Azimut Undertakes New Mineral Resource Estimate on the Patwon Gold Deposit, James Bay Region, Quebec

Azimut Exploration Inc. (AZM) released assay results from its 2026 Elmer/Patwon drill program alongside notice that a new NI 43-101 resource estimate on Patwon has been commissioned from Norda Stelo, with completion targeted for the end of 2026. The drilling campaign utilized one NQ rig and concluded in mid-June 2026. The company reported 10 holes (ELM26-259 to -268) totaling 5,407.05 meters. The program was originally planned at 10,000 meters but was reduced to 5,407 meters due to severe winter conditions, meaning 54% of the planned metres were completed.

Intercepts as reported (Table 1, core lengths, uncapped):

• ELM26-265 (eastern step-out): 3.15 g/t Au over 7.05 m from 481.15 m, including 5.01 g/t over 4.30 m; visible gold at 481.7 m
• ELM26-259 (western step-out): 2.26 g/t Au over 8.00 m from 383.00 m; visible gold noted at 387.3 m and 389.8 m
• ELM26-264: 0.72 g/t over 23.10 m from 325.55 m (incl. 1.50 g/t over 3.30 m); plus 3.61 g/t over 1.50 m at 261.00 m and 0.71 g/t over 1.50 m at 295.50 m
• ELM26-263: 2.98 g/t over 1.50 m at 70.00 m; 0.41 g/t over 1.50 m at 422.80 m
• ELM26-267: 1.17 g/t over 1.00 m at 310.50 m
• ELM26-260: 0.96 g/t over 1.00 m at 310.20 m; 0.42 g/t over 4.95 m at 505.55 m
• ELM26-259 (upper): 0.89 g/t over 1.50 m at 126.70 m
• ELM26-261: 0.38 g/t over 1.50 m; ELM26-262: 0.39 g/t over 1.50 m; ELM26-266: 0.46 g/t over 1.50 m
• ELM26-268: NSV (no significant value)

The Patwon deposit held a 2023 MRE at US$1,800/oz comprising Indicated resources of 311,200 oz in 4.99 Mt @ 1.93 g/t and Inferred resources of 513,900 oz in 8.22 Mt @ 1.94 g/t. At the top of the 2023 sensitivity at US$2,160/oz, the Indicated resource was 324,800 oz in 5.71 Mt @ 1.76 g/t and the Inferred resource was 585,400 oz in 10.85 Mt @ 1.68 g/t. The open-pit portion included 322,900 oz Indicated @ 1.76 g/t and 363,600 oz Inferred @ 2.04 g/t.

The release also detailed a 2026 surface program involving 86 channel, 38 grab, and 69 lithogeochemical samples over a 12-km felsic trend (Wolf North–Lac Boulder–AJ-2), where VMS-style alteration was logged and assays are pending. Azimut noted a 3.6-km-east till anomaly grading up to 583 g/t Au in dense mineral concentrates and stated that several parties have recently expressed interest in the project.

Azimut Exploration Inc. (AZM) reported financial data as of February 28, 2026, showing cash holdings of $4.1 million, working capital of $6.2 million, and total cash plus investments of $19.7 million with no debt. The period’s $10.9 million in net earnings was driven by a $10.5 million gain from the Galinée disposal rather than operational performance. A financing event totaling approximately $7 million closed on August 18, 2026, following the balance sheet date.

Recent drilling activity at the Patwon deposit includes two step-out holes intersecting above-resource grade, extending the mineralized halo 100–200 meters beyond the existing shell at depth. Additionally, 23.1 meters of lower-grade material indicate the envelope persists. Against a current resource estimate of 4.99 million tonnes grading 8.22 million ounces, ten widely spaced holes with two moderate intercepts are not expected to significantly alter tonnage or grade figures. The primary procedural development is a new mineral resource estimate (MRE) based on a higher gold price. According to the company’s 2023 sensitivity analysis, a $360 per ounce increase in gold price would lift Inferred resources from 513,900 to 585,400 ounces and increase Inferred tonnage from 8.22 million to 10.85 million tonnes, suggesting potential tonnage growth if the price deck remains materially above $2,160 per ounce.

Azimut operates as a small-cap explorer with a market capitalization of approximately C$48.5 million, holding a defined 825,000-ounce gold resource, royalty and equity holdings, and earlier-stage plays. The Wabamisk project, featuring the Rosa gold and Fortin antimony-gold deposits, is currently the primary driver of the company’s valuation rather than Patwon. The stock has declined from C$1.06 in late January 2026 to C$0.44, representing a 58% drop from its high and sitting near its 52-week low, which values the resource at roughly C$59 per ounce. Recent drilling results include two intercepts averaging approximately 20 g·m at unstated true widths at depths of 380–490 meters. These results come from a program that is only half-completed and do not represent a materially better demonstration of grade and width substance than previously shown on the property. The company has not disclosed any third-party interest in the asset.

Azimut Exploration Inc. (TSXV: AZM; OTCQX: AZMTF), headquartered in Longueuil, Québec, operates as a project-generator-style explorer utilizing its proprietary AZtechMine data-analytics system. The company maintains a multi-commodity portfolio in the Eeyou Istchee James Bay region, employing a hybrid model of sole-funded flagship work and partner-funded earn-ins.

The Elmer property, held 100%, comprises 658 claims covering 346.6 km² along a 42.8 km strike of the Elmer structural corridor. It hosts the Patwon gold deposit, which reported a 2023 MRE of 311,200 oz Indicated @ 1.93 g/t and 513,900 oz Inferred @ 1.94 g/t, as well as the K2 block acquired mid-2025 and the Wolf–A21 gold-silver-copper-zinc trend. Infrastructure includes proximity to the paved Billy-Diamond Highway, grid power, nearby airports, and a location 285 km north of Matagami.

The Wabamisk and Wabamisk East properties, also held 100%, include the Fortin antimony-gold zone with ≥1.8 km strike, the Rosa gold zone with 1.4 km strike and a mineralized envelope up to 20–25 m, the Dome Sector, and the Lithos lithium pegmatite field. A maiden 5-hole program at Lithos returned 1.87% Li₂O over 36.30 m in WL25-01. Rio Tinto terminated its option effective 2025-12-31.

Under the KGHM option for the Kukamas property, KGHM has earned 50% interest in the high-grade nickel-PGE Perseus zone within komatiites and entered the second option phase toward a 70% stake. The Northern Nickel Corridor, subject to a SOQUEM option, consists of 27 claim blocks, 1,635 claims, and 821.7 km². SOQUEM can earn up to 60% through $11M of expenditures and $350k of payments.

The Corvet and Kaanaayaa properties, subject to a Centerra option, cover 556.3 km². Centerra, a related party, can earn up to 70% via $15.75M in expenditures and up to $850k cash, with the Year 6 commitment recently trimmed by $250k.

Azimut’s royalty and equity book includes a 1.4% NSR on Galinée, sold to Li-FT for 2M shares plus a $1.5M deferred payment (~$13.4M stated value), and a 1.0% NSR on Pikwa, sold to PMET. The company also holds 2%/1% NSRs on the JBN-57 and Pikwa ground associated with PMET's Shaakichiuwaanaan. Strategic investors include Centerra at ~12.7% and Agnico Eagle at ~11%.