Mr. Jean-Marc Lulin reports

AZIMUT AND SOQUEM UNCOVER EXTENSIVE LITHIUM TARGETS ON THE GALINEE PROPERTY, JAMES BAY REGION, QUEBEC

Azimut Exploration Inc.'s 2024 field exploration program has defined extensive new lithium targets on the Galinee property in the Eeyou Istchee James Bay region of Quebec, Canada.

The targets result from a combination of systematic till sampling and project-scale prospecting, which highlighted new prospective zones with a cumulative length of approximately 18 kilometres. Boulders grading up to 5.36 per cent Li2O (lithium oxide) have been found in poorly outcropping areas in the northeastern part of the property, where the glacial sediments (till) contain significant amounts of spodumene crystals. Another promising sector, returning up to 2.85 per cent Li2O in boulders, was identified within a 10-kilometre zone in the northwestern part. Follow-up activities will prioritize this new target area.

These results further underscore the project's strong exploration potential within an emerging lithium district. The spring 2024 drilling program yielded wide intervals of high-grade mineralization in the northernmost part of the property, including 1.62 per cent Li2O over 158.0 metres, 2.48 per cent Li2O over 72.7 metres and 2.68 per cent Li2O over 54.6 metres (see press release of June 19, 2024). Galinee is one of the priorities among the joint venture projects between Azimut and SOQUEM Inc. Additional results from the field programs conducted this summer on other Azimut projects (see press release of Sept. 9, 2024) will be reported as they become available. Significant progress is expected, notably on the Elmer (gold/copper), Wabamisk (gold/antimony), Kukamas (nickel/copper/platinum group elements) and Pilipas (lithium) projects.

Highlights:

• Systematic till sampling (851 samples) was conducted along lines spaced 1.0 kilometre to 1.5 kilometres apart, perpendicular to the southwestern glacial direction and geological strike, with samples taken at an average interval of 100 metres along the lines. Ultraviolet light was used to identify spodumene grains in the sieved coarse fractions of five-kilogram samples, with confirmation by portable LIBS (laser-induced breakdown spectroscopy) analyzer and/or binocular microscope. Two hundred fifty-three till samples (29.7 per cent) contain at least one crystal and up to 30 crystals of spodumene per sample. This innovative field approach allows large areas to be rapidly assessed at relatively low cost.
• Follow-up prospecting of the spodumene-bearing sectors led to the discovery of mostly angular to subangular spodumene pegmatite boulders in two areas. Although outcrops are rare over most of the property (less than 5 per cent), the overburden is estimated to be relatively thin, on the order of 10 metres. For this reason, the presence of boulders coincident with spodumene-bearing till suggests proximal spodumene pegmatite bodies in the bedrock.
• In addition, the multielement geochemical footprint in the fine fraction of the till samples roughly coincides with previously reported lake sediment geochemistry results for lithium and cesium, which led to the initial recognition of prospective corridors on the project (see press release of Feb. 23, 2024).

Analytical protocols

Fifty-four grab rock samples were collected, including 16 from outcrops and 38 from boulders. Note that grab samples are selective by nature and unlikely to represent average grades. Rock samples were sent to ALS Laboratories in Montreal, Que., for ICP multielement analysis (laboratory codes: ME-MS61, ME-MS89L).

The fine fractions of the till samples were sent to Actlabs in Ancaster, Ont., for ICP ultratrace multielement analysis (laboratory code: UT-4). Assay results have been received for 793 samples, with 58 assays still pending. Azimut applies industry-standard quality assurance/quality control procedures to its sampling programs.

About the Galinee property

Galinee (649 claims; 335 square kilometres) is a 50/50 joint venture project between Azimut and SOQUEM, operated by Azimut. The 36-kilometre-long property lies 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. The region is widely considered an emerging lithium district. Winsome Resources Ltd. recently published a preliminary economic assessment and mineral resource estimate for the adjacent Adina property, and other companies are rapidly advancing prospects on surrounding properties (see Azimut's press releases of June 13, 2023, Oct. 23, 2023, Jan. 9, 2024, and Feb. 23, 2024).

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. Rock Lefrancois, PGeo, vice-president of exploration, also reviewed the content 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 and 513,900 ounces inferred) and has a strong exploration upside. Azimut is also advancing the lithium discovery at Galinee 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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