Dr. Jean-Marc Lulin reports

AZIMUT ANNOUNCES FILING OF NI 43-101 TECHNICAL REPORT FOR THE PATWON GOLD ZONE, ELMER PROPERTY, JAMES BAY REGION, QUEBEC

Azimut Exploration Inc. has filed on SEDAR+ an independent technical report prepared in accordance with National Instrument 43-101 for the Patwon gold zone on its 100-per-cent-owned Elmer property in the Eeyou Istchee James Bay region of Quebec, Canada.

The report, titled "Technical report and initial mineral resource estimate for the Patwon deposit, Elmer property, Quebec, Canada," is dated Jan. 4, 2024, and supports the disclosure in a press release issued by the company on Nov. 21, 2023, of an initial mineral resource estimate (MRE) for the Patwon gold zone. There is no difference between the report and the information disclosed in the Nov. 21, 2023, press release.

The report can be found under the company's profile on SEDAR+ and on Azimut's website.

As disclosed in the press release of Nov. 21, 2023, the initial MRE comprises:

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

These mineral resources include:

• Open-pit mineral resources (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 ounces in 4.21 million tonnes grading 2.29 g/t Au.
• Bulk underground mineral resources (1.05 g/t Au cut-off):
  • Inferred: 163,700 ounces in 3.49 million tonnes grading 1.46 g/t Au.
• Selective underground mineral resources (1.90 g/t Au cut-off):
  • Indicated: 2,000 ounces in 22,000 tonnes grading 2.83 g/t Au;
  • Inferred: 39,500 ounces in 520,000 tonnes grading 2.36 g/t Au.

Notes: These mineral resources are not mineral reserves as they do not have demonstrated economic viability. The MRE follows current CIM (Canadian Institute of Mining, Metallurgy and Petroleum) Definition Standards (2014) and CIM MRMR Best Practice Guidelines (2019). The independent and qualified persons (QPs) for the mineral resource estimate, as defined in National Instrument 43-101, are Martin Perron, PEng, Chafana Hamed Sako, PGeo, and Simon Boudreau, PEng, all from InnovExplo Inc. The effective date is Nov. 14, 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 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.

The MRE confirms the quality of the gold mineralization in the Patwon zone and supports additional exploration to further expand the mineral inventory in its vicinity. Furthermore, Azimut considers the 35-kilometre-long Elmer property to remain at an early exploration stage with strong gold potential. Two objectives have been defined for the future drilling program, which is scheduled to commence in March, 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; and
• 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.

Qualified persons

InnovExplo, a mining consulting firm based in Val d'Or, Que., prepared the MRE as defined by National Instrument 43-101 -- Standards of Disclosure for Mineral Projects. The independent qualified persons for the MRE, within the meaning of NI 43-101, are Mr. Perron, PEng, Mr. Hamed Sako, PGeo, and Mr. Boudreau, PEng, all from InnovExplo.

Dr. Jean-Marc Lulin, PGeo, prepared this press release as Azimut's qualified person within the meaning of NI 43-101.

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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