Arizona Gold & Silver Inc. has closed its non-brokered strategic private placement with Evolution Mining Gold Operations Ltd., raising aggregate gross proceeds of approximately C$12 million.

Under the transaction, Evolution Mining Gold Operations Ltd., a wholly owned subsidiary of Evolution Mining Limited, acquired 15,056,004 units of Arizona Gold & Silver at a price of C$0.80 per unit. Each unit consists of one common share and one-half of one common share purchase warrant. Each whole warrant entitles Evolution to acquire one common share at a price of C$1.00 for a period of three years. The placement gives Evolution an approximate 9.9% equity interest in the company on a non-diluted basis, or 14.1% on a partially-diluted basis if warrants are exercised in full.

Arizona Gold & Silver will allocate at least 90% of the gross proceeds—approximately C$10.8 million—to accelerate exploration at its flagship Philadelphia Gold-Silver Project in Arizona’s historic Oatman Mining District. The remaining funds, up to approximately C$1.2 million, are designated for general and administrative expenses. The 2026 exploration program will focus on growing the high-grade Perry Zone, testing the Arabian Fault corridor, evaluating Red Hills, and advancing hyperspectral anomaly targets.

“This strategic investment marks an important milestone for Arizona Gold & Silver,” said Mike Stark, President and CEO. “Evolution Mining is a C$23 billion globally recognized gold producer with an outstanding technical reputation. Its investment reflects confidence in our team, our assets, and our long-term vision”

In connection with the investment, the companies entered into an investor rights agreement. Subject to customary conditions and ownership thresholds, Evolution receives the right to participate in future equity issuances to maintain its pro rata interest, top-up rights in connection with dilutive events, and the right to nominate one member to the Arizona Gold & Silver board or appoint a board observer. Evolution also gains the right to participate in a technical committee in an advisory capacity and holds a first right of refusal over the sale of a 10% or greater interest in the Philadelphia Project.

Read the full announcement: Arizona Gold & Silver Closes $12 million CAD Strategic Investment by Evolution Mining