Mr. Jean-Marc Lulin reports

AZIMUT AND KGHM RESUME DRILLING ON THE PERSEUS HIGH-GRADE NICKEL-PGE DISCOVERY AT KUKAMAS, JAMES BAY REGION, QUEBEC

Azimut Exploration Inc. has started a minimum 4,000-metre diamond drilling program in order to further define the Perseus high-grade nickel-PGE (platinum group element) discovery and test additional targets on the Kukamas property in the Eeyou Istchee James Bay region of Quebec, Canada. The initial field discovery as well as the results of the maiden 1,998-metre drilling campaign were reported in press releases dated Sept. 23, 2024, Jan. 20, 2025, and May 29, 2025. The property is subject to an option agreement with KGHM International Ltd., with Azimut acting as the operator.

The objectives of the 4,000-metre drilling program are as follows:

• Expand the Perseus zone at depth and along strike with 2,200 metres of drilling; Perseus is open in all directions;
• Test new targets, principally north of Perseus along a 1.6-kilometre favourable geological and geophysical trend with 1,200 metres of drilling.

The Perseus zone: a possible analogue of the Kambalda type in Quebec

• At Perseus, high-grade nickel results (often greater than 3 per cent Ni (nickel), and up to 19.6 per cent Ni) are commonly associated with high palladium grades ranging from 1.16 g/t Pd to 12.15 g/t Pd, and high platinum grades up to 3.65 g/t Pt.
• These samples also returned significant grades for the rarest platinum group elements (PGE), with up to 1.16 grams per tonne rhodium, 0.43 g/t iridium, 2.75 g/t ruthenium and 0.45 g/t osmium, adding significant potential value to Perseus (the PGE grades reported below refer only to the sum of Pt and Pd values). Gold and tellurium contents are also anomalous, with grades up to 1.13 g/t Au and 32.1 g/t Te, respectively.
• These features (high-grade Ni, high Ni/Cu ratios often greater than 10, high Pd/Pt ratios often greater than three) and the lithological context (komatiites with high MgO content up to 40 per cent) highlight a fertile system, with similarities to Archean Kambalda type komatiitic nickel deposits, exemplified by the major Kambalda mining district in Western Australia. In this district, about 22 deposits have been discovered with total production from 1976 to 2020 reaching 51 Mt (million tonnes) at 3.1 per cent Ni, with individual sulphide lenses ranging from 0.5 to 5.0 Mt.

Some of the best results from the Perseus zone disclosed to date are shown in the attached table.

Predrilling work program

Preparatory work has been conducted since May and included:

• Detailed mapping covering komatiite sequences over the East claim block;
• Advanced reprocessing of electromagnetic VTEM Plus and magnetic data by Abitibi Geophysics;
• Very high-resolution heliborne magnetic and VLF electromagnetic survey by Novatem to cover the detail mapped area, with a three km by 3.4 km flown at a 25-metre line spacing for a total of 455 line kilometres.

Salient results

• Detailed mapping led the company's technical team to make dramatic progress in the understanding of the geological context. At least seven distinct and extensive komatiitic flow sequences over a north-northwest-strike extent of three kilometres, often in contact with sulphide-bearing iron formations, have been mapped and represent a minimum 300-metre-thick ultramafic package.
• This volcanic package (the Perseus complex) may be subdivided into a thick central effusive zone and relatively thinner lava flows along the northern extension of the complex. The entire stratigraphic sequence is steeply dipping with a consistent west-facing polarity.
• Several strong heliborne electromagnetic anomalies (VTEM Plus, VLF) correlate well with komatiitic flows proximal to sulphide-bearing metasedimentary rocks, along the 1.6-kilometre-long Perseus North trend.
• This overall framework strongly supports the potential for discovering additional zones comparable with Perseus. This zone is characterized by at least two stacked massive sulphide horizons related to komatiitic units at various levels in the flow sequence. One massive sulphide layer transitions into a brecciated mineralized facies (komatiite fragments with sulphide cement), interpreted to occur at the base of a lava flow embayment. Above the massive sulphide horizons, net-textured and disseminated nickel mineralization occurs. Beneath one of these horizons, very rarely described but diagnostic interspinifex sulphides have been observed.

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.

Drilling contract, analytical protocols and project management

Orbit Garant Drilling Inc. of Val d'Or, Que., is conducting the drilling program with NQ core diameter. All holes are surveyed down hole with a gyroscopic instrument.

Sawed half core drill samples are sent to ALS Laboratories in Val d'Or, Que., for analysis. Samples are analyzed for a 48-element suite by four-acid digestion and ICP-MS finish, for gold by fire assay and atomic absorption or ICP-AES finish, and for platinum and palladium by fire assay and ICP-AES finish. Overlimit nickel assays (10,000 ppm) are reanalyzed using four-acid digestion and ICP-AES finish. Azimut applies industry standard QA/QC (quality assurance/quality control) procedures to its drilling programs. All batches sent for analysis include certified reference materials, blanks and field duplicates.

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

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 oz inferred using a gold price of $1,800 (U.S.) per ounce) and has a strong exploration upside. Significant exploration activities are continuing on the Wabamisk (antimony-gold), Wabamisk East (lithium) and Kukamas (nickel-copper-PGE) projects. Azimut also holds a significant position in an emerging district with its Galinee lithium discovery, a joint venture project 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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