Mr. Jean-Marc Lulin reports

AZIMUT GRANTS STOCK OPTIONS

On Oct. 26, 2023, Azimut Exploration Inc. granted a total of 1,032,000 stock options to directors, officers, employees and consultants. Of this number, 910,000 have been granted to directors and officers and 122,000 to employees and consultants. These options have an exercise price of 95 cents per share and are exercisable for a 10-year period.

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. Azimut uses a pioneering approach to big-data analytics (the proprietary AZtechMine expert system), enhanced by extensive exploration know-how. The company's competitive edge is based on systematic regional-scale data analysis and concurrently active projects. The company maintains rigorous financial discipline and a strong balance sheet, with 85.2 million shares issued and outstanding.

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