Arizona Metals Announces Restatement of Q3 Financial Statements
Arizona Metals Announces Restatement of Q3 Financial Statements
Toronto, December 16, 2024 – Arizona Metals Corp. (TSX:AMC , OTCQ X:AZMCF) (the
“Company” or “Arizona Metals”) announces that it is restating its financial statements for the
period ended September 30, 2024 (the “Amended Financial Statements”), along with a
corresponding restated management discussion and analysis (the “Amended MD&A”).
The restatement of the Amended Financial Statements and Amended MD&A was made to correct
an overstatement of the Company’s share -based payments for the three and nine -months ended
September 30, 2024 in the Company’s financial statements for the period ended September 30,
2024 filed on November 14, 2024 (the “Original Financial Statements”) and corresponding
management discussion and analysis . The overstatement was identified during the preparation
for the filing of the company’s preliminary short form prospectus (the “Preliminary Prospectus”),
which was filed on December 6, 2024 in connection with the bought-deal offering of common
shares of the Company announced on December 2, 2024 (the “Offering”). The need to restate (the
“Restatement”) of the Original Financial Statements was disclosed in the Preliminary Prospectus.
The Company, together with its auditors who have reviewed the Amended Financial Statements
in connection with the Offering, determined that while the correction does not represent a material
change to the Issuer, it does necessitate the Restatement and filing of the Amended Financial
Statements and Amended MD&A. The correction of the overstatement of the Company’s share
based payments for the period in the Company’s financial statements has no impact on the
Company’s current or net assets, non-current or total liabilities, meaning there is no change to the
Company’s cash or working capital positions as at September 30, 2024. Readers are encouraged
to review the Amended Financial Statements and Amended MD&A.
About Arizona Metals Corp
Arizona Metals Corp owns 100% of the Kay Project in Yavapai County, which is located on a
1669 acres of patented and BLM mining claims and193 acres of private land that are not subject
to any royalties. An historic estimate by Exxon Minerals in 1982 reported a “proven and probable
reserve of 6.4 million short tons at a grade of 2.2% copper, 2.8 g/t gold, 3.03% zinc, and 55 g/t
silver.” The historic estimate at the Kay Deposit was reported by Exxon Minerals in 1982.
(Fellows, M.L., 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, parameters, and methods used to prepare the historic estimate were reported, and
no resource categories were used. Significant data compilation, re -drilling 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 resou rce, and Arizona Metals is not treating the historic estimate as a current
mineral resource.
The Kay Mine is a steeply dipping VMS 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% 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 (Dausinger, N.E.,
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, parameters, and methods used to prepare the historic estimate were reported, and no
resource categories were used. Significant data compilation, re-drilling 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.
Disclaimer
This press release contains statements that constitute “forward-looking information” (collectively,
“forward-looking statements”) within the meaning of the applicable Canadian securities
legislation, All statements, other than statements of historical fact, are forward-looking statements
and are based on expectations, estimates and projections as at the date of this news release. Any
statement that discusses predictions, expectations, beliefs, plans, projections, objectives,
assumptions, future events or performance (often but not always using phrases such as “expects”,
or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “budget”,
“scheduled”, “forecasts”, “estimates”, “believes” or “intends” or variations of such words and
phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or
“will” be taken to occur or be achieved) are not statements of historical fact and may be forward-
looking statements. Forward-looking statements contained in this press release include, without
limitation, statements regarding the Offering and the filing of the final Prospectus. In making the
forward-looking statements contained in this press release, the Company has made certain
assumptions. Although the Company believes that the expectations reflected in forward -looking
statements are reasonable, it can give no assurance that t he expectations of any forward-looking
statements will prove to be correct. Known and unknown risks, uncertainties, and other factors
which may cause the actual results and future events to differ materially from those expressed or
implied by such forward-looking statements. Such factors include, but are not limited to:
availability of the Company to stay well funded ; delay or failure to receive required permits or
regulatory approvals; and general business, economic, competitive, political and social
uncertainties. Accordingly, readers should not place undue reliance on the forward -looking
statements and information contained in this press release. Except as required by law, the
Company disclaims any intention and assumes no obligation to update or revise any forward -
looking statements to reflect actual results, whether as a result of new information, future events,
changes in assumptions, changes in factors affecting such forward - looking statements or
otherwise.
NEITHER THE TSX EXCHANGE (NOR ITS REGULATORY SERVICE PROVIDER) ACCEPTS
RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE
Not for distribution to US newswire services or for release, publication, distribution or dissemination
directly, or indirectly, in whole or in part, in or into the United States
For further information, please contact:
Morgan Knowles
Vice President of Investor Relations
(647) 202-3904
or
Duncan Middlemiss
President and CEO
www.arizonametalscorp.com
https://x.com/ArizonaCorp