Mr. Morgan Knowles reports

ARIZONA METALS ANNOUNCES FILING OF THE NI 43-101 TECHNICAL REPORT FOR THE KAY MINE PROJECT PRELIMINARY ECONOMIC ASSESSMENT

Arizona Metals Corp. has filed an independent technical report, prepared in accordance with National Instrument 43-101, Standards of Disclosure for Mineral Projects, covering the preliminary economic assessment (PEA) for the company's 100-per-cent-owned Kay mine project. The full technical report, titled "Preliminary Economic Assessment -- NI 43-101 Technical Report, Kay Mine Project, Arizona, USA," is dated June 12, 2026, with an effective date of April 30, 2026. The technical report was prepared for Arizona Metals by G Mining Services and can be found on the company's website or under the company's issuer profile on SEDAR+.

There are no material differences in the technical report from the results of the PEA disclosed in the company's news release dated April 30, 2026.

Technical report preparation and qualified persons

The technical report is dated June 12, 2026, with an effective date of April 30, 2026. It was written by independent qualified persons in accordance with NI 43-101.

The technical report has been prepared by G Mining Services Inc., with contributions from SGS Canada Inc. (Geological Services), WestLand Engineering & Environmental Services, and Haley & Aldrich Inc., each independent of the company.

Scientific and technical information contained in this news release relating to the 2025 mineral resource estimate and 2026 PEA has been reviewed and verified by the following independent qualified persons, each responsible for the respective area of the technical report indicated below:

• Dr. Allan Armitage, PhD, PGeo, SGS Canada -- 2025 mineral resource estimate;
• Ben Eggers, MAIG, PGeo, SGS Canada -- 2025 mineral resource estimate;
• Hind Zniber El-Mouhabbis, PEng, G Mining Services -- economic analysis, 2026 PEA;
• Carl Michaud, PEng, MBA, G Mining Services -- underground mining, 2026 PEA;
• Sunil Koppalkar, PEng, G Mining Services -- process, 2026 PEA;
• Nicolas Vanier-Larrivee, PEng, G Mining Services -- infrastructure, 2026 PEA;
• Richard DeLong, PGeo, WestLand Engineering & Environmental Services -- environment, 2026 PEA;
• Eric J. Mears, RG, CPG, Haley & Aldrich -- closure, 2026 PEA.

Readers are encouraged to read the PEA technical report in its entirety, including all qualifications, assumptions, exclusions and risks that relate to the mineral resource, mineral reserve and life-of-mine plan. The PEA technical report is intended to be read as a whole, and sections should not be read or relied upon out of context.

About Arizona Metals Corp

Arizona Metals owns 100 per cent of the Kay mine project in Yavapai county, Arizona, which is located on 1,669 acres of patented and BLM (Bureau of Land Management) mining claims and 193 acres of private land that are not subject to any royalties. The Kay mine project contains a current mineral resource estimate (MRE) with an effective date of June 17, 2025, of 9.28 million tonnes grading 1.39 grams per tonne gold, 27.6 grams per tonne silver, 0.97 per cent copper, 0.33 per cent lead and 2.39 per cent zinc in the indicated category and 0.86 million tonnes grading 1.06 g/t Au, 15.4 g/t Ag, 0.87 per cent Cu, 0.20 per cent Pb and 1.68 per cent Zn in the inferred category, in each case at a base-case cut-off grade of 1.00 per cent copper equivalent. CuEq MRE grades are 9.28 million tonnes at 3.18 per cent CuEq in the indicated category and 860,000 tonnes at 2.44 per cent CuEq in the inferred category. The 2026 PEA disclosed in this news release is based on the MRE and is preliminary in nature; it includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the 2026 PEA will be realized. Mineral resources that are not mineral reserves do not have demonstrated economic viability. The Kay mine project is a steeply dipping VMS (volcanogenic massive sulphide) deposit that has been defined from a depth of 60 metres to at least 900 metres and remains open for expansion on strike and at depth.

The company also owns 100 per cent of the Sugarloaf Peak project in La Paz county, which is located on 4,400 acres of BLM claims. The Sugarloaf Peak project is a heap-leach, open-pit target and has a historic estimate of 100 million short tons containing 1.5 million ounces gold at a grade of 0.5 gram per tonne (N.E. Dausinger, 1983, phase 1 drill program and evaluation of gold-silver potential, Sugarloaf Peak project, Quartzsite, Ariz. -- report for Westworld Inc.).

The historic estimate at the Sugarloaf Peak project 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 Metals' 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 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's labs in Vancouver, Canada, and Reno, Nev., 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 and Reno facilities are ISO 17025 accredited. ALS also performed its own internal QA/QC procedures to ensure the accuracy and integrity of results. Parameters 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 devised and monitored the company's QA/QC program in respect of the underlying drill data referenced in this news release is David Smith, CPG, a qualified person as defined in NI 43-101. Mr. Smith is the vice-president, exploration, of the company. Mr. Smith supervised the company's drill program and verified the data disclosed, including sampling, analytical and QA/QC data, 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. The scientific and technical information contained in this news release relating to the PEA, the mineral resource estimate and other technical aspects of the Kay mine project has been reviewed and approved by the independent qualified persons (as defined in NI 43-101) responsible for the relevant sections of the PEA, as identified above under "Technical report preparation and qualified persons."

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