Mr. Kevin Reid reports

ARIZONA EAGLE MINING CORP. ANNOUNCES DISCOVERY OF ZINC-SILVER VMS MINERALIZATION NORTHEAST OF MCCABE MINE IN DRILL INTERSECTIONS

Arizona Eagle Mining Corp. has released the results from the final five holes of its phase 1 drill program on the highly prospective Eagle project, located in the historic McCabe gold-silver mining district in Arizona. The phase 1 drill program's objective was to target multiple northeasterly striking, steeply dipping sulphide-bearing quartz veins that may extend beyond the area covered by the historical resource estimate of approximately 880,000 ounces of gold at 11.7 grams per tonne (g/t) at McCabe.

These initial drill holes targeted the potential to the northeast, outside the area covered by the historical estimate, and intersected high-grade gold mineralization that remains open along strike, extending the mineralized strike by about 50 metres (m) beyond the approximate 750-metre strike length covered by the historical estimate.

Drill holes Eagle-26-05 and Eagle-26-06, located approximately 200 metres and 250 metres northeast, respectively, of the McCabe mine, both intersected high-grade zinc-silver VMS-type (volcanogenic massive sulphide) mineralization. These intervals are on strike with three past-producing silver mines, recently acquired by Arizona Eagle, which are located approximately one kilometre (km) northeast of the McCabe mine. The zinc-silver VMS intervals appear to have many similarities to the past-producing Iron King mine (1), located approximately four kilometres on strike to the northeast of the McCabe mine. Historical records at the Iron King mine reported production from 1903 to 1969 of 5.7 million tons at a grade of 2.6 g/t gold, 98 g/t silver, 4.9 per cent zinc, 1.8 per cent lead and 0.1 per cent copper. The Iron King mine was mined to depths below 1,000 m, whereas the vertical depths of the VMS intervals reported in this release are at only approximately 150 metres.

Kevin Reid, chief executive officer of Arizona Eagle, commented:

"The recently concluded phase 1 drill program has validated our belief that high-grade gold and silver mineralization remains open beyond the area covered by the historical estimate. With the system open along strike and our drilling now stepping out toward our recently acquired Eagle Silver project, we are excited about the district-scale exploration potential we are unlocking. Our second hole successfully tested the northeast extension beyond an interpreted fault offset where historic mining and underground exploration stopped. This shows the potential to define additional mineralization northeast of the area covered by the historical estimate. Holes five and six have intersected zinc-silver VMS-type mineralization, which appears to be similar to that of the past-producing Iron King mine, located four kilometres to the north. Initial drilling and sampling have identified a number of exploration targets on the Eagle project in various types of mineralization. We are now compiling these results and have also commissioned a detailed SkyTEM airborne geophysical survey to help delineate mineralization types and refine targets for a phase 2 drill program."

Drill hole descriptions

Eagle-26-03, Eagle-26-04, Eagle-26-05 and Eagle-26-06 were designed to test the northeastern extension of the McCabe-Sooner mineralized system beyond the limits of the historical underground workings. Holes Eagle-26-03 and Eagle-26-04 intersected a sulphide-rich shear zone from approximately 390 to 400 m and 380 to 388 m downhole (vertical depths of approximately 150 metres), respectively, approximately along strike from the historically mined mineralization. The shear zone interval is characterized by blebby and banded arsenopyrite, pyrite, sphalerite, galena and tetrahedrite, accompanied by subordinate ductilely deformed quartz veining.

Stepping out farther northeast, holes Eagle-26-05 and Eagle-26-06 intersected mineralization at shallower downhole depths (from 205 to 220 m and from 222 to 225 m downhole, respectively), and relatively off-strike from mineralization encountered in Eagle-26-03 and Eagle-26-04, suggesting postmineral fault displacement, a bend or jog in the principal structure, or a separate mineralized structure. Additionally, the mineralization character changes from pyrite-arsenopyrite dominant to a more sphalerite-galena-rich sulphide assemblage. The sulphides occur as semi-massive to matrix-fill within quartz-carbonate breccia veins. Cross-cutting relationships indicate that several generations of veining and deformation are present within the mineralized zone.

The mineralized shear zone cuts the Proterozoic spud mountain volcanics, an assemblage of andesitic to basaltic flows and volcaniclastic rocks ranging from agglomerate and volcanic breccia to lapilli tuff and feldspar-crystal tuff. The sequence has been metamorphosed to lower greenschist facies and displays variable foliation development, although primary volcanic textures are well preserved.

Eagle-26-07 tested the southwestern extension of the mineralized structure near smaller-scale historical workings, including the Little Kicker shaft, where quartz-sulphide mineralization is exposed at surface. Although the target horizon was not intersected, drilling encountered gold mineralization typical of the McCabe system. The hole intersected two separate mineralized zones. The upper zone (from 122 to 130 m downhole) comprises an oxidized gossanous fault and shear zone developed along the contact between Cretaceous tonalite and Proterozoic metavolcanic rocks. A second, deeper zone (from 337 to 342 m downhole) comprises shear bands, veinlets and fracture-fill sulphides, primarily pyrite and pyrrhotite, within strongly sericite-altered tonalite.

Eagle project overview

Arizona Eagle holds a 100-per-cent interest in the Eagle project, located in Yavapai county, Arizona. The Eagle project is anchored by the past-producing gold and silver McCabe mine, situated on 348 acres of private land. Stan West Mining historically invested more than $35-million (U.S.) (approximately $110-million (Canadian) in today's dollars) to drill and develop the mine. In 1984, Stan West Mining published a historic estimate of approximately 880,000 ounces of gold grading 11.7 g/t and five million ounces of silver grading 69 g/t (the historical estimate) (2), defined to a maximum depth of approximately 440 metres and open in all directions.

Over the past two years, Arizona Eagle has expanded its total land position to 4,169 acres through staking and acquisitions surrounding the McCabe mine, including a pending acquisition that will consolidate the Eagle silver project. During this time, the company completed exploration programs focused on geological mapping, surface sampling, helicopter-borne VTEM (versatile time domain electromagnetic) surveys and ground-based induced polarization surveys that identified multiple parallel mineralized structures not historically drill tested.

Cautionary note regarding the historical estimate

The historical estimate is a historical estimate for the purposes of National Instrument 43-101, Standards of Disclosure for Mineral Projects. Its source is D.C. Knight, 1984, Stan West Mining Corp., McCabe-Iron King belt project summary and financial information for shareholders, reporting a 1983 calculation by Derry, Michener, Booth and Wahl; there is no technical report on the historical estimate. Using the original terminology, it reported total reserves of 2,593,682 tons grading 0.34 ounce per ton (oz/t) (11.7 g/t) gold and 2.0 oz/t (69 g/t) silver, containing 877,617 ounces of gold and 5,119,169 ounces of silver, in categories described as proven, probable -- drifting, probable -- drilling, possible and geologically inferred, the last of which accounted for approximately 700,000 of the contained gold ounces. It was prepared at an assumed gold price of $360 (U.S.) per ounce and covered approximately 750 to 800 metres of strike to a maximum depth of approximately 440 metres; other key assumptions, parameters and methods, including cut-off grades, are not known to the company. The historical categories are not the mineral resource and mineral reserve categories set out in NI 43-101 and the CIM definition standards on mineral resources and mineral reserves. Geologically inferred is most closely comparable with an inferred mineral resource and possible to an indicated to inferred level of confidence, while the proven and probable categories, which are not supported by any prefeasibility or feasibility study, are more comparable with measured and indicated mineral resources than to mineral reserves under the CIM definition standards. The categories were also aggregated into a single total reserves figure, which would not be permitted for a current estimate.

The company considers the historical estimate relevant because it covers the McCabe deposit, the principal past-producing mine on the Eagle project, and reflects a substantial body of historical drilling and underground development. Because the historical estimate predates NI 43-101 and the CIM definition standards, it is not supported by a technical report, and has not been verified by a qualified person, the company regards it as an indication of the historical work completed at McCabe rather than as a measure of the quantity or grade of mineralization, and it should not be relied upon. Historical production at the McCabe mine was at grades materially below those reported in the historical estimate. The company is also aware of more recent historical estimates prepared for the McCabe deposit in 1989 and 1993, each of which was limited to material near the then-existing underground workings, was substantially smaller in scope than the historical estimate, and is likewise not compliant with the CIM definition standards or NI 43-101. Verifying or upgrading the historical estimate as current mineral resources would require significant work, including, but not limited to, compilation and validation of the historical drilling, sampling and assay data, additional drilling, resampling and reassaying under modern quality assurance and quality control protocols, geological and grade modelling, and the establishment of cut-off grades and other economic parameters, with no certainty of success. A qualified person has not done sufficient work to classify the historical estimate or those more recent estimates as current mineral resources or current mineral reserves, the company is not treating any of them as current mineral resources or current mineral reserves, the historical estimate is not being and may not be used in any economic analysis, and investors are cautioned not to rely on it.

Phase 1 drill program

In the first quarter of 2026, the company initiated phase 1 drill program of seven holes. The drill program was designed in part to explore the lateral and vertical continuity of the McCabe veins in and around the historic resource. Results of the first 2 holes were announced on May 6, 2026, with the remaining five holes released above.

Phase 2 drill program

The company recently completed a sampling program on the newly acquired silver parcels, with results pending. A SkyTEM geophysical survey is also planned to test for structural continuity between the McCabe mine and the three past-producing silver mines, on strike to the northeast. Results of the sampling and geophysics will be used to define expansion targets on strike, as well as guide resource definition drilling at the McCabe mine.

Sampling procedures

All of Arizona Eagle's 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 Eagle's core handling facilities located near Dewey-Humboldt in Arizona. 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, for analysis.

Gold content was determined by fire assay of a 30-gram charge with ICP (inductively coupled plasma) 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 (Au), silver (Ag), copper (Cu) and zinc (Zn) were determined by ore-grade analyses Au-GRA21, Ag-OG62, Cu-OG62 and Zn-OG62, respectively.

ALS Laboratories is independent of the company 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. Parameters for ALS's internal and Arizona Eagle's external blind quality control samples were acceptable for the samples analyzed. The company 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.

About Arizona Eagle Mining Corp.

Arizona Eagle is a mineral exploration company focused on the acquisition, exploration and development of mineral properties. Arizona Eagle's principal asset is the Eagle project, a 4,169-acre property comprising patented and unpatented claims located near the town of Prescott Valley in Yavapai county, Arizona. The Eagle project is centred on the past-producing McCabe mine, a high-grade gold-silver deposit, and includes multiple parallel structures hosting past-producing mines that remain largely untested by modern drilling. While Arizona Eagle's primary focus will be on the exploration and development of the Eagle project, it will continue to own Core Nickel's land portfolio in the Thompson nickel belt of Northern Manitoba.

The scientific and technical information contained in this news release has been reviewed and approved by Clyde Smith, PhD, vice-president, exploration, of the company, who is a qualified person as defined under National Instrument 43-101, Standards of Disclosure for Mineral Projects. 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 judgement. There were no limitations on the verification process. Mr. Smith has also reviewed and approved the disclosure in this news release regarding the historical estimate; he has not, however, performed the work necessary to verify or upgrade the historical estimate as current mineral resources or current mineral reserves.

(1) The Iron King mine is not part of the Eagle project and the company has no interest in it. Historical production figures for the Iron King mine are taken from historical records and have not been verified by the company's qualified person. Mineralization hosted on adjacent or nearby properties is not necessarily indicative of mineralization hosted on the Eagle project.

(2) The historical estimate is a historical estimate for the purposes of NI 43-101. It is not current, is not being treated by the company as current mineral resources or current mineral reserves, and should not be relied upon. A qualified person has not done sufficient work to classify the historical estimate as current mineral resources or current mineral reserves.

We seek Safe Harbor.