Arizona Metals Announces Filing of Restated Financial Statements

Arizona Metals Corp. (TSXV:AMC, OTCQB:AZMCF) (the “Company” or “Arizona Metals”) announces that it is restating its financial statements for the three and six months ended June 30, 2020 and the three and nine months ended September 30, 2020 (the “Amended Financial Statements”) along with corresponding restated management discussion and analysis (the “Amended MD&A”).

The restatement of the Amended Financial Statements and the Amended MD&A was made as a result of management and the Company’s auditor’s review of the unaudited condensed interim financial statements for the three and six months ended June 30, 2020 (the “Previously Filed Q2 Financial Statements”) in connection with the Company’s application for listing on the OTCQX. In connection with this listing application, the Company engaged its auditors to perform an audit of the previously filed Unaudited Q2 Financial Statements. In connection with this audit, the Company identified certain amendments to the Previously Filed Q2 Financial Statements and the unaudited condensed interim financial statements for the three and nine months ended September 30, 2020 (the "Previously Filed Q3 Financial Statements), including:

• An adjustment for the under-accrual of additional exploration and evaluation expenditures, professional fees and share-based compensation as at June 30, 2020, which resulted in an understatement of exploration and evaluation expenditures, professional fees and share-based compensation for the three and six months ended June 30, 2020 in the Previously Filed Q2 Financial Statements and an overstatement of exploration and evaluation expenditures, professional fees and share-based compensation for the three months ended September 30, 2020 in the Previously Filed Q3 Financial Statements; and
• A corresponding adjustment to correct an understatement of liabilities and an overstatement of equity as at June 30, 2020 in the Previously Filed Q2 Financial Statements.

The effect of the restatements does not impact the Company's ongoing cash position. In particularly, disclosure of liabilities and equity as at September 30, 2020 remains unchanged. All other disclosure in the Amended Financial Statements and Amended MD&A remains the same as when such documents were originally filed.