Arizona Metals Announces Filing of the NI 43-101 Technical Report for the Kay Mine Project Preliminary Economic Assessment

Original announcement by tmx on

Company
Arizona Metals Corp.
Ticker
AMC
Exchange
TSX
Region
Arizona, USA
Primary commodity
Gold
Secondary commodities
Silver, Copper, Lead, Zinc
Document categories
Resource update, Other
Extracted
2026-09-15 10:37:18 UTC

Analysis by Minestarters Atlas

Minestarters Atlas analysis

Summary

Arizona Metals Corp. has filed an NI 43-101 Technical Report covering a Preliminary Economic Assessment (PEA) for the Kay Mine Project in Arizona. The report includes a 2025 Mineral Resource Estimate of 9.28 Mt at 1.39 g/t Au and 0.97% Cu (Indicated) and 0.86 Mt at 1.06 g/t Au and 0.87% Cu (Inferred).

Reasoning: The filing of a PEA technical report for a multi-commodity VMS project provides significant project de-risking and economic framework, though the results are based on a 2025 MRE.

Positive factors

  • Significant Indicated resource reported
  • VMS deposit type with depth potential
  • NI 43-101 compliant technical report filed

Negative factors

  • PEA is preliminary in nature
  • Inferred resources included in economic analysis

Facts used in scoring: 10

Classification and evidence

NI 43-101 Compliantpositive

Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.

Why it applies: The technical report was prepared in accordance with NI 43-101 standards.

Evidence · text

“prepared in accordance with National Instrument 43-101”

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: Multiple independent Qualified Persons are named as responsible for various sections of the report.

Evidence · text

“reviewed and verified by the following independent Qualified Persons”

Inferred Resourcenegative

Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: The resource estimate includes an Inferred category which is speculative.

Evidence · text

“includes Inferred mineral resources that are considered too speculative geologically”

Extracted facts

Stored fact records: 10. Some facts used in scoring do not have a stored record.

Resource Estimates (10)

indicatedKay Mine Project · goldTonnes: 9280000Grade: 1.39Grade Unit: g/tView all details
Link to this fact

Identity

Project
Kay Mine Project
Commodity
gold
Region
usa_az
Reported Region
Arizona, USA
Ticker
AMC

Resource scope

Estimate type
resource
Reporting standards
ni_43_101
QP Signed
Yes
Qualified person names
Allan Armitage, Ben Eggers
Resource group id
resource:3d57b7b0790235208ed1
Deposit or zone
Kay Mine Project
Mining method
combined
Ownership percent
100 %
Resource basis
gross

Resource Data

Category
indicated
Tonnes
9280000
Grade
1.39
Grade Unit
g/t
Cutoff Grade
1
Cutoff Unit
% CuEq

Prior Estimate

Resource Date
2025-06-17

Metal Equivalent

Assumptions Disclosed
Yes

Lab

Laboratory
ALS

Review

Needs Review
No
Historical
No

Dates

Event date
2026-06-12T00:00:00.000Z

Reasoning: Solid indicated gold grade for a VMS deposit.

Positive factors

  • Indicated category provides higher geological confidence

Evidence · text

“9.28 million tonnes grading 1.39 g/t Au”

Tags used in scoring

Indicated Resourcepositive

Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: category is "indicated"

Cut-off Disclosedpositive

Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff_grade is stated

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: qp_signed is true

NI 43-101 Compliantpositive

Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.

Why it applies: reporting_standards includes ni_43_101

No Contained Metalnegative

Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained_metal was not reported

PEA-Supportingneutral

Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.

Why it applies: the release names the study this estimate supports

indicatedKay Mine Project · silverTonnes: 9280000Grade: 27.6Grade Unit: g/tView all details
Link to this fact

Identity

Project
Kay Mine Project
Commodity
silver
Region
usa_az
Reported Region
Arizona, USA
Ticker
AMC

Resource scope

Estimate type
resource
Reporting standards
ni_43_101
QP Signed
Yes
Qualified person names
Allan Armitage, Ben Eggers
Resource group id
resource:3d57b7b0790235208ed1
Deposit or zone
Kay Mine Project
Mining method
combined
Ownership percent
100 %
Resource basis
gross

Resource Data

Category
indicated
Tonnes
9280000
Grade
27.6
Grade Unit
g/t
Cutoff Grade
1
Cutoff Unit
% CuEq

Prior Estimate

Resource Date
2025-06-17

Metal Equivalent

Assumptions Disclosed
Yes

Lab

Laboratory
ALS

Review

Needs Review
No
Historical
No

Dates

Event date
2026-06-12T00:00:00.000Z

Reasoning: Silver byproduct in indicated resource.

Evidence · text

“27.6 g/t Ag”

Tags used in scoring

Indicated Resourcepositive

Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: category is "indicated"

Cut-off Disclosedpositive

Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff_grade is stated

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: qp_signed is true

NI 43-101 Compliantpositive

Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.

Why it applies: reporting_standards includes ni_43_101

No Contained Metalnegative

Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained_metal was not reported

PEA-Supportingneutral

Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.

Why it applies: the release names the study this estimate supports

indicatedKay Mine Project · copperTonnes: 9280000Grade: 0.97Grade Unit: %View all details
Link to this fact

Identity

Project
Kay Mine Project
Commodity
copper
Region
usa_az
Reported Region
Arizona, USA
Ticker
AMC

Resource scope

Estimate type
resource
Reporting standards
ni_43_101
QP Signed
Yes
Qualified person names
Allan Armitage, Ben Eggers
Resource group id
resource:3d57b7b0790235208ed1
Deposit or zone
Kay Mine Project
Mining method
combined
Ownership percent
100 %
Resource basis
gross

Resource Data

Category
indicated
Tonnes
9280000
Grade
0.97
Grade Unit
%
Cutoff Grade
1
Cutoff Unit
% CuEq

Prior Estimate

Resource Date
2025-06-17

Metal Equivalent

Assumptions Disclosed
Yes

Lab

Laboratory
ALS

Review

Needs Review
No
Historical
No

Dates

Event date
2026-06-12T00:00:00.000Z

Reasoning: Primary base metal grade is strong.

Positive factors

  • Strong copper grade for VMS

Evidence · text

“0.97% Cu”

Tags used in scoring

Indicated Resourcepositive

Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: category is "indicated"

Cut-off Disclosedpositive

Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff_grade is stated

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: qp_signed is true

NI 43-101 Compliantpositive

Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.

Why it applies: reporting_standards includes ni_43_101

No Contained Metalnegative

Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained_metal was not reported

PEA-Supportingneutral

Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.

Why it applies: the release names the study this estimate supports

indicatedKay Mine Project · leadTonnes: 9280000Grade: 0.33Grade Unit: %View all details
Link to this fact

Identity

Project
Kay Mine Project
Commodity
lead
Region
usa_az
Reported Region
Arizona, USA
Ticker
AMC

Resource scope

Estimate type
resource
Reporting standards
ni_43_101
QP Signed
Yes
Qualified person names
Allan Armitage, Ben Eggers
Resource group id
resource:3d57b7b0790235208ed1
Deposit or zone
Kay Mine Project
Mining method
combined
Ownership percent
100 %
Resource basis
gross

Resource Data

Category
indicated
Tonnes
9280000
Grade
0.33
Grade Unit
%
Cutoff Grade
1
Cutoff Unit
% CuEq

Prior Estimate

Resource Date
2025-06-17

Metal Equivalent

Assumptions Disclosed
Yes

Lab

Laboratory
ALS

Review

Needs Review
No
Historical
No

Dates

Event date
2026-06-12T00:00:00.000Z

Reasoning: Trace lead in indicated resource.

Evidence · text

“0.33% Pb”

Tags used in scoring

Indicated Resourcepositive

Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: category is "indicated"

Cut-off Disclosedpositive

Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff_grade is stated

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: qp_signed is true

NI 43-101 Compliantpositive

Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.

Why it applies: reporting_standards includes ni_43_101

No Contained Metalnegative

Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained_metal was not reported

PEA-Supportingneutral

Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.

Why it applies: the release names the study this estimate supports

indicatedKay Mine Project · zincTonnes: 9280000Grade: 2.39Grade Unit: %View all details
Link to this fact

Identity

Project
Kay Mine Project
Commodity
zinc
Region
usa_az
Reported Region
Arizona, USA
Ticker
AMC

Resource scope

Estimate type
resource
Reporting standards
ni_43_101
QP Signed
Yes
Qualified person names
Allan Armitage, Ben Eggers
Resource group id
resource:3d57b7b0790235208ed1
Deposit or zone
Kay Mine Project
Mining method
combined
Ownership percent
100 %
Resource basis
gross

Resource Data

Category
indicated
Tonnes
9280000
Grade
2.39
Grade Unit
%
Cutoff Grade
1
Cutoff Unit
% CuEq

Prior Estimate

Resource Date
2025-06-17

Metal Equivalent

Assumptions Disclosed
Yes

Lab

Laboratory
ALS

Review

Needs Review
No
Historical
No

Dates

Event date
2026-06-12T00:00:00.000Z

Reasoning: Significant zinc component in indicated resource.

Positive factors

  • Strong zinc grade for VMS

Evidence · text

“2.39% Zn”

Tags used in scoring

Indicated Resourcepositive

Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: category is "indicated"

Cut-off Disclosedpositive

Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff_grade is stated

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: qp_signed is true

NI 43-101 Compliantpositive

Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.

Why it applies: reporting_standards includes ni_43_101

No Contained Metalnegative

Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained_metal was not reported

PEA-Supportingneutral

Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.

Why it applies: the release names the study this estimate supports

inferredKay Mine Project · goldTonnes: 860000Grade: 1.06Grade Unit: g/tView all details
Link to this fact

Identity

Project
Kay Mine Project
Commodity
gold
Region
usa_az
Reported Region
Arizona, USA
Ticker
AMC

Resource scope

Estimate type
resource
Reporting standards
ni_43_101
QP Signed
Yes
Qualified person names
Allan Armitage, Ben Eggers
Resource group id
resource:20ecfa29f5b241dbda29
Deposit or zone
Kay Mine Project
Mining method
combined
Ownership percent
100 %
Resource basis
gross

Resource Data

Category
inferred
Tonnes
860000
Grade
1.06
Grade Unit
g/t
Cutoff Grade
1
Cutoff Unit
% CuEq

Prior Estimate

Resource Date
2025-06-17

Metal Equivalent

Assumptions Disclosed
Yes

Lab

Laboratory
ALS

Review

Needs Review
No
Historical
No

Dates

Event date
2026-06-12T00:00:00.000Z

Reasoning: Lower grade and lower confidence category.

Negative factors

  • Inferred category is speculative

Evidence · text

“0.86 million tonnes grading 1.06 g/t Au”

Tags used in scoring

Inferred Resourcenegative

Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

Cut-off Disclosedpositive

Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff_grade is stated

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: qp_signed is true

NI 43-101 Compliantpositive

Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.

Why it applies: reporting_standards includes ni_43_101

No Contained Metalnegative

Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained_metal was not reported

PEA-Supportingneutral

Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.

Why it applies: the release names the study this estimate supports

inferredKay Mine Project · silverTonnes: 860000Grade: 15.4Grade Unit: g/tView all details
Link to this fact

Identity

Project
Kay Mine Project
Commodity
silver
Region
usa_az
Reported Region
Arizona, USA
Ticker
AMC

Resource scope

Estimate type
resource
Reporting standards
ni_43_101
QP Signed
Yes
Qualified person names
Allan Armitage, Ben Eggers
Resource group id
resource:20ecfa29f5b241dbda29
Deposit or zone
Kay Mine Project
Mining method
combined
Ownership percent
100 %
Resource basis
gross

Resource Data

Category
inferred
Tonnes
860000
Grade
15.4
Grade Unit
g/t
Cutoff Grade
1
Cutoff Unit
% CuEq

Prior Estimate

Resource Date
2025-06-17

Metal Equivalent

Assumptions Disclosed
Yes

Lab

Laboratory
ALS

Review

Needs Review
No
Historical
No

Dates

Event date
2026-06-12T00:00:00.000Z

Reasoning: Silver byproduct in inferred resource.

Evidence · text

“15.4 g/t Ag”

Tags used in scoring

Inferred Resourcenegative

Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

Cut-off Disclosedpositive

Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff_grade is stated

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: qp_signed is true

NI 43-101 Compliantpositive

Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.

Why it applies: reporting_standards includes ni_43_101

No Contained Metalnegative

Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained_metal was not reported

PEA-Supportingneutral

Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.

Why it applies: the release names the study this estimate supports

inferredKay Mine Project · copperTonnes: 860000Grade: 0.87Grade Unit: %View all details
Link to this fact

Identity

Project
Kay Mine Project
Commodity
copper
Region
usa_az
Reported Region
Arizona, USA
Ticker
AMC

Resource scope

Estimate type
resource
Reporting standards
ni_43_101
QP Signed
Yes
Qualified person names
Allan Armitage, Ben Eggers
Resource group id
resource:20ecfa29f5b241dbda29
Deposit or zone
Kay Mine Project
Mining method
combined
Ownership percent
100 %
Resource basis
gross

Resource Data

Category
inferred
Tonnes
860000
Grade
0.87
Grade Unit
%
Cutoff Grade
1
Cutoff Unit
% CuEq

Prior Estimate

Resource Date
2025-06-17

Metal Equivalent

Assumptions Disclosed
Yes

Lab

Laboratory
ALS

Review

Needs Review
No
Historical
No

Dates

Event date
2026-06-12T00:00:00.000Z

Reasoning: Copper grade in inferred resource.

Evidence · text

“0.87% Cu”

Tags used in scoring

Inferred Resourcenegative

Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

Cut-off Disclosedpositive

Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff_grade is stated

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: qp_signed is true

NI 43-101 Compliantpositive

Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.

Why it applies: reporting_standards includes ni_43_101

No Contained Metalnegative

Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained_metal was not reported

PEA-Supportingneutral

Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.

Why it applies: the release names the study this estimate supports

inferredKay Mine Project · leadTonnes: 860000Grade: 0.2Grade Unit: %View all details
Link to this fact

Identity

Project
Kay Mine Project
Commodity
lead
Region
usa_az
Reported Region
Arizona, USA
Ticker
AMC

Resource scope

Estimate type
resource
Reporting standards
ni_43_101
QP Signed
Yes
Qualified person names
Allan Armitage, Ben Eggers
Resource group id
resource:20ecfa29f5b241dbda29
Deposit or zone
Kay Mine Project
Mining method
combined
Ownership percent
100 %
Resource basis
gross

Resource Data

Category
inferred
Tonnes
860000
Grade
0.2
Grade Unit
%
Cutoff Grade
1
Cutoff Unit
% CuEq

Prior Estimate

Resource Date
2025-06-17

Metal Equivalent

Assumptions Disclosed
Yes

Lab

Laboratory
ALS

Review

Needs Review
No
Historical
No

Dates

Event date
2026-06-12T00:00:00.000Z

Reasoning: Trace lead in inferred resource.

Evidence · text

“0.20% Pb”

Tags used in scoring

Inferred Resourcenegative

Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

Cut-off Disclosedpositive

Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff_grade is stated

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: qp_signed is true

NI 43-101 Compliantpositive

Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.

Why it applies: reporting_standards includes ni_43_101

No Contained Metalnegative

Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained_metal was not reported

PEA-Supportingneutral

Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.

Why it applies: the release names the study this estimate supports

inferredKay Mine Project · zincTonnes: 860000Grade: 1.68Grade Unit: %View all details
Link to this fact

Identity

Project
Kay Mine Project
Commodity
zinc
Region
usa_az
Reported Region
Arizona, USA
Ticker
AMC

Resource scope

Estimate type
resource
Reporting standards
ni_43_101
QP Signed
Yes
Qualified person names
Allan Armitage, Ben Eggers
Resource group id
resource:20ecfa29f5b241dbda29
Deposit or zone
Kay Mine Project
Mining method
combined
Ownership percent
100 %
Resource basis
gross

Resource Data

Category
inferred
Tonnes
860000
Grade
1.68
Grade Unit
%
Cutoff Grade
1
Cutoff Unit
% CuEq

Prior Estimate

Resource Date
2025-06-17

Metal Equivalent

Assumptions Disclosed
Yes

Lab

Laboratory
ALS

Review

Needs Review
No
Historical
No

Dates

Event date
2026-06-12T00:00:00.000Z

Reasoning: Zinc component in inferred resource.

Evidence · text

“1.68% Zn”

Tags used in scoring

Inferred Resourcenegative

Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

Cut-off Disclosedpositive

Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff_grade is stated

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: qp_signed is true

NI 43-101 Compliantpositive

Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.

Why it applies: reporting_standards includes ni_43_101

No Contained Metalnegative

Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained_metal was not reported

PEA-Supportingneutral

Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.

Why it applies: the release names the study this estimate supports

How Atlas produces this analysis

Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.