Dr. Jean-Marc Lulin reports

AZIMUT ANNOUNCES INITIAL MINERAL RESOURCE ESTIMATE FOR THE PATWON GOLD ZONE, ELMER PROPERTY, JAMES BAY REGION, QUEBEC

Azimut Exploration Inc. has released the results of the initial mineral resource estimate (MRE) for the Patwon gold zone on its 100-per-cent-owned Elmer property in the Eeyou Istchee James Bay region of Quebec:

• Indicated resources: 311,200 ounces in 4.99 million tonnes grading 1.93 grams per tonne Au;
• Inferred resources: 513,900 ounces in 8.22 million tonnes grading 1.94 g/t Au.

The MRE, prepared according to National Instrument 43-101, confirms the quality of the gold mineralization in the Patwon zone and supports additional exploration to further expand the mineral inventory. Two objectives have been defined for the coming drilling program, which is scheduled to commence in early 2024:

• Expand the Patwon gold zone, which remains open near surface along strike, using shallow drill holes from surface down to a vertical depth of 300 metres;
• Follow up on significant gold-bearing zones along shear zones directly on strike or subparallel to Patwon. The main drill-ready target zones have a cumulative strike length of 20.5 kilometres.

Highlights:

• The initial MRE comprises:
  • Open-pit mineral resources using a 0.55 g/t Au cut-off:
    • Indicated: 309,200 ounces in 4.97 million tonnes grading 1.93 g/t Au;
    • Inferred: 310,700 oz in 4.21 Mt grading 2.29 g/t Au;
  • Bulk underground mineral resources using a 1.05 g/t Au cut-off:
    • Inferred: 163,700 oz in 3.49 Mt grading 1.46 g/t Au;
  • Selective underground mineral resources using a 1.90 g/t Au cut-off:
    • Indicated: 2,000 oz in 22,000 tonnes grading 2.83 g/t Au;
    • Inferred: 39,500 oz in 520,000 tonnes grading 2.36 g/t Au.
• As noted above, the MRE considers three potential mining methods for Patwon. The MRE is based on approximately 60,609 metres of diamond drill core in 167 holes drilled by Azimut between November, 2019, and March, 2023.
• Three-dimensional modelling of the gold zone indicates that Patwon remains open along strike and at depth. Incremental drilling at shallow depth along strike could add resources to the initial MRE. Patwon is currently defined along a strike length of 600 metres from surface to a vertical depth of 860 metres (900 m down dip), with an average estimated true width of 35 metres and a dip of 75 degrees to the north. The open-pit resources are defined from surface to a maximum depth of 376 m. The key geologic features of the zone are described in the press release issued on June 29, 2023.
• A sensitivity analysis indicates low variability of the MRE under various gold price and cut-off grade scenarios, underscoring the robustness of the Patwon gold zone.
• Preliminary metallurgical tests indicate non-refractory free-milling gold that is easily recoverable through a combination of gravity circuit and conventional cyanide leaching. Recovery rates reach up to 94 per cent, with gravity recoveries up to 37 per cent (see press releases of May 4 and Nov. 21, 2021).
• Several target areas outside the Patwon zone have been tested by 15,554 metres of diamond drill core in 75 holes drilled by Azimut. The results from these programs have been very encouraging (see press release of June 29, 2023). Follow-up drilling is part of the work planned for 2024.

Exploration upside

Azimut considers the 35-kilometre-long Elmer property to remain at an early exploration stage with strong gold potential supported by the following salient features:

1. A favourable geological and structural context:
   • Archean greenstone belt dominated by felsic intrusions, felsic volcanics and gabbroic sills;
   • Extensive shear zones along the belt;
   • Low-grade greenschist metamorphic window over a large part of the property;
   • Close to a major geological subprovince boundary.
2. The presence of numerous gold prospects outlining a highly prospective area 12 kilometres long by three kilometres wide, containing frequent high-grade gold values often accompanied by a broad and consistent alteration footprint (silver-bismuth-molybdenum-lead-sulphur-tellurium-tungsten);
3. A low level of exploration maturity with limited follow-up drilling on many of the property's prospects.

Main target zones

Four extensive target areas (Patwon East, Patwon West, Wolf -- A21, Gabbro) have been reassessed and prioritized for follow-up drilling (see press release of June 29, 2023):

Patwon East:

• A gold-bearing shear zone at least 2.3 kilometres long;
• Good correlation with induced polarization anomalies;
• 10 mineralized holes, including:
  • ELM22-225: 1.35 g/t Au over 8.87 m, including 15.30 g/t Au over 0.57 m;
  • ELM21-088: 122 g/t Au, 160 g/t Ag, 307 g/t Te over 0.50 m;
  • ELM22-202: 4.29 g/t Au over 0.95 m.

Patwon West:

• A gold-bearing shear zone at least 3.5 kilometres long;
• Surface mineralization grading up to 12.65 g/t Au (grab samples). Note that grab samples are selective by nature and unlikely to represent average grades;
• Two holes with significant mineralized intercepts:
  • ELM20-043: 1.90 g/t Au over 1.70 m;
  • ELM20-045: 0.52 g/t Au over 1.50 m.

Wolf -- A21:

• A 12-kilometre-long trend of altered felsic volcanics, with gold-rich polymetallic potential (gold, copper, zinc, silver volcanogenic target);
• Surface mineralization grading:
  • 19.25 g/t Au over one m (channel sample);
  • 12.03 g/t Au over 1.75 m (channel sample);
  • Up to 58.2 g/t Au (grab samples).
• Seven drill holes with significant mineralized intercepts, including:
  • ELM21-107: 3.70 g/t Au over 0.70 m;
  • ELM22-212: 0.30 g/t Au over 17 m, including 2.55 g/t Au over one m.

Gabbro:

• A gold-bearing shear zone at least 2.7 kilometres long;
• Surface mineralization grading up to 77.8 g/t Au, 167 g/t Ag (grab samples);
• Nine holes with significant mineralized intercepts, including:
  • ELM22-183: 1.06 g/t Au over 2.16 m;
  • ELM22-185: 1.38 g/t Au over 1.50 m;
  • ELM22-187: 0.40 g/t Au over 7.75 m, including 2.85 g/t Au over 0.75 m;
  • ELM22-182: 2.51 g/t Au over 0.50 m.

About the Elmer property

The Elmer property comprises 515 claims (271.3 square kilometres) over a 35-kilometre strike length. It lies 285 kilometres north of the town of Matagami, 60 kilometres east of the village of Eastmain and five kilometres west of the paved Billy-Diamond Highway, a major all-season paved highway. The region benefits from excellent infrastructure, including significant road access, a hydroelectric power grid and airports.

Qualified persons

InnovExplo Inc., a mining consulting firm based in Val d'Or, Que., prepared the MRE as defined by NI 43-101. The independent QPs, within the meaning of NI 43-101, are Martin Perron (PEng), Chafana Hamed Sako (PGeo) and Simon Boudreau (PEng), all from InnovExplo.

Dr. Jean-Marc Lulin (PGeo) prepared this press release as Azimut's QP within the meaning of NI 43-101. Rock Lefrancois (PGeo), vice-president, exploration, Francois Bissonnette (PGeo), operations manager, Brigitte Dejou (PEng), senior consultant, and Lise Chenard (PEng), senior consultant, have also reviewed the content of this press release.

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 (Canada). Its wholly owned flagship project, the Elmer gold project, has advanced to the resource stage with a strong exploration upside. The company also controls a strategic land position for copper-gold, nickel and lithium.

The company uses a pioneering approach to big data analytics (the proprietary AZtechMine expert system) enhanced by extensive exploration know-how. Azimut'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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