Arizona Metals Corp. agreed to Spin-Off 80.1% stake in Sugarloaf Peak Gold Project, in La Paz County, Arizona on January 22, 2024. As per the terms, Arizona Metals will retain a 19.9% ownership in shares of Sugarloaf Gold Corp.

with the remaining shares being distributed to the Company?s shareholders on a pro rata basis. Completion of the Spin-Outs will be subject to shareholder, court, stock exchange and regulatory approvals, as well as, at the board of directors of Arizona Metals? continued discretion.

Completion of the Spin-Outs is expected prior to the end of Q2, 2024. After closing of the proposed Spin-Outs, Arizona Metals shares will continue trading on the Toronto Stock Exchange in Canada, Neither Arizona Royalties Corp. nor Sugarloaf Gold Corp.

will be listed on any stock exchange after closing of the Spin-Outs, but Arizona Metals anticipates that each company will apply for a public listing in due course following the Spin-Outs.