Azimut and SOQUEM Sign Definitive Agreement for the Northern Nickel Corridor Project

Azimut has signed a definitive agreement with SOQUEM for the Northern Nickel Corridor (NNC) Project in Quebec, covering 1,635 claims over 821.7 km². SOQUEM can earn up to a 60% interest by spending $11 million on exploration and making $350,000 in cash payments over two three‑year option phases. Azimut will operate in the first year; SOQUEM takes over thereafter. A high‑resolution magnetic‑electromagnetic heliborne survey is planned for 2026, followed by field validation.

This announcement formalizes the non‑binding letter of intent signed on April 14 2026. Every material term – the $11 M expenditure, $350 K cash, the earn‑in structure, and the immediate work plan – is identical to the LOI. No new assay results, no land expansion, and no unexpected financial commitment were added. For a company with a $71 M market cap, finalizing a previously disclosed regional alliance is an expected procedural step. The news confirms that the NNC alliance is on track, but it does not change Azimut’s intrinsic value or the investment thesis. The market had already priced in the LOI, and the stock reaction is likely to be muted.

Azimut Exploration is a mineral prospect generator advancing several projects in Quebec’s James Bay region. The two flagship assets are: - Elmer (gold‑copper): Hosts the Patwon deposit with an NI 43‑101 resource of 311,200 oz Au Indicated and 513,900 oz Au Inferred. A 10,000 m drill program is underway to expand the resource and support a PEA. - Wabamisk (antimony‑gold / gold / lithium): Contains the Fortin antimony‑gold zone (1.8 km strike, high‑grade Sb and Au), the Rosa gold discovery (visible gold in 11 of 26 holes), and the Wabamisk East lithium pegmatite field (surface samples up to 7.43% Li₂O). Other advanced projects include the Kukamas nickel‑PGE property (optioned to KGHM) and the Galinée lithium property (sold to Li‑FT Power, retaining a 1.4% NSR and 2 M Li‑FT shares).