Dr. Jean-Marc Lulin reports

AZIMUT AND SOQUEM SELL THEIR PIKWA PROPERTY TO PMET RESOURCES, JAMES BAY REGION, QUEBEC

Azimut Exploration Inc. has signed a sale and purchase agreement with PMET Resources Inc. for the Pikwa property in the Eeyou Istchee James Bay region of Quebec. The property is a 50/50 joint venture between the company and Soquem Inc. and is located adjacent to PMET's Shaakichiuwaanaan lithium project.

This transaction aligns with the company's objective to focus on its flagship assets while maintaining exposure to an emerging lithium district through its equity ownership in PMET and retained royalties.

Under the agreement, PMET will acquire a 100-per-cent interest in the property by issuing 420,958 shares each to Azimut and Soquem, representing a total consideration of $3.1-million based on the 20-day volume-weighted average price of PMET's common shares on the Toronto Stock Exchange. In addition, Azimut and Soquem will each retain a 1.0-per-cent NSR (net smelter return) royalty on the property. For a 24-month period, the share consideration will be subject to resale restrictions, whereby 65 per cent of the share consideration may only be sold if the 20-day VWAP exceeds $5, $10 and $12, with one-third of these shares released at each milestone.

The Pikwa property (509 claims; 261 square kilometres) covers part of the same greenstone belt hosting the Shaakichiuwaanaan lithium project and lies directly on strike with the major lithium pegmatite trend identified on that project. Azimut and Soquem's exploration work on Pikwa has confirmed the presence of spodumene in pegmatite outcrops and spodumene crystals in till samples. This supports the potential of the Shaakichiuwaanaan trend to extend onto Pikwa.

The parties were dealing at arm's length. The agreement is subject to customary closing conditions for a transaction of this nature, including obtaining approval of the TSX.

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

Amendments to the Azimut stock option plan

The board of directors has approved amendments to the company's stock option plan in accordance with the provisions of Policy 4.4 of the TSX. Azimut has increased the number of common shares reserved for future issuance under the option plan by 1,862,000 for a total of 10,052,000, representing approximately 9.99 per cent of the 100,629,310 issued and outstanding common shares of the company as of Nov. 11, 2025. The amendment is subject to the approval of the TSX.

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. Azimut is concurrently advancing several high-potential projects:

• Wabamisk (100 per cent Azimut) -- Fortin zone (antimony/gold): Results for seven holes are pending and will be reported as soon as they are received;
• Rosa zone (gold): Drilling is in progress.
• Elmer (100 per cent Azimut): The Patwon gold deposit is at the resource stage (311,200 ounces indicated and 513,900 ounces inferred); an internal scoping study is in progress; a field assessment of the K2 claim block is also in progress.
• Wabamisk East (Rio Tinto option) -- Lithos North and South (lithium): A comprehensive field evaluation is under way to prepare for the drilling phase.
• Kukamas (KGHM option) -- Perseus zone (nickel/copper/platinum group elements): The drilling phase completed; assay results are pending and will be reported as soon as they are received.

The company also holds an important position in an emerging lithium district with its Galinee discovery, a joint venture project with Soquem.

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.

Azimut has two strategic investors among its shareholders: Agnico Eagle Mines Ltd. and Centerra Gold Inc., which hold approximately 11 per cent and 9.9 per cent, respectively, of the company's issued and outstanding shares.

We seek Safe Harbor.