Arizona Gold & Silver Intersects 7.04 Metres at 4.24 g/t Gold Within 43.59 Metres at 1.48 g/t Gold Beneath Red Hills at Philadelphia

Arizona Gold & Silver Inc. (AZS) has released assay results from two new core holes, PC26-172 and PC26-173, drilled at the Perry Zone of its Philadelphia Gold-Silver Project in Mohave County, Arizona. Both holes were positioned beneath Red Hills to test the down-dip and strike continuation of the Perry Zone.

PC26-172, drilled on an azimuth of 340 and inclination of -48 beneath PC25-157, returned 70.41 meters at 1.16 g/t Au and 5.6 g/t Ag at a 0.25 g/t Au cutoff from 416.97 to 487.38 meters. Within this interval, 32.86 meters graded 2.12 g/t Au and 10.3 g/t Ag at a 1 g/t cutoff from 439.67 to 472.53 meters. The hole also intersected two separate intervals at 3 g/t: 2.87 meters at 4.92 g/t Au, and 10.21 meters at 3.27 g/t Au and 19.3 g/t Ag.

PC26-173, drilled on an azimuth of 335 and inclination of -54 beneath PC25-156, returned 43.59 meters at 1.48 g/t Au and 7.2 g/t Ag at a 0.25 g/t Au cutoff from 445.62 to 489.20 meters. Within this, 21.88 meters graded 2.52 g/t Au at a 1 g/t cutoff from 447.05 to 468.93 meters. Higher-grade intersections within that section include 13.14 meters at 3.51 g/t Au at a 3 g/t cutoff, and 7.04 meters at 4.24 g/t Au and 15.2 g/t Ag at a 5 g/t cutoff from 455.80 to 462.84 meters.

The company estimates true thickness at approximately 60% of the drilled thickness. Intervals are reported as drilled lengths, with higher-grade sections labeled as "within" broader envelopes. The host rock consists of green, quartz-rich hydrothermal breccias, part of a broader Perry Zone mineralized envelope. The 70.41-meter interval in PC26-172 is spatially associated with a broad CSAMT anomaly beneath Red Hills. Ag:Au ratios across PC26-172 average approximately 4.8:1, with most samples ranging from 4.2:1 to 14.6:1, and two near 2:1.

Arizona Gold & Silver Inc. states that PC26-172 passed south of, or along the margin of, the gold-rich core of the north-plunging upflow zone, refining the projected position of that zone. Both holes were drilled at shallow angles and lifted and deviated with cumulative directional changes of up to nine degrees. The company is incorporating surveyed hole paths into its model before finalizing subsequent orientations.

PC26-174 has been completed with assays pending; it was drilled directly below PC26-173. PC26-175 is currently in progress approximately 60 meters north of PC26-173, testing the revised projection of the higher-grade upflow zone. No new resource, economic study, or new financing was disclosed in this release.

Arizona Gold & Silver Inc. (AZS) remains a pre-resource explorer with no mineral resource, reserve, economic study, or revenue. The company’s portfolio consists solely of conceptual targets, including the presentation’s own estimates of +40-100 Mt @ 1.5 g/t and +3-4 Mt @ 9 g/t, which are explicitly not classified as resources.

This release marginally increases the scale of the mineralised envelope, confirming it extends down-dip beneath Red Hills over 43-70 m drilled widths. However, grade perception has modestly decreased, with intercepts of 1.16-1.48 g/t at a 0.25 g/t cutoff. The high-grade core was explicitly missed in one hole and not matched in the other, leaving the odds of a high-grade underground discovery at this depth unchanged to slightly worse.

The stock has round-tripped from its C$1.17 January peak to C$0.67 and has fallen roughly 22% from its C$0.86 late-August high in the month leading into this release. The stock is approximately 26% above its July 31 low of C$0.47 but remains 22% below the August high and below the C$0.80 Evolution issue price. On a strict test, neither the January anchor nor the August anchor is currently embedded.

At a ~C$102M market capitalisation (and ~C$131M fully diluted), the pre-resource explorer is valued at roughly 5.7x book value (equity C$17.9M at May 31, 2026, prior-period context) on the strength of an Evolution endorsement and a conceptual target. This valuation assumes the Perry system grows. While this release grows the envelope, it does not increase the grade and defers the core test. The release provides genuinely new information that is neutral in effect, confirming broad low-grade mineralisation at depth while deferring hopes for the high-grade core continuing down-dip.

Arizona Gold & Silver Inc. (TSXV: AZS; OTCQB: AZASF), a Vancouver-headquartered pre-revenue junior explorer, operates its flagship Philadelphia Gold-Silver Project in Mohave County, Arizona. The 100%-owned asset sits in the historic Oatman Mining District on a low-sulphidation epithermal system along an approximately 3 km Arabian Fault corridor. The property features paved road access, a 12-month drill season, and proximity to Bullhead City. Historic production from the site totaled roughly 40,000 oz Au from 80,000 tons between the 1890s and early 1930s.

The company also holds the Silverton Au-Sb project in Nye County, Nevada, which presents a Carlin-type gold target beneath high-grade quartz-stibnite veins, and Sycamore Canyon in southeastern Arizona, an undrilled 600 m x 80 m silicified breccia. A 27-hole RC programme at Silverton commenced on June 9, 2026. Currently, no mineral resource or reserve exists on any property, with targets remaining conceptual. These include bulk tonnage targets of +40-100 Mt at +1.5 g/t Au / 7 g/t Ag and high-grade vein targets of +3-4 Mt at 9 g/t Au / 40 g/t Ag.

Metallurgical testing, reported in a June 30, 2026 release, showed agitation leach recovery of 91-99% Au and 49-72% Ag on 0.40-0.136 mm grinds. Heap leach results indicated 84% Au recovery over 177 days with HPGR crushing, with projections of 86% at 360 days and 37% Ag recovery. The ore is described as non-refractory with low reagent consumption. Samples were taken from a shallow surface operation with a head grade of 1.93-1.99 g/t Au.

The company’s management and board include Chairman Jim Engdahl, Vice Chairman Greg Hahn (CPG #7122), President/CEO Mike Stark, SVP Exploration Dr. Lex Lambeck (CPG-11734), CFO Dong H. Shim, and Director John McVey. Advisors include Yale Simpson, Darin Wagner, Philip C. Yee, and Terry Salman.

According to a September 2026 investor presentation, the capital structure consisted of 152,485,851 shares issued, 32,627,028 warrants, and 9,946,481 options, resulting in 195,059,360 fully diluted shares. Prior-period financial data for the nine months ended May 31, 2026, showed nil revenue, a net loss of C$1,846,993, and exploration and evaluation expenses of C$2,783,805. Share-based compensation was C$1,190,417, with cash holdings of C$4,957,698 and working capital of C$5,282,069. Total equity stood at C$17,906,632 with no debt, and 114,179,847 shares were outstanding at that date.

Subsequent financings included a C$18M Sorbie private placement closed on June 1, 2026, at C$0.80 per unit, and a C$12M Evolution Mining strategic placement closed on August 20, 2026, also at C$0.80 per unit. The Evolution Mining investment represented 9.9% equity, or 14.1% partially diluted, and included board nomination rights and a first right of refusal on any 10%+ sale of the Philadelphia project. Based on 152.5 million shares at C$0.67, the implied valuation was approximately C$102M market cap, or ~C$131M fully diluted.