Dr. Jean-Marc Lulin reports

AZIMUT REPORTS AGM RESULTS AND PROVIDES DRILLING UPDATE

Azimut Exploration Inc. has released the voting results for its annual general meeting of shareholders held Feb. 26, 2026.

A total of 68,381,133 shares were voted in person or by proxy at the AGM, corresponding to 67.95 per cent of the issued and outstanding shares of the company. Shareholders approved all matters presented at the AGM as follows.

Each of the resolutions approved at the AGM is described in detail in the company's management proxy circular dated Jan. 12, 2026, available on SEDAR+. Following the AGM, the board of directors reappointed the following officers of the company: Dr. Jean-Marc Lulin, president and chief executive officer; Moniroth Lim, chief financial officer and corporate secretary; Jonathan Rosset, vice-president, corporate development; and Rock Lefrancois, vice-president, exploration.

Strategic update

During the AGM, Dr. Lulin outlined Azimut's strategy and key priorities for 2026. Supported by strong market conditions, solid shareholder support and a highly effective exploration team, the company has launched an ambitious exploration campaign with a clear focus on self-financed programs at its wholly owned flagship projects, Wabamisk and Elmer. Including the work planned at Kukamas, Azimut expects to complete at least 20,000 metres of drilling this year, clearly demonstrating the company's commitment to advancing its highest-ranked projects through drilling and delivering meaningful value to shareholders.

Exploration and portfolio update

Wabamisk

Advancements at Wabamisk continue at pace. The most recent drilling program has just been completed on the Fortin zone (antimony-gold), with a total of 5,105 metres (27 holes). Most recent advances are very encouraging based on the last and deepest hole drilled (hole WS26-113), which encountered the mineralized albitic unit at a vertical depth of about 515 metres (from 537.4 to 557.5 metres along the hole), about 200 metres below previous drilling, and remains largely open in all directions. In addition, for the first time at Fortin, native gold grains have been observed at a depth of 521 metres within hole WS26-113. This may suggest that Fortin shows antimony-to-gold vertical zonation, as documented in several deposits worldwide, where higher gold grades may occur deeper in the system. The potential for an antimony-gold vertical zonation at Fortin has been highlighted in press releases since Jan. 16, 2025, and continues to represent one of the company's key exploration priorities at Wabamisk (see press release of Jan. 21, 2026). All assay results from this drilling phase are pending. Drilling is active on the Rosa zone (gold), with 736 metres (four holes) completed so far in 2026, with a planned minimum of 2,000 metres. The maiden drilling program (3,633 metres, 26 holes), completed late last year, confirmed a kilometre-scale gold discovery open in all directions (see press release of Feb. 9, 2026). Finally, results are expected shortly for the initial program conducted on the Lithos pegmatite field (lithium) in late 2025.

Elmer

Fieldwork at Elmer commences this week with the launch of a 10,000-metre drill program designed to expand the existing resource base. The project remains significantly underexplored. This work phase will advance Elmer toward its next valuation milestone with a resource update and, if warranted, a preliminary economic assessment (see press release of Jan. 22, 2026).

Portfolio management

Azimut continues to streamline its project portfolio while advancing active field programs. The company will pursue select option agreements and divestitures, concentrating on a smaller number of high-impact projects. This disciplined focus aims to enhance efficiency and maximize the value of its most advanced assets for shareholders.

Qualified person

Dr. Jean-Marc Lulin, PGeo, Azimut's president and CEO, 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 holds the largest portfolio of mineral projects in Quebec, controlling strategic land positions for gold, copper, nickel and lithium. Azimut conducts advanced exploration on several high-potential properties:

• Wabamisk (100 per cent Azimut): Fortin zone (antimony-gold) -- drilling phase just completed; Rosa zone (gold) -- second drilling program under way;
• Wabamisk East (100 per cent Azimut): Lithos North and South (lithium) -- assays pending from first drilling phase;
• Elmer (100 per cent Azimut): Patwon gold deposit at the resource stage (311,200 ounces indicated and 513,900 ounces inferred); 10,000-metre drilling program in preparation;
• 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.

We seek Safe Harbor.