Arizona Gold & Silver Reports On Continuing Philadelphia Project, Arizona Metallurgical Program - Core Drilling Program Resumes

The October 15, 2025 news release provides an update on metallurgical testing and the resumption of drilling at the Philadelphia Project in Arizona. Key points from the metallurgical program include: * Column leach tests on bulk samples crushed to -6.3mm using High-Pressure Grinding Rolls (HPGR) achieved 76% gold and 40% silver recovery after 119 days. * This represents a 16% increase in gold recovery and a 12% increase in silver recovery compared to conventional crushing methods over the same period. * The company is targeting 80% gold recovery within a 150-day leach cycle. * The leaching curve is described as "nearly linear," suggesting recoveries are still increasing.

Key points from the exploration update: * Core drilling has resumed at the Perry Vein. * The next hole, PC25-157, is a 60-meter step-out along strike to the north from the high-grade intercept in hole PC25-156, which was previously reported on September 17, 2025 (20.43 metres of 9.04 gpt Au and 34 gpt Ag).

This news is a positive, incremental step forward that de-risks the project's technical assumptions but does not fundamentally change the investment thesis on its own.

Metallurgy Progression: The company has consistently stated its strategy is to prove the viability of a low-cost heap leach operation for the lower-grade, near-surface stockwork material. * Initial tests reported in October 2024 were positive, projecting 70-80% heap leach recovery over 360 days and recommending the use of HPGR technology. * In May 2025, the company announced the start of this Phase 2 testing specifically to quantify the benefits of HPGR. * Today's results directly confirm the hypothesis from the earlier work. Achieving 76% gold recovery in 119 days is a strong interim result that suggests the 80% target is achievable. The 16% improvement over conventional crushing is significant and validates the chosen processing path. This reduces the technical risk associated with extracting gold from the bulk tonnage portion of the deposit, which is critical for the project's overall economics.

Drilling Progression: The resumption of drilling is an expected and logical follow-up to the excellent results from hole PC25-156 reported on September 17, 2025. That high-grade, wide intercept was a major discovery, and the market expects the company to aggressively test its continuity. This news confirms they are doing exactly that. While the resumption of drilling is positive, the material event will be the assay results from this new hole (PC25-157).

Overall, this news provides solid validation of the company's two-pronged strategy. It confirms the processing path for the bulk tonnage component and continues the exploration of the high-grade component. While positive, it is an execution update rather than a new discovery or game-changing event. The market reaction should be mildly positive, as it confirms the company is on track.

Arizona Gold & Silver Inc. is a junior mineral exploration company focused on precious metals in the southwestern United States. Its flagship asset is the 100%-controlled Philadelphia Gold-Silver Project in Mohave County, Arizona. The project is a low-sulphidation epithermal system with a known strike length of over 1.5 km. The company's strategy involves a dual approach: defining a large, lower-grade (0.5-1.5 g/t Au) open-pittable, heap-leachable resource, while simultaneously exploring for high-grade veins (5-10+ g/t Au) that could be mined underground. The company also holds the Silverton Antimony-Gold Project in Nevada, which it intends to advance via a joint venture.