Dr. Jean-Marc Lulin reports

AZIMUT EXPANDS ITS FLAGSHIP ELMER PROJECT WITH THE ACQUISITION OF THE K2 PROPERTY

Azimut Exploration Inc. has entered into a binding purchase and sale agreement with Dios Exploration Inc. to acquire Dios's K2 property adjacent to the Elmer property in the Eeyou Istchee James Bay region of Quebec, Canada.

Under the agreement, Azimut will acquire 100-per-cent interest in 103 claims covering 54.3 square kilometres forming the K2 property for a cash payment of $120,000 and the issuance of 200,000 common shares of Azimut. Dios will retain a 2.0-per-cent net smelter return (NSR) royalty on the K2 claims, subject to a buydown of a 1.0-per-cent NSR royalty for $3-million. The parties were dealing at arm's length. The agreement is subject to approval by the TSX Venture Exchange.

Strengthening the Elmer project

The acquisition of the K2 claims enables Azimut to consolidate its strategic position along the Lower Eastmain Archean greenstone belt, where the company has defined an initial gold resource on the Patwon zone (National Instrument 43-101 Report). The K2 block includes 25 gold and copper-gold-silver prospects and extends the Elmer property by an additional seven kilometres of strike length. The following mineralized settings have been identified on the K2 claims:

• Gold and copper-gold-silver veins, stockworks and fracture fillings within porphyritic felsic intrusions;
• Gold or copper-silver mineralization within sheared felsic volcanic rocks;
• Potential volcanogenic polymetallic mineralization (copper/silver/gold/zinc) hosted in felsic volcanic units.

The prospects of the K2 block further highlight the mineral endowment recognized at the scale of the Elmer property. A scoping study is currently under way to reassess the various growth opportunities at Elmer (see press release dated March 31, 2025). The Patwon gold deposit remains open along strike and at depth, with several drill-ready targets nearby that could expand the resource base. The newly acquired K2 block prospects will also be reassessed, which will contribute to expanding the 2025 work program.

About the Elmer property

The Elmer property now comprises 658 claims (346.6 square kilometres) in one block over a 42.8-kilometre strike length. This includes the 103 claims acquired from Dios as well as 32 additional claims recently acquired by Azimut through map designation. The property lies 285 kilometres north of the town of Matagami, 60 kilometres east of the village of Eastmain and five kilometres west of the paved Billy-Diamond Highway, a major all-season road. The region benefits from excellent infrastructure, including significant road access, a hydroelectric power grid and airports.

Qualified person

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 in the figures supporting this press release. He is acting as the company's qualified person within the meaning of National Instrument 43-101, Standards of Disclosure for Mineral Projects.

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 per ounce) and has a strong exploration upside. Significant exploration activities are planned in 2025 on the Wabamisk (antimony/gold, lithium) and Kukamas (nickel/copper/platinum group element) projects. Azimut also holds a significant position in an emerging district with its Galinee lithium discovery in joint venture with 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.

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