Dr. Jean-Marc Lulin reports

AZIMUT UNDERTAKES NEW MINERAL RESOURCE ESTIMATE ON THE PATWON GOLD DEPOSIT, JAMES BAY REGION, QUEBEC

A new National Instrument 43-101 mineral resource estimate (MRE) is under way for the Patwon gold deposit following the completion of its 2026 diamond drilling program -- the results of which are reported below -- on its wholly owned Elmer property in the Eeyou Istchee James Bay region of Quebec, Canada. In addition, the company has conducted fieldwork on the property to further assess its copper-gold targets.

The updated MRE is supported by the latest drill results and reflects the current higher gold price. After this step, the company will determine the best way to further advance the property. Several parties have recently expressed interest in the project. Azimut is concurrently advancing other major projects, particularly Wabamisk (see press release of Oct. 26, 2026), where significant drilling is planned for later this year and in 2027.

Drilling at Patwon targeted the deposit's extensions using widely spaced (100-metre to 200-metre) holes to the east and west, which intersected additional gold-bearing mineralization near the current resource shell. The two most significant intercepts outside the resource shell are:

• Eastern stepout:
  • 3.15 grams per tonne gold over 7.05 m from 481.15 m to 488.20 m;
  • Including 5.01 g/t Au over 4.30 m in hole ELM26-265;
• Western stepout:
  • 2.26 g/t Au over 8.00 m from 383.00 m to 391.00 m in hole ELM26-259.

2026 drilling program -- upside potential along strike

Based on a systematic review of previous drilling data, the 2026 program targeted areas close to the current Patwon resource shell boundary where the deposit remains open.

Ten holes (ELM26-259 to ELM26-268) were drilled for a total of 5,407.05 metres, with drilling operations ending in mid-June. The campaign was initially planned for 10,000 metres but was shortened due to severe winter conditions. Significant results are presented in Table 1. These results support systematic additional drilling at 50-metre stepouts from the resource shell to continue expanding the deposit.

In addition, drilling is warranted to continue testing targets along the eastern and western strike extensions of Patwon along the Elmer structural corridor. In particular:

• A strong gold anomaly identified by till sampling 3.6 kilometres to the east with grades of up to 583 g/t Au in dense mineral concentrates (see press release of March 31, 2025);
• A 14-kilometre-long target zone to the west, where prospecting and limited drilling have identified gold and copper-gold showings extending to the K2 area.

Update to the 2023 initial resource estimate

Norda Stelo of Val d'Or, Que., has been retained to prepare an updated NI 43-101 MRE to include the 2026 drill results, updated costs and gold price assumptions. The updated MRE is expected to be completed by the end of 2026.

The current NI 43-101-compliant mineral resource estimate for Patwon, completed in 2023, yielded the following estimate using a gold price of $1,800 (U.S.) per ounce:

• Indicated resources: 311,200 ounces in 4.99 million tonnes grading 1.93 g/t Au;
• Inferred resources: 513,900 ounces in 8.22 million tonnes grading 1.94 g/t Au.

The 2023 MRE provided the following estimate using a gold price of $2,160 (U.S.) per ounce, the highest price considered by the sensitivity analysis:

• Indicated resources: 324,800 ounces in 5.71 million tonnes grading 1.76 g/t Au;
• Inferred resources: 585,400 ounces in 10.85 million tonnes grading 1.68 g/t Au.

In this latter case ($2,160 (U.S.)), the open-pit portion comprises 322,900 ounces at 1.76 g/t Au (indicated) and 363,600 ounces at 2.04 g/t Au (inferred).

2026 field program

Drilling was followed by a focused geological mapping program during the summer, which also entailed:

• Reprocessing and merging of airborne geophysical surveys and field investigations of electromagnetic anomalies;
• Mechanical stripping;
• Channel and grab sampling (86 channel samples and 38 grab samples);
• Lithogeochemical sampling for bedrock characterization (69 samples).

With the acquisition of the K2 claims in mid-2025 (see press release dated July 3, 2025), the Elmer property now covers a significant land position over a 43-kilometre stretch of the Elmer structural corridor hosting the Patwon gold deposit as well as two felsic intrusive-volcanic sequences of the Lower Eastmain Archean greenstone belt. The felsic sequences exhibit extensive alteration and are considered highly prospective for volcanogenic polymetallic mineralization. Numerous historical gold, silver, copper and zinc showings within the felsic sequences remain underexplored, with limited or no drilling.

The 2026 surface program focused on the northern felsic sequence, which encompasses a 12-kilometre-long trend extending from the A21 showing to the AJ-2 showing. In 2024, grab samples in the Wolf North area returned grades of up to 5.09 g/t Au, 172 g/t Ag and 7.53 per cent Cu, highlighting the potential for volcanogenic massive sulphides along the trend (see press release dated March 31, 2025). Please note that grab samples are selective by nature, unlikely to represent average grades, and may not represent true underlying mineralization.

The geological mapping covered a nine-kilometre segment of the northern felsic sequence, across the Wolf North, Lac Boulder and AJ-2 showings. The work uncovered several metric to decametric sulphide-mineralized horizons as well as extensive zones of intense alteration typically associated with volcanogenic massive sulphide deposits. To the west of the AJ-2 showing, alteration assemblages of quartz-black chlorite-magnetite and sericite-andalusite-garnet were documented. Full analytical results are pending, and the team is compiling the geological and geochemical data.

About the Elmer property

The Elmer property comprises 658 claims (346.6 square kilometres) in a single block covering a 42.8-kilometre strike length. The property lies 285 kilometres north of the town of Matagami, 60 kilometres east of the village of Eastmain and 5 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.

Drilling contracts, analytical protocols and management

Nouchimi-RJLL Drilling Inc. of Rouyn-Noranda, Que., conducted the drilling program with one rig using NQ core diameter.

Sawed half-core drill core samples were sent to Activation Laboratories (Actlabs) in Val d'Or. Gold analyses were performed using PhotonAssay technology, a non-destructive X-ray analytical method that directly measures gold content in crushed rock samples. Samples were also analyzed for a 48-element suite using ICP. Azimut applies industry-standard QA/QC procedures to its drilling and prospecting programs. All batches sent for analysis included certified reference materials, blanks and field duplicates.

The project is under the direction of Rock Lefrancois, PGeo, Azimut's vice-president, exploration.

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 in the table supporting this press release. He is acting as the company's qualified person within the meaning of NI 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 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 ounces inferred);
• Kukamas (KGHM option), which hosts the Perseus zone (nickel/platinum group element);
• Nickel North corridor (Soquem option) for its nickel/copper/PGE potential;
• Corvet and Kaanaayaa (Centerra Gold Inc. option) for their gold and copper potential.

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 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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