TORONTO - Arizona Metals Corp. (TSXV: AMC, OTCQB: AZMCF) (the 'Company' or 'Arizona Metals') is pleased to announce that due to strong investor demand, it has increased its previously announced non-brokered private placement (the 'Offering') from 5,263,158 shares of the Company at a price of $0.95 per share (the 'Shares') for gross proceeds of $5,000,000, to up to 10,526,319 shares for gross proceeds of up to $10,000,000.

Marc Pais, CEO of Arizona Metals comments, 'We are very pleased with the strong support that we have received from both current and new investors. This is also a testament to the strategic value of our recently announced acquisition, which substantially expands our holdings of private land near our Kay Mine Project. The additional funding will also allow for significant expansion of the Phase 2 drilling program beyond the 11,000 meters planned prior to this financing.'

The Company may pay finders fees in accordance with the rules and policies of the TSX Venture Exchange (the 'Exchange'). The Offering remains subject to the approval of the Exchange. All securities issued in the Offering will be subject to a statutory hold period of four months and a day from the Closing Date of the Offering.

On January 4th, 2021, the Company announced that it has entered into a purchase option and sale agreement (the 'Purchase Agreement') with an arm's length Arizona based private company to acquire 100% of six parcels of patented land totaling 107 acres (the 'Property'), located 900 metres northeast of its Kay Mine VMS Project. The Property includes the surface, mineral, and water rights, among other rights and benefits.

The proceeds raised by the Company pursuant to the Offering will be used for the Property acquisition, exploration drilling under the Kay Mine Phase 2 program, as well as general and administrative purposes.

This news release does not constitute an offer to sell or a solicitation of an offer to sell any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the 'U.S. Securities Act') or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

Drill Mobilization for Kay Phase 2 Program

Arizona Metals has contracted Boart Longyear to mobilize the first drill to the Kay Mine project during the week of January 4th, 2021. Drilling under the Phase 2 program will consist of up to 11,000 m in 29 core drill holes. Drilling will start at the Kay Mine deposit to test for new VMS lenses in anticlinal hinge zones identified to the north and south of recent drilling, as well as the up-plunge and down-plunge extensions of known hinges.

Drilling will begin at the Kay Mine targets and progress to targets on strike (north and south) of the Kay Mine, and then to Central and Western targets as permitting is completed. Permitting is currently underway for these targets and is progressing well.

About Arizona Metals Corp

Arizona Metals Corp owns 100% of the Kay Mine Property in Yavapai County, which is located on a combination of patented and BLM claims totaling 1,300 acres that are not subject to any royalties. An historic estimate by Exxon Minerals in 1982 reported a 'proven and probable reserve of 6.4 million short tons at a grade of 2.2% copper, 2.8 g/t gold, 3.03% zinc, and 55 g/t silver.' The historic estimate at the Kay Mine was reported by Exxon Minerals in 1982. (Fellows, M.L., 1982, Kay Mine massive sulphide deposit: Internal report prepared for Exxon Minerals Company)

The Kay Mine is a steeply dipping VMS deposit that has been defined from a depth of 60 m to at least 900 m. It is open for expansion on strike and at depth.

The Company also owns 100% of the Sugarloaf Peak Property, in La Paz County, which is located on 4,400 acres of BLM claims. Sugarloaf is a heap-leach, open-pit target and has a historic estimate of '100 million tons containing 1.5 million ounces gold' at a grade of 0.5 g/t (Dausinger, N.E., 1983, Phase 1 Drill Program and Evaluation of Gold-Silver Potential, Sugarloaf Peak Project, Quartzsite, Arizona: Report for Westworld Inc.)

Contact:

Marc Pais

Tel: (416) 565-7689

Email: mpais@arizonametalscorp.com

Web: www.arizonametalscorp.com

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