Mr. Jean-Marc Lulin reports

AZIMUT AND SOQUEM CUT VERY HIGH GRADE LITHIUM DRILL INTERCEPTS ON GALINEE, JAMES BAY REGION, QUEBEC

Azimut Exploration Inc. has released the first set of results from the second phase of diamond drilling on the Galinee property in the Eeyou Istchee James Bay region of Quebec, Canada.

During this second phase, 14 holes were drilled for a total of 3,203.65 metres, including two extended holes (GAL23-012ext and -013ext) and two abandoned holes (GAL24-019 and -027). Excellent visual results from this phase were previously reported ( see press release of April 18, 2024 ) and all assays are still pending except for the hole announced today.

The current campaign, designed to further define and expand the high-grade lithium zone discovered during the maiden drilling program of late 2023 ( see press releases of January 9 and February 23, 2024 ), will continue into the summer. 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 (see Figures 1 to 4, Table 1)

Hole GAL24-020: 2.68% Li 2 O over 54.6 m (from 89.25 m to 143.85 m), including

2.26% Li 2 O over 8.5 m (89.25 m - 97.75 m) and

3.48% Li 2 O over 35.85 m (108.0 m - 143.85 m) This interval was encountered in a white pegmatite cut over a length of 71.8 metres from 75.9 m to 147.7 m along hole (true width undetermined at this stage). The spodumene content was estimated to be up to 40%, except for a strongly mineralized section with up to 70% spodumene over 14.6 metres from 108 m to 122.6 m, with giant crystals reaching up to 1.4 metres long.

Furthermore, hole GAL24-020 yielded significant grades for the following critical elements:

- Cesium: 1,253 ppm Cs 2 O over 39.5 metres (from 82.0 m to 121.5 m)

- Tantalum: 123.6 ppm Ta 2 O 5 over 71.85 metres (from 75.85 m to 147.7 m)

- Gallium: 113.1 ppm Ga 2 O 3 over 53.4 metres (from 90.45 m to 139.5 m)

- Rubidium: 7,242 ppm Rb 2 O over 42.65 metres (from 75.85 m to 118.5 m)

- Peak values of 0.54% Cs2O, 1,133 ppm Ta2O5, 225 ppm Ga2O3, and 2.17% Rb2O

Material Progress for the Galinee Discovery

The first two drilling programs have confirmed a sizeable lithium-rich mineralized system at Galinee:

Currently, the lithium zone has a strike length of 700 metres and trends roughly east-west. It remains largely open on the Property to the east and south. The variability in thickness and grade is as expected for these types of pegmatitic bodies. The discovery at Galinee likely represents the southern extension of the Adina deposit on the adjacent project belonging to Winsome Resources Ltd (see Figure 2).

At Galinee, initial drilling data indicate a generally shallow dip to the south, from subhorizontal to 15 degrees. Additional intercepts from the current program indicate that some pegmatite bodies dip to the north, suggesting that the pegmatite system consists of coalescing branches with variable dips. Hole GAL24-020 intersected at shallow depth at least one of the north-dipping branches and returned very high grade lithium intervals starting at a vertical depth of 80 metres (see Figure 3).

Spodumene crystals generally range from a few centimetres to half a metre long but occasionally reach gigantic sizes (up to 1.65 m). The colour ranges from whitish, greyish-beige to greenish-beige. A portable LIBS (Laser Induced Breakdown Spectroscopy) analyzer was used to confirm the presence of lithium. Other associated minerals include quartz, white feldspar, tourmaline and, less frequently, garnet, apatite, lepidolite, tantalite and maybe pollucite. Holmquistite, a typical lithium-bearing amphibole formed at the margins of lithium-rich pegmatites, is also observed. Dark green amphibolite is the dominant host rock.

Property-scale Exploration

Azimut and SOQUEM consider Galinee's lithium potential to be largely underexplored. In tandem with diamond drilling, Azimut will conduct a comprehensive prospecting phase this summer to identify drill targets in highly prospective areas with a cumulative length of 60 kilometres.

The region is widely considered an emerging lithium district. Winsome Resources Ltd published a mineral resource estimate for the Adina Property, and other companies are rapidly advancing prospects on surrounding properties (see Azimut press releases of June 13 and October 23, 2023; January 9 and February 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 (Quebec) for ICP multi-element analysis (laboratory codes: ME-MS61, ME-MS89L, ME-ICP82b). Azimut applies industry-standard QA/QC procedures to its drilling programs. All batches sent for analysis include certified reference materials, blanks and field duplicates.

SGS Canada (Lakefield, Ontario) has been retained to conduct preliminary metallurgical tests on the mineralization.

About the Galinee Property

The Galinee project (649 claims, 335 km2) is a 50/50 joint venture between Azimut and SOQUEM, operated by Azimut. The 36-kilometre-long property is about 50 kilometres north-northwest of the Renard diamond mine (Stornoway Diamonds (Canada) Inc.) and 60 kilometres south of the Trans-Taiga Road, an all-season regional highway.

Qualified Person

Dr. Jean-Marc Lulin (P.Geo.) prepared this press release as the Company's qualified person within the meaning of National Instrument 43-101. Rock Lefrancois (P.Geo.), Vice President Exploration, and Francois Bissonnette (P.Geo.), Operations Manager, also reviewed the contents of this press release.

About Azimut

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 project, the Elmer Gold Project, has advanced to the resource stage with a strong exploration upside. The Company also controls strategic land positions 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(TM) 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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