Mr. Jean-Marc Lulin reports

AZIMUT ANNOUNCES $7 MILLION PRIVATE PLACEMENT FINANCING

Azimut Exploration Inc. intends to proceed with a non-brokered private placement for total proceeds of up to $7-million, consisting of 6,038,647 common shares of the company that qualify as flow-through shares (within the meaning of Subsection 66(15) of the Income Tax Act (Canada)) at a price of 82.8 cents per FT share and 3,333,333 common shares of the company at a price of 60 cents per hard dollar share.

The company will use an amount equal to the gross proceeds received from the sale of the FT shares, pursuant to the provisions in the Income Tax Act (Canada), to incur eligible Canadian exploration expenses that qualify as flow-through mining expenditures as both terms are defined in the Income Tax Act (Canada). The company will incur the qualifying expenditures on or before Dec. 31, 2027, and will renounce all such expenditures in favour of the subscribers of the FT shares, as applicable, effective Dec. 31, 2026. The proceeds from the sale of the FT shares will be primarily directed on further advancing the Elmer and Wabamisk properties. The proceeds from the sale of the hard dollar shares will be used for exploration and for general corporate purposes.

Closing is expected to occur on or about Aug. 10, 2026. The offering is subject to regulatory approval and all securities issued pursuant to the offering will have a hold period of four months and one day. The company may pay a finder's fee in respect of those purchasers under the offering introduced to the company by certain persons. Each finder will be entitled to receive a cash payment equal to 6 per cent of the gross proceeds received by the company from purchasers under the offering who were introduced to the company by such finder.

About Azimut Exploration Inc.

Azimut is a leading mineral exploration 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 focused on several key high-impact projects:

• Wabamisk and Wabamisk East (100 per cent Azimut), which host the Fortin zone (antimony-gold), Rosa zone (gold) and Lithos zone (lithium);
• Elmer (100 per cent Azimut), which hosts the resource-stage Patwon deposit (gold) (311,200 ounces indicated and 513,900 oz inferred);
• Kukamas (KGHM option), which hosts the Perseus zone (nickel-platinum group element).

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.