Fully Permitted High Grade Gold Mine in

Arizona – Near Term Gold Producer

CORPORATE PRESENTATIONMay 2021

TSX:AZGOTCQB: AGAUFwww.arizona-gold.com

Cautionary 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, ifcommenced, 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, rateof production, expected cash costs, expected increase in milling capacity, exploration potential at the Copperstone Mine, proposed debt restructuring and financing, share capitalization anddirector ownership. These forward-looking statements entail various risks and uncertainties that could cause actual results to differ materially from those reflected in these forward-lookingstatements. 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 suchstatements. 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 whichmineral 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 depositcommercially 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 geologicalmodels; 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 ArizonaGold 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 thesecurities 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 performancemeasures 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 reportingcash costs per gold ounce, the Company follows the recommendations of the Gold Institute standard. The Company believes that, in addition to conventional measures, prepared inaccordance 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 additionalinformation 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 NationalInstrument 43-101.

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Investment HighlightsFocussed 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

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Senior 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.

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.

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.

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.

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.

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Capital Structure

Directors & Officers - 33%

Retail Investors – 35% Funds & Family

Offices - 32%

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Shares & Balance Sheet (Expressed in Millions)

Shares Outstanding 346.1

Options Outstanding 23.2

Share Purchase Warrants (Note 1) 69.2

Fully Diluted 438.5

Market Capitalization Cdn.$45

Cash, March 31, 2021 (Note 2) Cdn.$9.5

Notes:

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

Copperstone Gold MineHigh Grade Underground Mine Located in Arizona USA

Globally Ranked in Top 10

Mining Jurisdictions

Arizona Detachment

Fault Corridor

Fully Permitted in

Q1 -2020

CALIFORNIA

NEVADA

COPPERSTONE

ARIZONA

Phoenix

12,259 acres or 50 Square Kilometers land position

Skilled Work Force

Infrastructure In Place

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Near Term Production

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Permitted 600 TPD Mill PlusUS$110M of Infrastructure In Place

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2019-20 Key De-risking Project Milestone Achieved

➢ Advanced metallurgical testing program with plus 95% Recovery

➢ Completed successful 5,000 meters of underground drilling in 2019

➢ 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

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2021 - 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.

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2018 Preliminary Feasibility Results

Note 1: 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.

Note 2: Significant historical tax pools available from the predecessor company of approximately US$70 million which will offset the effective tax impact.

Note 3: 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

Note 4: 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.

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Current Project Timeline *

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* Timeline Subject to Delivery of Lead Order Items, Detailed Engineering and Final Capital Cost Estimates.

Drilling Results – 2019 to 2021

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2018 Resource Estimate

* 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

➢ 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

Inferred Resource*

145,700 oz @ 6.81 g/tIndicated Resource*

276,100 oz @ 7.63 g/t

Proven & Probable**

175,093 oz @ 6.79 g/t

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Copperstone Mine – Long Section View M,I & I Resources Copperstone & Footwall Zones

150m=500K oz

Past Production

@ 3g/t

108m=422 oz

Published 2018

(M,I &I)

Strike Length for Measured & Indicated & Inferred 1,550m – Copperstone and Footwall Zones

Existing workings

4,300 meters

Existing open pit

OPENOPEN OPEN

A Zone B Zone C Zone D Zone

Inferred

Measured & Indicated Proven & Probable

Inferred

Footwall Zone Copperstone Zone

Pathway to Plus 1 Million Ounces with Multiple Targets

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16

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Detachment Fault System – Scale PotentialMultiple Parallel Zones

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Source: USGS Keith R Long Preliminary Descriptive Deposit Model for

Detachment Fault Related Model

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.

Detachment Fault System

Multi-Million Ounce Resource Potential Parallel Zones to the Copperstone Zone

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(1) 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 signatureas Copperstone zone and intercepts of 8 to 32 g/t

(5) Blue Pearl Targets Three Targets of same geophysical signature and size as Copperstoneorebody

(6) Deep South: Historic drill holes with high-gradegold intercepts

Several Advanced Exploration Targetshaving multi-million ounce potential

have yet to be tested

SOUTH-WEST

Targets

COPPERSTONE

ZONE

P&P, M,I&I

FOOTWALL ZONE

Inferred Resources

BLUE PEARL

Three TargetsMeasured & Indicated

Inferred

5

1

2

DEEP SOUTH &

SOUTH PIT

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2021 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.

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2019 Underground Drilling Results

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.

* 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.

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2019 Resource Expansion Highlights4,300 Meters of Underground Development and Drill Stations

Existing Underground Access

Existing Open Pit

18-0218-37

18-01

18-03

18-17

18-05

18-11

18-18

18-08A18-38

18-10

18-3618-07

18-09

18-12A

18-34

18-0418-21A

18-21

18-20

18-1318-5D

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2019 Resource Expansion Highlights Drill Stations Close View Looking West

Drill Station

18-21Drill Station

18-21A

3.0m @

12.8 g/t

6.1m @

4.26 g/t

16.8m @

40.0 g/t10.7m@

17.49 g/t

Drill Station

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D Zone (Inferred)*

D Zone (Inferred)*

C Zone (Inferred)*

3.0m @

3.66 g/t

6.1m @

15.02 g/t

3.0m @

8.51 g/t

18-21-09A

18-21-04

18-21A-05

18-20-11

3.0m @

2.87 g/t

18-20-02

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2021 Surface Drilling Results

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.

* 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.

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2021 Surface Expansion Highlights Gold Intercepts Relative to Representative Ore Domains

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2021 Underground Drilling Results

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2021 Underground Expansion Highlights Hole Locations- Results with Representative Ore Domains Shown- Plan View

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TSX: AZG | OTCQB: AGAUF www.arizona-gold.com

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