Dear Friends,

What a fantastic year 2024 was for Arizona Gold & Silver shareholders! And 2025 is shaping up to be an even better year. So, as we all anxiously await the first results of the two ongoing drill programs at the Philadelphia Project, I thought I would take a moment to recap the past year’s highlights and let you know what we can look forward to in the coming new year.

2024 Highlights

• The discovery of the buried 100-year-old mining adit. That historic find allowed Greg Hahn, our VP Exploration, to look into the ‘guts’ of the system and devise a drill program with a high confidence of success.
• The Bureau of Land Management (BLM) permit. After a long wait we finally have the chance to explore the Red Hill section of the Philadelphia property. Drilling to-date has now completed 2 holes on BLM pad #1 and we have hit the target on both holes. Drilling on the Rising Fawn claim has been nothing short of fantastic. Issac, our field Geo on the rig was quoted as saying, “This is the nicest core I have ever drilled.”
• Participation by Sprott and Rick Rule in a private placement. To me this shows strong confidence in our team and the opportunity that we have with our Philadelphia property. Sprott participated in the placement because they were impressed with our tight share structure and how we spend our capital. Ninety-one percent (91%) of funds went into the ground on our last drilling program. I am also proud to mention that management, family, and friends once again put in more than half of the placement total of $4.6 million. As we have seen before word of mouth has significantly  grown our share base in the friends and family category and I thank shareholders for this continued support.
• Significant additions to our Leadership team.
  • Cathy Fitzgerald, President of South Pacific Metals and a very dynamic addition to the team, was just named as one of the “Top 100 Global Inspirational Women in Mining”.
  • Phil Yee, the recently retired EVP & CFO of Eldorado Mining, who came out of retirement to join the team. Phil’s list of accomplishments speaks for itself, including stewardship of a top performing company in 2017 and 2018.
  • John McVey, our newest board member, has over 35 years of experience and was noted CEO of Procon Mining & Tunnelling, with vast contracting experience in both domestic and international mining projects.
  • Jim Engdahl has moved up to chair of the board of directors to assist in future dealings.

What to watch for in 2025

• The first drill results from the two ongoing Philadelphia drill programs are expected in January.
• Drilling on BLM will continue with results returning for 4 – 5 months into the new year
• Ongoing work on recent hyperspectral findings to the Eastern portion of our 2400 acres parcel.

We currently have the largest gold system in Arizona, and it remains open in all directions. With a strong treasury, results pending, and management’s commitment (we have never sold a share), I like our future prospects.

On behalf of our Management Team, I would like to take this opportunity to wish all shareholders a Happy Holiday season, and thank you for your continued support. I believe shareholders will be well rewarded in 2025.

Regards,
Mike Stark