Mr. Jean-Marc Lulin reports

AZIMUT AND SOQUEM RESUME DRILLING ON THE HIGH-GRADE LITHIUM ZONE AT GALINEE, JAMES BAY REGION, QUEBEC

Azimut Exploration Inc. has resumed diamond drilling on the Galinee property in the Eeyou Istchee James Bay region of Quebec, Canada. A minimum 2,500-metre drilling phase aims to further define and expand the high-grade lithium zone discovered during the maiden program in late 2023.

In addition to drilling the northern part of the project, Azimut will conduct a property-scale comprehensive prospecting phase over the summer to identify additional drill targets along highly prospective sectors on the property. Azimut and its partner, SOQUEM Inc., have ranked the Galinee property as one of their top priorities for 2024. Azimut is the operator of the work program.

Highlights

The previously reported results at Galinee (see press releases of Jan. 9 and Feb. 23, 2024) notably comprise:

• Hole GAL23-001 2.48 per cent Li2O (lithium oxide) over 72.7 metres, including:
  • 3.38 per cent Li2O over 18 m;
  • 3.27 per cent Li2O over 12.7 m.
• Hole GAL23-003 1.56 per cent Li2O over 36.6 m, including:
  • 2.41 per cent Li2O over 21.2 m.
• Hole GAL23-009 2.13 per cent Li2O over 44.1 m, including:
  • 3.35 per cent Li2O over 13 m;
  • 1.13 per cent Li2O over 16.5 m, including:
    • 1.69 per cent Li2O over 9.2 m.
• Hole GAL23-011 1.71 per cent Li2O over 37 m, including:
  • 2.95 per cent Li2O over 15 m;
  • 2.24 per cent Li2O over seven m.
• Hole GAL23-012 1.31 per cent Li2O over 41.3 m, including:
  • 2.68 per cent Li2O over 4.5 m;
  • 2.75 per cent Li2O over 12.7 m.
• Hole GAL23-014 1.63 per cent Li2O over 17.5 m, including:
  • 2.56 per cent Li2O over 5.2 m.
• These high-grade lithium intervals, related to coarse spodumene pegmatite, are interpreted to have intersected the southern extension of the Adina deposit on the adjacent Adina property (Winsome Resources Ltd). Winsome Resources announced an initial inferred mineral resource estimate of 59 million tonnes (Mt) at 1.12 per cent Li2O for the Adina deposit (Winsome Resources' press release of Dec. 11, 2023).
• As currently defined, the lithium zone on Galinee has a strike length of 700 metres and trends roughly east-west. It remains largely open on the property to the east and south, with the variability in thicknesses and grades expected for these types of pegmatitic bodies. The new drilling phase will better define the geometry and true thickness of the pegmatites intersected to date and their relationship to the Adina deposit. Initial data suggest a shallow dip to the south, ranging from subhorizontal to 15 degrees.
• At a much larger scale, the Galinee property displays strong exploration potential supported by Azimut's project database and recently acquired results on surrounding properties belonging to other companies. The region is considered an emerging lithium district. A cumulative 60 kilometres of highly prospective strike length has been outlined on the property (see press release of Feb. 23, 2024).

Drilling contract and analytical protocols

Miikan Drilling Inc., a majority Cree-owned company, has been contracted for the current program. Miikan Drilling is owned by local communities and Chibougamau Diamond Drilling Ltd. of Chibougamau (Quebec). Drilling is conducted with a core diameter of BTW.

Core samples are sent to ALS Laboratories in Montreal, Que., for ICP (inductively coupled plasma) multielement analysis (laboratory codes: ME-MS61, ME-MS89L and ME-ICP82b). Azimut applies industry-standard quality assurance/quality control (QA/QC) procedures to its drilling programs. All batches sent for analysis include certified reference materials, blanks and field duplicates.

About the Galinee property

The Galinee property (649 claims, 335 square kilometres) is a 50/50 joint venture between Azimut and SOQUEM, operated by Azimut. The 36-kilometre-long project is about 50 kilometres north-northwest of the Renard diamond mine (Stornoway Diamonds (Canada) Inc.) and 60 kilometres south of the Trans-Taiga Road, a regional highway.

Qualified person

Dr. Jean-Marc Lulin, PGeo, prepared this press release as Azimut's qualified person within the meaning of National Instrument 43-101. Rock Lefrancois, PGeo, vice-president of exploration, and Francois Bissonnette, PGeo, operations manager, also reviewed the contents of this press release.

About SOQUEM

SOQUEM, a subsidiary of Investissement Quebec, is dedicated to promoting the exploration, discovery and development of mining properties in Quebec. SOQUEM also contributes to maintaining strong local economies. A proud partner and ambassador for the development of Quebec's mineral wealth, SOQUEM relies on innovation, research and strategic minerals to be well positioned for the future.

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, and is one of the province's most active explorers.

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. Azimut maintains rigorous financial discipline and a strong balance sheet, with 85.4 million shares issued and outstanding.

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