Azimut Announces $7 Million Private Placement Financing

Azimut Exploration Inc. announced a non-brokered private placement raising up to $7,000,000 in gross proceeds. The offering is split into two tranches: 6,038,647 flow-through shares priced at $0.828 per share and 3,333,333 hard dollar shares priced at $0.60 per share. Flow-through proceeds are designated for eligible Canadian exploration expenses on the Elmer and Wabamisk Properties, with renunciations effective December 31, 2026. Hard dollar proceeds will fund general corporate purposes and ongoing exploration.

A 6% cash finder's fee is payable to introducing finders. The transaction is subject to regulatory approval, with a closing expected around August 10, 2026. All issued securities carry a four-month-and-one-day hold period. The financing directly supports the company's stated 2026 exploration plan, which targets a minimum of 20,000 meters of drilling across its flagship projects.

Azimut Exploration Inc. (AZM) has secured financing to fund its 2026 drilling campaign, extending the company’s cash runway well beyond the previously stated 12-month horizon and mitigating near-term financing risk. The $7 million injection addresses cash burn from exploration activities, aligning with management’s prior guidance to focus on self-funded and partner-funded exploration at Wabamisk and Elmer while confirming the company’s commitment to advancing the Rosa, Fortin, and Patwon targets.

The financing structure includes a flow-through tranche priced at approximately a 38% premium to the recent trading range of $0.57–$0.60, alongside a hard dollar tranche priced at the current market rate. Gross dilution from the transaction is approximately 8.6%, comprising 5.3% from flow-through shares and 3.3% from hard dollar shares.

Azimut Exploration Inc. (AZM) is a Quebec-based multicommodity explorer focused on advancing high-potential mineral deposits in the James Bay region. The company’s strategy emphasizes self-funded and partner-funded exploration to advance resources toward NI 43-101 estimates and preliminary economic assessments.

Its flagship projects include the Wabamisk property, which hosts the Rosa high-grade gold and Fortin antimony-gold zones. Extensive drilling and surface sampling have confirmed high-grade potential and district-scale continuity at Wabamisk. The Elmer project contains the Patwon gold deposit, which holds 311,200 ounces in the indicated category and 513,900 ounces in the inferred category. Azimut is currently advancing a 10,000-meter drill program to expand resources and prepare for a preliminary economic assessment.

At the Kukamas property, the company hosts the Perseus nickel-PGE zone. KGHM International Ltd. has earned a 50% interest in the project and is advancing a second option phase. Additionally, the Wabamisk East property defines a multi-kilometer spodumene pegmatite field. Previously optioned to Rio Tinto, the property is now fully owned by Azimut and is awaiting follow-up drilling.