Arizona Metals Corp. Announces Financial Restatement

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TORONTO, Dec. 16, 2024 /CNW/ – Arizona Metals Corp. AMC AZMCF (the “Company” or “Arizona Metals”) has announced a restatement of its financial statements for the period ending September 30, 2024 (the “Amended Financial Statements”), along with a revised management discussion and analysis (the “Amended MD&A”).

This restatement was necessary to rectify an overstatement related to the Company’s share-based payments for the three and nine-month periods ending September 30, 2024. This issue was discovered while preparing for the filing of the preliminary short form prospectus (the “Preliminary Prospectus”), which was submitted on December 6, 2024. This filing is in connection with a bought-deal offering of common shares that was announced on December 2, 2024 (the “Offering”). The need to make these corrections (the “Restatement”) was also mentioned in the Preliminary Prospectus.

According to the Company and its auditors, even though the correction does not significantly change the Issuer’s circumstances, it still requires the Restatement and the filing of the Amended Financial Statements and Amended MD&A. Importantly, the correction has no effect on the Company’s current or net assets, as well as non-current or total liabilities; therefore, the cash and working capital positions remain unchanged as of September 30, 2024. Stakeholders are encouraged to review the Amended Financial Statements and Amended MD&A for more details.

About Arizona Metals Corp

Arizona Metals Corp owns 100% of the Kay Project in Yavapai County, encompassing 1,669 acres of patented and BLM mining claims along with 193 acres of private land, which are free from royalties. Notably, a historic estimate by Exxon Minerals in 1982 indicated 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.”

It is essential to note that this historic estimate has not been verified as a current mineral resource. The methods and parameters used to prepare this estimate were not disclosed, and no resource categories were established. A Qualified Person must conduct significant data compilation and verification before this historic estimate can be classified as a current mineral resource. Arizona Metals is not treating this historic estimate as a current mineral resource.

The Kay Mine features a steeply dipping VMS deposit ranging from a depth of 60 m to at least 900 m, and there is potential for expansion both on strike and at depth.

Additionally, the Company fully owns the Sugarloaf Peak Property, located in La Paz County on 4,400 acres of BLM claims. Sugarloaf presents a heap-leach, open-pit target with a historic estimate of “100 million tons containing 1.5 million ounces of gold” at a grade of 0.5 g/t, as reported in 1983 by Westworld Resources.

Like the Kay Mine, the Sugarloaf Peak Property estimate remains unverified as a current mineral resource. Again, the assumptions and methods used for this historic estimate were not documented, requiring further work to establish it as a current mineral resource. Arizona Metals does not consider it a current mineral resource.

Disclaimer

This press release contains “forward-looking information” as defined by Canadian securities legislation. Statements that are not historical facts may be categorized as forward-looking. Examples include predictions and expectations regarding future events, plans, or performance, often indicated by phrases like “expects” or “anticipates.” Although the Company believes that these statements are reasonable, there can be no guarantee they will be accurate. Known and unknown risks and uncertainties may cause actual results to differ significantly from those projected in the forward-looking statements.

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

www.arizonametalscorp.com

https://x.com/ArizonaCorp

SOURCE Arizona Metals Corp.

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