1. High-Grade Discovery with Significant Growth Potential.

The Philadelphia Project continues to demonstrate the hallmarks of a significant low-sulfidation epithermal gold system with considerable exploration upside. The standout intercept to date, 20.43 metres grading 9.04 g/t gold and 34.0 g/t silver within 38.72 metres grading 5.61 g/t gold and 29.2 g/t silver (Hole PC25-156) confirmed that the Perry Zone increases in both thickness and grade at depth. Subsequent drilling has continued to expand the high-grade zone while validating the Company’s geological model, demonstrating strong continuity and well-defined structural controls on mineralization. Hydrothermal alteration has been mapped over approximately 3 km of strike, indicating a large hydrothermal system, with gold-silver mineralization localized within structurally controlled veins, breccias, and stockwork zones. Although alteration has now been identified along strike, only about 80 acres of the Company’s 3,300-acre property have been systematically explored. With BLM approval now in place for an expanded drilling program, the Company is well positioned to test the down-dip extension of the Perry Zone, the southern extension of the Arabian Fault, and the Red Hills target, further defining what management believes is a district-scale gold system.

2. Excellent Metallurgy Supports Future Development Potential

Recent metallurgical test work returned outstanding gold recoveries, with 91–99% recovery achieved through agitation leaching and 84% recovery through heap leaching using HPGR crushing. Modelling indicates heap-leach recoveries could increase to approximately 86% with an extended leach cycle. The ability to support multiple processing pathways provides flexibility for future mine development, allowing higher-grade material to be processed through agitation leaching while lower-grade material may be amenable to conventional heap leaching. These findings enhance confidence in the project’s development potential while further strengthening the investment case for Philadelphia.

3. Fully Funded to Accelerate Exploration

Arizona Gold & Silver is fully funded to execute its expanded exploration strategy following its $18 million institutional financing with Sorbie Bornholm. Combined with approximately $4.8 million currently in treasury and additional capital available under the Sorbie Sharing Agreement over the next 24 months, the Company has the financial flexibility to advance a multi-year exploration campaign without relying on near-term equity financing. With expanded drilling approvals in place, strong metallurgical results, multiple high-priority targets ready for drilling, and a steady stream of upcoming drill results expected, the Philadelphia Project continues to be one of the most compelling oxide gold discovery stories in the southwestern United States.

Thank you,

Mike Stark

CEO