Dr. Jean-Marc Lulin of Azimut reports

AZIMUT ARRANGES STRATEGIC INVESTMENT BY CENTERRA GOLD

Azimut Exploration Inc. has entered into a subscription agreement with Centerra Gold Inc. for a non-brokered private placement of 9.43 million common shares of the company at a price of 60 cents per share for gross proceeds of $5,658,000. Centerra will become a strategic investor in the company, acquiring approximately 9.9 per cent of the issued and outstanding common shares following completion of the offering.

Centerra's investment supports Azimut's strategy to create value through greenfield discoveries in Quebec, Canada. The company has demonstrated its ability to generate and advance quality targets for precious metals and critical minerals. Following the closing of the offering, Azimut will be in a strong position to expand its exploration activities on its wholly owned Wabamisk (gold-antimony) and Elmer (gold-copper) properties. The proceeds from this offering will be used for conducting exploration work on the company's 100-per-cent-owned properties (including Elmer and Wabamisk), and for business development and general corporate purposes. Together with the partner-financed exploration planned for the Kukamas (nickel-copper-platinum-palladium), a significant level of activity is expected over the next 12 months. Refundable tax credits ranging from 22.5 per cent to 45 per cent are anticipated to be recovered on qualified exploration expenditures incurred by the company.

The offering is expected to close on or about May 14, 2025, subject to certain conditions, including the approval of the TSX Venture Exchange and the execution of an investor rights agreement (IRA) with Centerra. Under the IRA and subject to certain conditions, Centerra will have certain rights, including the right to participate in future equity issuances to maintain its ownership in the company. All securities issued under the offering will have a hold period of four months and one day from the date of closing, in accordance with applicable Canadian securities legislation.

About Centerra Gold Inc.

Centerra Gold is a Canadian-based gold mining company focused on operating, developing, exploring and acquiring gold and copper properties in North America, Turkey and other markets worldwide. Centerra owns and operates the Mount Milligan mine in British Columbia, Canada, and the Oksut mine in Turkey. It also owns exploration and development assets and operates the molybdenum business unit in Canada and the United States.

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. Azimut is also advancing the Galinee lithium discovery with its joint venture partner, Soquem Inc. In addition, significant exploration progress was made in 2024 on the Wabamisk (antimony-gold, lithium), Kukamas (nickel-copper-platinum-group-elements) and Pilipas (lithium) projects.

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.

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

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