Dr. Jean-Marc Lulin reports

AZIMUT COMMENCES DRILLING A MAJOR ANTIMONY-GOLD CORRIDOR ON THE WABAMISK GOLD PROPERTY, JAMES BAY REGION, QUEBEC

Azimut Exploration Inc. has commenced a diamond drilling program that will focus on the recently discovered high-grade antimony corridor (the Fortin zone) on its wholly owned Wabamisk property in the Eeyou Istchee James Bay region of Quebec.

Azimut is proceeding with a 5,000-metre diamond drilling program to assess the corridor's strike and grade continuity. An initial 2,000-metre phase will be completed before the end of the year. Contingent on positive results, the remaining 3,000 metres of drilling will be carried out in early 2025. With approximately $9-million in its treasury, the company is fully financed for this drill program.

The discovery of a high-grade antimony system in Quebec presents a rare opportunity, given the commodity's status as a critical mineral and the current risk of a supply shortage (see explanation below).

As previously disclosed (see press release of Oct. 29, 2024), the 2024 prospecting program has revealed an antimony-rich system demonstrated by channel samples (3.92 per cent antimony over 14.0 metres) and numerous high-grade grab samples (up to 24.8 per cent antimony) collected along a 1.2-kilometre-long strike within the Fortin zone. Gold (up to 7.27 grams per tonne gold in grabs) commonly accompanies antimony. Note that grab samples are selective by nature and unlikely to represent average grades.

Geoscientific data support a minimum 3.5-kilometre length for the antimony-gold exploration corridor. The corridor is related to an extensive shear zone between a thick metasedimentary unit to the north (the Auclair formation) and a mafic volcanic package to the south (the Natel formation). It is marked by a strong antimony footprint in lake sediments, till and soil. The antimony showings (grades higher than 0.5 per cent antimony) correlate well with induced polarization (IP) chargeability anomalies and an axis of moderate magnetic intensity. The spatial distribution of the showings suggests a 30-metre-wide envelope for the mineralized zone.

A recently completed high-resolution magnetic helicopter-borne survey (381 line kilometres covering one kilometre by eight kilometres at 25-metre line spacing) further defines the extent of the target zone. A string of magnetic anomalies, well correlated with antimony showings and IP anomalies, highlights the priority targets to be drilled during the current program.

About antimony supply shortage risk

Antimony is listed as a critical mineral by the Canadian and U.S. governments and the European Commission. Five countries account for about 91 per cent of the world's production, estimated to be 83,000 tonnes in 2023, including China (48.2 per cent) and Tajikistan (25.3 per cent). Antimony is not currently mined in Canada or the United States. In August, 2024, China imposed restrictions on the export of antimony, which led to a significant export reduction in October, increasing the risk of supply disruptions. Prices have risen sharply since the beginning of the year, reaching an all-time high of approximately $34,000 (U.S.) per tonne for antimony metal on the international market in November. For comparative purposes, copper averaged about $9,500 (U.S.) per tonne in November.

Mineral deposit types and grades

Most antimony deposits occur in clastic siliceous sedimentary rocks with significant fault and fracture systems. Stibnite is the most common ore mineral. The main deposit types correspond to hydrothermal systems with antimony as the primary commodity or as a byproduct in gold deposits. Quartz-stibnite and replacement deposits account for most of the current mining production. These deposits typically form the peripheral parts of orogenic and intrusion-related gold deposits. Representative examples include Xikuangshan in China (mining reserves of 11.5 million tonnes at 3.5 per cent antimony in 1980) and Sarylakh in Russia (resources of 2.17 million tonnes at 6 per cent antimony and six grams per tonne gold). Canadian examples include Beaver Brook in Newfoundland and Lake George in New Brunswick. The classic example of an Archean deposit is the past-producing Consolidated Murchison mine in South Africa. The above tonnage and grade references are historical and do not correspond to National Instrument 43-101 standards. This section's main source of information is U.S. Geological Survey Professional Paper 1802-C (2017).

About the Wabamisk property

Wabamisk is a wholly owned project (39.5 kilometres by 9.2 kilometres) comprising 544 claims covering 287.9 square kilometres. It lies 13 kilometres east of the Clearwater property (Fury Gold Mines), 42 kilometres northeast of the Whabouchi lithium deposit (Nemaska Lithium) and 70 kilometres south of the Eleonore gold mine (Newmont). Major power lines pass through or close to the property's eastern end, and the North Road highway passes 37 kilometres to the south. The nearest town is Nemaska, a Cree village municipality 55 kilometres to the southwest.

Geophysics and drilling contracts, analytical protocols, and management

Novatem Inc., based in Mont-Saint-Hilaire, Que., carried out the magnetic helicopter-borne survey. Nouchimi/RJLL Drilling Inc. of Rouyn-Noranda, Que., has been contracted to conduct the drilling program using an NQ-core diameter.

Samples are sent to ALS Laboratories 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. Overlimit antimony assays (1 per cent) are reanalyzed using four-acid digestion and ICP-AES. 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.

The project is under the direction of Alain Cayer, PGeo, project manager.

Qualified person

Dr. Jean-Marc Lulin, PGeo, Azimut's president and chief executive officer, has prepared this press release and approved the scientific and technical information disclosed herein, acting 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, controlling strategic land positions for copper/gold, nickel and lithium. 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 Galinee lithium discovery with its joint venture partner, SOQUEM Inc.

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.

We seek Safe Harbor.