SEDAR Interim Financial Statements

Unaudited and unreviewed by the Company’s independent auditors Azimut Exploration Inc. Unaudited Condensed Interim Financial Statements February 28, 2026 Azimut Exploration Inc. Statements of Financial Position (in Canadian dollars) (2) As at As at February 28, 2026 Unaudited August 31, 2025 Audited $ $ Assets Current assets Cash and cash equivalents (Note 3) 4,100,809 13,639,750 Amounts receivable (Note 4) 1,835,961 364,134 Prepaid expenses 97,633 137,927 Tax credits and mining rights receivable 3,699,596 3,699,596 Asset available for sale (Note 6) - 1,550,000 9,733,999 19,391,407 Non-current assets Tax credits and mining rights receivable (Note 9) 2,356,400 - Investments (Note 7) 15,562,022 725,155 Property and equipment (Note 5) 1,123,371 1,151,630 Intangible assets 49,662 30,773 Right-of-use assets (Note 8) 879,112 316,785 Exploration and evaluation assets (Note 9) 45,358,283 44,271,194 65,328,850 46,495,537 Total assets 75,062,849 65,886,944 Liabilities and Equity Current liabilities Accounts payable and accrued liabilities 2,550,492 3,120,995 Advances received for exploration work 784,191 3,044,929 Lease liabilities (Note 11) 238,099 66,386 3,572,782 6,232,310 Non-current liabilities Lease liabilities (Note 11) 226,046 253,941 Asset retirement obligations (Note 10) 2,082,410 2,033,120 Deferred income tax liabilities 860,249 860,249 3,168,705 3,147,310 Total liabilities 6,741,487 9,379,620 Equity Share capital (Note 12) 74,162,181 73,933,931 Stock options (Note 13) 5,403,190 4,926,650 Contributed surplus 5,391,837 5,190,098 Deficit (16,635,846) (27,543,355) Total equity 68,321,362 56,507,324 Total liabilities and equity 75,062,849 65,886,944 The accompanying notes are an integral part of these financial statements. Approved by the Board of Directors (s) Vanessa Laplante Director (s) Jean-Marc Lulin Director Azimut Exploration Inc. Statements of Net Earnings (Loss) and Comprehensive Income (Loss) For the three and six-month periods ended February 28, 2026 and 2025 (in Canadian dollars, except number of common shares) (3) Three-month period ended Six-month period ended February 28, February 28, February 28, February 28, 2026 2025 2026 2025 $ $ $ $ Revenues Operator income (Note 9) (42,615) 47,243 79,951 112,078 Expenses General and administrative (Note 14) 1,093,799 862,955 1,427,231 1,219,062 General exploration (Note 14) 14,148 (10,133) 20,975 1,267 Impairment of exploration and evaluation assets - - - - Operating expenses 1,107,947 852,822 1,448,206 1,220,329 Financing cost (income), net Interest income (29,321) (69,268) (104,354) (169,027) Interest, bank charges and other 62,391 (43,984) 82,165 (29,616) Unwinding of discount on asset retirement obligations 12,988 13,549 26,087 29,627 46,058 (99,703) 3,898 (169,016) Other losses (gains) Change in fair value – Investments (914,240) 155,009 (1,674,097) 448,534 Gain on option payments on exploration and evaluation assets (49,882) (101,571) (93,540) (120,595) Gain on sale of assets (10,531,495) - (10,512,025) - (11,465,617) 53,438 (12,279,662) 327,939 Profit (loss) before income taxes 10,298,997 (759,315) 10,907,509 (1,267,174) Deferred income tax recovery (expense) - 15,064 - 442,314 Net earnings (loss) and comprehensive income (loss) for the period 10,298,997 (744,250) 10,907,509 (824,860) Basic net earnings (loss) per share 0.102 (0.009) 0.108 (0.010) Diluted net earnings (loss) per share 0.101 (0.009) 0.108 (0.010) Weighted average number of shares outstanding 100,675,977 85,678,4 --- 22 100,627,238 85,635,799 The accompanying notes are an integral part of these financial statements. Azimut Exploration Inc. Statements of Changes in Equity For the six-month periods ended February 28, 2026 and 2025 (in Canadian dollars, except number of common shares) (4) Share capital Underwriters’ options Stock options Contributed surplus Deficit Total Number $ $ $ $ $ $ Balance as at September 1, 2025 100,554,310 73,933,931 - 4,926,650 5,190,098 (27,543,355) 56,507,324 Net earning and comprehensive income for the period - - - - - 10,907,509 10,907,509 Stock options expired (Note 13) - - - (201,739) 201,739 - - Stock options exercised (Note 13) 225,000 228,250 - (104,250) - - 124,000 Stock-based compensation (Note 13) - - - 782,529 - - 782,529 Balance as at February 28, 2026 100,779,310 74,162,181 - 5,403,190 5,391,837 (16,635,846) 68,321,362 Balance as at September 1, 2024 85,593,644 65,200,783 52,464 4,533,469 5,039,601 (25,064,483) 49,761,834 Net loss and comprehensive loss for the period - - - - - (824,860) (824,860) Stock options expired - - - (98,033) 98,033 - - Stock options exercised 130,000 48,100 - (22,100) - - 26,000 Stock-based compensation - - - 507,417 - - 507,417 Balance as at February 28, 2025 85,723,644 65,248,883 52,464 4,920,753 5,137,634 (25,889,343) 49,470,391 The accompanying notes are an integral part of these financial statements. Azimut Exploration Inc. Statements of Cash Flows For the six-month periods ended February 28, 2026 and 2025 (in Canadian dollars) (5) 2026 2025 $ $ Cash flows (used in) from operating activities Net earnings (loss) for the period 10,907,509 (824,860) Items not affecting cash Depreciation of property and equipment (Note 5) 18,526 21,314 Amortization of intangible assets - 1,729 Depreciation of right-of-use assets 26,061 30,303 Change in fair value, investments (Note 7) (1,674,097) 448,534 Gain on option payments on exploration and evaluation assets (Note 9) (93,540) (120,595) Loss (gain) on sale of exploration property (Notes 6, 9) (10,512,025) - Stock-based compensation cost (Note 13) 683,022 404,302 Unwinding of discount on asset retirement obligations (Note 10) 26,087 29,627 Recovery of deferred income taxes - (442,314) (618,457) (451,960) Changes in non-cash working capital items Amounts receivable (1,928,527) (12,664) Prepaid expenses 40,294 10,606 Accounts payable and accrued liabilities 29,418 234,737 Advances received for exploration work (2,260,738) (257,102) (4,119,553) (24,423) (4,738,010) (476,383) Cash flows from financing activities Stock options exercised (Note 13) 124,000 26,000 Repayment of lease liabilities (Note 11) (558,813) (29,802) - (434,813) (3,802) Cash flows from (used in) investing activities Additions to property and equipment (Note 5) (57,217) (3,659) Additions to intangible assets (18,889) (4,963) Proceeds from sales of investments 312,230 - Additions to exploration and evaluation assets (4,702,242) (5,531,151) Option payments on E&E assets (Note 9) 100,000 100,000 (4,366,118) (5,439,773) Net change in cash and cash equivalents (9,538,941) (5,919,958) Cash and cash equivalents – Beginning of the period 13,639,750 11,766,113 Cash and cash equivalents – End of the period 4,100,809 5,846,155 Additional information Interest received 104,354 169,027 Interest paid (39,804) (2,293) Additional cash flow information (Note 17) The accompanying notes are an integral part of these financial statements. Azimut Exploration Inc. Notes to Financial Statements For the thr --- ee and six-month period ended February 28, 2026 (in Canadian dollars) (6) 1 Nature of operations and general information Azimut Exploration Inc. (“Azimut” or the “Company”), governed by the Business Corporations Act (Quebec), is in the business of acquiring and exploring mineral properties. The Company’s registered office is at 110 De La Barre Street, Suite 224, Longueuil, Quebec, Canada. The mining and mineral exploration business involves a high degree of risk, and there can be no assurance that planned exploration and development programs will result in profitable mining operations. The Company’s shares are listed on the TSX Venture Exchange (“TSXV”) under the symbol AZM and on the OTCQX Market (“OTCQX”) under the symbol AZMTF. Until it is determined that a property contains mineral reserves or resources that can be economically mined, it is classified as an exploration and evaluation asset (“E&E asset”). It has not yet been determined whether the Company’s properties contain economically recoverable ore reserves. The recoverability of the amounts shown for E&E assets depends on the existence of economically recoverable reserves, the Company's ability to obtain necessary financing to complete the exploration and evaluation of its properties, and the profitable sale of the E&E assets. Although management has taken steps to verify the titles to mineral properties in which the Company has an interest, in accordance with industry standards for the current stage of exploration and evaluation of the properties, these procedures do not guarantee the Company’s title. Property titles may be subject to unregistered prior agreements and may not comply with regulatory requirements. 2 Summary of material accounting policies The material accounting policies used in preparing these financial statements are described below. Basis of preparation These unaudited condensed interim financial statements have been prepared in accordance with International Financial Reporting Standards (“IFRS”), as issued by the International Accounting Standards Board (“IFRS Accounting Standards”). The accounting policies applied to these unaudited condensed interim financial statements are consistent with those applied in previous fiscal years unless otherwise stated. The Company’s Board of Directors approved these financial statements for issue on April 20, 2026. 3 Cash and cash equivalents As at February 28, 2026, the Company’s cash and cash equivalents of $4,100,809 ($13,639,750 – August 31, 2025) included $2.6 million of high-interest savings accounts bearing interest at 2.69% ($9.1 million bearing interest at 3.48% – August 31, 2025), cashable at any time without penalty. 4 Amounts receivable As at As at February 28 August 31, 2026 2025 $ $ Commodity taxes 263,904 338,230 Amounts receivable 1,572,057 25,904 Amounts receivable - Current 1,835,961 364,134 Azimut Exploration Inc. Notes to Financial Statements For the three and six-month period ended February 28, 2026 (in Canadian dollars) (7) 5 Property and equipment Office furniture $ Office equipment $ Computer equipment $ Specialized equipment $ Camp (1) $ Vehicles (1) $ Total $ Period ended February 28, 2026 Opening net book amount - - 31,098 122,330 998,202 - 1,151,630 Additions - - 6,596 50,621 - - 57,217 Change in estimate - - - - 23,203 - 23,203 Depreciation for the period (1) - - (4,737) (19,272) (84,670) - (108,679) Closing net book amount - - 32,957 153,679 936,735 - 1,123,371 As at February 28, 2026 Cost 23 --- ,363 29,914 136,563 294,298 2,658,267 3,702 3,146,107 Accumulated depreciation (23,363) (29,914) (103,606) (140,620) (1,721,531) (3,702) (2,022,736) Net book amount - - 32,957 153,679 936,735 - 1,123,371 Year ended August 31, 2025 Opening net book amount 596 - 30,238 164,205 1,312,035 - 1,507,074 Additions - - 9,839 2,201 - - 12,040 Change in estimate - - - - (2,339) - (2,339) Depreciation for the year (1) (596) - (8,979) (44,076) (311,494) - (365,145) Closing net book amount - - 31,098 122,330 998,202 - 1,151,630 As at August 31, 2025 Cost 23,363 29,914 129,967 243,677 2,635,065 3,702 3,065,688 Accumulated depreciation (23,363) (29,914) (98,869) (121,347) (1,636,863) (3,702) (1,914,058) Net book amount - - 31,098 122,330 998,202 - 1,151,630 (1) Depreciation of property and equipment included in E&E assets in the amount of $90,153 for the period ended February 28, 2026 ($325,399 – August 31, 2025) 6 Asset available for sale On November 12, 2025, Azimut and SOQUEM Inc. (“SOQUEM”) entered into an agreement with PMET Resources Inc. (“PMET”) for the sale of Azimut’s 50% participating interest in the Pikwa joint venture (“Pikwa”) to PMET. In consideration for the sale of its interest in Pikwa, Azimut received 420,958 of PMET’s common shares, representing gross proceeds of $1,550,000. The transaction closed on November 28, 2025. $ Participating interest in Pikwa Carrying value of the property – August 31, 2025 2,517,132 Impairment of exploration and evaluation assets (1) (967,132) Ending balance – August 31, 2025 1,550,000 (1) As at August 31, 2025, Azimut had classified its 50% participating interest in Pikwa as an available-for-sale asset under current assets at the lower of the carrying amount and the fair value less costs to sell. Azimut Exploration Inc. Notes to Financial Statements For the three and six-month period ended February 28, 2026 (in Canadian dollars) (8) 7 Investments February 28, 2026 August 31, 2025 $ $ Fair value through profit or loss investments Opening balance 725,155 931,242 Shares received for property option 25 000 85,000 Received from disposal of assets (Notes 6, 9) 13,450,000 - Disposal (312,230) (69,285) Change in fair value 1,674,097 (221,802) Ending balance 15,562,022 725,155 The investments are mainly held in common shares of Canadian publicly traded companies. The fair value of each investment in common shares is based on the quoted market prices of those shares on a recognized stock exchange at the end of each reporting period. 8 Right-of-use assets 2026 Office Vehicle Exploration Camp Total $ $ $ $ Opening net book amount 251,953 64,850 - 316,785 Additions - - 1,029,510 1,029,510 Depreciation for the period (26,061) (12,159) (428,963) (467,183) Closing net book amount 225,874 52,691 600,547 879,112 In June 2025, the Company extended the lease of the office space until June 2030. Also, the Company leased a vehicle for 36 months with a residual value of $1,500. During the six-month period ended February 28, 2026, the Company leased the Wabamisk camp for 12 months, including upfront mobilization payments of $745,015. Azimut Exploration Inc. Notes to Financial Statements For the three and six-month period ended February 28, 2026 (in Canadian dollars) (9) 9 Exploration and evaluation assets All mineral properties are in the Province of Quebec. Change in E&E assets in 2026 Mineral property Undivided interest Cost as at August 31, Additions Option payments Disposal Tax credit Cost as at February 28, Accumulated imp --- airment as at August 31, Impairment Accumulated impairment as at February 28, Net book value as at February 28, 2025 2026 2025 2026 2026 % $ $ $ $ $ $ $ $ $ $ James Bay – Gold Elmer (Patwon Zone) (i) 100 Acquisition costs 503,023 2,808 - - - 505,831 - - - 505,831 Exploration costs 31,791,872 430,943 - - (81,200) 32,141,615 - - - 32,141,615 32,294,895 433,751 - - (81,200) 32,647,446 - - - 32,647,446 SOQUEM – JB Alliance (a) 50 Acquisition costs 37,894 - - - - 37,894 - - - 37,894 Exploration costs 299,702 585 - - - 300,287 - - - 300,287 337,596 585 - - - 338,181 - - - 338,181 Opinaca (c) 25 - 50 Acquisition costs 169,739 - - - - 169,739 (166,159) - (166,159) 3,580 Exploration costs 288,508 - - - - 288,508 (286,580) - (286,580) 1,928 458,247 - - - - 458,247 (452,739) - (452,739) 5,508 Wabamisk (Rosa Zone) (d) 100 Acquisition costs 95,042 43,563 - - - 138,605 - - - 138,605 Exploration costs 468,020 2,371,589 - - (854,700) 1,984,909 - - - 1,984,909 563,062 2,415,152 - - (854,700) 2,123,514 - - - 2,123,514 Other 100 Acquisition costs 56,000 - - - - 56,000 (56,000) - (56,000) - Exploration costs 43,839 168 - - - 44,007 (43,839) - (43,839) 168 99,839 168 - - - 100,007 (99,839) - (99,839) 168 Total James Bay – Gold 33,753,639 2,849,656 - - (935,900) 35,667,395 (552,578) - (552,578) 35,114,817 James Bay – CSM Mercator 100 Acquisition costs 177,255 - - - - 177,255 (88,628) - (88,628) 88,627 Exploration costs 302,212 4,558 - - (2,20) 304,570 (150,873) - (150,873) 153,697 479,467 4,558 - - (2,200) 481,825 (239,501) - (239,501) 242,324 Corne 100 Acquisition costs 56,817 - - - - 56,817 (28,408) - (28,408) 28,409 Exploration costs 94,384 - - - - 94,384 (47,092) - (47,092) 47,292 151,201 - - - - 151,201 (75,500) - (75,500) 75,701 JBN 100 Acquisition costs 716,902 273,426 - - - 990,328 (98,808) - (98,808) 891,520 Exploration costs 1,158,092 8,419 - - (4,100) 1,162,411 (18,164) - (18,164) 1,144,247 1,874,994 281,845 - - (4,100) 2,152,739 (116,972) - (116,972) 2,035,767 Azimut Exploration Inc. Notes to Financial Statements For the three and six-month period ended February 28, 2026 (in Canadian dollars) (10) 9 Exploration and evaluation assets (cont’d) Change in E&E assets in 2026 (cont’d) Mineral property Undivided interest Cost as at August 31, Additions Option payments Disposal Tax credit Cost as at February 28, Accumulated impairment as at August 31, Impair- ment Accumulated impairment as at February 28, Net book value as at February 28, 2025 2026 2025 2026 2026 % $ $ $ $ $ $ $ $ $ $ James Bay – CSM (cont’d) JBL 100 Acquisition costs 76,618 77,444 - - - 154,062 (60,086) - (60,086) 93,976 Exploration costs 1,076,579 76,262 - - (37,600) 1,115,241 (372,814) - (372,814) 742,427 1,153,197 153,706 - - (37,600) 1,269,303 (432,900) - (432,900) 836,403 Wapatik 100 Acquisition costs 40,480 - - - - 40,480 - - - 40,480 Exploration costs 20,169 2,519 - - (1,200) 21,488 - - - 21,488 60,649 2,519 - - (1,200) 61,968 - - - 61,968 Wabamisk CSM (Fortin Zone) 100 Acquisition costs 108,787 - - - - 108,787 (32,929) - (32,929) 75,858 Exploration costs 4,057,646 2,787,896 - - (1,288,700) 5,556,842 (916,580) - (916,580) 4,640,262 4,166,433 2,787,896 - - (1,288,700) 5,665,629 (949,509) - (949,509) 4,716,120 Dalmas & Galinée (b) 50 Acquisition costs 122,678 14,066 - (114,549) - 22,195 - - - 22,195 Exploration costs 2,794,114 48,824 - (2,753,956) (3,500) 85,482 - - - 85,482 2,916,792 62,890 - (2,868,505) (3,500) 107,677 - - - 107,677 SOQUEM CSM (a) 50 Acquisition costs 114,431 4,9 --- 68 - - - 119,399 - - - 119,399 Exploration costs 1,320,670 3,845 - - (1,700) 1,322,815 (967,132) - (967,132) 355,683 1,435,101 8,813 - - (1,700) 1,442,214 (967,132) - (967,132) 475,082 Kukamas (e) 50 Acquisition costs - - - - - - - - - - Exploration costs 26,607 4,735 (31,342) - - - - - - - 26,607 4,735 (31,342) - - - - - - - Corvet (g) 100 Acquisition costs - 19,552 - - - 19,552 - - - 19,552 Exploration costs 158 1,900 - - (900) 1,158 - - - 1,158 158 21,452 - - (900) 20,710 - - - 20,710 Kaanaayaa (g) 50 Acquisition costs - - - - - - - - - - Exploration costs 157 628 - - - 785 - - - 785 157 628 - - - 785 - - - 785 Wabamisk East (g) 100 Acquisition costs - - - - - - - - - - Exploration costs - 108,617 - - (41,100) 67,517 - - - 67,517 - 108,617 - - (41,100) 67,517 - - - 67,517 Pilipas (h) 50 Acquisition costs - - - - - - - - - - Exploration costs 118 - (118) - - - - - - - 118 - (118) - - - - - - - Azimut Exploration Inc. Notes to Financial Statements For the three and six-month period ended February 28, 2026 (in Canadian dollars) (11) 9 Exploration and evaluation assets (cont’d) Change in E&E assets in 2026 (cont’d) Mineral property Undivided interest Cost as at August 31, Additions Option payments Disposal Tax credit Cost as at February 28, Accumulated impairment as at August 31, Impair- ment Accumulated impairment as at February 28, Net book value as at February 28, 2025 2026 2025 2026 2026 % $ $ $ $ $ $ $ $ $ $ James Bay – CSM - (cont’d) Other CSM 100 Acquisition costs 54,888 13,249 - - - 68,137 (42,688) - (42,688) 25,449 Exploration costs 28,684 4,201 - - - 32,885 (21,919) - (21,919) 10,966 83,572 17,450 - - - 101,022 (64,607) - (64,607) 36,415 Total James Bay – CSM 12,348,446 3,455,109 (31,460) (2,868,505) (1,381,000) 11,522,590 (2,846,121) - (2,846,121) 8,676,469 Total James Bay 46,102,085 6,304,765 (31,460) (2,868,505) (2,316,900) 47,189,985 (3,398,699) - (3,398,699) 43,791,286 Nunavik – CSM Rex-Duquet (f) 100 Acquisition costs 1,445,562 34,108 - - - 1,479,670 (1,292,778) - (1,292,778) 186,892 Exploration costs 4,331,145 32,684 - - (11,000) 4,352,829 (3,855,358) - (3,855,358) 497,471 5,776,707 66,792 - - (11,000) 5,832,499 (5,148,136) - (5,148,136) 684,363 Rex South 100 Acquisition costs 583,513 16,498 - - - 600,011 (405,165) - (405,165) 194,846 Exploration costs 893,649 39,337 - - (8,100) 924,886 (440,251) - (440,251) 484,635 1,477,162 55,835 - - (8,100) 1,524,897 (845,416) - (845,416) 679,481 Nantais 100 Acquisition costs 185,487 - - - - 185,487 (185,487) - (185,487) - Exploration costs 326,155 500 - - - 326,655 (326,155) - (326,155) 500 511,642 500 - - - 512,142 (511,642) - (511,642) 500 Doran 100 Acquisition costs 126,004 - - - - 126,004 - - - 126,004 Exploration costs 50,190 - - - - 50,190 - - - 50,190 176,194 - - - - 176,194 - - - 176,194 Total Nunavik – CSM 7,941,705 123,127 - - (19,100) 8,045,732 (6,505,194) - (6,505,194) 1,540,538 Nunavik – Gold Other 100 Acquisition costs 738,409 - - - - 738,409 (738,409) - (738,409) - Exploration costs 982,241 - - - - 982,241 (982,241) - (982,241) - Total Nunavik – Gold 1,720,650 - - - - 1,720,650 (1,720,650) - (1,720,650) - Azimut Exploration Inc. Notes to Financial Statements For the three and six-month period ended February 28, 2026 (in Canadian dollars) (12) 9 Exploration and evaluation assets (cont’d) Change in E&E assets in 2026 (cont’d) Mineral property Undivided interest Cost as at August 31, Additions Option payments Disposal Tax credit Cost as at February 28, Accumulated impair --- ment as at August 31, Impairment Accumulated impairment as at February 28, Net book value as at February 28, 2025 $ 2026 2025 2026 2026 % $ $ $ $ $ $ $ $ $ Nunavik – Uranium North Rae * 100 Acquisition costs 485,129 165 - - - 485,294 (485,129) - (485,129) 165 Exploration costs 709,305 - - - - 709,305 (709,305) - (709,305) - Total Nunavik – Uranium 1,194,434 165 - - - 1,194,599 (1,194,434) - (1,194,434) 165 Total Nunavik 10,856,789 123,292 - - (19,100) 10,960,981 (9,420,278) - (9,420,278) 1,540,703 Total E&E assets 56,958,874 6,428,057 (31,460) (2,868,505) (2,336,000) 58,150,966 (12,818,977) - (12,818,977) 45,331,989 * Fully impaired properties for which the Company still holds mining claims. ** CSM = critical and strategic minerals Note that commodities reflect the main target of the exploration work performed during the period. This classification may change over time. February 28, August 31, 2026 2025 $ $ Acquisition and exploration – Net book value 45,331,989 44,139,897 Prepaid exploration expenses 26,294 131,297 45,358,283 44,271,194 Azimut Exploration Inc. Notes to Financial Statements For the three and six-month period ended February 28, 2026 (in Canadian dollars) (13) 9 Exploration and evaluation assets (cont’d) a) The James Bay Strategic Alliance (the “JB Alliance”) was formed between Azimut and SOQUEM on September 22, 2016, to identify, acquire and explore gold targets in the James Bay region. The properties are held as 50/50 joint venture (“JV”) projects, each property subject to a JV agreement between Azimut and SOQUEM. Azimut remains the operator of Munischiwan, Pontois and Desceliers. SOQUEM is the operator of Pikwa. On November 28, 2025, Azimut and SOQUEM concluded the sale of the Pikwa Property to PMET Resources Inc. b) The Dalmas and Galinée properties are subject to a JV agreement between Azimut and SOQUEM. On April 25, 2019, SOQUEM acquired a 50% interest in the properties. Azimut remains the operator. On February 18, 2026, the Company and SOQUEM sold the Galinée project, under which Azimut sold its 50% interest in the project to LiFT Power Ltd in exchange 2,000,000 shares of LiFT and a cash payment of $1,500,000 or in common shares of LiFT at the earlier of 18 months or the public disclosure of a technical report with respect to the property that includes an economic analysis of one or more development scenarios. The Company retained a 1.4% NSR royalty on the property. $ Participating interest in Galinée Consideration received – 2,000,000 common shares of LiFT 11,900,000 Consideration receivable 1,500,000 Carrying value of the property – February 18, 2026 2,868,505 Gain on disposition of the participating interest in Galinée 10,531,495 c) The Opinaca A and B properties are subject to a JV agreement with the following parties:  Opinaca A is a 50/50 JV project with Everton Resources Inc.  Opinaca B is a 25/50/25 JV project with Hecla Quebec Inc. and Everton Resources Inc. d) The Wabamisk Property is 100% owned by Azimut and comprises 544 mining claims. Eight (8) of the property’s claims are subject to a 2.1% net smelter return (“NSR”) royalty with a buy-back of 1.05% for $350,000. e) On November 30, 2022, the Company granted KGHM International Ltd (“KGHM”) the option to earn an initial 50% interest (the “first option”) in the Kukamas Property. Under the terms of the agreement, KGHM acquired its 50% interest in the Property by making cash payments to Azimut aggregating $250,000, funding a minimum of $5 million in work --- expenditures and performing a minimum of 5,000 metres of diamond drilling. Azimut acts as the operator during the first option phase. On February 8, 2026, KGHM has elected to earn an additional 20% interest for a total interest of 70% (the “second option”) by making an additional cash payment of $225,000 and incurring an additional $4.2 million in work expenditures over three (3) years from the election date, and by delivering a preliminary economic assessment under National Instrument 43-101 on or before the third anniversary of the election notice. The second option period may be extended by up to three (3) years by incurring work expenditures of $1,700,000 per extension year and making cash payments to Azimut of $100,000 per extension year. Azimut is the operator during the first two years of the second option. f) The Duquet Property was transferred to Azimut on September 30, 2015, in consideration of an aggregate 2.25% NSR royalty on the property. The Duquet Property was combined with the Rex Property to form a single entity, known as the Rex-Duquet Property, and became subject to the Nunavik Alliance (see h). g) On July 7, 2023, the Company signed JV option agreements with Rio Tinto Exploration Canada Inc (“Rio Tinto) for its wholly owned Corvet and Kaanaayaa lithium properties. The Company amended the agreement with Rio Tinto on July 23, 2025, to include a third property, Wabamisk East. Under the revised agreements, Rio Tinto can acquire a 50% interest in each property over four (4) years by funding $25 million in exploration expenditures before December 31, 2028, and by making cash payments totalling $1,700,000, including $500,000 upon signing the initial agreement. The Company is the operator during this first option phase. Rio Tinto can earn an additional 20% interest over five (5) years with further work expenditures of $60 million. Rio Tinto will act as the operator during this second option phase. Rio Tinto terminated the option agreements on December 31, 2025. Azimut Exploration Inc. Notes to Financial Statements For the three and six-month period ended February 28, 2026 (in Canadian dollars) (14) 9 Exploration and evaluation assets (cont’d) h) On December 8, 2023, the Company signed an Option to Joint Venture agreement with Ophir Gold Corp. (now Ophir Metals Corp.; “Ophir”) for its wholly owned Pilipas Property. Under the agreement, Ophir acquired its 50% interest in the property by funding the minimum $2 million in exploration expenditures, making cash payments totalling $70,000, and issuing 4 million shares of Ophir. On March 16, 2026, Ophir decided not to exercise the second option to earn an additional 20% interest in the property. Azimut will be the operator of the joint venture. i) On July 7, 2025, the Company acquired a 100% interest in 103 claims forming the K2 Property adjacent to the Elmer Property from Dios Exploration Inc. (“Dios”) for a cash payment of $120,000 and the issuance of 200,000 common shares of the Company. Dios will retain a 2.0% NSR royalty on the K2 claims, subject to a 1.0% NSR buydown for $3,000,000. 10 Asset retirement obligations The following tables summarize the Company’s asset retirement obligations as at February 28, 2026 and August 31, 2025: February 28, 2026 August 31, 2025 Rex- Duquet, Rex South Elmer Total Rex- Duquet, Rex South Elmer Total $ $ $ $ $ $ Opening balance 1,268,556 764,564 2,033,120 1,229,011 748,538 1,977,549 Change in estimate 7,313 15,890 23,203 4,129 (6,468) (2,339) U --- nwinding of discount on asset retirement obligations 14,428 11,659 26,087 35,416 22,494 57,910 Ending balance 1,290,297 792,113 2,082,410 1,268,556 764,564 2,033,120 The following are the assumptions used to estimate the provisions for asset retirement obligations: Rex-Duquet, Rex South Elmer Total Estimated undiscounted cash flows to settle obligations $1,094,929 $758,316 $1,853,245 Weighed average discount rate 2.26% 2.91% Estimated number of years before disbursements to settle obligations 1.00 year 7.00 years 11 Leases liabilities The Company leases office space, warehouse facilities, a vehicle, an exploration camp, and exploration equipment. The office lease is for five (5) years until June 30, 2030. The vehicle lease is for 36 months with a buy-out option. During the six-month period ended February 28, 2026, the Company leased an exploration camp for the Wabamisk project. The lease is for 12 months with a buy-out option at the end. The warehouses and exploration equipment are covered by monthly leases and represent low- value items. The Company has elected not to recognize right-of-use assets or lease liabilities for these leases. Six-month period ended February 28, 2026 $ Opening balance 320,327 Addition 1,029,510 Principal repayment for the year (885,692) Ending balance 464,145 Less: Current lease liability 238,099 Non-current lease liability 226,046 Azimut Exploration Inc. Notes to Financial Statements For the three and six-month period ended February 28, 2026 (in Canadian dollars) (15) 12 Share capital An unlimited number of common shares are authorized, without par value, voting and participating. 13 Stock option plan The number of shares reserved for issuance under the stock option plan was approximately 9.99% of the Company’s common shares issued and outstanding. On November 25, 2025, the Company filed for an increase in the number of reserved common shares by 1,862,000 for future issuance under the stock option plan for a total of 10,052,000, or approximately 9.99% of the Company's 100,629,310 issued and outstanding common shares as at November 11, 2025. The increase in the number of shares reserved under the stock option plan was approved on December 16, 2025. The exercise price of the options is set at the closing price of the Company’s shares on the TSXV the day before the grant date. The options have a maximum term of ten (10) years following the grant date. If a blackout period should be in effect at the end of the term, the expiry date will be extended by ten (10) business days following the end of the blackout period. The options vest immediately unless otherwise approved and disclosed by the Board of Directors. The following tables summarize the information about stock options outstanding as at February 28, 2026 and August 31, 2025: February 28, 2026 August 31, 2025 Number Weighted average exercise price Number Weighted average exercise price $ $ Outstanding – Beginning of the period 6,565,000 0.87 5,683,000 0.88 Granted 1,165,000 0.79 855,000 0.61 Exercised (225,000) 0.55 (240,000) 0.20 Expired (215,000) 1.11 (85,000) 1.39 Outstanding – End of the period 7,290,000 0.86 6,565,000 0.87 Vested – End of the period 7,162,000 6,407,000 Exercise price $ Weighted average remaining contractual life (years) As at February 28, 2026 As at August 31, 2025 Between 0.19 and 0.50 2.07 445,000 570,000 Between 0.51 and 1.00 6.89 5,627,000 4,702,000 Between 1.01 and 1.50 4.79 1,210,000 1,285,000 Between 1.51 and 2.00 4.43 8,000 8,00 --- 0 6.24 7,290,000 6,565,000 During the six months ended February 28, 2026, the Company granted a total of 1,165,000 stock options to management, directors and employees. These options are exercisable for a 10-year period, and 1,145,000 vest immediately; 10,000 vest 50% immediately and 50% after one year; and 20,000 vest 25% immediately, 25% after one year, and 50% after two years. During the 2025 fiscal year, 855,000 stock options were granted to board members, management, employees and consultants. Of this number, 740,000 were granted to its directors and officers and 115,000 to its employees and consultants. These options are exercisable for a 10-year period and vest immediately. Azimut Exploration Inc. Notes to Financial Statements For the three and six-month period ended February 28, 2026 (in Canadian dollars) (16) 14 Expenses by nature Three-month periods ended Six-month periods ended February 28, February 28, February 28, February 28, 2026 2025 2026 2025 $ $ $ $ Salaries and fringe benefits 245,971 311,686 408,556 507,249 Stock-based compensation 676,769 394,552 683,023 404,302 Professional and maintenance fees 24,885 30,346 48,569 55,211 Administration and office 46,669 41,711 56,837 71,957 Business development and administration fees 32,958 21,635 57,418 24,738 Advertising 746 363 1,184 363 Rent 1,977 1,019 3,502 6,021 Insurance 20,600 18,248 41,846 36,615 Conferences and meetings 20,877 17,067 81,709 59,260 Depreciation of property and equipment 9,317 10,026 18,526 21,314 Amortization of intangible assets - 1,150 - 1,729 Depreciation on right-of-use asset 13,030 15,152 26,061 30,303 General and administrative expenses 1,093,799 862,955 1,427,231 1,219,062 Salaries for project generation 25,245 (10,322) 25,410 - Other exploration expenses 2,643 189 15,965 1,267 Credit on duties refundable for loss and refundable tax credit for resources (13,740) - (20,400) - General exploration 14,148 (10,133) 20,975 1,267 15 Related party transactions Compensation of key management Key management consists of the directors, the President and Chief Executive Officer (“CEO”), the Chief Financial Officer (“CFO”), the Vice-President of Corporate Development (starting May 16, 2022) (“VPD”) and the Vice-President of Exploration (starting April 13, 2023) (“VPE”). The compensation paid or payable for services provided by key management was as follows: Six-month period ended February 28, 2026 2025 $ $ Salaries 630,108 588,667 Director fees 85,000 74,917 Stock-based compensation 690,018 429,091 1,405,125 1,092,675 The amounts of $306,377 for salaries ($287,500 in 2025) and $47,721 for stock-based compensation ($189,850 in 2025) were capitalized to E&E assets. As at February 28, 2026, accounts payable and accrued liabilities include $164,290 ($129,191 as at August 31, 2025) owed to key management. Some key management employees are subject to employment agreements that provide for payments on termination of employment without serious reason or following a change of control, providing for payments equivalent up to once or, as applicable, twice an individual’s base salary. The indemnity paid must not represent more than 10% of the Company’s cash and cash equivalents at such time. As at February 28, 2026, the entitled indemnity amounted to a minimum of $825,923 and a maximum of $1,613,667. Azimut Exploration Inc. Notes to Financial Statements For the three and six-month period ended February 28, 2026 (in Canadian dollars) (17) 16 Net earnings (loss) per share F --- or the six-month period ended February 28, 2025, the diluted loss per share was the same as the basic loss per share since the potential dilutive instruments had an anti-dilutive effect. For the three and six-month periods ended February 28, 2026, the diluted net earnings per share were calculated using the basic weighted average number of shares outstanding of 100,627,238 adjusted by the potential dilutive instruments of each stock option where the exercise price was lower than the average market price of the Company’s share. During the three-month period ended February 28, 2026, a total of 829,298 stock options had exercise prices lower than the average market price of the Company’s shares, and 691,934 during the six-month period ended February 28, 2026. As a result, the diluted weighted- average number of shares of 101,319,172 was used to calculate diluted net earnings per share for the six-month period ended February 28, 2026. 17 Additional cash flow information Six-month period ended February 28, 2026 2025 $ $ Acquisition of E&E assets included in accounts payable and accrued liabilities 1,796,338 1,232,881 Depreciation of property & equipment included in E&E assets 90,153 159,713 Refundable duties credit for losses and refundable tax credit for resources presented as a reduction in E&E assets, net 2,336,000 1,354,867 Option payment as a reduction in E&E assets 31,460 - Stock-based compensation included in E&E assets 99,507 103,115 In the year ended August 31, 2025, the Company changed the presentation of the cash flow statement to present advances received for exploration work on a net basis within cash flows from operating activities, as this better reflects the nature of the operations. The comparatives for the 2025 quarters were adjusted accordingly. 18 Financial instruments, financial risks and capital management The Company’s financial instruments as at February 28, 2026, consist of cash and cash equivalents, amounts receivable, investments, accounts payable and accrued liabilities, and advances received for exploration work. The fair value of these financial instruments is either equal to their fair value (investments) or approximates their carrying value due to their short- term maturity or the fact that they bear interest at current market rates. The Company defines the fair value hierarchy under which its financial instruments are valued as follows: Level 1 includes unadjusted quoted prices in active markets for identical assets or liabilities; Level 2 includes inputs other than quoted prices in Level 1 that are observable for assets or liabilities, either directly or indirectly; and Level 3 includes inputs for assets or liabilities that are not based on observable market data. There was no transfer of hierarchy level during the period ended February 28, 2026.