Mr. Jean-Marc Lulin reports

AZIMUT ANNOUNCES CLOSING OF $8.18 MILLION BOUGHT DEAL PRIVATE PLACEMENT FINANCING

Azimut Exploration Inc. has closed its previously announced bought deal private placement financing for total gross proceeds of approximately $8.18-million, consisting of 2,442,100 common shares of the company that qualify as flow-through shares (within the meaning of Subsection 66(15) of the Income Tax Act (Canada) and Section 359.1 of the Taxation Act (Quebec)) at a price of $2.0475 per premium FT share, 550,600 common shares of the company that qualify as flow-through shares (within the meaning of Subsection 66(15) of the Income Tax Act (Canada) and Section 359.1 of the Taxation Act (Quebec)) at a price of $1.8165 per FT share and 2,082,100 common shares of the company at a price of $1.05 per hard-dollar share, which includes the exercise of the underwriters' option to purchase 177,300 additional hard-dollar shares.

Pursuant to an investor rights agreement between the company and Agnico Eagle Mines Ltd. dated Feb. 26, 2020, as amended, Agnico has increased its interest in the company from 10.06-per-cent ownership to 12 per cent.

Paradigm Capital Inc. acted as lead underwriter in connection with the offering with a syndicate including Red Cloud Securities Inc. As consideration for the services provided by the underwriters in connection with the offering, the underwriters received (a) a cash commission representing 6.0 per cent of the aggregate gross proceeds from the offering (reduced to 0 per cent for certain subscribers on the president's list of the company); and (b) non-transferable compensation options, representing 3 per cent of the total number of shares sold under the offering, each exercisable for one common share of the company at a price of $1.05 per share until March 28, 2025.

The company will use an amount equal to the gross proceeds received by the company from the sale of the FT shares, pursuant to the provisions in the Income Tax Act (Canada) and the Taxation Act (Quebec), to incur eligible Canadian exploration expenses that qualify as flow-through mining expenditures as both terms are defined in the Income Tax Act (Canada). The company will use an amount equal to the gross proceeds received by the company from the sale of the premium FT shares, pursuant to the provisions in the Income Tax Act (Canada), to incur eligible Canadian exploration expenses that qualify as flow-through critical mineral mining expenditures as such terms are defined in the Income Tax Act (Canada). The company will incur the qualifying expenditures and the critical minerals qualifying expenditures on or before Dec. 31, 2024, and will renounce all such expenditures in favour of the subscribers of the premium FT shares and FT shares, as applicable, effective Dec. 31, 2023. In addition, with respect to Quebec resident subscribers of the premium FT shares and FT shares who are eligible individuals under the Taxation Act (Quebec), the Canadian exploration expenses will also qualify for inclusion in the exploration base relating to certain Quebec exploration expenses within the meaning of Section 726.4.10 of the Taxation Act (Quebec) and for inclusion in the exploration base relating to certain Quebec surface mining expenses or oil and gas exploration expenses within the meaning of Section 726.4.17.2 of the Taxation Act (Quebec). The proceeds from the sale of the hard-dollar shares will be used for exploration and for general corporate purposes.

All securities issued in connection with the offering are subject to a statutory hold period in Canada expiring on Jan. 29, 2024. The offering remains subject to final acceptance of the TSX Venture Exchange.

About Azimut Exploration Inc.

Azimut is a leading mineral exploration company with a solid reputation for target generation and partnership development. The company holds the largest mineral exploration portfolio in Quebec. Its wholly owned flagship, the Elmer gold project, is advancing to the initial resource stage in the James Bay region. Azimut also controls a strategic land position for copper-gold, nickel and lithium.

We seek Safe Harbor.