Mr. Jean-Marc Lulin reports

AZIMUT AND CENTERRA AMEND OPTION AGREEMENT FOR THE CORVET AND KAANAAYAA PROPERTIES

Azimut Exploration Inc. has entered into an amendment to the option agreement with a wholly owned subsidiary of Centerra Gold Inc. concerning the Corvet and Kaanaayaa properties in the Eeyou Istchee James Bay region of Quebec, as previously announced on Oct. 13, 2026.

The amendment adjusts the year 6 minimum exploration expenditures under the second phase of the option agreement from $1.5-million to $1.25-million, thereby reducing the total minimum exploration expenditures required under the second option from $10-million to $9.75-million. Accordingly, the aggregate exploration expenditures required for Centerra to earn up to a 70-per-cent interest in the properties have been reduced from $16-million to $15.75-million.

All other material terms of the option agreement remain unchanged, including the cash payments totalling up to $850,000.

The transaction remains subject to acceptance by the TSX Venture Exchange.

As previously disclosed, Centerra is a related party of Azimut within the meaning of Regulation 61-101 -- Protection of Minority Security Holders in Special Transactions. Following the amendment, the aggregate minimum exploration expenditures and cash payments contemplated under the option agreement total $16.6-million. The company has determined that this amount represents less than 25 per cent of its market capitalization, calculated in accordance with MI 61-101. Accordingly, the company intends to rely on the exemption from the minority shareholder approval requirement under Section 5.7(1)(a) of MI 61-101. The exemption from the formal valuation requirement under Section 5.5(b) of MI 61-101, as disclosed in the company's Oct. 13, 2026, press release, remains applicable.

About Azimut Exploration Inc.

Azimut is a leading mineral exploration company with a solid reputation for target generation and partnership development. The company controls strategic land positions for gold, copper, nickel and lithium in Quebec. Azimut is focused on several key high-impact projects:

• Wabamisk and Wabamisk East (100 per cent Azimut), which host the Fortin zone (antimony-gold), Rosa zone (gold), Dome Sector (gold) and Lithos zone (lithium);
• Elmer (100 per cent Azimut), which hosts the resource-stage Patwon deposit (gold) (311,200 ounces indicated and 513,900 oz inferred);
• Kukamas (KGHM option), which hosts the Perseus zone (nickel-PGE).

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, Centerra Gold Inc. and Agnico Eagle Mines Ltd., which hold approximately 12.7 per cent and 11 per cent, respectively, of the company's issued and outstanding shares.

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