Dr. Jean-Marc Lulin reports

AZIMUT RESUMES DRILLING AT ELMER AND DISCOVERS A COPPER-GOLD SHOWING BY PROSPECTING

Diamond drilling has resumed on Azimut Exploration Inc.'s 100-per-cent-owned Elmer property in the Eeyou Istchee James Bay region of Quebec, Canada. The minimum 3,000-metre program will test high-potential shallow-depth targets (see press release of April 16, 2024). Azimut believes the Elmer property has excellent exploration potential, which could significantly increase the mineral resources already identified on the project. Currently, estimated resources for the Patwon gold zone amount to 311,200 ounces at 1.93 grams per tonne gold indicated and 513,900 ounces at 1.94 grams per tonne gold inferred (see press release of Jan. 4, 2024).

Another positive step is the discovery by Azimut's prospecting team of a new significant copper-gold showing on the project. Azimut has consistently reiterated its confidence in the potential for additional surface discoveries along the 35-kilometre-long property.

The Equinox showing, located 14 kilometres east of the Patwon zone, is a quartz-vein mineralized zone with disseminated chalcopyrite and bornite. It appears as a steeply dipping east-west-trending zone, at least 100 metres long by 30 metres wide, and is open in all directions. Lithologies in the vicinity are a felsic intrusion, iron formations and metasediments.

The best grades obtained from the initial grab sampling program reached 5.29 per cent copper, 1.02 grams per tonne gold, 51.7 grams per tonne silver, 0.10 per cent bismuth and 54.3 grams per tonne tellurium. Note that grab samples are selective by nature and unlikely to represent average grades. Natural Resources Canada lists copper, bismuth and tellurium as critical minerals.

Follow-up fieldwork (detailed prospecting) is under way. A soil geochemical survey will also assess this target area, notably defined by a kilometre-scale intrusion-iron formation contact.

About the Elmer property

The Elmer property comprises 516 claims (271.8 square kilometres) over a 35-kilometre strike length. It lies 285 kilometres north of the town of Matagami, 60 kilometres east of the village of Eastmain and five kilometres west of the paved Billy Diamond Highway, a major all-season highway. The region benefits from excellent infrastructure, including significant road access, a hydroelectric power grid and airports.

Drilling contracts and analytical protocols

Miikan Drilling Inc., a majority Cree-owned company, has been contracted to conduct the current drilling program. Miikan Drilling is owned by local communities and Chibougamau Diamond Drilling Ltd. of Chibougamau, Que. Drilling is performed with a core diameter of BTW.

Samples are sent to ALS in Val d'Or, Que., where gold is analyzed by fire assay, with atomic absorption and gravimetric finishes for grades above 3.0 grams per tonne gold. Samples are also analyzed for a 48-element suite using ICP (inductively coupled plasma). Azimut applies industry-standard quality assurance/quality control procedures to its drilling programs. All batches sent for analysis include certified reference materials, blanks and field duplicates.

Qualified persons

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

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, is at the resource stage (311,200 ounces indicated; 513,900 ounces inferred) and has a strong exploration upside. Azimut is also advancing a significant lithium discovery on the Galinee property (a joint venture with SOQUEM). The company controls strategic land positions in the province for copper/gold, nickel and lithium.

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

Other active field projects include (see press release of June 11, 2024):

• Galinee (lithium) and Pikwa (lithium) -- 50/50 Azimut-SOQUEM joint venture;
• Kaanaayaa (lithium) -- Rio Tinto option;
• Kukamas (gold/copper and nickel/copper) -- KGHM option;
• Pilipas (lithium) -- Ophir option.

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