Arizona Metals Corp. provided a year-end review and updates on both its Kay and Sugarloaf Projects. During 2022, the Company completed approximately 33,000 metres of core drilling at the Kay Mine Deposit, received drill permits for both the Central and Western Targets, and initiated drilling on targets outside the Kay Mine Deposit.

The Company is fully-funded (with $58 million in cash at Sept 30, 2022) to complete the remaining 8,600 meters planned for the Phase 2 program at Kay (budgeted at $3.6 million), as well as an additional 76,000 meters in the Phase 3 program (budgeted at $32 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 of the Kay Mine Deposit. 2022 Kay Mine Project Drilling Highlights: KM-22-60: 93.3 m at 8.3 g/t AuEq, incl. 17.5 m at 29.6 g/t AuEq; KM-22-58: 68.4 m at 7.2 g/t AuEq, incl.

7.3 m at 10.1 g/t AuEq and 10.5 m at 22.9 g/t AuEq; KM-22-57C: 100.9 m at 2.5% CuEq, incl. 8.5 m at 8.6% CuEQ and 5.3 m at 6.6% CuEq; KM-22-74: 39.0 m at 4.2 g/t AuEq, incl. 7.2 m at 6.0 g/t AuEq and 9.8 m at 6.1 g/t AuEq; KM-22-57B: 125.3 mat 3.2% CuEq, incl.

1.8 m at 9.9% CuEq and7.3 m at 7.7%CuEq. Kay Mine Project Update: Exploration Drilling: In October 2022, the Company announced that it had received permit approval from the Bureau of Land Management (“BLM”) for two new drill pads, located approximately 1,200 metres west of the Kay Mine Deposit. These new pads will allow for testing of the Western Target, while also allowing for drilling of additional coincident anomalies located between the Central and Western Targets.

The Central and Western Targets were previously defined based on coincident structural, geochemical, and geophysical anomalies (through extensive ground mapping, electromagnetic and gravity surveys). A bond in the amount of USD 21,398 for pads W1 and W2 was posted with the BLM and approved in December 2022. Road construction for the Western pads commenced in December 2022, with completion expected in Q1'2023.

Construction of the Central Target drill roads and pads was also completed in November 2022, and drilling from Central pad C1 commenced in November 2022. There are currently 6 holes with assays pending from the Kay Mine Deposit and 9 holes from testing targets north and south of the main Kay deposit (from pads 4, 5, and 6). For the Central Target, there are 6 holes pending from pad 7, drilled from east to west, and one hole from pad C1, drilled from west to east.

Kay Metallurgical Testing: SGS Canada Inc. has created four composites from Kay drill hole samples, which include copper mineralization, zinc-lead mineralization, zinc-lead-copper mineralization, and high-grade gold mineralization. Test work underway includes bond work index, flotation, density, gravity recovery, and detailed characterization of mineralogy. Results are expected in H2'2023.

Sugarloaf Metallurgical Testing: As a follow up to successful Bottle Roll tests completed on Sugarloaf drill core in 2021 (average recoveries of 76% Au with cyanide leaching), approximately 700 kg of additional drill core is undergoing conventional crushing, high-pressure grinding, agglomeration, and cyanide leaching at Kappes Cassiday and Associates' facilities in Nevada. Results are expected during H1'2023.