Arizona Gold and Silver Miners Boosted by Record Prices in 2026

Investors are watching Arizona experiencing resurgence in exploration driven by record high precious metal prices in 2026, increasing interest in both junior explorers/developers and established operators in the state. 

Well-known gold mining stocks with significant operations or projects in Arizona include Arizona Gold & Silver Inc. (TSXV: AZS) (OTCQB: AZASF), Arizona Metals Corp. (TSX: AMC) and Mako Mining Corp. (Nasdaq: MAKO; TSX-V: MKO). Mako owns two assets in the US: the Moss Mine in Arizona, (an open pit gold mine in northwestern Arizona) and the Mt. Hamilton Project, a fully permitted heap leach project in Nevada.

With Arizona’s mining comeback, a new publicly-traded stock has entered the market. Recently listed on the TSX (March 31), Arizona Eagle Mining Corp. (TSXV: AZEM) is focused on unlocking high-grade gold-silver potential in central Arizona. 

With plans to become a significant player in the state, the company holds 100% of the Eagle Project in Yavapai County, which is centered on the past-producing McCabe Mine.

The McCabe Mine has a historical estimate of 878,000 ounces of gold at a high grade of 11.7 g/t, plus 5 million ounces of silver, which remains open for expansion.

Differentiating itself, the company is using modern exploration methods (VTEM and IP surveys) to 12 untested parallel mineralized zones surrounding the past-producing mine.

The company has also announced significant expansion plans. Arizona Eagle Mining Corp. just announced that it has entered into agreements to acquire 62 acres of patented land that host three past-producing high-grade silver mines: The Arizona National Mine, The Lookout Mine and The Silver Belt Mine (the "Silver Parcels"). These parcels are located on strike with, and approximately one kilometre northeast of, the Company's McCabe gold-silver deposit, where Phase 1 drilling is currently underway.

From the news:

Kevin Reid, Chief Executive Officer of Arizona Eagle, commented:

"We are pleased to announce the strategic acquisition of three past-producing high-grade silver mines, consolidating the Eagle Silver Project, which is located only one kilometre northeast of the gold and silver McCabe Mine. These high-grade silver mines served as major sources of silver production in Arizona until the 1930s. Mining operations at that time were limited to relatively shallow oxidized depths, with the deepest shaft reaching only 150 metres, allowing for the opportunity for further discoveries at depth. These mines have been privately held by multiple parties and dormant for almost 100 years. Our recent surface sampling on the Eagle Silver property has returned grades up to 344 g/t silver, with sampling of the Arizona National Mine waste pile returning grades of up to 861 g/t silver and 15.6 g/t gold.

"Applying the same strategy we are employing at the McCabe gold-silver deposit, we see the opportunity to revive these mines through the application of modern exploration methods and systematic drilling, and we firmly believe that the Eagle Project offers exceptional discovery potential in one of Arizona's most prolific historic gold-silver districts. These acquisitions extend the structural corridor of mineralization northeast of McCabe by 50%, from 3km to 4.5km and will also increase our patented land ownership by 18%, from 348 to 410 acres. Our Phase 1 drill program, focused on the McCabe Mine structure but outside the historic resource estimate, is currently underway and is fully funded. We look forward to delivering results as we advance these highly prospective projects."

The Silver Parcels cover a mineralized structure striking approximately 1.5 kilometres. Surface sampling on these claims by Arizona Eagle (previously reported on February 19, 2025) has returned silver grades including 344 g/t, 255 g/t, 234 g/t, as well as 2.4 g/t gold. Recent testing of the tailings dumps in the first quarter of 2026 adjacent to the Arizona National Mine shaft included a sample that returned a grade of 861 g/t silver, 2.9% zinc, 1.7% lead, and 0.2 g/t gold. A second sample returned 518 g/t silver with 1.3% zinc. A third sample returned 15.6 g/t gold, 297 g/t silver and 1.5% zinc.

Arizona Eagle has entered into agreements with the owners of the Silver Parcels to acquire five parcels totaling 62 acres of patented land. Closing of the acquisitions is expected between June 19 and June 30, 2026, subject to completion of due diligence by the Company.

Arizona National Mine
The Arizona National Mine is comprised of three shafts and seven levels to a depth of 500 feet (150 metres). The deposit was mined intermittently between 1915 and 1931 and reported shipments of silver-lead ore and concentrates (Anderson, 1958).

Lookout Mine
This Lookout Mine is located on the Silver Belt vein, about 1,000 feet southwest of the Arizona National Mine. The mine was last in operation from 1948-1949 and production was reported to consist chiefly of galena (lead sulphide), sphalerite (zinc sulphide) and gold (Anderson, 1958).

Silver Belt Mine
The Silver Belt Mine was discovered in the 1880s and was mined until the 1930s. The mine includes four shafts and at least four underground levels. This deposit was mined to a depth of only 250 feet (80 metres), with grades reported up to 20 ounces per ton silver (600g/t), with 3% lead, 4% zinc and minor gold (Anderson, 1958).

Eagle Project Overview
Arizona Eagle holds a 100% interest in the Eagle Project, located in Yavapai County, Arizona. The Eagle Project is anchored by the past-producing gold and silver McCabe Mine, situated on 348 acres of private land. Stan West Mining historically invested more than US$35 million (approximately C$110 million in today's dollars) to drill and develop the mine. In 1984, Stan West Mining published a historic estimate of approximately 878,000 ounces of gold grading 11.7 g/t and 5 million ounces of silver grading 69 g/t, defined to a maximum depth of approximately 440 metres and open in all directions.

Over the past two years, Arizona Eagle has expanded its total land position to 4,169 acres through staking and acquisitions surrounding the McCabe Mine. During this time, the Company completed exploration programs focused on geological mapping, surface sampling, helicopter-borne VTEM surveys and ground-based induced polarization surveys that identified multiple parallel mineralized structures that have not been historically drill tested.

Phase 1 Drill Program
In the first quarter of 2026, the Company initiated a fully-funded Phase 1 drill program totaling approximately 4,500 metres. The drill program is designed in part to explore the lateral and vertical continuity of the McCabe veins in and around the historic resource. The drill program is expected to conclude in June 2026. Core samples from the initial drill holes have been submitted for laboratory analysis, with assay results pending. A second core drill rig is scheduled to mobilize to the Eagle Project in July 2026 for further drilling of both the McCabe Mine and Eagle Silver Project.

Full news and images

https://www.arizonaeaglemining.com/_resources/news/nr_20260420.pdf

Mako Mining Corp. (Nasdaq: MAKO; TSX-V: MKO) recently reported Q1 2026 Production Results with Record Production of 13,721 Au oz.

From the news:

Akiba Leisman, Chief Executive Officer of Mako states that “Q1 2026 was another very strong quarter for the Company. Gold sales were a record 13,721 ounces at a record average gold price of $4,904 per ounce, generating $68.6 million in revenue for the quarter, which was 36% higher than last quarter, which in turn was the previous record for the Company by over 30%. Cash and trade receivables increased by $18 million after paying a previously accrued $13.2 million annual tax payable. Moss is continuing to ramp-up to steady state production.

During Q1 2026, the Moss Mine maintained strong safety and environmental performance, completing the quarter with no lost-time injuries and no reportable environmental incidents. Operations remained in compliance with all applicable safety and environmental regulations, underscoring the site’s commitment to safe and responsible operations. Operational performance improved compared to the fourth quarter of 2025 (“Q4 2025”). Mining activities were more consistent throughout the quarter, and processing performance improved month over month, with March representing the strongest operating month to date. These improvements were supported by better equipment availability and more stable plant operations. Gold ounces placed on the heap leach pad and gold recovered through processing increased compared to the prior quarter, reflecting improved operational consistency and steady performance across the mining and processing areas.

In mid- March Arizona Gold & Silver Inc.(TSXV: AZS) (OTCQB: AZASF) reported an agreement dated March 9, 2026 with arm’s length institutional investors Sorbie Bornholm LP and Sorbie Investments LLP for CDN$18 million dollars.

From the news:

The investment is structured through a 22.5 million unit placement, representing an ~18% premium to the 5-day VWAP. Funds will be allocated to advance exploration and development at the Company’s flagship Philadelphia Gold-Silver Project in Arizona, expand drilling programs led by SVP of Exploration Dr. Lex Lambeck across prospective vein & stockwork systems, and support continued technical and operational progress in one of the most historically productive precious metals districts in Arizona.

Arizona Gold & Silver continues to advance the Philadelphia Gold-Silver Project located near the historic Oatman Mining District in northwestern Arizona, an area that has produced more than two 1/2 million ounces of gold from high-grade epithermal vein systems (NI 43-101 Technical Report, Philadelphia Property, Mohave County, Arizona, Section 7). Ongoing exploration programs have focused on expanding mineralization along the Philadelphia vein and testing additional targets across the Company’s broader land package, with drilling confirming the continuity and potential scale of gold-silver mineralization at both shallow & deeper depths. Information disclosed from adjacent properties is not necessarily indicative to the mineralization on the property that is the subject of the disclosure.

Looking at mining in Arizona there are a lot of check marks; Arizona ranks 1st globally in mineral potential and is the top producer of copper in the United States, producing over 60-70% of the nation's supply.

Arizona is ranked 2nd globally for investment attractiveness, offering a stable, low-risk regulatory climate with a clear "mining-friendly" framework for permitting.