Mr. Mike Stark reports

ARIZONA GOLD & SILVER: PHILADELPHIA DRILLING EXPANDS STRUCTURAL UNDERSTANDING OF THE PERRY GOLD SYSTEM; UPWELLING ZONE REMAINS OPEN AT DEPTH, DRILLING CONTINUES

Arizona Gold & Silver Inc. has received assays from the latest core holes, PC25-159 and PC26-160, on the Philadelphia project in Arizona.

The two holes were drilled on the northern and southern limits of the Perry zone. Both holes intersected low gold grades in previously unrecognized east-west faults. These faults vertically offset the mineralization within the host Arabian fault structure. Drilling is continuing with the rig currently testing the shallower portion of the Perry zone, up dip of hole PC25-156.

Drill highlights:

• Hole PC25-159: 28.41 metres at 0.68 gram per tonne gold and 6.04 g/t silver from 318.61 m downhole, including:
  • 3.96 m at 1.66 g/t gold and 7.6 g/t silver from 318.61 m downhole;
  • 1.40 m at 2.99 g/t gold and 8.2 g/t silver from 327.42 m downhole;
  • 2.34 m at 1.74 g/t gold and 12.85 g/t silver from 344.88 m downhole;
• Hole PC25-160: 66.39 m at 0.293 g/t gold and 1.364 g/t silver from 327.66 m downhole, including:
  • 1.07 m at 1.46 g/t gold and 1.2 g/t silver from 327.66 m downhole;
  • 1.34 m at 1.87 g/t gold and 9.8 g/t silver from 367.25 m downhole.

True thickness is estimated at approximately 60 per cent of drilled thickness.

The Perry zone is now defined as approximately 165 m in strike length, truncated by sub-east-west structural complexities. Such structures appear to crosscut the Arabian fault that is the host structure for all the known mineralization at Philadelphia. It now appears that PC25-159 was drilled structurally above the mineralizing system. The depth to the pay zone is as yet undetermined.

A similarly downdropped block is proposed to the south in hole PC26-160. That hole is again interpreted to have been drilled above that part of the mineralizing system.

Lex Lambeck, senior vice-president, exploration, commented: " We did not expect to drill into bounding faults to constrain the strike length of the Perry zone. Drilling continues, however, as the zone is not fully defined up dip and is completely open at depth. We expect to see good grades in both directions.

"At depth, we are awaiting a drill permit to move on to new drill pads to the east. The permit is expected within months. These pads will provide cost-effective set-ups for drilling the target zone to depth. Our model suggests grades will persist in that direction.

"The Arabian fault is a major control for all Philadelphia mineralization. It continues along strike and is largely open at depth. Importantly, it dips below the conspicuous Red Hills hydrothermal alteration cap and similar alteration areas further east.

"We are pleased to be starting a geophysical program to provide drill-ready targets on the Red Hills (eastern) and northern parts of the property. That program is discussed below."

Core holes PC25-159, PC25-160 and PC25-161:

• Hole 159 is located 60 m north of the thick stockwork zone in hole PC25-158 (reported Jan. 6, 2026) and 165 m north of a high-grade intercept in PC25-156 (reported Sept. 17, 2025):
• • The mineralizing horizon in hole PC25-159 appears to have been offset by a sub-east-west fault structure; the structure was observed in the drill log of hole PC25-158 and the ore shoot remains open downdip.
• Hole PC25-160 is located 60 m south of hole PC25-156; the ore zone has narrowed and tightened, forming an aquitard to gold-bearing fluid.
• Both the PC25-159 and PC25-160 drill holes suggest they have been affected by sub-east-west fault structures that have crosscut the Arbian fault in a piano key effect, with both up and down fault movement as observed in the 3-D Discover model.
• Drill hole PC25-161, drilled south of PC25-160, has yet to be assayed. The vein zone appears visually approximately twice the width observed in previous holes; however, quartz veining is less developed, and the significance of this increased width will be determined upon receipt of assays.

Core hole PC26-162

Core hole PC25-162 is in progress. It is a shallower hole than six previous holes and is designed to test the Perry zone approximately 60 m north of PC25-136, targeting the interpreted up-dip continuation of mineralization from holes PC25-156 and PC25-158.

Geophysical (CSAMT) program

A geophysical survey is under way to support continuing geological mapping and surface sampling programs and to refine existing targets. The method being used is a controlled-source audio magnetotelluric (CSAMT) survey. Zonge International has been contracted to complete 10 lines covering the eastern and northeastern portions of the property, as well as along the southern extension of the Arabian fault. A test survey had previously determined the potential effectiveness of the methodology. Follow-up would use 3-D geophysical inversion modelling.

The new data set will be integrated with historical hyperspectral coverage and legacy geophysical data to generate a comprehensive 3-D model of the property. Notably, several of the strongest hyperspectral anomalies occur in the eastern and northeastern areas, where current CSAMT coverage is focused. The integrated interpretation is expected to enhance target definition and prioritize potential future follow-up drill targets.

Quality assurance/quality control protocols

The HQ core is delivered in its entirety to Skyline Labs in Tucson, Ariz., where it is sawn in half based upon sample intervals designated by the project geologist. Half of the core is crushed, pulverized and analyzed by fire assay with an AA finish for gold. A four-acid digestion and ICP analysis are used for silver and trace metal determinations. Any values greater than five g/t gold are rerun by fire assay with a gravimetric finish. The remaining core half is preserved for further studies. Coarse rejects from crushing will be saved for metallic screen analyses, if warranted, and future metallurgical testing.

Qualified person

Lex Lambeck, senior vice-president, exploration, and a certified professional geologist (No. 11734), is a qualified person under National Instrument 43-101 and has reviewed and approved the technical information contained in this news release.

About Arizona Gold & Silver Inc.

Arizona Gold & Silver is a leading exploration company focused on uncovering precious metal resources in Arizona and Nevada. With a commitment to sustainable practices and innovative exploration techniques, the company aims to drive value for stakeholders while prioritizing environmental stewardship. The flagship asset is the Philadelphia gold-silver property, where the company is drilling off an epithermal gold-silver system ahead of an initial resource calculation.

We seek Safe Harbor.