Arizona Metals Corp T.AMC

Letter to shareholders Let's see if the CEO is right

[SPACEDOC]

July 8, 2022 Dear Shareholder, This week we released the results of 17 drill holes from our Kay Mine Project in Arizona (see attached pdf). Highlights included; Hole KM-22-57C: 100.9 m at 2.5% CuEq, incl. 8.5 m at 8.6% CuEq and also 5.3m at 6.6% CuEq Hole KM-22-62: 46.2 m at 3.9 g/t AuEq, incl. 1.8 m at 17.1 g/t AuEq and also 6.8 m at 10.3 g/t AuEq. Hole KM-22-62A: 61.4 m at 3.5 g/t AuEq, incl. 9.3 m at 6.7 g/t AuEq and also 8.8 m at 5.3 g/t AuEq. Keep in mind that these reported intervals are inclusive of assumed metallurgical recoveries of 82% for precious metals and 93% for base metals. Most TSXV and even TSX-listed companies report equivalent grades assuming 100% recoveries. These new holes confirm wide intersections of high grade sulphide mineralization throughout the Kay deposit, from 200 m down to 900 m deep. I would venture to say that even the sub-intervals of high-grade in our holes would be enviable to most of our peer companies, and compare very well to other deposits currently in production. Hole 57C shows the potential to extend the wide, high-grade hinge further to the north and at depth. The hinge of the main fold snakes north and south as we move deeper, and our drilling to date has been an iterative process of tracking this hinge at depth. Drilling at Kay continues to expand the deposit, which remains open in all directions. With the recent permitting and construction of pad 7 (100 m west of Kay), we are now testing the Central Target (300 m west of Kay) from its eastern boundary. Last month we announced that we had received the permits from the BLM to build and drill from pads C1 and C2, both located approximately 400 m west of Kay, and 100 m west of the main Central Target electromagnetic anomaly. These pads will allow us to test the Central Target from its western boundary (across from pad 7). This geometry allows for testing of a significant amount of the same stratigraphy that hosts the Kay deposit (also the same stratigraphy that hosts the other 60 past-producing mines that run for 100 km north of Kay). 66 Wellington St W, Suite 4100 TD Bank Tower, Toronto, ON, Canada, M5K 1B7 The Kay deposit to date is defined on only 300 m of the potentially mineralized contact that has been traced for 10,000 m on our claims; i.e. we have tested only 3% of the prospectively mineralized contact. Potential Catalysts related to Ongoing Work: 1) Continued drilling to expand Kay 2) Drilling to test the Central target underway 3) Resource Modelling by SRK towards a preliminary NI 43-101 estimate 4) Metallurgical batch floatation testing by SGS for use in the resource estimate 5) Baseline studies (hydrological and geochemical) for use in permitting and PFS/FS 6) Permit application for Western Target pads have been submitted 7) Investor Relations: interviews ongoing to increase our IR capacity 8) Marketing: we have OTCQX webinars planned for July and August. We are also planning a twelve city US roadshow for Q3/Q4, and are confirmed to attend the Beaver Creek and Zurich Mining Conferences. 9) This week Arizona Metals was ranked by the Northern Miner as number 7 of the top 10 base metal and uranium exploration companies. This was not paid for by AMC, but we will be running a full-page ad in the Northern Miner next to the article for the July edition (which is the most widely distributed of the year). Link: https://www.northernminer.com/precious-metals/canadas-top-ten-precious-metalsjuniors/1003843573/ Sincerely, Marc Marc Pais CEO Arizona Metals Corp. [phone] [e-mail]