Azimut Advances Major Fortin Antimony-Gold Zone, Wabamisk Property, James Bay Region, Québec New drilling program and metallurgical tests underway Market study initiated for antimony products from Fortin Zone Longueuil, Québec – Azimut Exploration Inc. (“Azimut” or the “Company”) ( TSXV: AZM) (OTCQX
For immediate release
January 21, 2026
TSXV: AZM
OTCQX: AZMTF
Press Release
Azimut Advances Major Fortin Antimony-Gold Zone,
Wabamisk Property, James Bay Region, Québec
New drilling program and metallurgical tests underway
Market study initiated for antimony products from Fortin Zone
Longueuil, Québec – Azimut Exploration Inc. (“Azimut” or the “Company”) ( TSXV: AZM) (OTCQX: AZMTF) is
pleased to announce the start of a new minimum 5,000 metre diamond drilling program on the Fortin antimony-
gold zone (the “Fortin Zone”) on its wholly owned Wabamisk Property (the “Property”) in the Eeyou Istchee
James Bay (“James Bay”) region of Québec, Canada.
The Fortin Zone is evolving into one of the largest antimony-bearing mineralized systems in Canada. Drilling
to date outlined a 1.8-kilometre-long antimony-gold-bearing body traced to a vertical depth of 250 metres,
which remains open in all directions.
Since its discovery by prospecting in 2024, the Company has drilled 86 holes (12,286 m) on the Fortin Zone and
surrounding targets. A separate gold target immediately south of and subparallel to Fortin is also currently being
delineated by drilling. In addition, Azimut drilled 26 holes (3,633 m) late last year on the Rosa Zone (gold), where
assay results are pending. Rosa is 15 kilometres west of Fortin.
2026 Outlook
A comprehensive exploration program is accelerating the project’s advancement.
Drilling: The minimum 5,000 m drilling phase with two rigs aims to:
• Expand the mineralized body at depth and along strike; and
• Further delineate wide high-grade lenses with incremental and infill holes.
One of the main objectives is to test the Fortin Zone at depth for potential gold enrichment related to antimony–gold
vertical zonation, as documented in several deposits worldwide. A preliminary 3D modelling of the mineralized body
is in progress.
Metallurgical tests and market studies: SGS Canada has been mandated to conduct initial metallurgical tests on
the mineralized material from Fortin and to assess global market demand for such mineral products.
Assessment of new gold targets: Significant results since 2024 are driving a comprehensive re-evaluation of the
Property’s gold potential, with ground geophysics, prospecting, and drilling planned on high-priority targets. One of
the most notable identified targets is the 15-kilometre underexplored strike between the Fortin and Rosa zones (see
Figure 5).
Key Results (see Figures 1 to 8, Tables 1 and 2)
This press release presents drilling highlights from the second delineation phase on the Fortin Zone, including the
final set of assay results received (see Table 1). Previous drilling and channel sampling results have been disclosed
(see press releases (“PR”) of October 29, 2024i, January 16, 2025ii, May 22, 2025iii, July 9, 2025iv and October 23,
2025v).
The 35 holes (5,890 m) of the second phase were drilled at an average of 100-metre-spacing, both along strike and
at depth, down to a maximum vertical depth of 250 metres. Twenty -nine (29) holes (83%) return ed antimony
mineralization with grades above 0.2% Sb, including 19 holes with gold grades above 0.5 g/t Au.
The new assay results include:
Hole WS25-74 0.24% Sb over 23.5 m (from 87.0 m to 110.5 m), including
1.33% Sb over 2.05 m (from 88.0 m to 90.05 m)
Hole WS25-84 0.19% Sb over 13.15 m (from 86.5 m to 99.65 m), including
0.52% Sb over 3.15 m (from 96.5 m to 99.65 m)
Hole WS25-71 1.58% Sb over 0.45 m (from 95.45 m to 95.90 m)
The best results previously reported from this phase include (see PR of October 23, 2025):
Hole WS25-67 0.89% Sb, 0.65 g/t Au over 41.9 m (from 171.6 m to 213.5 m), including
1.05% Sb, 1.88 g/t Au over 13.5 m (from 174.0 m to 187.5 m), with
1.84% Sb, 10.9 g/t Au over 1.7 m (from 177.0 m to 178.7 m), and
1.27% Sb over 16.5 m (from 197.0 m to 213.5 m), with
2.69% Sb over 5.0 m (from 202.0 m to 207.0 m)
Hole WS25-85 0.74% Sb over 41.0 m (from 129.0 m to 170.0 m), including
0.98% Sb, 0.15 g/t Au over 17.0 m (from 148.0 m to 165.0 m), with
1.93% Sb over 2.0 m (from 135.0 m to 137.0 m), and
1.82% Sb, 0.13 g/t Au over 2.0 m (from 148.0 to 150.0 m), and
1.16%Sb, 0.12 g/t Au over 3.0 m (from 154.0 m to 157.0 m), and
1.62% Sb, 0.18 g/t Au over 3.0 m (from 162.0 m to 165 m)
Hole WS25-86 0.56% Sb over 27.0 m (from 252.0 m to 279.0 m), including
1.40% Sb, 0.16 g/t Au over 7.0 m (from 253.0 to 260.0 m), with
3.32% Sb, 0.10 g/t Au over 2.0 m (from 258.0 m to 260.0 m)
Hole WS25-72 1.07% Sb over 13.6 m (from 120.5 m to 134.1 m), including
3.12% Sb, 0.14 g/t Au over 2.0 m (from 126.0 m to 128.0 m)
Hole WS25-55 0.28% Sb, 0.12 g/t Au over 78.0 m (from 16.0 m to 94.0 m)
0.26% Sb, 0.12 g/t Au over 12.0 m (from 120.0 m to 132.0 m)
Hole WS25-65 0.57% Sb over 17.85 m (from 63.8 m to 81.65 m), including
1.13% Sb, 0.12 g/t Au over 2.15 m (from 79.5 m to 81.65 m)
Hole WS25-75 0.34% Sb over 18.05 m (from 177.1 m to 195.15 m), including
0.98% Sb over 3.35 m (from 186.15 m to 189.5 m)
The gold target 110 metres south of Fortin has been delineated along a minimum 400 m strike, dipping steeply to
the south. Gold grades are related to disseminated to semi-massive arsenopyrite hosted in sheared metasediments.
The target appears to correlate well with induced polarization and arsenic soil anomalies. The best results include:
Hole WS25-54 6.24 g/t Au over 2.50 m (from 72.3 m to 74.8 m), including
13.4 g/t Au over 1.0 m (from 72.3 to 73.3 m)
Hole WS25-67 2.10 g/t Au over 3.45 m (from 66.8 m to 70.25 m), including
12.3 g/t Au over 0.40 m (from 69.85 m to 70.25 m)
Hole WS25-85 0.79 g/t Au over 9.0 m (from 34.0 m to 43.0 m), including
3.63 g/t Au over 1.0 m (from 42.0 m to 43.0 m)
Hole W25-53 0.76 g/t Au over 4.00 m (from 5.0 m to 9.0 m), including
1.79 g/t Au over 1.50 m (from 7.5 m to 9.0 m)
Hole W10-05 0.60 g/t Au over 17.8 m (from 197.7 m to 215.5 m; historic hole)
Preliminary geometry of the Fortin Zone
Strike-length: At least 1.8 kilometres , based on 58 mineralized holes, within a broader 2.4-kilometre-long
prospective corridor, based on 2 holes drilled on the eastern and western extensions (WS25-22 and WS25-34,
respectively).
Thickness: Intervals grading above 0.1% Sb range from 5 to 50 metres wide along the hole, averaging roughly
25 metres.
Dip: To the south at approximately 70 to 75 degrees. Due to topographic constraints, hole WS25 -55 was drilled
toward the south, resulting in a long down-dip interval.
Vertical extent: Tested from surface down to 250 metres; open at depth.
Mineralized system and geological context
The antimony-gold mineralized system is associated with a massive albitic stratiform hydrothermal alteration
zone (the “ albitic unit ” previously described as a feldspar porphyry intrusive sill), within a thick detrital
metasedimentary sequence. Evidence of very strong albitic alteration, with progressive replacement of host rocks,
has been documented. This alteration is possibly controlled by the original rock’s porosity and fracturing.
The massive albitic unit has been intersected by 77 holes over a lateral distance of 2.65 kilometres. Its thickness
varies from several metres to over 90 metres. The multi-kilometre lateral continuity of the albitic unit may suggest a
kilometre-scale vertical extent. The mineralized system is currently recognized almost continuously over a distance
of 1.8 kilometres and remains open along strike and at depth.
Antimony sulphides (berthierite: FeSb2S4, gudmundite: FeSbS, and stibnite: Sb2S3) are associated with intense
quartz veining and brecciated facies within the albitic unit, and are commonly associated with other sulphides
(arsenopyrite, pyrrhotite, pyrite). Sericite is the main alteration mineral, locally accompanied by chlorite, epidote and
carbonate. Massive to semi-massive mineralization occurs along the southern sheared and locally folded contact
between the albitic sill and less-altered metasedimentary host rocks (mostly siltstones). The northern contact
is also mineralized, but drilling to date suggests it is less continuous than the southern contact. The quartz vein
network is mostly subparallel to the east-west schistosity. The rheologic contrast between the brittle albitic unit and
the more ductile metasedimentary rocks appears to be one of the key controls on mineralization at the scale of the
Fortin Zone.
Antimony-rich systems are unusual in Archean settings in Québec. The mineralized albitic unit on the Wabamisk
Property lies along the major tectono -metamorphic boundary separating the volcano -plutonic La Grande
Subprovince and the metasedimentary Opinaca Subprovince. This geological environment has already been
recognized as prospective for gold, exemplified by the Eleonore gold deposit. At Wabamisk, the antimony-rich
zone may transition to a deeper gold-rich zone.
Mineralogical and metallurgical characterization of the mineralized material, includ ing comminution and flotation
testwork, is progressing well.
About Antimony
The price of antimony has been very volatile over the last 2 years, due to ongoing supply shortages exacerbated by
trade disputes. Antimony is listed as a critical mineral by the Canadian and American governments and the European
Commission. Three countries account for about 90% of the world’s production, estimated to be 1 00,000 tonnes in
2024: China 60%, Tajikistan 17% and Russia 13%. Antimony is not currently mined at scale in Canada or the United
States. In August 2024, China imposed restrictions on antimony exports, leading to significant supply disruptions.
While some restrictions have since been lifted, antimony remains subject to broader export controls, highlighting the
importance of diversifying critical mineral supply chains outside of China. Source: USGS, Antimony Commodity
Summary, January 2025.
About the Wabamisk Property
Wabamisk is a wholly owned project comprising 673 claims covering 356 km 2. The adjacent Wabamisk East
Property (205 claims, 108.5 km2) is mainly explored for its lithium potential. Together, the Wabamisk and Wabamisk
East projects provide a strategic 51-kilometre strike position in one of the most prospective belts in the James
Bay region.
Wabamisk lies 13 kilometres east of the Clearwater Property (Fury Gold Mines Ltd), 42 kilometres northeast of the
Whabouchi lithium deposit (Rio Tinto – Nemaska Lithium), and 70 kilometres south of the Eleonore gold mine
(Dhilmar Ltd). Major powerlines pass through or close to the Property’s eastern end, and the North Road highway
passes 37 kilometres to the south. The nearest town is Nemaska, a Cree village municipality 55 kilometres to the
southwest.
Drilling, Analytical Protocols and Project Management
Nouchimi-RJLL Drilling Inc. of Rouyn -Noranda, Québec, is conducting the drilling program with two rigs using NQ
core diameter. Sawed half-core drill core samples are sent to ALS Laboratories in Val-d’Or and Montréal, Québec,
where gold is analyzed by fire assay, with atomic absorption and gravimetric finishes for grades above 3.0 g/t Au.
Samples are also analyzed for a 48 -element suite using ICP. Antimony is also analyzed using four-acid digestion
and ICP -AES (Sb-ICP08). Azimut applies industry -standard QA/QC procedures to its drilling and prospecting
programs. All batches sent for analysis included certified reference materials, blanks and field duplicates.
The project is under the direction of Alain Cayer (P.Geo.), Azimut’s Project Manager.
Qualified Person
Dr. Jean-Marc Lulin (P.Geo.), Azimut’s President and CEO, prepared this press release and approved the scientific
and technical information disclosed herein, including the previously reported results presented in the figures and
tables supporting this press release. He is acting as the Company’s qualified person within the meaning of National
Instrument 43-101 – Standards of Disclosure for Mineral Projects.
About SGS
SGS is the world's leading testing, inspection and certification company. SGS is recognized as the global
benchmark for quality and integrity. With more than 99,500 employees, SGS operates a network of over 2,500
labs and business facilities combining the precision and accuracy that define Swiss companies to help
organizations achieve the highest standards of quality, compliance and sustainability.
About Azimut
Azimut is a leading mineral exploration company with a solid reputation for target generation and partnership
development. The Company holds the largest mineral exploration portfolio in Quebec, controlling strategic land
positions for gold, copper, nickel and lithium. Azimut is concurrently advancing several high-potential projects:
• Wabamisk (100% Azimut) – Fortin Zone (antimony-gold); Rosa Zone (gold): initial phase of drilling completed,
assays pending.
• Wabamisk East (100% Azimut) – Lithos North & South (lithium): initial phase of drilling completed, assays
pending.
• Elmer (100% Azimut) – Patwon gold deposit at the resource stage (311,200 oz Indicated and 513,900 oz
Inferredvi); internal scoping study in progress; field assessment of the recently acquired K2 claim block.
• Kukamas (KGHM option) – Perseus Zone (nickel-copper-PGE): drilling phase completed; assays pending.
Azimut uses a pioneering approach to big data analytics (the proprietary AZtechMine™ expert system), enhanced
by extensive exploration know -how. The Company’s competitive edge is based on systematic regional -scale data
analysis. Azimut maintains rigorous financial discipline and a strong balance sheet.
Azimut has two strategic investors among its shareholders, Agnico Eagle Mines Limited and Centerra Gold Inc.,
which hold approximately 11% and 9.9%, respectively, of the Company’s issued and outstanding shares.
Contact and Information
Jean-Marc Lulin, President and CEO
Tel.: (450) 646-3015 – Fax: (450) 646-3045
Jonathan Rosset, Vice President Corporate Development
Tel.: (604) 202-7531
[email protected] www.azimut-exploration.com
Cautionary note regarding forward-looking statements
This press release contains forward -looking statements, which reflect the Company’s current expectations regarding future events related to the drilling results from the
Wabamisk Property. To the extent that any statements in this press release contain inf ormation that is not historical, the statements are essentially forward-looking and are
often identified by words such as “consider”, “anticipate”, “expect”, “estimate”, “intend”, “project”, “plan”, “potential”, “ suggest” and “believe”. The forward-looking statements
involve risks, uncertainties, and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. Many
factors could cause such differences, particularly volatility and sensitivity to market metal prices, the impact of changes in foreign currency exchange rates and interest rates,
imprecision in reserve estimates, recoveries of gold and other metals, environmental risks including increased regulatory burdens, unexpected geological conditions, adverse
mining conditions, community and non-governmental organization actions, changes in government regulations and policies, including laws and policies, global outbreaks of
infectious diseases, including COVID-19, and failure to obtai n necessary permits and approvals from government authorities, as well as other development and operating
risks. Although the Company believes that the assumptions inherent in the forward -looking statements are reasonable, undue reliance should not be plac ed on these
statements, which only apply as of the date of this document. The Company disclaims any intention or obligation to update or revise any forward-looking statement, whether
as a result of new information, future events or otherwise, other than as required to do so by applicable securities laws. The reader is directed to carefully review the detailed
risk discussion in our most recent Annual Report filed on SEDAR+ for a fuller understanding of the risks and uncertainties that affect the Company’s business.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.
i Azimut Discovers High-Grade Antimony Zone on the Wabamisk Gold Property, James Bay Region, Quebec
ii Azimut’s Initial Drill Results Indicate an Extensive Antimony Zone on the Wabamisk Gold Property, Quebec, Canada
iii Azimut Drills 1.1% Sb over 51.5 metres, including 3.43% Sb and 2.37 g/t Au over 6.5 metres
iv Azimut Resumes Drilling to Expand the Antimony-Gold Zone on the Wabamisk Property, James Bay Region, Québec, Canada
v Azimut Defines Antimony-Gold Zone over 1.8 km Strike and 250 m Depth, Open in All Directions, on the Wabamisk Property, James Bay, Québec
vi Technical Report and Initial Mineral Resource Estimate for the Patwon Deposit, Elmer Property, Québec, Canada, prepared by Martin Perron, P.Eng., Chafana Hamed
Sako, P.Geo., Vincent Nadeau-Benoit, P.Geo. and Simon Boudreau, P.Eng. of InnovExplo Inc., dated January 4, 2024. The initial MRE comprises Indicated resources of
311,200 ounces in 4.99 million tonnes grading 1.93 g/t Au and Inferred resources of 513,900 ounces in 8.22 million tonnes grading 1.94 g/t Au.