07:18 AM EDT, 06/03/2024 (MT Newswires) -- Arizona Metals ( AZMCF ) said on Monday that it is deferring a shareholder vote on the company's planned spin-out of its assets, citing the need to further evaluate the proposals.

Under the plan, the company will spin off two new companies that will each own the Sugarloaf Peak gold project and the newly-created net smelter return royalty on the Kay Mine project.

Arizona Metals ( AZMCF ) made the change after the recent appointments of Duncan Middlemiss as president and CEO as well as Jacques Perron as chair.

"As new management I believe we need more time to fully evaluate the merits of the spin-out proposals and therefore have chosen to defer the vote," Middlemiss said. "The next phase of my mandate is to define the plan on what will deliver long-term value for our shareholders."

Arizona Metals ( AZMCF ) will hold its annual shareholders' meeting on June 28.