Azimut Completes Galinee Property Transaction with LiFT Power, James Bay Region, Quebec
Azimut Validates Generator Model with $15M Galinée Sale as Flagship Elmer Drilling Looms
The most recent news release (February 18, 2026) announces the closing of the sale of Azimut’s 50% interest in the Galinée Property to Li-FT Power Ltd. Azimut received 2,000,000 common shares of Li-FT Power (valued at approximately $13.4 million CAD based on the February 17, 2026, closing price) and a $1.5 million CAD deferred payment due in 18 months or upon completion of a technical report with an economic analysis. Azimut also retains a 1.4% Net Smelter Return (NSR) royalty on the property.
Additionally, the company provided an operational update on 17,000 meters of planned drilling for early 2026: - Wabamisk (Fortin Zone): Antimony-gold drilling nearing completion. - Wabamisk (Rosa Zone): Follow-up drilling commenced. - Elmer: 10,000-meter drill program preparing for early March. - Wabamisk East and Kukamas: Assays pending for recently completed phases.
The impact is Material - Positive. This transaction significantly strengthens Azimut’s balance sheet without equity dilution. - Liquidity: The $13.4 million in Li-FT shares (subject to a four-month hold) and the $1.5 million deferred payment provide substantial non-dilutive capital to fund the 2026 exploration programs. - Strategic Validation: Selling a 50% stake in a lithium discovery while retaining a royalty validates Azimut’s "Project Generator" model. The consolidation of the Galinée-Adina district by Li-FT Power increases the likelihood of the asset reaching production, enhancing the value of Azimut’s retained 1.4% NSR. - Focus: The transaction allows management to pivot resources back to its 100%-owned flagship Elmer Gold Project. - Mixed Context: While the Galinée sale is positive, it must be viewed against the December 2025 news that Rio Tinto terminated its joint venture on the Corvet, Kaanaayaa, and Wabamisk East properties. Azimut regained 100% control of these assets but lost a major funding partner.
Azimut Exploration is a project generator focused on Quebec, using its proprietary AZtechMine™ expert system for big-data targeting. - Flagship Project: Elmer Gold Project (100% owned). - Current Resource: Indicated 311,200 oz Au (1.93 g/t) and Inferred 513,900 oz Au (1.94 g/t) at Patwon. - Strategy: Leverage large data sets to identify targets, option them to partners to fund exploration, and maintain high-equity interests or royalties.