Azimut and KGHM Launch 2026 Campaign at Kukamas
Azimut’s flagship Kukamas gold project receives KGHM funding for a 5,000m drill program as the company pivots its focus to gold exploration.
Azimut Exploration Inc. announced the commencement of a $3.4-million partner-funded exploration program on its Kukamas Property in Quebec. KGHM International Ltd., which holds a 50% interest in the project, has elected to enter the second option phase to earn an additional 20% stake upon delivery of a preliminary economic assessment.
The 2026 program focuses on advancing the high-grade nickel-PGE Perseus discovery through 5,000 meters of diamond drilling. Work includes expanding the Perseus Main and East zones, targeting updip, downdip, and along-strike extensions, as well as testing new targets defined by recent induced polarization (IP) surveys. The release summarizes previously reported high-grade nickel and PGE intercepts from 2024 and 2025, highlighting grades up to 19.6% Ni and 12.15 g/t Pd.
Geophysical work includes completed IP surveys over a 1.8-kilometer strike extent. Planned activities involve the advanced reprocessing of electromagnetic anomalies and a 40 km² heliborne magnetic-electromagnetic survey over the northern Kukamas West Block. Drilling is contracted to Nouchimi-RJLL Drilling Inc., with assays processed by Actlabs Laboratories.
Azimut Exploration Inc. (AZM) released an announcement that serves as a routine follow-up to its February 2026 exploration update, aligning with the company’s stated drilling targets for the year. The news confirms KGHM’s continued financial commitment and operational partnership, a development that mitigates near-term dilution risk for Azimut.
The update is considered incremental rather than transformative, validating the ongoing exploration plan without introducing new geological discoveries or materially altering the company's valuation profile. Execution risk remains until assay results are released later in the year, though the market has already priced in the partner-funded nature of the Kukamas program.
Azimut Exploration Inc. (AZM) is a multicommodity exploration company focused on the Eeyou Istchee James Bay region of Quebec. Its flagship projects include the Wabamisk property, which hosts gold and antimony; the Kukamas property, which contains nickel and PGE; the Elmer property, featuring gold and copper; and Wabamisk East, which is focused on lithium.
The company has strategically pivoted toward self-funded and partner-funded exploration on its highest-impact gold and antimony assets, divesting or optioning lithium properties to streamline operations. Management, led by CEO Dr. Jean-Marc Lulin, emphasizes a hybrid exploration strategy leveraging strategic partnerships to minimize equity dilution while advancing multiple high-potential targets.