Dr. Jean-Marc Lulin reports

AZIMUT PROVIDES UPDATE ON ITS EXPLORATION ACTIVITIES IN QUEBEC

Azimut Exploration Inc. has provided an update on its 2024 summer exploration activities in the Eeyou Istchee James Bay region of Quebec. This field season stands out as one of the most productive ever for the company. Work programs over 17 properties will be completed by the end of October, with a collective minimum budget of $10-million, including $6-million provided by the company's partners. The results, which will be regularly disclosed as they become available, will be used to guide follow-up work.

Azimut is a Quebec-focused explorer with the province's largest mineral portfolio. The company uses an advanced targeting methodology (AZtechMine) and a multicommodity strategy focused on gold, copper, nickel and lithium (see press release dated June 11, 2024). This approach is applied to enhance the probability of success while mitigating the exploration and commodity market risks.

Nine of the programs are self-financed, four are co-financed under joint ventures with SOQUEM, and the other four are partner financed under option agreements with Rio Tinto, KGHM and Ophir Metals. A total of 3,001 rock, 1,385 till (glacial sediments) and 504 lake sediment samples have been collected since the start of the field season, and 3,449 metres have been drilled on the Elmer project. Drilling is continuing at Pilipas.

Main completed programs are summarized in the attached tables.

Other 2024 exploration work on Azimut's properties includes:

• Chromaska (nickel/chromium, 100 per cent Azimut):
  • Prospecting: 36 grab samples from outcrops (completed);
• Corne (nickel/copper, 100 per cent Azimut):
  • Infill lake sediment geochemical survey: 132 samples (completed);
• Mercator (nickel/copper, 100 per cent Azimut):
  • High-resolution remote sensing analysis (in progress);
  • Infill lake sediment geochemical survey: 130 samples (completed);
  • Prospecting (planned);
• Mercator West (gold, 100 per cent Azimut):
  • Prospecting (planned);
• Salamandre (formerly JBL13) (lithium, 100 per cent Azimut):
  • Infill lake sediment geochemical survey: 27 samples (completed);
  • High-resolution remote sensing analysis (in progress);
  • Prospecting (planned);
• Dalmas (lithium, SOQUEM joint venture):
  • Till sampling and prospecting (in progress).

Qualified person

Dr. Jean-Marc Lulin, PGeo, prepared this press release as Azimut's qualified person within the meaning of National Instrument 43-101, Standards of Disclosure for Mineral Projects. Rock Lefrancois, PGeo, vice-president of exploration, also reviewed the contents of this press release.

Corporate information

Agnico Eagle Mines Ltd. and Azimut have entered into an amended and restated investor rights agreement, pursuant to which, among other things, Agnico Eagle was granted the right to participate in future equity issuances and top up its holdings in relation to certain dilutive issuances in order to maintain its pro rata ownership in Azimut at the time of such issuance or to acquire up to a 15-per-cent ownership interest, on a partially diluted basis, in Azimut.

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 and 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 85.6 million shares issued and outstanding.

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