Azimut and KGHM Expand the High-Grade Nickel-PGE Perseus Zone, Kukamas Property, James Bay Region, Quebec 4.27% Ni, 2.63 g/t PGE over 8.6 m 1.41% Ni, 0.85 g/t PGE over 15.25 m 1.77% Ni, 1.04 g/t PGE over 7.5 m
For immediate release
February 26, 2026
TSXV: AZM
OTCQX: AZMTF
Press Release
Azimut and KGHM Expand the High-Grade Nickel-PGE Perseus Zone,
Kukamas Property, James Bay Region, Quebec
4.27% Ni, 2.63 g/t PGE over 8.6 m
1.41% Ni, 0.85 g/t PGE over 15.25 m
1.77% Ni, 1.04 g/t PGE over 7.5 m
Longueuil, Quebec – Azimut Exploration Inc. (“Azimut” or the “Company”) ( TSXV: AZM) (OTCQX: AZMTF) is
pleased to announce the results of the 2025 diamond drilling program on the Kukamas Property (the “Property”)
in the Eeyou Istchee James Bay (“James Bay”) region of Quebec, Canada.
KGHM International Ltd (“KGHM”) has now earned a 50% interest in the Property after fulfilling all the earn -in
requirements for the first option . Azimut is pleased to announce that KGHM has elected to enter into the second
option phase, which involves work solely funded by KGHM to earn an additional 20% interest . The 2026 work
program is currently being prepared, with details to be announced soon.
The 2025 drilling program consisted of 14 holes (KUK25-010 to -023) for a total of 3,803.8 metres, with Azimut
acting as the operator. The objective w as to expand the nickel-PGE sulphide mineralization in the Perseus Zone
and test new targets , principally along a 1.6-kilometre prospective komatiite trend north-northwest of Perseus
(“Perseus North”).
The initial field discovery of the Perseus Zone, as well as the results of the maiden 9-hole (1,998 m) drilling program,
were reported in press releases dated September 23, 2024i, January 20, 2025ii, and May 29, 2025iii.
DRILLING HIGHLIGHTS (see Figures 1 to 5, Tables 1 and 2)
The drilling highlights from two stacked subparallel horizons (Main and East) at Perseus are presented below:
Perseus Main Zone
• Hole KUK25-010: 1.41% Ni, 0.15% Cu, 0.85 g/t PGE over 15.25 m (from 42.50 m to 57.75 m), incl.
1.77% Ni, 0.18% Cu, 1.11 g/t PGE over 10.75 m (from 47.00 m to 57.75 m) and
3.09% Ni, 0.26% Cu, 1.85 g/t PGE over 2.70 m (from 53.70 m to 56.40 m)
• Hole KUK25-012: 1.77% Ni, 0.20% Cu, 1.04 g/t PGE over 7.50 m (from 19.5 m to 27.0 m), incl.
5.44% Ni, 0.30% Cu, 2.29 g/t PGE over 1.00 m (from 21.00 to 22.00 m)
• Hole KUK25-013: 4.27% Ni, 0.45% Cu, 2.63 g/t PGE over 8.60 m (from 45.00 m to 53.60 m), incl.
6.32% Ni, 0.65% Cu, 3.59 g/t PGE over 4.60 m (from 49.00 m to 53.60 m) and
9.15% Ni, 0.40% Cu, 3.86 g/t PGE over 1.60 m (from 52.00 m to 53.60 m)
• Hole KUK25-014: 1.79% Ni, 0.15% Cu, 1.05 g/t PGE over 4.10 m (from 100.50 m to 104.60 m), incl.
4.24% Ni, 0.31% Cu, 2.79 g/t PGE over 1.00 m (from 102.00 m to 103.00 m)
• Hole KUK25-015: 1.09% Ni, 0.10% Cu, 0.64 g/t PGE over 11.55 m (from 19.00 m to 30.55 m), incl.
2.24% Ni, 0.22% Cu, 1.55 g/t PGE over 3.55 m (from 27.00 m to 30.55 m) and
4.48% Ni, 0.39% Cu, 3.69 g/t PGE over 0.90 m (from 28.55 m to 29.45 m)
Perseus East Zone
• Hole KUK25-012: 0.52% Ni over 10.45 m (from 122.90 m to 133.35 m)
• Hole KUK25-014: 0.64% Ni over 25.30 m (from 199.50 m to 224.80 m), incl.
0.94% Ni, 0.45 g/t PGE over 8.90 m (from 207.10 to 216.00 m)
• Hole KUK25-015: 0.55% Ni, 0.20 g/t PGE over 27.00 m (from 140.00 m to 167.00 m)
• Hole KUK25-017: 0.62% Ni, 0.36 g/t PGE over 14.00 m (from 122.0 m to 136.00 m), incl.
0.78% Ni, 0.50 g/t PGE over 7.00 m (from 123.00 m to 130.00 m) and
1.09% Ni, 0.12% Cu, 0.75 g/t PGE over 2.00 m (from 127.00 m to 129.00 m)
0.60% Ni, 0.16 g/t PGE over 11.40 m (from 151.60 m to 163.00 m), incl.
0.74% Ni, 0.21 g/t PGE over 6.40 m (from 151.60 m to 158.00 m)
• Hole KUK25-018: 0.42% Ni, 0.16 g/t PGE over 15.00 m (from 143.0 m to 158.00 m)
0.66% Ni, 0.26 g/t PGE over 12.00 m (from 175.50 m to 187.50 m), incl.
0.82% Ni, 0.32 g/t PGE over 7.50 m (from 178.50 m to 186.00 m)
0.49% Ni, 0.11 g/t PGE over 12.00 m (from 193.5 m to 205.50 m)
Perseus – Preliminary description
The Perseus Main Zone strikes north and dips steeply to the west. It is now defined over a strike extent of
135 metres and to a vertical depth of 100 metres by 15 holes drilled on five (5) east-west sections spaced at 30
to 35 metres. The mineralization is characterized by metric to decimetric intervals of massive, semi -massive,
net-textured, bleb-textured and/or disseminated pentlandite -pyrrhotite-(chalcopyrite). This second phase of
drilling confirmed the high nickel content of the magmatic sulphide mineralization. Results to date indicate that the
Main Zone remains open at depth and to the south.
The Perseus East Zone appears to be a stacked, subparallel mineralized horizon located approximately 100 metres
east of the Main Zone and has been tested to a vertical depth of 150 metres. It is characterized by a wide envelope
of disseminated sulphides, including locally thin net-textured to semi-massive intervals. Based on detailed surface
mapping, this horizon lies within a stratigraphically lower komatiite flow sequence to the Main Zone. It remains open
in all directions and is untested near the surface.
Perseus North – Initial results
The Perseus North trend has been tested by three (3) widely spaced holes (KUK25-020, -021 and -022) targeting
komatiite units bordering iron formations (“IF”) and coincident with heliborne electromagnetic anomalies
(VTEMPlusTM, VLF). The southernmost hole (KUK25 -020) intersected an important sulphide -facies IF from 87 to
98.6 metres downhole, followed by a thick komatiite-dominant sequence from 98.6 to 390.30 metres. The two other
holes drilled 200 metres and 300 metres to the north intersected the same stratigraphy, although with thinner
komatiite units. No significant sulphides were identified in the komatiite units. The electromagnetic anomalies were
found to be associated with the IF. Perseus North remains untested by drilli ng over a strike extent of 650 metres
between the Perseus Zone and hole KUK25-020.
Geological context – Comparison with Kambalda-type deposits
The two staked mineralized horizons at Perseus are hosted within komatiitic to peridotitic komatiite flows. Detailed
mapping during the summer of 2025 defined at least seven (7) distinct komatiite flow sequences over a NNW-strike
extent of 3 kilometres, often in contact with sulphide-facies IF. This ultramafic volcanic package is subdivided into a
thick central effusive zone (the “Perseus Complex”) and relatively thinner lava flows along the northern extension
of the complex (“Perseus North”). The entire stratigraphic sequence is steeply dipping with consistent west-facing
polarity. It is believed that this geological context offers a substantial exploration potential for additional mineralized
zones.
The Perseus system often shows high -grade nickel results (>3% Ni, up to 19.6% Ni), commonly associated with
high palladium grades (up to 12.15 g/t Pd) and high platinum grades (up to 3.65 g/t Pt). In addition, significant grades
for the rarest platinum group elements (“PGE”) add significant potential value to Perseus, with up to 1.16 g/t rhodium,
0.43 g/t iridium, 2.75 g/t ruthenium and 0.45 g/t osmium. Gold and tellurium contents are also anomalous, with
grades up to 1.13 g/t Au and 32.1 g/t Te, respectively (see press release of May 29, 2025)
These features (high-grade Ni, high Ni/Cu ratio s often >10, high Pd/Pt ratios often >3) and the lithological context
(komatiites with high MgO content up to 40%) highlight a fertile system, with similarities to Archean Kambalda-type
komatiitic nickel deposits, exemplified by the major Kambalda mining district in Western Australia. In this district,
some 22 deposits have been discovered with total production from 1976 to 2020 of 51 Mt at 3.1% Ni, with individual
sulphide lenses ranging from 0.5 to 5.0 Mt.
About the Kukamas Property
Kukamas covers a cumulative strike length of 41 kilometres and comprises 665 claims in two claim blocks for a
total surface area of 337.8 square kilometres. The project benefits from major infrastructure, including high-voltage
power lines, and its proximity to the Trans-Taiga Road, an all-weather regional highway 4 kilometres to the south,
and the La Grande-3 airstrip and hydroelectric generating station. The closest town is Radisson, 80 kilometres to
the west-northwest.
Drilling Contract, Analytical Protocols and Project Management
Orbit Garant Drilling Inc. of Val-d’Or, Quebec, conducted the drilling program with NQ core diameter. All holes were
surveyed downhole with a gyroscopic instrument.
Sawed half-core drill samples are sent to ALS Laboratories in Val-d’Or, Quebec, for analysis. Samples are analyzed
for a 48-element suite by 4-acid digestion and ICP-MS finish, for gold by fire assay and atomic absorption or ICP -
AES finish, and for platinum and palladium by fire assay and ICP-AES finish. Overlimit nickel assays (10,000 ppm)
are reanalyzed using 4-acid digestion and ICP-AES finish. Azimut applies industry-standard QA/QC procedures to
its drilling programs. All batches sent for analysis include certified reference materials, blanks, and field duplicates.
Rock Lefrançois (P.Geo.), Azimut’s Vice-President Exploration, is responsible for project management.
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 by Azimut in the
figures 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 KGHM International
KGHM International is a subsidiary of the Polish corporation KGHM Polska Miedź S.A., a leading producer of copper
and silver for over 60 years, with mining projects in Europe, North America and South America. Under the option
agreement, KGHM has acquired an initial 50% interest in the Property from Azimut by funding more than $5.0 million
in work expenditures in less than four years. KGHM has a second option to earn an additional 20% interest according
to certain terms and conditions, which include delivering a preliminary economic assessment and incurring work
expenditures of at least $4.2 million over three years (see press release of December 8, 2022 iv). An amount of
$1.1 million was incurred in excess by KGHM during the first option phase and will be credited toward expenditures
for the second option.
About Azimut
Azimut is a leading mineral company with a solid reputation for target generation and partnership development. The
Company holds the largest portfolio of mineral projects in Quebec, controlling strategic land positions for gold,
copper, nickel and lithium. Azimut conducts advanced exploration on several high-potential properties:
• Wabamisk (100% Azimut) – Fortin Zone (antimony-gold), drilling phase underway; Rosa Zone (gold): initial phase
of drilling completed, second drilling program underway.
• 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 Inferredv);
10,000 m drilling program in preparation.
• Kukamas (KGHM option) – Perseus Zone (nickel-copper-PGE): 2026 program in preparation.
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 Kukamas Property. To the extent that any statements in this press release contain information
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 sensi tivity 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 geolog ical 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, and failure to obtain necessary permits a nd 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 placed on these statement s, 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 and KGHM Announce a High-Grade Nickel Discovery on the Kukamas Property, James Bay Region, Quebec
ii Azimut and KGHM Drill High-Grade Nickel-PGE Mineralization on the Kukamas Property, James Bay Region, Quebec
iii Azimut and KGHM Launch Exploration Campaign at Kukamas
iv Azimut and KGHM Sign Joint Venture Option Agreement for the Kukamas Copper-Gold Property, James Bay Region, Quebec
v 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.