Mr. Jean-Marc Lulin reports

AZIMUT AND SOQUEM SIGN DEFINITIVE AGREEMENT FOR THE NORTHERN NICKEL CORRIDOR PROJECT

Azimut Exploration Inc. has signed the definitive agreement with SOQUEM Inc. regarding a regional-scale strategic alliance covering 27 claim blocks (1,635 claims), collectively forming the Northern Nickel Corridor (NNC) project in the Eeyou Istchee James Bay region of Quebec, Canada.

Under the terms of the agreement, SOQUEM has the right to earn up to a 60-per-cent interest in the NNC project by incurring cumulative exploration expenditures of $11-million and making cash payments totalling $350,000.

This new Azimut-SOQUEM alliance aims to unlock the nickel potential of a vast, largely underexplored region extending 360 kilometres east-west by 60 kilometres north-south. Other strategic and critical metals (platinum, palladium, copper, cobalt), commonly associated with nickel deposits, will also be included in the exploration objectives.

In 2026, a major high-resolution magnetic-electromagnetic heliborne survey will be conducted to initially assess the claim blocks, followed by a field-based target validation program.

The NNC project represents the northern part of Azimut's James Bay nickel (JBN) project, which the company generated during its regional-scale predictive modelling over an area of 174,200 square kilometres (see press release of July 5, 2022). Exploration work conducted by Azimut in the region since 2022 has led to two significant high-grade nickel discoveries (Perseus zone, W1 zone), which validate this targeting approach. The multiparameter footprints of these discoveries are comparable with the footprints of the targets covered by the 27 claim blocks of the agreement.

Key terms of the agreement

The terms of the agreement are as disclosed in the news release of April 14, 2026. SOQUEM has the option to earn an initial 50-per-cent undivided interest in the NNC project over three years by incurring $5-million in exploration expenditures and making cash payments totalling $200,000. The initial $2-million in expenditures will be a firm commitment. The obligations of the first option are defined according to the following schedule:

• Expenditures totalling $1-million for year 1, $1.5-million for year 2 and $2.5-million for year 3;
• Cash payment of $50,000 on signing a definitive agreement and $50,000 annually thereafter.

SOQUEM will have a second option to earn an additional 10-per-cent interest (for a total of 60 per cent) over three years by incurring $6-million in exploration expenditures and making cash payments totalling $150,000. The obligations of the second option are defined according to the following schedule:

• Expenditures totalling $2-million per year;
• Cash payments of $50,000 per year.

Azimut will act as operator during the first year of the option and SOQUEM will assume the role thereafter.

If either partner's interest in the participating joint venture is diluted below 10 per cent, it will convert to a 2-per-cent net smelter return (NSR) royalty, of which half (1-per-cent NSR) can be repurchased for $3-million.

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. 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 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 focusing its activities on several key high-impact projects:

• Wabamisk (100 per cent Azimut) -- Fortin zone (antimony-gold), third drilling program completed; Rosa zone (gold): second drilling program completed -- assay results pending;
• Wabamisk East (100 per cent Azimut) -- Lithos North & South (lithium): initial phase of drilling completed, assays pending;
• Elmer (100 per cent Azimut) -- Patwon gold deposit at the resource stage (311,200 ounces indicated and 513,900 oz inferred); 10,000 m drilling program under way.
• Kukamas (KGHM option) -- Perseus zone (nickel-copper-platinum group elements): 2026 program in preparation.

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.

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