Dr. Jean-Marc Lulin reports

AZIMUT AND KGHM LAUNCH EXPLORATION CAMPAIGN AT KUKAMAS

A comprehensive partner-financed exploration program is commencing on Azimut Exploration Inc.'s Kukamas property, located in the Eeyou Istchee James Bay region of Quebec, Canada. The property is subject to an option agreement with KGHM International Ltd. Azimut is the operator.

This press release also reports new assay results for the complete suite of platinum group elements (PGEs), further confirming the high-grade PGE content of the Perseus nickel zone discovered in 2024.

2025 exploration program

The $3.6-million exploration program will comprise two phases of work:

• Phase 1 -- detailed mapping, prospecting and advanced reprocessing of high-resolution electromagnetic and magnetic helicopter-borne data;
• Phase 2 -- 4,000 metres of diamond drilling planned for late summer, based on results of phase 1.

The primary objective is to follow up on the significant progress in 2024 with the discovery of the Perseus zone, confirmed by five drill holes, all of which yielded excellent results (see press releases of Sept. 23, 2024, Oct. 28, 2024, and Jan. 20, 2025). Perseus is a high-grade nickel and PGE mineralized system associated with komatiitic volcanics. The features of the mineralization (high-grade nickel, high nickel-copper ratio, high palladium-platinum ratio) and the lithological context highlight a fertile system, with similarities to Archean Kambalda-type komatiitic nickel deposits, exemplified by the Kambalda district in Western Australia.

Previously reported results notably include:

• 2.98 per cent nickel, 0.32 per cent copper and 2.25 grams per tonne PGE over 8.0 metres, including 3.74 per cent nickel, 0.41 per cent copper and 2.82 grams per tonne PGE over 6.0 metres (channel);
• 1.10 per cent nickel, 0.15 per cent copper and 1.02 grams per tonne PGE over 9.0 metres, including 1.42 per cent nickel, 0.19 per cent copper and 1.36 grams per tonne PGE over 6.0 metres (channel);
• 1.64 per cent nickel, 0.11 per cent copper and 1.12 grams per tonne PGE over 8.5 metres, including 3.55 per cent nickel, 0.19 per cent copper and 2.19 grams per tonne PGE over 2.5 metres; and 0.90 per cent nickel and 0.32 gram per tonne PGE over 9.05 metres (hole KUK24-001);
• 8.42 per cent nickel, 0.55 per cent copper and 7.25 grams per tonne PGE over 1.9 metres (hole KUK24-002);
• 0.81 per cent nickel and 0.52 gram per tonne PGE over 24.2 metres, including 1.63 per cent nickel, 0.14 per cent copper and 1.61 grams per tonne PGE over 1.25 metres; and 3.46 per cent nickel, 0.21 per cent copper and 2.44 grams per tonne PGE over 0.75 metre (hole KUK24-003);
• 6.06 per cent nickel, 0.38 per cent copper and 3.34 grams per tonne PGE over 2.6 metres, including 19.6 per cent nickel, 0.81 per cent copper and 9.43 grams per tonne PGE over 0.75 metre; and 3.18 per cent nickel, 0.15 per cent copper and 1.17 grams per tonne PGE over 1.7 metres (hole KUK24-007).

The Perseus zone remains open in all directions. In addition, several underexplored, kilometre-scale, ultramafic formations identified on the property during previous reconnaissance mapping are considered strong nickel exploration targets. The property also has gold and copper-gold targets, which will be further assessed.

Reporting of additional assay results for PGEs (Table 1)

Thirty selected high-grade nickel samples from the Perseus zone, all with grades higher than 3.0 per cent nickel, ranging from 3.46 per cent to 19.60 per cent nickel, were analyzed for the complete suite of PGEs, including platinum, palladium and the rarest PGEs -- rhodium, iridium, ruthenium and osmium:

• These nickel samples are commonly associated with high palladium grades ranging from 1.16 grams per tonne palladium to 12.15 grams per tonne palladium and high platinum grades up to 3.65 grams per tonne platinum.
• These samples also returned significant grades for the rarest PGEs, with up to 1.16 grams per tonne rhodium, 0.43 gram per tonne iridium, 2.75 grams per tonne ruthenium and 0.45 gram per tonne osmium, adding significant potential value to the Perseus zone. For indicative purposes only, the current prices (in U.S. dollars) of the following PGEs are: $5,325 per ounce for rhodium, $4,150 per ounce for iridium and $615 per ounce for ruthenium (prices as of May 27, 2025; source: Johnson Matthey).
• Gold and tellurium contents are also anomalous, with grades up to 1.13 grams per tonne gold and 32.1 grams per tonne tellurium, respectively.

About the Kukamas property

Kukamas covers a cumulative strike length of 41 kilometres and comprises 665 claims in two claim blocks for a total surface area of 337.8 square kilometres. The project benefits from major infrastructure, including high-voltage power lines, and its proximity to the Trans-Taiga Road (an all-weather regional highway four kilometres to the south) and the La Grande-3 airstrip and hydroelectric generating station. The closest town is Radisson, 80 kilometres to the west-northwest.

Analytical methods

Thirty high-grade samples of the Perseus zone, with grades ranging from 3.46 per cent to 19.60 per cent nickel, were selected for additional analysis and sent to ALS Laboratories in Johannesburg, South Africa, where they were analyzed for the complete suite of platinum group elements (platinum, palladium, rhodium, iridium, osmium and ruthenium) by nickel sulphide collection fire assay and ICP-MS finish. These samples consist of 19 sawed grab samples collected from the discovery outcrop, four one-metre-long channel samples from the same outcrop and seven sawed half-core drill core samples. Note that grab samples are selective by nature and unlikely to represent average grades.

Project management and qualified person

Rock Lefrancois, PGeo, Azimut's vice-president, exploration, is responsible for project management.

Dr. Jean-Marc Lulin, PGeo, Azimut's president and chief executive officer, prepared this press release and approved the scientific and technical information disclosed herein, including the previously reported results presented by Azimut. He is acting as the company's qualified person within the meaning of National Instrument 43-101, Standards of Disclosure for Mineral Projects.

About KGHM International Ltd.

KGHM International is a subsidiary of Polish corporation KGHM Polska Miedz SA, a leading producer of copper and silver for over 60 years, with mining projects in Europe, North America and South America. Under the option agreement, KGHM can acquire an initial 50-per-cent interest in the property from Azimut by financing $5-million in work expenditures over four years. KGHM has a second option to earn an additional 20-per-cent interest according to certain terms and conditions, which include delivering a preliminary economic analysis (PEA) and incurring work expenditures of at least $4.2-million over three years (see press release of Dec. 8, 2022).

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 indicated and 513,900 ounces 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 and lithium), Kukamas (nickel-copper-PGE) 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.

We seek Safe Harbor.