11:45 AM EDT, 06/30/2025 (MT Newswires) -- (Updates shares.)

Arizona Metals ( AZMCF ) traded sharply lower after the company on Monday released an initial mineral resource estimate for the Kay Mine project in Arizona.

The underground MRE includes 9.28 million tonnes grading 1.38 grams per tonne gold, 27.6 g/t silver, 0.97% copper, 0.33% lead and 2.39% zinc in the indicated category. It also includes 0.86 million tonnes grading 1.06 g/t gold, 15.4 g/t silver, 0.87% copper, 0.20% lead and 1.68% zinc in the inferred category. The base-case cut-off grade is 1% copper equivalent.

Copper equivalent MRE grades are 9.28 million tonnes at 3.18% copper equivalent in the indicated category and 0.86 million tonnes at 2.44% copper equivalent in the inferred category.

Following the completion of additional metallurgical test work, a preliminary economic assessment will be released by the end of the year.

Arizona Metals ( AZMCF ) shares were last seen down $0.41 to $1.00 on the Toronto Stock Exchange.

Price: 1.01, Change: -0.40, Percent Change: -28.37