On June 30th, Arizona Metals released the maiden resource estimate for its Kay polymetallic project in Arizona, revealing a smaller-than-expected scale and triggering a 29% share price plunge to C$1—the lowest level in four years. The indicated resource stands at 9.28 million tonnes grading 1.39 g/t gold, 27.6 g/t silver, 0.97% copper, 0.33% lead, and 2.39% zinc, containing 415,000 oz. gold, 8.25 million oz. silver, 197.9 million lbs copper, 67.3 million lbs lead, and 490.1 million lbs zinc. BMO Capital Markets noted that while grades were slightly better than expected, tonnage was significantly below forecasts. The firm had expected between 14–18 million tonnes, and has lowered its target price from C$2.75 to C$2.00, while maintaining an “Outperform” rating. Arizona Metals emphasized that the deposit remains open for expansion. Metallurgical testing is ongoing, and a Preliminary Economic Assessment (PEA) is expected in H2 2025. First production is targeted for the 2030s. The company also plans to drill an additional 10,000 metres in the second half of the year. Discovered in the 19th century, Kay has seen intermittent mining but has remained idle since a cave-in shut operations in 1956.