Mr. Jean-Marc Lulin reports

AZIMUT TO CONDUCT 10,000-METRE DRILL PROGRAM TO EXPAND THE PATWON GOLD DEPOSIT ON THE ELMER PROPERTY, JAMES BAY REGION, QUÉBEC

Azimut Exploration Inc. will start a new work phase aiming to expand the Patwon gold deposit on its wholly owned Elmer property in the Eeyou Istchee James Bay region of Quebec, Canada. This program follows the internal scoping study conducted by Azimut in 2025 and is strongly supported by the current gold price (see the press release of March 31, 2025).

The planned 10,000-metre diamond drill program will initially focus on expanding the known gold resource and testing well-defined targets in close proximity to Patwon. Contingent on positive results, this phase will be followed by an updated National Instrument 43-101 mineral resource estimate using prevailing gold price assumptions and a preliminary economic assessment (PEA).

Building on the 2023 gold resource estimate

The National Instrument 43-101-compliant mineral resource estimate for Patwonii, completed in 2023 (the 2023 MRE), 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 grams per tonne 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 a grade of 1.76 g/t Au (indicated) and 363,600 ounces at a grade of 2.04 g/t Au (inferred).

Resource growth potential

A systematic review of previous drilling data indicates potential for resource growth to the west, directly along strike with known resources at relatively shallow depths between 300 and 700 metres. The current resource shell boundary is not constrained by barren holes. The resource block model suggests a higher-grade gold rake plunging moderately to the west, the extension of which has not yet been tested by drilling. This represents a minimum target zone of 350 metres on strike by 400 m vertically. Additional targets have been identified immediately east of the eastern boundary of the resource pit shell along a 400-metre strike. This area has only been investigated by shallow drilling. Several other well-defined proximal targets will be drill tested.

A complete set of previous drill results can be found in the press release of June 29, 2023, and details of the MRE in the press release of Nov. 21, 2023.

Advanced technical studies

Contingent on positive results, Azimut will initiate several technical studies immediately following this brownfield drill program to prepare for the PEA:

• Advanced metallurgical testwork to optimize gold recovery processes;
• Geochemical characterization for plant and waste management design;
• Rock mechanics data collection for mine design parameters;
• Energy and infrastructure assessment for improved budgeting;
• Environmental baseline studies and permitting road map.

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 five 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.

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 figures supporting this press release. 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 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. In addition to Elmer, Azimut is advancing several other high-potential projects:

• Wabamisk (100 per cent Azimut) -- Fortin zone (antimony-gold); Rosa zone (gold): initial drilling phase completed, assays pending;
• Wabamisk East (100 per cent Azimut) -- Lithos North & South (lithium): initial drilling phase completed, assays pending;
• Kukamas (KGHM option) -- Perseus zone (nickel-copper-platinum group element): drilling phase completed; assays pending.

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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