Arizona Metals Corp Announces Closing of $6,045,000 Bought Deal Financing, including Exercise in Full of Underwriters’ Option

Arizona Met A tals Corp Announces C Closing of $6 6,045,000 Bought Dea al Financing g, including g Exercise in n Full of Underw writers’ Opt tion

TORONT TO, May 2 29, 2020 – Arizona M Metals Corp

p. (TSX.V:A AMC) (the “Company y” or “Arizona a Metals”) i is pleased to announce th hat it has com mpleted its p previously announced bo ought deal priv vate placem ment offering g (the “Off fering”) of 9,300,000 units (the “Units”) of the Company y at a price e of $0.65 per Unit fo or aggregate e gross proc ceeds of $6 6,045,000, w which includes the exercise in full of Offering was conducted by a f the underw writers’ optio on. The O uity Corp. (the syndicate e of under rwriters co- -led by St tifel GMP and Cana accord Genu “Underw writers”).

e-half (0.5) of a Each Un nit consists of one (1) common sh hare (“Com

mmon Share

e”) and one common share purch hase warrant t (each whol le warrant, a a “Warrant”). Each Wa arrant entitle es the holder th hereof to purc chase one Common Sha are of the Co ompany at an n exercise pr rice of $0.85 until Novembe er 29, 2021.

In connection with th he Offering, the Underw writers receiv ved: (i) a cas sh commissio on of 5.0% o of the gross pro oceeds of th he Offering g, excluding gross proc ceeds from the issuanc ce of Units on a nderwriters (the “Presid president t’s list agree ed upon by t the Company y and the Un dent’s List” ”), for which a commissio on of 3.0% of such gross procee eds was pai id by the C Company to

• the

Underwr riters; and (ii) 427,654 non-transfe arrants (the “Compensation erable comp pensation wa

Warrant

ts”), being e equal to 5.0 0% of the ag ggregate nu umber of Un nits sold und der the Offe ering, excluding g those Uni its sold to subscribers o on the Presi ident’s List, for which the Underw writers were issu ued Compen nsation War rrants equali ing 3.0% of f the aggreg gate number of Units so old to participants on the President’s s List. Each h Compensa ation Warra ant is exerc cisable into

• one

vember 29, 2021. Common n Share of th he Company at a price of f $0.65 per c common shar re until Nov

Proceeds s from the O Offering will l be used pr rimarily to f fund explora ation at the Company’s s Kay Mine Pro oject and gen neral workin ng capital pu urposes. The e Offering is s subject to final approv val by the TSX Venture Ex xchange. All l Common S Shares and W Warrants issued pursuan nt to the Off fering and any Common Sh hares issuab ble on exerci ise of Warra ants and Com mpensation Warrants w will be subject to

• a four mon nth and a day y hold period d from May 29, 2020.

About A Arizona Met tals Corp

Arizona M Metals Corp p owns 100% % of the Kay y Mine Prope erty in Yava apai County, , which is lo ocated on a com mbination of f patented an nd BLM cla aims totaling g 1,300 acre es that are not subject to

• any

royalties. An historic c estimate by Exxon Minerals in 1982 2 reported a “proven and d probable re eserve of 6.4 mi illion short to ons at a grad de of 2.2% co opper, 2.8g/t t gold, 3.03% % zinc, and 5 55g/t silver” ”. The historic e estimate at th he Kay Mine e was report ted by Exxon n Minerals in n 1982. The e historic esti imate has not b been verified d as a curre ent mineral r resource. No one of the k key assumptions, param meters, e categories were and meth hods used to prepare the historic esti imate were r reported, and d no resource used. S Significant d data compila ation, re-dri illing and d data verifica ation may b be required by a Qualified Person before the historic estimate can be verified and upgraded to be a current mineral resource. A Qualified Person has not done sufficient work to classify it as a current mineral resource, and Arizona Metals is not treating the historic estimate as a current mineral resource.

The Kay Mine is a steeply dipping VMS deposit that has been defined from a depth of 150m to at least 900m. 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 0.5g/t (Dausinger, 1983, Westworld Resources).

The historic estimate at the Sugarloaf Peak Property was reported by Westworld Resources in 1983. The historic estimate has not been verified as a current mineral resource. None of the key assumptions, parameters, and methods used to prepare the historic estimate were reported, and no resource categories were used. Significant data compilation, re-drilling and data verification may be required by a Qualified Person before the historic estimate can be verified and upgraded to a current mineral resource. A Qualified Person has not done sufficient work to classify it as a current mineral resource, and Arizona Metals is not treating the historic estimate as a current mineral resource.

The Qualified Person who reviewed and approved the technical disclosure in this release is David Smith, CPG.

For further information, please contact:

Marc Pais President and CEO Arizona Metals Corp.

(416) 565-7689 [email protected] www.arizonametalscorp.com https://twitter.com/ArizonaCorp

This press release contains statements that constitute “forward-looking information” (collectively, “forward-looking statements”) within the meaning of the applicable Canadian securities legislation, All statements, other than statements of historical fact, are forward- looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that discusses predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements. Forward-looking statements contained in this press release include, without limitation, the use of proceeds and final approval of the TSX Venture Exchange..

In making the forward- looking statements contained in this press release, the Company has made certain assumptions. Although the Company believes that the expectations reflected in forward-looking statements are reasonable, it can give no assurance that the expectations of any forward-looking statements will prove to be correct. Known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: availability of financing; delay or failure to receive required permits or regulatory approvals; and general business, economic, competitive, political and social uncertainties. Accordingly, readers should not place undue reliance on the forward-looking statements and information contained in this press release. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking statements to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward- looking statements or otherwise.

NEITHER THE TSX VENTURE EXCHANGE (NOR ITS REGULATORY SERVICE PROVIDER) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE

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