Dr. Jean-Marc Lulin reports

AZIMUT ANNOUNCES DISCOVERY OF SPODUMENE PEGMATITES AT PILIPAS, JAMES BAY REGION, QUEBEC

Azimut Exploration Inc. has discovered spodumene-bearing pegmatite outcrops on the Pilipas property in the Eeyou Istchee James Bay region of Quebec, Canada. Ophir Metals Corp. (formerly Ophir Gold Corp.), as operator under the option agreement, is completing an inaugural lithium-focused surface exploration program on the property (see press releases of Dec. 11, 2023, and May 14, 2024).

A spodumene-bearing pegmatite occurrence was discovered on the property at the Highway showing (HW1). This spodumene pegmatite is open in multiple directions with an approximate strike length of over 150 metres and width of up to 30 m. The outcrop is situated in close proximity to infrastructure and approximately 200 m east of the Billy Diamond Highway. Spodumene mineralization was also identified in a separate trend 500 m south of the HW1 showing, with seven additional discontinuous pegmatite outcrops recognized over a strike length of approximately 450 m.

Drilling is planned later in the 2024 field season.

Exploration activities on the Pilipas property

A comprehensive prospecting program was completed over the entire property with more than 460 grab samples collected. A large number of pegmatite outcrops were confirmed in the field and sampled. Assay results are pending and will be used to vector toward favourable zones for lithium mineralization. At the HW1 showing, spodumene crystals up to 50 centimetres in size were observed. This zone is outcropping over an approximately 150 m strike length and up to 30 m in width. It remains open to north and west.

In addition, spodumene mineralization was also identified approximately 500 m to the south of the HW1 showing, in seven discontinuous pegmatite outcrops ranging from one to five m wide and over a strike length of approximately 450 m.

Work will continue on the prospective trend defined between the HW1 outcrop and the Ninaaskuwumin pegmatite outcrop (Quebec Precious Metals) situated approximately 3.7 km to the southeast.

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 JV) and Elmer East project (Quebec Precious Metals 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.

The Pilipas property is located along strike with the Munischiwan project (Azimut-SOQUEM JV), which displays many of the similar geological features and has yet to be assessed for lithium mineralization.

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. Azimut has reviewed the initial field data provided by Ophir which acts as operator for the property.

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. Azimut also advances a significant discovery made in joint venture with SOQUEM at the Galinee lithium project.