Arizona Eagle Mining Corp. Closes Upsized Non-Brokered Private Placement Financing for Aggregate Gross Proceeds of C$8,592,347.50

Toronto, Ontario--(Newsfile Corp. - June 9, 2026) - Arizona Eagle Mining Corp. (TSXV: AZEM) (the "Company" or "Arizona Eagle") is pleased to announce that it has closed its previously announced non-brokered private placement (the "Offering"), as described in the Company's news releases dated May 13, 2026 and May 14, 2026. On June 9, 2026 (the "Closing Date"), the Company issued a total of 7,811,225 units of the Company (each, a "Unit") at a price of C$1.10 per Unit for aggregate gross proceeds to the Company of C$8,592,347.50. Reflecting strong investor demand and support for the Company, the Offering closed at a size significantly greater than the minimum offering size of C$3,000,000 previously announced. Each Unit is comprised of one common share of the Company (each, a "Common Share") and one-half of one common share purchase warrant (each whole warrant, a "Warrant"). Each whole Warrant entitles the holder to acquire one Common Share (each, a "Warrant Share") at an exercise price of C$1.50 per Warrant Share for a period of 36 months from the Closing Date. The Company issued an aggregate of 7,811,225 Common Shares and 3,905,611 Warrants under the Offering.

The Company intends to use the net proceeds from the Offering: (i) to fund exploration and drilling at the past-producing McCabe Mine on the Company's Eagle Project, including the next phase of drilling, geophysics and sampling; (ii) to fund the pending acquisition of the Eagle Silver Project, comprising the Arizona National Mine, the Lookout Mine and the Silver Belt Mine (the "Silver Projects"), as previously announced by the Company on April 20, 2026, and an inaugural 2,500-metre drill program on the Silver Projects; and (iii) for general corporate and working capital purposes. The foregoing allocation of the net proceeds of the Offering represents the Company's current intentions based on present plans and business conditions and may be reallocated by management where sound business reasons make such reallocation prudent or necessary.

Kevin Reid, Chief Executive Officer of Arizona Eagle, commented:

"We are pleased to announce the successful closing of this significantly oversubscribed financing, which we believe reflects strong investor confidence in the Eagle Project. The project encompasses the high-grade, past-producing McCabe Gold and Silver Mine, as well as several past-producing high grade silver mines and highly prospective VMS copper targets. The proceeds from this financing will be used to complete the acquisition and fund the inaugural drill program across our silver projects, as well as to continue to advance and explore the McCabe Gold and Silver Mine. We are excited to continue expanding our silver portfolio and systematically advancing these high-potential targets through exploration and drilling as we build long-term value within our project portfolio. We would like to thank both our existing and new shareholders for their support."

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