Azarga Metals Ni 43-101 Technical Report Filed FOR the Marg Project, Central Yukon
AZARGA METALS CORP.
UNIT 1 – 15782 MARINE DRIVE, WHITE ROCK, B.C. V4B 1E6, CANADA
www.azargametals.com
FOR IMMEDIATE RELEASE TSX-V: AZR
AZARGA METALS NI 43-101 TECHNICAL REPORT FILED FOR THE MARG PROJECT,
CENTRAL YUKON
September 24, 2025 – Vancouver, B.C. – AZARGA METALS CORP. ("Azarga Metals" or the
“Company”) (TSX-V:AZR) is pleased to announce that it has filed a National Instrument 43-
101 - Standard of Disclosures for Mineral Projects (“NI 43 -101”) independent technical
report for its high-grade, copper rich Volcanogenic Massive Sulfide (“V\MS”) Marg project
(the “ Marg Project ”) located in Central Yukon , Canada.
Highlights of the Marg Project Mineral Resource include:
• 2025 Mineral Resource at 0.5% copper equivalent1 (“CuEq”) cut-off of:
Category Tonnage
Mt
Cu
%
Pb
%
Zn
%
Ag
g/t
Au
g/t
CuEq1
%
Indicated 4.3 1.3 1.7 3.2 42 0.66 2.9
Inferred 10.0 1.0 1.3 2.6 33 0.54 2.3
Significant opportunity to expand the scale of Marg Project with:
• Marg Project extensions: The Marg deposit remains open to the east, west and
down dip, indicating significant potential to expand the Mineral Resource.
• Additional VMS deposits: Geophysical surveys, surface mapping and additional
surface mineralization occurrences at the Jane zone, indicating considerable
prospectivity for additional VMS mineralization outside of the Marg deposit but within
the Marg property.
2025 Mineral Resource Estimate
The 2025 Mineral Resource builds upon the h istoric M ineral Resource model, extending the
interpreted mineralised domain extent using a 0.5% CuEq cut -off grade and simplifying the
structural model by removing the previous use of dual cut-offs.
Table 1 presents the Mineral Resource at the selected 0.5% CuEq cut -off and Table 2 presents
further information at alternative cut-off thresholds.
1 CuEq is defined in the “Mineral Resource Estimate” section of this press release.
Page 2
AZARGA METALS CORP.
UNIT 1 – 15782 MARINE DRIVE, WHITE ROCK, B.C. V4B 1E6, CANADA
www.azargametals.com
Table 1 2025 Mineral Resource at 0.5% CuEq cut -off
Category Tonnage
Mt
Cu
%
Pb
%
Zn
%
Ag
g/t
Au
g/t
CuEq
%
Indicated 4.3 1.3 1.7 3.2 42 0.66 2.9
Inferred 10.0 1.0 1.3 2.6 33 0.54 2.3
Copper Equivalence (CuEq) has been used for interpretation and reporting purposes since the
deposit has five potentially economic elements of significance.
CuEq% is calculated as:
• CuEq% = Cu% + 0.1·Pb% + 0.25·Zn% + 0.62·Au (g/t) + 0.007·Ag (g/t)
Metal price and recovery assumptions include:
• Copper: US$9,100/t; 80% recovery, 96.5% payable
• Lead: US$1,900/t; 50% recovery, 75% payable
• Zinc: US$2,600/t; 80% recovery, 85% payable
• Gold: US$3,000/oz; 50% recovery, 90% payable
• Silver: US$32/oz; 50% recovery, 90% payable
• Metal prices are based on rounded three month average metal prices at April 2025
• Recovery and payability assumptions from the last metallurgical assessment in 2016
Previous economic assessments indicate that the Marg deposit has potential for both open pit
and underground development. However, the selective sampling practices used historically ,
focused primarily on visually high- grade material that limit the confidence in assessing near -
surface low-grade potential for open pit scenarios.
Metallurgical testwork suggests that the deposit is amenable to differential flotation, producing
copper, lead, and zinc concentrates, with gold and silver reporting to the sulphide concentrates.
Page 3
AZARGA METALS CORP.
UNIT 1 – 15782 MARINE DRIVE, WHITE ROCK, B.C. V4B 1E6, CANADA
www.azargametals.com
Table 2 Marg grade tonnages by variable copper equivalent cut -offs
Classification Cut-off
CuEq % Mt Cu
%
Zn
%
Pb
%
Ag
g/t
Density
t/m3
Indicated
0.00 4.3 1.3 3.2 1.7 42 3.5
0.25 4.3 1.3 3.2 1.7 42 3.5
0.50 4.3 1.3 3.2 1.7 42 3.5
0.75 4.3 1.3 3.2 1.7 42 3.5
1.00 4.2 1.3 3.2 1.7 42 3.5
1.50 3.8 1.4 3.4 1.8 44 3.6
2.00 3.0 1.5 3.8 2.0 48 3.7
2.50 2.5 1.7 4.1 2.2 51 3.7
3.00 2.1 1.8 4.3 2.3 54 3.8
Inferred
0.00 10.2 1.0 2.6 1.3 32 3.4
0.25 10.1 1.0 2.6 1.3 32 3.4
0.50 10.0 1.0 2.6 1.3 33 3.4
0.75 9.8 1.0 2.7 1.3 33 3.4
1.00 9.4 1.0 2.8 1.3 34 3.4
1.50 7.8 1.1 3.0 1.5 37 3.5
2.00 5.7 1.2 3.4 1.7 42 3.5
2.50 3.9 1.4 3.8 1.9 47 3.6
3.00 2.3 1.5 4.4 2.1 53 3.8
The Marg Report titled “NI 43- 101 Technical Report for the Marg Property, Yukon Territory”
(the “Marg Report ”) is dated August 29, 2025, and has an effective date of August 29, 2025.
The mineral resource estimate was previously disclosed by Azarga Metals in its September
8, 2025 , press release titled “Azarga Metals Announces Mineral Resource Estimate for the
Marg Project, Yukon”.
There are no material changes in the Marg Report from the results disclosed in the
Company’s September 8, 2025, press release. The Marg Report is available on the
Company’s website ( www.azargametals.com ) and SEDAR+ ( www.sedarplus.ca ).
Previous Work
A historic Preliminary Economic Assessment was completed on the Marg Project in 2016 by
a previous operator. Though the NI 43-101 report was issued it is not publicly available on
SEDAR+ as the previous operator was a private entity. The historic work outlined potential
for both open pit development near surface and underground development target and is
further discussed in the updated technical report.
Page 4
AZARGA METALS CORP.
UNIT 1 – 15782 MARINE DRIVE, WHITE ROCK, B.C. V4B 1E6, CANADA
www.azargametals.com
Qualified Person
The disclosure in this news release of scientific and technical information pertaining to the
Marg Report has been reviewed and approved by John Horton BSc (Hons) FAusIMM (CP)
of IMC Mining Pty Ltd and Debbie James, BSc. P.Geo of TruePoint Exploration. Both Mr. Horton
and Ms. James are “Qualified Persons” as defined under NI 43-101.
AZARGA METALS CORP.
Gordon Tainton,
President and Chief Executive Officer
For further information please contact: Ben Meyer , at +1 604 536 -2711 ext. 1 or visit
www.azargametals.com. The address of the corporate office of Azarga Metals is Unit 1 - 15782
Marine Drive, White Rock, BC V4B 1E6, British Columbia, Canada.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Statement:
This news release contains forward- looking statements that are based on the Company’s current
expectations and estimates. Forward- looking statements are frequently characterized by words such as
“expand”, “expect”, “demonstrate”, “outcome”, “continue” “pot ential”, “improve”, “discover”, “priority”,
“significant”, “opportunity”, “compel” “continuity”, “consistent”, “expected”, “relative”, “comprehensive”,
“confident”, “concept”, “unlock”, “identify”, “modest”, and variations of these words as well as other s imilar
words or statements that certain events or conditions “could”, “may”, “would” or “will” occur. Such forward-
looking statements involve known and unknown risks, uncertainties and other factors that could cause
actual events or results to differ mater ially from estimated or anticipated events or results implied or
expressed in such forward- looking statements. Such factors include, among others: the mineral resource
estimate at the Marg Project; the actual results of current and planned exploration acti vities; the potential
to expand the Marg Mineral Resource; the interpretation of the Jane Zone as representing potential
mineralized trends, and the potential for extensions to the Marg and other Zones; the interpretation that the
Marg Project represents a larger mineralized system encompassing several target zones and the potential
that such zones may represent additional Marg-like deposits; the ability to further improve confidence in the
Marg Mineral Resource and the potential for, and timing of, a larger, updated Mineral Resource; the timing,
results and conclusions of future economic evaluations; the improvement of the Marg Mineral Resource by
future drilling; changes in project parameters as plans to continue to be refined; results of current and future
metallurgical testing; possible variations in grades of mineralization and/or future actual recovery rates;
accidents, labour disputes and other risks of the mining industry; the availability of sufficient funding on
terms acceptable to the company to complete the planned work programs; delays in obtaining governmental
approvals or financing; and fluctuations in metal prices. There may be other factors that cause actions,
events or results not to be as anticipated, estimated or intended. Any forward- looking statement speaks
only as of the date on which it is made and, except as may be required by applicable securities laws, the
Company disclaims any intent or obligation to update any forward- looking statement, whether as a result
of new information, future events or results or otherwise. Forward- looking statements are not guarantees
of future performance and accordingly undue reliance should not be put on such statements due to the
inherent uncertainty therein.