Dr. Jean-Marc Lulin reports

AZIMUT CLOSES $8.7 MILLION PRIVATE PLACEMENT

Azimut Exploration Inc., on May 16, 2025, closed its previously announced non-brokered placement with Centerra Gold Inc. (see news release of April 28, 2025) and issued 9,935,000 common shares to Centerra for gross proceeds of $5,961,000.

On May 16, 2025, the company also closed a concurrent non-brokered private placement with the following entities for additional gross proceeds of $2,751,400:

• Agnico Eagle Mines Ltd. and CDPQ Sodemex Inc. (a wholly owned subsidiary of Caisse de depot et placement du Quebec (CDPQ)) exercised their respective contractual rights to participate in certain equity offerings by the company.
• SIDEX LP, Fonds de solidarite FTQ and NQ Investissement Minier LP (NQIM) subscribed for common shares following the dissemination of the company's news release on April 28, 2025.

In total, 14,520,666 common shares of the company were issued at a price of 60 cents per share for aggregate gross proceeds of $8,712,400.

Azimut welcomes Centerra as new strategic investor. Centerra now owns approximately 9.9 per cent of the issued and outstanding common shares of the company. Azimut believes that the offering reflects a strong support for the company's exploration strategy and the quality of its project portfolio, and that the offering will put the company in a position to generate and advance quality targets for precious metals and critical minerals. The proceeds from the offering will be used by Azimut to expand its exploration activities on its wholly owned Wabamisk (gold-antimony) and Elmer (gold-copper) properties, and for business development and general corporate purposes. Together with the partner-financed exploration planned for the Kukamas (nickel-copper-platinum-palladium), a significant level of activity is expected over the next 12 months. Refundable tax credits ranging from 22.5 per cent to 45 per cent are anticipated to be recovered on qualified exploration expenditures incurred by the company.

In connection with the offering, Azimut has executed an investor rights agreement with Centerra, pursuant to which, subject to certain conditions, Centerra will have the right to participate in future equity issuances to maintain its ownership interest in the company.

Agnico Eagle has subscribed for 833,333 common shares of the company for gross proceeds $499,999.80. The Agnico offering constitutes a related party transaction as defined under Multilateral Instrument 61-101, Protection of Minority Security Holders in Special Transactions, due to the fact Agnico Eagle had, prior to the Agnico offering, beneficial ownership of, or control or direction over, securities of the company carrying more than 10 per cent of the voting rights attached to all the outstanding voting securities of the company. The company is relying on Section 5.5(b) of MI 61-101 for an exemption from the formal valuation requirement under MI 61-101, as the company is not listed on specified markets. The company is relying upon the exemptions from the minority shareholder approval requirements pursuant to Section 5.7(1)(a) of MI 61-101 on the basis that neither the fair market value of the subject matter of, nor the fair market value of the consideration for, the transaction insofar as it involves interested parties (within the meaning of MI 61-101) in the offering and/or the Agnico offering exceeds 25 per cent of the company's market capitalization calculated in accordance with MI 61-101. No formal valuation or other prior valuation has been prepared in respect of the company. A material change report will be filed by the company less than 21 days in advance of the closing date of the Agnico offering as the final details thereof were not settled until shortly prior to the closing of the Agnico offering and the company wished to close the Agnico offering in a timely manner for sound business reasons. Upon closing of the offering, Agnico Eagle beneficially owned, or exercised control and direction over, an aggregate of 11,034,058 common shares of the company, representing approximately 11 per cent of its issued and outstanding common shares.

The offering is subject to the final approval by the TSX Venture Exchange. All securities issued under the offering will have a hold period of four months and one day from the date of closing, in accordance with applicable Canadian securities legislation.

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 gold, copper, nickel and lithium.

The company's wholly owned flagship project, the Elmer gold project, is at the resource stage (311,200 ounces (oz) indicated and 513,900 oz inferred, using a gold price of $1,800 (U.S.) per ounce*) and has a strong exploration upside. Azimut is also advancing the Galinee lithium discovery with its joint venture partner, SOQUEM Inc. In addition, significant exploration progress was made in 2024 on the Wabamisk (antimony-gold, lithium), Kukamas (nickel-copper-PGE (platinum group element)) and Pilipas (lithium) projects.

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 100.4 million shares issued and outstanding.

Qualified person

Dr. Jean-Marc Lulin (PGeo), Azimut's president and chief executive officer, prepared this news 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, Standards of Disclosure for Mineral Projects.

* "Technical Report and Initial Mineral Resource Estimate for the Patwon Deposit, Elmer Property, Quebec, Canada," prepared by Martin Perron, PEng, Chafana Hamed Sako, PGeo, Vincent Nadeau-Benoit, PGeo, and Simon Boudreau, PEng, of InnovExplo Inc., dated Jan. 4, 2024.

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