Azarga Metals Completes Balance Sheet Re-structure

VANCOUVER, BC / ACCESSWIRE / September 27, 2023 / AZARGA METALS CORP. ("Azarga Metals" or the "Company") (TSX-V:AZR) reports that it has settled the final C$560,857 shareholder loan by the issuance of 3,739,049 common shares (the "Shares") at a deemed price of $0.15. The Shares issued are subject to a four-month and one day hold period from the date of issuance.

This completes the restructuring of the Company's balance sheet, as was previously announced (News Releases, June 5, June 27 and July 18, 2023). As a result, the Board of Directors believes that the Company will have greater flexibility in developing plans for its 100% owned Marg project (the "Marg Project"), a high-grade copper-rich Volcanogenic Massive Sulphide ("VMS") deposit located in the Keno Hill Silver District, Yukon Territory.

On May 23, 2023, the Company announced the results of its induced polarization ("IP") survey, completed by Abitibi Geophysics. The results of the IP work continue to suggest that significant exploration potential remains on the property.

The Marg Project's mineralization remains open at depth to the east, along strike to the west and there is evident potential downdip for further high-grade mineralization, possibly in another synclinal fold hinge. In addition to this, further opportunities exist to expand the scale of the Marg Project:

• VTEM ± geochemical data and geologic mapping have not yet been fully incorporated into the exploration model, presenting opportunities for new exploration ideas and potential discoveries.
• Historical work suggests the potential for another Marg-style deposit at the Jane Zone, which is located approximately 6km to the southwest along trend.
  • Jane Zone soil geochemical anomaly is similar in scale and magnitude to that associated with the Marg deposit.
  • Intermittent VTEM anomalies can be traced along the trend between the Jane Zone and Marg deposit area.

Gordon Tainton, President and CEO of Azarga Metals stated, "The Company is very excited by the prospectivity of the Marg Project. With the balance sheet restructuring completed, we can now focus on continuing to move our business forward, specifically on the Marg Project, and work to create value for our shareholders. Based on the exploration work to date, we believe the size of the mineralized zone at the Marg Project has the potential to more than double."