Arizona Gold & Silver Secures C$12 Million Strategic Investment from Evolution Mining Subsidiary
August 04, 2026 — Leads & Copy — Arizona Gold & Silver Inc. has entered into an agreement with Evolution Mining Gold Operations Ltd., a wholly owned subsidiary of Evolution Mining Limited, for Evolution to acquire 15,056,004 units of Arizona Gold & Silver by way of a non-brokered strategic private placement. The transaction is valued at approximately C$12 million, with each unit priced at C$0.80.
Each unit consists of one common share and one-half of a common share purchase warrant. The warrants will allow Evolution to acquire an additional common share at C$1.00 per share for three years from the closing date. Following the investment, Evolution is expected to hold approximately 9.9% of Arizona Gold & Silver on a non-diluted basis.
Mike Stark, President and CEO of Arizona Gold & Silver, stated that the strategic investment is an important milestone, noting Evolution Mining’s global recognition and technical reputation. He added that the investment reflects confidence in the company’s team, assets, and long-term vision.
Arizona Gold & Silver plans to 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. Up to 10% of the proceeds, around C$1.2 million, will be used for general and administrative expenses. Priority exploration objectives include expanding the high-grade Perry Zone, testing the Arabian Fault corridor, evaluating the potential beneath Red Hills, and advancing anomalies in the Eastern and Northeastern areas.
Dr. Lex Lambeck, Senior Vice President of Exploration, described the Philadelphia project as a large mineralized system with multiple discovery opportunities. He emphasized the company’s goal to apply district-scale geological thinking, advanced exploration technologies, and disciplined drilling to systematically unlock this potential.
Upon closing, Arizona Gold & Silver and Evolution will enter into an investor rights agreement. Evolution will have the right to participate in future equity issuances to maintain its pro rata interest, top-up rights to preserve its stake during dilutive events, and the right to nominate one member to the company’s Board of Directors or appoint a board observer. Evolution will also have the right to participate in a technical committee in an advisory capacity and a first right of refusal on the sale of a 10% or greater interest in the Philadelphia Project.
The investment is subject to approval from the TSX Venture Exchange and customary closing conditions. Securities issued in connection with the investment will be subject to a four-month-and-one-day statutory hold period.
Evolution Mining Limited is a leading global gold miner with six mines, including five wholly-owned operations and an 80% share in another. Evolution Mining is listed on the Australian Securities Exchange under the ticker ASX: EVN.
Arizona Gold & Silver Inc. is an exploration company focused on precious metal resources in Arizona and Nevada, with a commitment to sustainable practices and innovative exploration techniques. Its flagship asset is the Philadelphia gold-silver property.
Source: Arizona Gold & Silver Inc.
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