Arizona Metals Corp. Announces Closing of $6,045,000 Bought Deal Financing, including Exercise in Full of Underwriters' Option

Toronto, May 29, 2020 - Arizona Metals Corp. (TSXV: AMC) (the "Company" or "Arizona Metals") is pleased to announce that it has completed its previously announced bought deal private placement offering (the "Offering") of 9,300,000 units (the "Units") of the Company at a price of $0.65 per Unit for aggregate gross proceeds of $6,045,000, which includes the exercise in full of the underwriters' option. The Offering was conducted by a syndicate of underwriters co-led by Stifel GMP and Canaccord Genuity Corp. (the "Underwriters").

Each Unit consists of one (1) common share ("Common Share") and one-half (0.5) of a common share purchase warrant (each whole warrant, a "Warrant"). Each Warrant entitles the holder thereof to purchase one Common Share of the Company at an exercise price of $0.85 until November 29, 2021.

In connection with the Offering, the Underwriters received: (i) a cash commission of 5.0% of the gross proceeds of the Offering, excluding gross proceeds from the issuance of Units on a president's list agreed upon by the Company and the Underwriters (the "President's List"), for which a commission of 3.0% of such gross proceeds was paid by the Company to the Underwriters; and (ii) 427,654 non-transferable compensation warrants (the "Compensation Warrants"), being equal to 5.0% of the aggregate number of Units sold under the Offering, excluding those Units sold to subscribers on the President's List, for which the Underwriters were issued Compensation Warrants equaling 3.0% of the aggregate number of Units sold to participants on the President's List. Each Compensation Warrant is exercisable into one Common Share of the Company at a price of $0.65 per common share until November 29, 2021.

Proceeds from the Offering will be used primarily to fund exploration at the Company's Kay Mine Project and general working capital purposes. The Offering is subject to final approval by the TSX Venture Exchange. All Common Shares and Warrants issued pursuant to the Offering and any Common Shares issuable on exercise of Warrants and Compensation Warrants will be subject to a four month and a day hold period from May 29, 2020.

About Arizona Metals Corp.

Arizona Metals Corp. owns 100% of the Kay Mine Property in Yavapai County, which is located on a combination of patented and BLM claims totaling 1,300 acres that are not subject to any royalties. An historic estimate by Exxon Minerals in 1982 reported a "proven and probable reserve of 6.4 million short tons at a grade of 2.2% copper, 2.8g/t gold, 3.03% zinc, and 55g/t silver". The historic estimate at the Kay Mine was reported by Exxon Minerals in 1982. The historic estimate has not been verified as a current mineral resource. None of the key assumptions, parameters, and methods used to prepare the historic estimate were reported, and no resource categories were used. Significant data compilation, re-drilling and data verification may be required by a Qualified Person before the historic estimate can be verified and upgraded to be a current mineral resource. A Qualified Person has not done sufficient work to classify it as a current mineral resource, and Arizona Metals is not treating the historic estimate as a current mineral resource.

The Kay Mine is a steeply dipping VMS deposit that has been defined from a depth of 150m to at least 900m. It is open for expansion on strike and at depth.

The Company also owns 100% of the Sugarloaf Peak Property, in La Paz County, which is located on 4,400 acres of BLM claims. Sugarloaf is a heap-leach, open-pit target and has a historic estimate of "100 million tons containing 1.5 million ounces gold" at a grade of 0.5g/t (Dausinger, 1983, Westworld Resources).

The historic estimate at the Sugarloaf Peak Property was reported by Westworld Resources in 1983. The historic estimate has not been verified as a current mineral resource. None of the key assumptions, parameters, and methods used to prepare the historic estimate were reported, and no resource categories were used. Significant data compilation, re-drilling and data verification may be required by a Qualified Person before the historic estimate can be verified and upgraded to a current mineral resource. A Qualified Person has not done sufficient work to classify it as a current mineral resource, and Arizona Metals is not treating the historic estimate as a current mineral resource.

The Qualified Person who reviewed and approved the technical disclosure in this release is David Smith, CPG.

For further information, please contact:

Marc Pais
President and CEO Arizona Metals Corp.
(416) 565-7689
mpais@arizonametalscorp.com
www.arizonametalscorp.com
https://twitter.com/ArizonaCorp

This press release contains statements that constitute "forward-looking information" (collectively, "forward-looking statements") within the meaning of the applicable Canadian securities legislation, All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that discusses predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as "expects", or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts", "estimates", "believes" or "intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could", "would", "might" or "will" be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements. Forward-looking statements contained in this press release include, without limitation, the use of proceeds and final approval of the TSX Venture Exchange.. In making the forward- looking statements contained in this press release, the Company has made certain assumptions. Although the Company believes that the expectations reflected in forward-looking statements are reasonable, it can give no assurance that the expectations of any forward-looking statements will prove to be correct. Known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: availability of financing; delay or failure to receive required permits or regulatory approvals; and general business, economic, competitive, political and social uncertainties. Accordingly, readers should not place undue reliance on the forward-looking statements and information contained in this press release. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking statements to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward- looking statements or otherwise.

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