, including more efficient water usage, lower carbon emissions and the ability to reclaim mine sites by reprocessing mine waste.

About Arizona Sonoran Copper Company Inc.

Arizona Sonoran's objective is to become a mid-tier copper producer with low operating costs and to develop the Cactus and Parks/Salyer projects that could generate robust returns for investors and provide a long-term sustainable and responsible operation for the community and all stakeholders. The company's principal asset is a 100-per-cent interest in the Cactus project (former ASARCO, Sacaton mine) which is situated on private land in an infrastructure-rich area of Arizona. Contiguous to the Cactus project is the company's 100-per-cent-owned Parks/Salyer deposit that could allow for a phased expansion of the Cactus mine once it becomes a producing asset. The company is led by an executive management team and board which have a long-standing record of successful project delivery in North America complemented by global capital markets expertise.

We seek Safe Harbor.