Mr. Jean-Marc Lulin of Azimut Exploration reports

AZIMUT COMMENTS ON TWO NEWS RELEASES FROM ACTIVIST SHAREHOLDERS

Azimut Exploration Inc. is commenting on the inaccurate news releases issued by activist shareholders Coloured Ties Capital Inc. and Bullrun Capital Inc. on March 3, 2023, and March 14, 2023.

After carefully considering both news releases and the allegations contained therein, the board of directors of Azimut concluded that the news releases contain numerous inaccuracies, mischaracterizations and false statements. Azimut cautions investors not to form an opinion based on the disparaging and misleading comments issued by the Bullrun group and, instead, strongly encourages them to consult credible sources, including Azimut's filings with the Canadian securities regulatory authorities.

The board, like the bulk of shareholders it regularly engages with, is confident in the company's overall strategic plan and corporate governance practices. The recent re-election of all company's directors at the annual general meeting of shareholders, with support ranging between 92.5 per cent and 99.9 per cent of the shares voted at the meeting, demonstrates that shareholders endorse the company's current leadership and business strategy (see press release dated March 3, 2023).

Azimut shareholders know that engagement has always been at the forefront of Azimut's governance practices, and the company remains committed to engaging with its diverse stakeholders. Contrary to the allegations made in the news releases by the Bullrun group, Azimut has demonstrated openness to the group's repeated requests for meetings and communications. However, rather than engage constructively, the Bullrun group has adopted bullying tactics in an attempt to drive its self-interested agenda forward. Azimut has engaged in conversations and written exchanges with the group on several occasions regarding its intent to acquire a participation in several of Azimut's properties. Following those exchanges, which have unfortunately escalated to multiple harassing and belligerent messages, the board determined that the propositions of the Bullrun group were not compelling for Azimut or its shareholders, and the board concluded that it was not in the company's best interest to further engage with the Bullrun group at that time.

The board remains committed to defending the organization against false and misleading statements; however, shareholders should be assured that Azimut's focus will remain on advancing its business, executing its strategy and creating sustainable long-term shareholder value.

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. Its wholly owned, flagship Elmer gold project is actively advanced to the initial resource stage in the James Bay region. Azimut also controls a strategic land position for copper-gold, nickel and lithium. At least 10 work programs are planned for 2023, including an aggressive, lithium-focused field assessment phase as early as possible after the winter season.

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 and concurrently active projects. Azimut is led by a team with a wide range of national and international expertise in the mining industry, including technical, financial and legal experience from exploration to production. The company maintains rigorous financial discipline and a strong balance sheet.

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