Dr. Jean-Marc Lulin reports

AZIMUT UPDATES ON SURFACE PROGRAM PLANNED AT PILIPAS, JAMES BAY REGION, QUEBEC

Azimut Exploration Inc. has provided an update on the exploration program planned for the Pilipas property in the Eeyou Istchee James Bay region of Quebec, Canada.

Ophir Gold Corp., as operator under the option agreement previously announced (see press release of Dec. 11, 2023), has scheduled an inaugural lithium-focused surface exploration program on the property. Expected to start on May 20, this work will evaluate numerous priority targets identified by Ophir during a data compilation and satellite imagery analysis completed on the property.

The field activities will consist of three to four weeks of geological prospecting, rock sampling and mapping, as well as the completion and interpretation of a property-wide lidar and orthophoto survey. A total budget of approximately $500,000 was presented to the company for this work program. The results from the initial phase will be used to prioritize targets for drill testing later in the field season.

About the Pilipas property

The Pilipas property (135 claims, 70.7 square kilometres) is located along the Billy-Diamond Highway and adjacent to the Munischiwan project (Azimut-SOQUEM joint venture) and Elmer East project (Quebec Precious Metal Corp.). Pilipas is underlain by the Lower Eastmain greenstone belt, part of the La Grande subprovince of the Archean Superior province. Pilipas displays significant exploration potential for lithium-cesium-tantalum (LCT) pegmatites as well as for intrusion-related and volcanogenic massive sulphides gold-copper systems.

Under the option agreement signed in December, 2023, Ophir can acquire up to a 70-per-cent interest in the property by financing $4-million in exploration expenditures, and by making payments totalling six million in shares of Ophir and $100,000 in cash.

Qualified person

Dr. Jean-Marc Lulin (PGeo) prepared this press release as the company's qualified person within the meaning of National Instrument 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. 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 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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