Dear Fellow Shareholders,

As we bring close to 2025, I would like to sincerely thank you for your continued support and confidence in Arizona Gold & Silver Inc. On behalf of our entire team, I extend warm wishes to you and your families for a Merry Christmas and a healthy, prosperous New Year.

2025 has been a highly productive and transformative year for the Company. We continued to advance our high-grade gold–silver discovery in Arizona and maintained strong exploration momentum at our flagship Philadelphia Gold-Silver Project. With consistent drill success, exceptional infrastructure, and a strengthening gold market, our confidence has only grown that Philadelphia has the scale, grade, and quality to become a meaningful asset—and ultimately a compelling acquisition target.

Our technical progress reflects the strength and experience of our team. We are supported by Greg Hahn, CPG, Vice President of Exploration, whose more than 45 years of experience in western U.S. epithermal systems has been instrumental in guiding our exploration strategy and driving results.

In December, we were also pleased to welcome Terry Salman as Advisor to the CEO. Terry is one of the most respected figures in Canadian mining capital markets, and his involvement adds significant strategic depth as we prepare for our next phase of growth. He joins an already strong and experienced advisory group.

The Philadelphia Project is located in Arizona’s historic Oatman Mining District, which has produced over 2.5 million ounces of gold. The project benefits from outstanding infrastructure, including paved highway access, grid power, secured water, and the ability to drill year-round. We own the former Arabian–Philadelphia Mine outright and have identified approximately three kilometers of mineralized strike to date.

Importantly, we have explored only approximately 3.5% of our land package. Despite this early-stage footprint, roughly 88% of our drill holes have intersected gold, demonstrating strong system continuity and predictability. With infrastructure suitable for both underground and bulk-tonnage development, Philadelphia continues to distinguish itself as a discovery with scale, grade, and optionality.

Our most recent drill hole, PC25-157, represents a meaningful step forward in understanding the system. Results included:

• 76.5 metres averaging 2.36 g/t gold and 16.24 g/t silver
• Including multiple high-grade intervals up to 13.8 g/t gold
• Mineralization hosted across andesite, rhyolite, and conglomerate, confirming a widening mineralized envelope

Located 50 metres north of previous high-grade intercepts, this hole reinforces continuity, expands mineralized widths, and introduces a potential bulk-mineable component alongside the established Perry Vein.

We have completed PC25-158, with assays pending, and PC25-159 is well underway as we continue systematic step-outs along strike.

Full results and maps: https://arizonagoldsilver.com/news/

Drill sections and visuals: https://arizonagoldsilver.com/philadelphia/

From a corporate perspective, Arizona Gold & Silver remains well capitalized with a treasury exceeding $4.5 million, supported largely by insiders and long-term shareholders—an alignment that is very important to me personally.
During the year, we also:

• Added strategic ground to support future development infrastructure
• Executed multiple confidentiality agreements with mid-tier and major mining companies

These achievements underscore our disciplined, strategic approach to building long-term shareholder value. We enter 2026 with strong fundamentals and a clear path forward. Key catalysts in the coming year include:

• Assay results from PC25-158 and ongoing drilling
• Expanded permitting across the full three-kilometer strike length
• Completion of ongoing metallurgical work
• Drilling at our Silverton property in early Q1, operated directly by the Company
• Deployment of two drill rigs at Philadelphia upon receipt of our BLM permit

We will also be attending both VRIC (Booth 1105) and PDAC—important opportunities to showcase our progress and engage with investors, partners, and the broader mining community. I hope to see many of you there.

With sustained discovery momentum in a Tier-One jurisdiction, I believe Arizona Gold & Silver is exceptionally well positioned for the year ahead.

Thank you again for your trust and continued support. I look forward to sharing further progress as we continue unlocking the potential of the Philadelphia Project and creating lasting value for all shareholders.

Warm regards,

Mike Stark
President & Chief Executive Officer