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Dear Shareholders,
With everything happening in the markets and at Arizona Gold & Silver, I thought this would be a good time to share some perspective on where we stand and what shareholders can expect as we move through the remaining months of 2026.
We've successfully completed two significant financings totaling CAD $30 million at CAD $0.80 per unit, including CAD $18 million through Sorbie Bornholm and a CAD $12 million strategic investment from Evolution Mining. Both were negotiated above the prevailing market price, in some cases by as much as 60%.
These financings have put us in an excellent position to do exactly what we said we would do: put money into the ground and advance our Philadelphia Gold-Silver Project. A full 90% of the Evolution financing is being directed toward exploration and drilling.
Our treasury is strong, and based on our current exploration plans, we see no need to raise additional capital for more than two plus years. On top of that, we have approximately 14.6 million outstanding options and warrants currently in the money, representing a potential additional source of capital over the next 24–30 months.
That gives us something many junior exploration companies simply don't have: the financial flexibility to focus on drilling and building our understanding of the deposit without the immediate pressure of another financing.
We are now drilling 12 to 24-hour shifts testing the down-dip extension of the Perry Zone and broader mineralization beneath Red Hills. We are also working to secure a second drill rig to accelerate the drilling progress.
We have also identified several areas outside of the Perry Zone that offer the potential for additional discoveries within the broader epithermal system. That's an exciting possibility, and one we intend to investigate through drilling.
Assay results from PC26-174 and PC26-175 are anticipated soon. PC26-174 was drilled directly below PC26-173, while PC26-175 was positioned approximately 60 meters north, continuing our systematic evaluation of the mineralized system at depth and along strike.
We've recently published our updated October 2026 Corporate Presentation, and I encourage every shareholder to take a look, particularly at two pages:
On page 10, you’ll find an illustration of how we're using our growing geological understanding to prioritize drilling and identify the next exploration targets.
VIEW OUR NEW CORPORATE PRESENTATION
Over the past couple of months, I have had meetings with brokers and fund managers in order to expand our retail participation. One message has come through consistently: investors are watching and waiting for direction from the gold market.
With the CAD $12 million investment from Evolution Mining, a major international gold producer, we now have a strategic relationship that includes technical collaboration as we continue advancing the project.
Our job is to keep drilling, follow the geology, expand the mineral inventory or size of the deposit, our understanding of this system, and demonstrate what Philadelphia may ultimately become. If we do that successfully, I believe the value of this project will become increasingly clear.
Management remains personally invested in the success of Arizona Gold & Silver, and we are committed to seeing this exploration strategy through.
Thank you for your continued patience, confidence, and support. I'm looking forward to sharing the next results with you.
CEO, President
1-604-833-4278
Suite 900 – 777 Hornby St, Vancouver, BC, Canada, V6Z 1S4
Arizona Gold & Silver Inc.
TSXV: AZS | OTCQB: AZASF
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