#1ARIZONA GOLD CORP Fully Permitted High Grade Gold Mine in Arizona - Near Term Gold Producer CORPORATE PRESENTATION May 2021 TSX:AZG OTCQB: AGAUF www.arizona-gold.com#2Cautionary Note Regarding Forward Looking Statements This presentation contains forward-looking information, including statements regarding: current expectations on future exploration plans, the timing of the commencement of production, if commenced, receipt of permit approvals, potential changes to the mineral processing method at the Copperstone Mine as set out in the Preliminary Feasibility study dated May 18, 2018, rate of production, expected cash costs, expected increase in milling capacity, exploration potential at the Copperstone Mine, proposed debt restructuring and financing, share capitalization and director ownership. These forward-looking statements entail various risks and uncertainties that could cause actual results to differ materially from those reflected in these forward-looking statements. Such statements are based on current expectations, are subject to a number of uncertainties and risks, and actual results may differ materially from those contained in such statements. These uncertainties and risks include, but are not limited to, the strength of the economy; the price of gold; operational, project funding, and liquidity risks; the degree to which mineral resource and mineral reserve estimates are reflective of actual mineral resources and mineral reserves; and the degree to which factors which would make a mineral deposit commercially viable are present; assumptions with respect to the cost and availability of labour for the restart of operations are correct,; results of exploration and validity of geological models; the risks and hazards associated with underground operations, and any specific risks or assumptions set out or referenced in this presentation. Risks and uncertainties about Arizona Gold Corp. and its business are more fully discussed in its disclosure materials, including the annual information form, technical reports, financial statements and MD&As, filed with the securities regulatory authorities in Canada and available at www.sedar.com and readers are urged to read these materials. Arizona Gold Corp. assumes no obligation to update any forward- looking statements or to update the reasons why actual results could differ from such statements unless required by law. This presentation includes certain non-IFRS measures, including cash costs on a per gold ounce basis. Cash costs per gold ounce are defined as costs of production (including refining costs) divided by the total number of gold equivalent ounces produced. The Company reports total cash costs on a production basis. In the gold mining industry, these are common performance measures but do not have any standardized meaning, and are non-GAAP measures. As such, they are unlikely to be comparable to similar measures presented by other issuers. In reporting cash costs per gold ounce, the Company follows the recommendations of the Gold Institute standard. The Company believes that, in addition to conventional measures, prepared in accordance with IFRS, certain investors use this information to evaluate the Company's performance and ability to generate cash flow. Accordingly, it is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. Technical information in this presentation has been reviewed and approved by Michael R. Smith P. Geo., who is a qualified person that is independent of the Company, as defined in National Instrument 43-101. ARIZONA GOLD CORP 2#3Investment Highlights Focussed on Shareholder Returns Mine Life Extension Conversion, Expansion, In-Fill Drilling - Advanced and In Progress ➤ Resource Update in Q2-2021 to include 13,000 meters of drilling from 2019 to 2021 ➤ Fully Permitted - All Permits in Hand ➤ Advance Detailed Engineering - Ongoing Processing & Gold Production Processing Plant Commission & Start Up - Started/ Engaged Hanlon Engineering ➤ Mine Development - Mine Contractor Bids being evaluated Several Multi-Million Ounce Drill Targets to be tested - See Slide 17 ARIZONA GOLD CORP 3#4Senior Management Giulio T. Bonifacio - President, CEO & Director Founder, Director & CEO of Nevada Copper since its inception in 2005 until his retirement in 2018. Mr. Bonifacio has led and directed efforts at every stage from development, permitting and construction. Mr. Bonifacio is a CPA with over 35 years of experience and knowledge of operations, capital markets and project finance. Among his many accomplishments Mr. Bonifacio has raised a significant amount of capital for projects of merit through both equity and project debt. - John C. Galassini – Executive Vice President, Chief Operating Officer Mr. Galassini has extensive experience bringing both greenfield and brownfield mines into production with expertise in both open-pit and underground mining. Previous senior roles include Senior Vice President Mining, Nyrstar Metals; Chief Operating Officer Sunshine Silver Mines; Senior Vice President, Americas Freeport-McMoRan, Various senior roles with Phelps Dodge Mining from General Manager, Morenci to President Bagdad and Candelaria and Senior Vice President North American Operations. Mr. Galassini holds a BS in Chemical Engineering from New Mexico State University. Dale Found - Chief Financial Officer Mr. Found has more than 30 years of international accounting & finance experience. He has significant experience both in mine site operational finance and Corporately having been part of the senior leadership team at Nevada Copper. Additionally, he was a key member of the management team that took New Gold Inc.'s New Afton Mine through the construction phase and into commercial production delivering the mine on time and on budget. Mr. Found is a CPA, CA, FCA. David Thomas - VP Projects & Mine General Manager Project Engineer with over 30 years of mine building and operations experience including 5 underground gold projects with Newmont, Bema Gold (Kinross), Teck and others. EPCM Manager for Newmont (worldwide) and Nordgold (Russia and Africa). Mr. Thomas has also held key roles in constructing mines such as Kupol Mine, Fort Knox and Kubak mines for Kinross Gold and Kensington and Palmarejo mines for Coeur Mining. Michael Smith - Senior Advisor Exploration Previous Chief Mine Geologist, Barrick's Goldstrike mine. Over 40 years of experience with projects in production and in the advanced development stage. Mr. Smite previous roles include Chief Mine Geologist at Barrick's Goldstrike's Mine and GM of Exploration in Peru. Mr. Smith has BS Geology Arizona State & MS Geology Mackay School of Mines. A ARIZONA GOLD CORP 4#5Shares & Balance Sheet (Expressed in Millions) Capital Structure 346.1 Retail Investors - 35% 23.2 Funds & Family Offices -32% Shares Outstanding Options Outstanding Share Purchase Warrants (Note 1) 69.2 Fully Diluted 438.5 Market Capitalization Cash, March 31, 2021 (Note 2) Notes: Cdn.$45 Cdn.$9.5 1: Average Exercise Price $0.21 - Total Cash on Exercise Cdn.$14.4 Million 2. Project Funding of US$18 M with Star Royalties Ltd. closed Nov. '23,2020. US$12M Received to date. An additional US$6M to be received on or before June 30, 2021 ARIZONA GOLD CORP 5 Directors & Officers - 33%#6Copperstone Gold Mine High Grade Underground Mine Located in Arizona USA Globally Ranked in Top 10 Mining Jurisdictions Arizona Detachment Fault Corridor Fully Permitted in Q1-2020 Skilled Work Force Infrastructure In Place ARIZONA GOLD CORP CALIFORNIA NEVADA ARIZONA COPPERSTONE Phoenix 12,259 acres or 50 Square Kilometers land position 6#7ARIZONA GOLD CORP Near Term Production 7#8미 ARIZONA GOLD CORP Permitted 600 TPD Mill Plus US$110M of Infrastructure In Place 4km of underground access and two portals. Existing underground electrical, ventilation, water management, compressed air Crushing and grinding circuit Tailings pond Mechanical repair shop Assay lab & dry Core storage Warehouse Powerlines 80 Offices 8#92019-20 Key De-risking Project Milestone Achieved Advanced metallurgical testing program with plus 95% Recovery ➤ Completed successful 5,000 meters of underground drilling in 2019 A ARIZONA GOLD CORP Air Quality and Aquifer Protection Permits - Received 2019 Federal Operating Permit - Decision of Record - Received January 23, 2020 Detailed engineering of process options - advanced optimization studies Advanced cost basis for processing plant refurbishment and upgrades Lead identified for plant and mining equipment Advanced contract mining proposals under review Project Funding for US$18 million closed November 2020 9#102021 - Key Project Achievements Optimization Detailed Engineering Final Engineering - Secured several key Engineering Groups to advance backfill design, geotechnical, ventilation, water management and electrical infrastructure. ➤ Backfill & Ground Control - Geotechnical studies have indicated wider mining widths and strength of backfill using mine development materials which will further enhance previously estimated production efficiencies. ➤ Mine Engineering - Final mine design mine design and schedules are underway. Considerations in the design and schedule include optimizing work-flows and implementing newly identified advantages related to ore sequencing, production efficiencies and haul profiles. ➤ Mine Operations - Initiated pre-production mine ground support rehabilitation and commenced stope definition drilling for detailed final gold ore stope designs. ➤ Mineral Processing Plant – Engineering well advanced for final layout and design of WOL gold processing plant. Final costing for crush and grind circuit and receipt of quotations for longer lead equipment. Final metallurgical testing nearing completion. to optimize grind size, leach kinetics and reagent consumption. A ARIZONA GOLD CORD 10 10#112018 Preliminary Feasibility Results Gold Price Annual Production NPV 5 IRR Payback Capex All In Sustaining Cost Mine Life Gold Recovery US$1,250 (See Note 1) 40,000 oz. US$27M 42.0% 2.3 Years US$23M US$875 oz 4 Years 95.0% US$1,500 (See Note 1) 40,000 oz. US$53M 83.0% 1.3 Years US$23M US$875 oz 4 Years 95.0% US$1,800 (See Note 2, 3 & 4) 45,000 oz. Less than 2 Year US$25 to $30M US$1,100 oz 6 to 8 Years 95% Note 1: Note 2: Note 3: Note 4: A ARIZONA GOLD CORP National Instrument 43-101 Technical Report dated April 1, 2018: Preliminary Feasibility Study for Copperstone Project, La Paz County, Arizona. Assumes Whole Ore Leach gold processing, 2% royalty and 4 year mine-life. Significant historical tax pools available from the predecessor company of approximately US$70 million which will offset the effective tax impact. Project Optimization based on Contract Mining, Whole Ore Leach gold processing, 3% royalty and 8 year mine life. Each added year of mine life increases Operating Cash Flow by approximately US$20M to US$25M at current gold prices Cautionary Note: Projections of Net Present Value and IRR are based on forward-looking estimates, including current expectations on recent exploration results, rate of production, anticipated changes to project capital costs and overall project economics. These forward-looking projections entail various risks and uncertainties that could cause actual results to differ materially from those reflected in these forward-looking projections. Such projections are based on current expectations, are subject to a number of uncertainties and risks, and actual results may differ materially from those contained in such projections and should not be relied upon by the Reader. 11#12EVENTS Detailed Engineering & Planning Metallurgical Testwork / Engineering Plant Refurb/WOL Construction Pre-Prod Mine Development Commence Mining Production Start Plant Commercial Production لهـ ARIZONA GOLD CORP Current Project Timeline * Q1-2020 Q4-2020 Q1-2021 Q2-2021 Q3-2021 Q4-2021 Q1-2022 *Timeline Subject to Delivery of Lead Order Items, Detailed Engineering and Final Capital Cost Estimates. 12#13A ARIZONA GOLD CORP Drilling Results - 2019 to 2021 13#14A 2018 Resource Estimate Inferred Resource* 145,700 oz @ 6.81 g/t Indicated Resource* 276,100 oz @ 7.63 g/t Proven & Probable** 175,093 oz @ 6.79 g/t Current Resource model at US$1,250 with higher cut-off than prior resource models Does not capture up to 13,000 meters of successful drilling from 2019 to 2021 Tightly defined mineralized domains which closer fit the geology of deposit Conservative gold grade capping strategy defined by mineralized domains first and by composite second resulting in a much more conservative capping of grades Geology/Structure was used as a constraint for creating domains Classification parameters for M&I were more tightly constrained Blocks are larger and aligned with the dip and strike, however sub-blocking was used to more accurately define volumes and tons Conservative Resource Model with Considerable Upside * National Instrument 43-101 Technical Report dated April 1, 2018: Preliminary Feasibility Study for the Copperstone Project, La Paz County, Arizona, USA ** 0.11 oz/t cut-off, $1,250/oz Au A ARIZONA GOLD CORP 14#151000 L Copperstone Mine - Long Section View M,I & I Resources Copperstone & Footwall Zones Strike Length for Measured & Indicated & Inferred 1,550m - Copperstone and Footwall Zones 500 L Inferred OL Measured & Indicated Existing open pit Inferred A Zone B Zone -500 L OPEN ARIZONA GOLD CORP Proven & Probable C Zone OPEN Existing workings 4,300 meters D Zone OPEN 150m 500K oz Past Production @3g/t 108m 422 oz Published 2018 (M,I &I) Footwall Zone Pathway to Plus 1 Million Ounces with Multiple Targets 15 Copperstone Zone#1635° 34° 32° NEVADA Detachment Fault System - Scale Potential Multiple Parallel Zones Castle Mountain Mineral Park Mesquite 0 Moss Mine Gold Road Detachment Fault Known detachment fault- related Mineralization ARIZONA Copperstone Mine ን - Detachment Fault Corridor 100 KM SW Detachment Fault System Moon Mountain Detachment Fault Lower plato TcpB Upper plate Copperstone open pit Copperstone listric fault Quaternary sediments Tertiary basalt of C.U.7 Tertiary breeciated granite Tertiary Copper Peak granite, Tcpg Tcpg Undifferentiated Mesozoic metavolcanics and metasediments of C.U.I through C.U.6. NE 116 A 114° 112 110° Source: USGS Keith R Long Preliminary Descriptive Deposit Model for Detachment Fault Related Model ARIZONA GOLD CORD 16 16 Source: Michael R. Pawlowski, P.Geo, January 2005 Schematic cross-section of the Moon Mountain Detachment Fault and the Copperstone Listric Fault, Solid heavy lines are observed faults; broken line and projected faults.#17(1) Copperstone Zone Multi-Million Ounce Resource Potential Parallel Zones to the Copperstone Zone (2) Footwall Zone: 150m from the Copperstone Zone (3) Deep South & South Pit : Intercepts of +8 g/t (4) South-West Targets Has same geophysical signature. as Copperstone zone and intercepts of 8 to 32 g/t (5) Blue Pearl Targets Three Targets of same geophysical signature and size as Copperstone orebody (6) Deep South: Historic drill holes with high-grade gold intercepts Several Advanced Exploration Targets having multi-million ounce potential have yet to be tested Measured & Indicated 2 FOOTWALL ZONE Inferred Resources Inferred ARIZONA GOLD CORP 3 4 SOUTH-WEST Targets DEEP SOUTH & SOUTH PIT 17 5 BLUE PEARL Three Targets 1 COPPERSTONE ZONE P&P, M,I&I#182021 Resource Expansion & In Fill Program Optimization Expansion Delineation - In Fill Current Success driven core* and reverse circulation drilling program of up to 10,000 meters. Assay results currently pending. ➤ Drill results to be reported up to Q1-2021. Conversion of Inferred to Measured and Indicated resources. ➤ Resource Expansion on surface to add Inferred resources for later conversion with underground access. Resource Update in Q2-2021 to include up to 13,000 meters drilled which includes 5,000 meters drilled in 2019 * Will allow for greater accuracy when stepping out to extend previously defined mineralized domains while providing greater granularity of gold ore contacts inclusive of structural information. ARIZONA GOLD CORP 18#19From To Length Hole ID meter meter meter gram/tonne meter 18-05A-01 16.8 24.4 7.6 5.15 4.6 includes 16.8 22.9 6.1 5.77 3.7 includes 16.8 18.3 1.5 12.85 0.9 18-08A-02 12.2 24.4 12.2 11.70 10.1 includes 18.3 24.4 6.1 20.67 5.2 includes 21.3 24.4 3.1 38.25 2.4 18-08A-03 10.7 27.4 16.7 8.25 16.2 includes 22.9 27.4 4.5 18.25 4.6 18-05E-07 19.8 24.4 4.6 9.48 4.5 includes 19.8 22.9 3.1 14.03 3.0 2019 Underground Drilling Results Interval Gold* Thickness** True Effective Mining Width *** meter 8.2 6.1 1.5 17.7 8.8 4.6 Future drilling programs, with the objective of further mine life extension, the current will target areas beyond program affected area of 500 meters of strike length. The ultimate goal would be the addition of resources along all sections encompassing the entire current resource strike length of over 1,550 28.3 7.6 7.9 5.3 18-01A-04 38.1 41.1 3.0 8.04 1.9 3.4 meters. includes 39.6 41.1 1.5 15.20 1.0 1.7 18-21-04 64.0 74.7 10.7 17.49 5.1 12.0 includes 67.1 73.2 6.1 29.45 2.9 6.9 18-21-06 57.9 74.7 16.8 40.00 7.6 17.9 includes 64.0 67.1 3.1 98.26 1.4 3.2 and 70.1 73.2 3.1 33.19 1.4 3.3 18-18A-01 10.7 13.7 3.0 4.77 1.6 3.9 includes 10.7 12.2 1.5 8.87 0.8 1.9 18-18-02 12.2 15.2 3.0 27.45 2.0 4.8 includes 12.2 13.7 1.5 52.30 1.0 2.4 18-04-01 19.8 25.9 6.1 15.91 1.3 3.2 includes 19.8 24.4 3.0 21.02 1.0 2.4 18-20-11 24.4 27.4 3.0 12.82 0.7 2.1 includes 24.4 25.9 1.5 17.10 0.4 1.0 18-21A-05 13.7 19.8 6.1 15.02 5.5 13.1 includes 13.7 16.8 3.1 22.40 2.8 6.6 18-36-03 33.5 41.1 7.6 5.50 6.5 15.3 includes 33.5 36.6 3.1 10.65 2.6 6.1 *Grades herein are reported as uncapped values. ** Estimated distance between the foot wall and hanging wall of the mineralized zone measured perpendicularly to the edges. *** Effective Mining Width is defined as the distance between the foot wall and hanging wall of the mineralized zone measured horizontally and matches the planned mining method. The mining method used to calculate reserves will extract ore by drift mining along strike in a defined ore stope. The Effective Mining Width is the width that miners will be working within. A ARIZONA GOLD CORD 19#202019 Resource Expansion Highlights 4,300 Meters of Underground Development and Drill Stations Existing Open Pit A ARIZONA GOLD CORP 18-03 18-11 18-10 18-01 18-37 18-12A 18-02 18-5D 18-08A 18-05 18-07 18-34 18-09 18-38 18-13 18-36 18-04 18-21A 18-21 18-20 Existing Underground Access 18-17 18-18 20 20 125 250 Plunge +18 Azimuth 253 375 500#21Drill Station 18-20 2019 Resource Expansion Highlights Drill Stations Close View Looking West Drill Station 18-21 18-20-02 Drill Station 18-21A D Zone (Inferred)* 3.0m (@ 8.51 g/t 6.1m @ 15.02 g/t 3.0m @ 3.66 g/t 3.0m @ 2.87 g/t 18-20-11 C Zone (Inferred)* A ARIZONA GOLD CORP 3.0m @ 12.8 g/t 18-21A-05 18-21-09A 21 D Zone (Inferred)* 10.7m@ 17.49 g/t 6.1m @ 4.26 g/t 18-21-04 16.8m @ 40.0 g/t Plunge -17 0 25 50 Azimuth 237 75 100#222021 Surface Drilling Results Effective *** Mining Width meter 4.7 2.3 The Surface drilling was largely focused on establishing continuity of the 2018 discovery of Footwall zone and Copperstone zone mineralization. The initial drilling results successfully demonstrate which remain open and indicated further expansion of gold mineralized zones along strike and dip while intersecting gold mineralization at expected or higher gold grades and higher widths while remaining open along strike and dip. Interval From To Length Gold* True ** Thickness Hole ID meter meter meter gram/tonne meter AZG-20S-02 256.0 259.1 3.0 2.29 2.7 F includes 256.0 257.6 1.5 3.53 1.3 AZG-20S-04 82.3 85.3 3.0 6.98 2.9 5.0 includes 82.3 83.8 1.5 12.90 1.4 2.5 also 172.2 173.7 1.5 2.08 1.4 2.5 AZG-20S-05 21.3 29.0 7.6 4.98 7.6 13.2 includes 25.9 29.0 3.0 10.54 3.0 5.3 also 64.0 68.6 4.6 2.31 4.6 8.0 includes 67.1 68.6 1.5 4.90 1.5 2.7 AZG-20S-06 25.9 27.4 1.5 6.93 1.5 2.6 also 89.9 94.5 4.6 3.04 4.6 7.9 F includes 89.9 91.4 1.5 4.13 1.5 2.6 also 103.6 108.2 * 4.6 2.84 4.6 7.9 AZG-20S-12 135.6 140.2 4.6 3.56 3.8 6.7 includes 135.6 138.7 3.0 4.27" 2.6 4.5 AZG-20S-17 32.0 35.1 3.0 6.72 2.5 4.3 includes 33.5 35.1 1.5 12.40 1.2 2.2 also 105.2 106.7 1.5 2.76 1.2 2.0 AZG-20S-21 153.9 160.0 6.1 4.85 4.5 7.9 includes 157.0 158.5 1.5 13.40 1.1 AZG-20S-22 85.3 94.5 9.1 6.32 8.4 2.0 14.7 includes 91.4 94.5 3.0 13.52 2.8 4.9 Grades herein are reported as uncapped values. ** Estimated distance between the foot wall and hanging wall of the mineralized zone measured perpendicularly to the edges. *** Effective Mining Width is defined as the distance between the foot wall and hanging wall of the mineralized zone measured horizontally and matches the planned mining method. The mining method used to calculate reserves will extract ore by drift mining along strike in a defined ore stope. The Effective Mining Width is the width that miners will be working within. ARIZONA GOLD CORP 222 22#232021 Surface Expansion Highlights Gold Intercepts Relative to Representative Ore Domains +900 A Looking Northeast AZG-20S-17 AZG-20S-14 AZG-20S-10 +600 +-300 +0 32.0-35.1 3m @6.270g/t AZG-20S-12 AZG-20S-04 56.4-57.9 1.5m @ 1.040g/t 89.9-91.4 1.5m @ 1.100g/t 105.2-106.7 100.6-102.1 1.5m @2.760g/t 1.5m @ 1.940g/t 96.0-97.5 1.5m @ 2.600g/t 115.8-117.3 1.5m @1.160g/t 150.9-152.4 1.5m @ 6.300g/t 82.3-85.3 3.0m @6.795g/t 93.0-94.5 1.5m @ 1.080g/t 178.3-179.8 1.5m @ 3.240g/t 135.6-140.2 4.6m @ 3.560g/t ARIZONA GOLD CORP 233.2-234.7 1.5m @ 7.500g/t 242.3-243.8 1.5m @ 3.240g/t 23 Footwall Zone 172.2-173.7 1.5m @ 2.080g/t AZG-20S-06 25.9-27.4 1.5m @ 6.930g/t AZG-20S-05 +600 21.3-29.0 7.6m @4.980g/t 89.9-94.5 4.6m @ 3.040g/t 103.6-108.2 4.6m @ 2.840g/t 64.0-68.6 4.6m @ 3.310g/t +300 Plunge 00 Azimuth 060 0 100 200 300 ft#24Interval From To Length Gold* Thickness** Hole ID meter meter AZG-21-13-07 2.9 4.7 and 25.9 27.4 meter 1.8 1.5 gram/tonne meter 43.97 0.8 2.64 0.7 AZG-21-21-22 49.1 62.7 13.6 4.82 6.1 includes 53.6 61.2 7.6 7.62 3.4 also 60.5 61.2 0.7 27.77 0.3 and 80.7 82.4 1.7 4.70 0.8 AZG-21-21-24 65.5 68.6 3.1 18.73 1.2 includes 65.5 67.1 1.6 26.93 0.6 also 89.6 91.4 1.8 21.66 0.7 2021 Underground Drilling Results True Effective Mining Width *** meter 1.9 1.6 8.0 Future drilling programs, with the objective of further mine life extension, will target areas beyond the current program affected area of 500 meters of strike length. The ultimate goal would be the addition of resources along all sections encompassing the entire current resource strike length of over 1,550 meters. 14.4 0.7 1.8 2.7 1.4 1.7 and 138.7 139.9 1.2 1.16 0.5 1.2 and 150.5 151.4 0.9 12.53 0.3 0.8 AZG-21-10-17 12.6 17.4 4.8 3.32 3.8 9.0 * includes 12.6 13.5 0.9 7.13 0.7 1.7 also 16.2 17.4 1.2 5.47 1.0 and 43.3 44.0 0.8 14.80 0.6 2.3 1.4 AZG-21-13-12 12.8 14.3 1.5 22.07 1.4 3.4 and 18.3 19.5 1.2 11.73 1.2 2.8 AZG-21-13A-19 18.8 19.9 1.2 12.67 0.5 and 25.6 27.0 1.4 2.24 0.6 AZG-20S-16 222.5 231.6 9.1 1.98 8.1 1.1 1.4 14.1 includes 224.0 227.1 3.1 3.57 2.7 and 263.7 265.2 1.5 2.69 1.3 4.7 2.3 AZG-20S-23 109.7 125.0 15.2 3.27 13.5 23.5 includes 117.3 123.4 6.1 6.02 5.4 9.4 Grades herein are reported as uncapped values. ** Estimated distance between the foot wall and hanging wall of the mineralized zone measured perpendicularly to the edges. *** Effective Mining Width is defined as the distance between the foot wall and hanging wall of the mineralized zone measured horizontally and matches the planned mining method. The mining method used to calculate reserves will extract ore by drift mining along strike in a defined ore stope. The Effective Mining Width is the width that miners will be working within. and 132.6 134.1 1.5 1.24 1.3 2.3 ARIZONA GOLD CORD 24 24#25+333500 E Z +334000 E 2021 Underground Expansion Highlights Hole Locations- Results with Representative Ore Domains Shown- Plan View +332000 E +1048000 N AZG-21-21-22 49.1-62.7 (13.7m @ 4.820g/t) 80.7-82.4 (1.6m @ 4.704g/t) +332500 E D Zone Underground Developments A AZG-21-13-07 2.9-4.7 (1.8m @ 43.967g/t) 25.9-27.4 (1.5m @ 2.640g/t) +1047500 N +332000 E Historic Collars +1047000 N ARIZONA GOLD CORP +333000 E +332500 E H5-160. Α' AZG-21-21-24 65.5-68.6 (3m @ 18.733g/t) 89.6-91.4 (1.8m @ 21.662g/t) 138.7-139.9 (1.2m @ 1.160g/t) 150.5-151.4 (0.9m @ 12.533g/t) AZG-21-21-23 49.7-51.2 (1.5m @ 4.067g/t) 57.6-64.8 (7.2m @ 3.498g/t) 85.8-89.3 (3.5m @ 4.513g/t) +333000 E C Zone 25 25 Pit Outline +333500 E +1048000 N +1047500 N Looking down 3 3 125 250 325 500 ft 1047000 N#26TSX: AZG | OTCQB: AGAUF www.arizona-gold.com ARIZONA GOLD CORP 26