Arizona Metals Corp. announce the latest drill results from the Kay Mine Project ("Kay" or the "Property") in Arizona. Six new drill holes at the Kay Mine Deposit (the "Kay Deposit") continue to demonstrate the continuity and expansion potential of the deposit, particularly in extending mineralization toward surface and to the south through shallow drilling.

With the completion of recent drill holes, Arizona Metals has drilled a total of 104,000 meters on the Property. The Company is fully funded (with $40 million in cash as of Sept 30, 2023) to complete the remaining 55,000 m of the 76,000 m Phase 3 drill program. Kay Deposit Shallow Drilling: KM-23-127: 25.6 m @ 2.1 g/t AuEq, including 1.5 m @ 9.0 g/t AuEq.

Extended mineralization 32 m to the south of hole KM-23-125, leaving shallow mineralization open in this direction for follow-up drilling, and shows excellent continuity of thick mineralization below and south of KM-23-123 (28.1 m @ 1.0% CuEq). Kay Deposit Drilling: KM-23-128: 21.5 m @ 1.8 g/t AuEq, including 4.1 m @ 5.2 g/t AuEq. Confirmed continuous mineralization in a 90-m gap along the southern edge of the deposit.

KM-23-132: 26.4 m @ 1.9% CuEq, including 2.4 m @ 4.0% CuEq and 2.7 m @ 4.4% CuEq. Demonstrated excellent continuity between previous holes KM-21-18A (32.5 m @ 1.9% CuEq) and KM-21-44 (23.9 m @ 1.8% CuEq). KM-23-133: 12.8 m @ 1.8% CuEq and 22.1 m @ 0.64% CuEq, including 0.5 m @ 36.8 g/t AuEq.

This hole returned the third-highest gold assay on the project to date, 28.7 g/t Au (407.5-408 m). Confirms excellent thicknesses of mineralization in the 96 m gap between holes KM-21-32 and KM-21-29. KM-23-135: 1.2 m @ 3.8 g/t AuEq.

Falling in the 67-m gap between holes KM-23-128 above (21.5 m @ 1.8 g/t AuEq) and KM-21-47 below (2.0 m @ 9.0 g/t AuEq), this hole confirms good continuous gold grades along the southern portion of the deposit in this area. The true width of mineralization is estimated to be 50% to 99% of reported core width, with an average of 76%. (2) Assumptions used in USD for the copper and gold metal equivalent calculations were metal prices of $4.63/lb Copper, $1937/oz Gold, $25/oz Silver, $1.78/lb Zinc, and $1.02/lb Pb.

Assumed metal recoveries (rec.), based on a preliminary review of historic data by SRK and ProcessIQ[1], were 93% for copper, 92% for zinc, 90% for lead, 72% silver, and 70% for gold. The following equation was used to calculate copper equivalence: CuEq = Copper (%) (93% rec.) + (Gold (g/t) x 0.61)(72% rec.) + (Silver (g/t) x 0.0079)(72% rec.) + (Zinc (%) x 0.3844)(93% rec.) +(Lead (%) x 0.2203)(93% rec.). The following equation was used to calculate gold equivalence: AuEq = Gold (g/t)(72% rec.) + (Copper (%) x 1.638)(93% rec.) + (Silver (g/t) x 0.01291)(72% rec.) + (Zinc (%) x 0.6299)(93% rec.) +(Lead (%) x 0.3609)(93% rec.).

Analyzed metal equivalent calculations are reported for illustrative purposes only. The metal chosen for reporting on an equivalent basis is the one that contributes the most dollar value after accounting for assumed recoveries.