Arizona Metals Corp T.AMC

Alternate Symbol(s): AZMCF

Metals & Mining Gold

Arizona Metals Corp. is a Canada-based mineral exploration company focusing on the exploration and development of mineral resource properties in Arizona. The Company owns, through its wholly owned subsidiaries, 100% of the Kay Mine Project (Kay Mine Project), located in Yavapai County, Arizona, United States, and 100% of the Sugarloaf Peak Gold Project (Sugarloaf Peak Project), located in La Paz County, Arizona, United States. The Company owns 100% of the Kay Mine Project in Yavapai County, which is located on 1669 acres of patented and BLM mining claims and 193 acres of private land that are not subject to any royalties. The Kay Project is a steeply dipping VMS deposit that has been defined from a depth of 60 meters (m) to at least 900 m. The Company also owns 100% of the Sugarloaf Peak Project in La Paz County, which is located on 4,400 acres of BLM claims. The Company’s wholly owned subsidiaries include Croesus Gold USA Corp., Kay Mine USA Corp., and others.

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Arizona Metals Corp

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Post by SunsetGrillon Jun 25, 2025 9:23am

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Post# 36621771

Scotia $3.75

Another Strong Gold Intercept at Kay2; Updated Resource on Track for Release in June

OUR TAKE: Positive. AMC announced additional assay results from another drill hole at the Kay2 Zone where hole KM-25-181 intersected 29.6 m @ 10.7 g/t AuEq, including 13.6 m @ 17.8 g/t AuEq. To date, the hole is among the most gold-rich holes drilled in the deposit, and its gold grade of 35.8 g/t Au is the project’s third-highest gold assay from drilling. The result from the hole will be included in the upcoming mineral resource estimate which is on track to be released this month. Further, the company announced that it will deliver a preliminary economic assessment in 2H/25 for its Kay Mine project. Inaugural drilling is planned at the Kay North Extension target, followed by drilling on the North-central and Western targets. At the company’s Sugarloaf Peak gold project, 5,000 m of reverse circulation drilling is also planned starting in Q3/25.

We view these latest result at Kay2 as positive for AMC shares, indicating further high-grade mineralization. Furthermore, the upcoming and long-awaited Mineral Resource Estimate (MRE) at Kay is scheduled for release later this month, which we think will be an important catalyst for the name. We rate AMC shares SO with a C$3.75 target price.

KEY POINTS

Details – To date, AMC has drilled 135,000 metres at the property, with drilling demonstrating dimensions of 100 m along strike and 160 m vertically. AMC is targeting 5,000 m of reverse circulation drilling at its Sugarloaf Peak gold project in La Paz County, Arizona. Drilling and road-construction contractors have been chosen for the project, and the company is preparing to mobilize crews during Q3. Location of drilling is shown in Exhibit 1, and a summary of assay results is shown in Exhibit 2.

Valuation – Using Scotiabank GBM pricing, AMC shares are trading at a P/NAV10% of 0.29x, a discount to developer peers trading at 0.62x.

Historical price multiple calculations use FYE prices. All values in C$ unless otherwise indicated.
Source: FactSet; company reports; Scotiabank GBM estimates.