Azimut firms up sale of 50% Galinee interest to Li-FT
Azimut Trades Potential for Paper as Rio Tinto Walks From Lithium JVs
The most recent news (December 24, 2025) confirms the execution of a definitive agreement to sell Azimut's 50% interest in the Galinée lithium property to Li-FT Power Ltd. Azimut receives 2,000,000 common shares of Li-FT (valued at approximately $10.3 million CAD), a 1.4% Net Smelter Return (NSR) royalty, and a deferred payment of $1.5 million CAD (cash or shares) due within 18 months or upon completion of an economic study.
This follows a highly concerning update on December 23, 2025, where Rio Tinto Exploration Canada indicated its intent to terminate its Option to Joint Venture Agreement on the Corvet, Kaanaayaa, and Wabamisk East properties effective December 31, 2025. Simultaneously, Azimut reported visual observations of significant spodumene (20-40%) in the first five drill holes at Wabamisk East, though assays remain pending.
The Galinée sale is a material positive liquidity event. Adding $10.3 million in marketable securities and a $1.5 million deferred payment strengthens a balance sheet that already showed $14.8 million in cash (as of May 2025). This non-dilutive capital allows Azimut to fund its 100%-owned gold and antimony projects.
However, the departure of Rio Tinto from three major lithium options is a significant blow to the company's "Tier 1" lithium narrative. Rio Tinto had a path to earn up to 75% by spending $85 million. Their exit suggests that despite the high-grade visual spodumene reported at Wabamisk East, the projects may not meet the scale requirements of a major miner. Azimut now regains 100% of these assets but loses the massive exploration budget previously provided by Rio.
Azimut Exploration is a "prospect generator" and explorer using advanced predictive modelling to target assets in Quebec. - Flagship Project (Gold): Elmer Project, hosting the Patwon Gold Deposit (311,200 oz Indicated, 513,900 oz Inferred). - Flagship Project (Critical Minerals): Wabamisk Property, which includes the Fortin Antimony-Gold Zone (1.8 km strike) and the now 100%-owned Wabamisk East lithium discovery. - Other: Kukamas (Nickel-PGE) under option to KGHM.