Arizona Metals Intersects 25.0 m grading 2.7% CuEq (incl. 3.2 m at 6.3% CuEq) and 49.2 m grading 2.4% CuEq (incl. 10.4 m at 6.4% CuEq) at the Kay Mine Deposit

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Arizona Metals Intersects 25.0 m grading 2.7% CuEq (incl. 3.2 m at 6.3% CuEq) and 49.2 m

grading 2.4% CuEq (incl. 10.4 m at 6.4% CuEq) at the Kay Mine Deposit

TORONTO, June 26th, 2023 – Arizona Metals Corp. (TSX:AMC, OTCQX:AZMCF) (the

“Company” or “Arizona Metals”) is pleased to announce the latest drilling results from its Kay

Mine Deposit in Arizona.

Hole KM-23-106 intersected 25.0 meters grading 2.7% copper equivalent (CuEq), including

3.2 meters at 6.3% CuEq. At 17 m further downhole, this hole also intersected 49.2 meters at

2.4% CuEq (including 10.4 meters at 6.4% CuEq). At a further 10 m downhole, this hole also

intersected 5.2 m at 1.0% CuEq. This hole confirms the high-grade copper and gold

mineralization previously encountered in hole KM-21-21A, located 30 meters above, which

intersected 63 m grading 4.2 g/t AuEq. Moreover, it continues the mineralization 30 meters

above hole KM-22-41, which intersected 96.7 m grading 2.9% CuEq.

In addition to these promising results, drilling at the Western Target has been ongoing since

February 2023. The first four holes, KM-23-104, branch hole KM-23-104A, KM-23-107, and

KM-23-108 have been completed, and assays are currently pending. In order to continue testing

the strike extent of the West Target, hole KM-23-109 is targeting an area approximately 150

meters south of KM-23-104. Hole KM-23-110 will target the area between holes KM-23-104

and KM-23-107, with the goal of testing beneath recently reported high-grade surface samples

(see Fig. 5).

The drill rig at the Kay Mine Deposit is targeting extensions of the high-grade mineralization

encountered in hole KM-23-103, which intersected 10.5 m grading 6.2% CuEq. This rig will

also focus on areas with lower drill density, including the northern part of the deposit and

shallow areas above a depth of 200 meters (see Fig. 3). The Company intends to drill test all

areas open to expansion. See Figure 3 for priority target areas for drilling. Independent

consulting firms have been engaged to model drill data as holes are completed and assays

become available. The Company intends to complete drilling of all priority targets before

finalizing a maiden resource estimate.

Marc Pais, CEO, commented “The high-grade copper and gold drill results reported toda y

continue to demonstrate the expansion potential of the Kay Mine Deposit, which we believe is part

of a much larger property-wide mineralized system. We are also pleased to report that drilling of

the fifth and sixth holes at the Western Target has commenced, following up visual mineralization

previously reported in holes 104 and 104A. Downhole electromagnetic surveying of th e first two

Western Target holes has been completed and data are currently being analyzed. Surface outcrop

sampling at the Western Target has returned significant grades of both copper and gold, extending

the strike length of mineralization exposed at surface in this area to approximately 800 meters.”

With the completion of recent drill holes, Arizona Metals has drilled a total of 83,400 meters on

the Kay property, and successfully completed its Phase 2 drill program of 75,000 meters. The

Company is fully -funded (with $ 49 million in cash a s of March 31, 202 3) to complete the

remaining 75,000 m of the 76,000-meter Phase 3 program (budgeted at $31.5 million), which will

be used to test the numerous parallel targets heading west of the Kay Mine Deposit, as well as

possible northern and southern extensions.

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Figure 1. Cross-section view looking north at the Kay Mine Depo sit, showing assay intervals in drilling reported in

this release. See Tables 1-3 for additional details. The true width of mineralization is estimated to be 50% to 99% of

reported core width, with an average of 76%.

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Figure 2. Long section view looking north showing assay intervals for hole KM-23-106 in the Kay Mine Deposit. See

Tables 1-3 for additional details. The true width of mineralization is estimated to be 50% to 99% of reported core

width, with an average of 76%.

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Figure 3. Long section displayin g new drill hole intervals reported in this release (labels highlighted yellow) . See

Tables 1-3 for additional details. The true width of mineralization in this area is yet to be determined. See Table 1 for

constituent elements, gra des, metals prices and recovery assumptions used for AuEq g/t and CuEq % calculations.

Analyzed metal equivalent calculations are reported for illustrative purposes only.

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Figure 4. Core from hole KM-23-106 between 559.8 m and 562.4 m downhole, which is part of a broader interval of

10.4 m grading 5.1% copper, 3.1 g/t gold, 0.5 % zinc, and 23 g/t silver. See Table 1 for constituent elements, grades,

metals prices and recovery assumptions used for CuEq % calculations. Analyzed metal equivalent c alculations are

reported for illustrative purposes only.

Permitting Update

The Company currently has 11 drill pads permitted through the Bureau of Land Management

(BLM) under a Notice of Intent to Explore. All permits are fully bonded and in good standing.

Last week BLM staff conducted an annual inspection of the Kay project, verifying that the

Company is in compliance with all permitted activities. Recently completed structural mapping

and soil sampling programs have identified a number of new, highly prospective targets not

previously located by geophysical methods. The Company is currently mapping a number of new

drill pads to test these targets and will be applying to the BLM for an Exploration Plan of

Operations. This more expansive permit will allow for additional roads and drill pads giving the

Company the ability to test these additional targets.

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West Target Surface Sampling

Recent surface mapping and sampling on the West target (Figure 5) has extended the mineralized

horizon that was drilled in holes 104 and 104A and previously sampled at surface, where it

returned 8.6% Cu. Nine new surface samples all returned percent-grade Cu, up to 4.9% Cu, and

averaging 2.9% Cu. These samples also contained anomalous Au, up to 0.5 g/t Au. The surface

strike length of mineralization exposed at surface in this area is now approximately 800 m. These

surface samples suggest increasing intensity of mineralization to the north; along with data

gathered in the drill holes completed and underway, these results will be used to refine drill

targeting on the West Target.

Figure 5. Plan view displaying drill holes completed and underway at the Western Target, as well as results of recent

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outcrop surface sampling north of the Western Target EM Conductivity Anomaly. See Table 5 below of sample assay

details.

Figure 6. Cross section of the Western Target looking nort h, showing current and completed drill holes and

mineralization intersected in drill hole KM-23-104.

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Shareholder Update Webinar

The Company will host a virtual-only shareholder update webinar on Monday, July 17, 2023, from

11-12am EST.

The shareholder update webinar will be facilitated by Marc Pais, CEO and Morgan Knowles,

Vice President, Investor Relations who will review the Company’s most recent drilling results as

well as discuss milestones, financial strength, and the outlook for the remainder of the fiscal

year. The Company’s CEO, Marc Pais, and VP Investor Relations, Morgan Knowles will facilitate

pre-submitted and live-chat questions and answers.

Investors are asked to submit their questions to: [email protected]

Webinar Login details:

Topic: Arizona Metals Corp. (TSX:AMC, OTCQX:AZMCF) Shareholder Webinar

Time: Jul 17, 2023 11:00 AM Eastern Time (US and Canada)

Join shareholder update webinar:

https://us02web.zoom.us/j/81979704873?pwd=RkhmbkRhbHZBRjFsV3lOL29idGJRQT09

Meeting ID: 819 7970 4873

Passcode: 340147