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TORONTO, Dec. 16,
2024 /CNW/ - Arizona Metals Corp. (TSX: AMC) (OTCQX:
AZMCF) (the "Company" or "Arizona Metals") announces that it is
restating its financial statements for the period ended
September 30, 2024 (the "Amended
Financial Statements"), along with a corresponding restated
management discussion and analysis (the "Amended MD&A").
The restatement of the Amended Financial Statements and Amended
MD&A was made to correct an overstatement of the Company's
share-based payments for the three and nine-months ended
September 30, 2024 in the Company's
financial statements for the period ended September 30, 2024 filed on November 14, 2024 (the "Original Financial
Statements") and corresponding management discussion and analysis.
The overstatement was identified during the preparation
for the filing of the company's preliminary short form prospectus
(the "Preliminary Prospectus"), which was filed on December 6, 2024 in connection with the
bought-deal offering of common shares of the Company announced on
December 2, 2024 (the "Offering").
The need to restate (the "Restatement") of the Original Financial
Statements was disclosed in the Preliminary Prospectus.
The Company, together with its auditors who have reviewed the
Amended Financial Statements in connection with the Offering,
determined that while the correction does not represent a material
change to the Issuer, it does necessitate the Restatement and
filing of the Amended Financial Statements and Amended MD&A.
The correction of the overstatement of the Company's share based
payments for the period in the Company's financial statements has
no impact on the Company's current or net assets, non-current or
total liabilities, meaning there is no change to the
Company's cash or working capital positions as at
September 30, 2024. Readers are
encouraged to review the Amended Financial Statements and Amended
MD&A.
About Arizona Metals Corp
Arizona Metals Corp owns 100% of the Kay Project in Yavapai County, which is located on a 1669
acres of patented and BLM mining claims and193 acres of private
land 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, 2.8
g/t gold, 3.03% zinc, and 55 g/t silver."
The historic estimate at the Kay Deposit was reported by Exxon
Minerals in 1982. (Fellows, M.L., 1982, Kay Mine massive sulphide
deposit: Internal report prepared for Exxon Minerals Company)
The Kay Mine 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 60 m to at
least 900 m. 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 0.5
g/t (Dausinger, N.E., 1983, Phase 1 Drill Program and Evaluation of
Gold-Silver Potential, Sugarloaf Peak Project, Quartzsite, Arizona: Report for Westworld
Inc.)
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.
Disclaimer
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, statements regarding the Offering and the filing of the
final Prospectus. 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 the Company to
stay well funded; 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.
NEITHER THE TSX EXCHANGE (NOR ITS REGULATORY SERVICE PROVIDER) ACCEPTS
RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF
THIS RELEASE
www.arizonametalscorp.com
https://x.com/ArizonaCorp
SOURCE Arizona Metals Corp.
