Azimut and KGHM Launch 2026 Campaign at Kukamas 5,000 metres of drilling to expand the high-grade Nickel-PGE Perseus Zone Longueuil, Quebec – Azimut Exploration Inc. (“Azimut” or the “Company”) ( TSXV: AZM) (OTCQX: AZMTF) is
For immediate release
July 16, 2026
TSXV: AZM
OTCQX: AZMTF
Press Release
Azimut and KGHM Launch 2026 Campaign at Kukamas
5,000 metres of drilling to expand the high-grade Nickel-PGE Perseus Zone
Longueuil, Quebec – Azimut Exploration Inc. (“Azimut” or the “Company”) ( TSXV: AZM) (OTCQX: AZMTF) is
pleased to announce that a comprehensive partner -funded exploration program is commencing on the Kukamas
Property (the “Property”) in the Eeyou Istchee James Bay (“James Bay”) region of Quebec, Canada.
The Property is subject to an option agreement with KGHM International Ltd (“KGHM”). KGHM has earned a 50%
interest in the Property and has elected to enter the second option phase to earn an additional 20% interest upon
delivery of a preliminary economic assessment. Azimut remains the operator of the 2026 program.
2026 Exploration Program
The $3.4-million work program will be deployed over the two (2) blocks of the Property (see Figures 1 to 4):
Kukamas East Block
• Priority is given to the advancement of the high-grade nickel-PGE (platinum group element) Perseus discovery
through the following work:
o An induced polarization (“IP”) survey over the komatiite sequence hosting the mineralized zone to identify
its footprint and generate new drilling targets (completed, see below).
o 5,000 metres of diamond drilling, mostly dedicated to expanding Perseus.
• Detailed mapping and mechanical trenching of the southern part of the claim block to further define copper and
copper-gold targets associated with a felsic-intermediate volcaniclastic sequence.
Kukamas West Block
• Additional advanced reprocessing of electromagnetic anomalies (Geotech VTEMTM).
• A h igh-resolution heliborne magnetic-electromagnetic survey to cover the northern part of the claim block
(40 km2, 550 line-kilometres at 100-metre line spacing).
• Prospecting traverses over selected parts of the claim block, which remains largely unexplored.
Program Specifications
• Induced Polarization Survey
TMC Geophysics of Val-d’Or, Québec , completed an IP survey covering a 1.8-kilometre strike extent of the
Perseus komatiite sequence and centred on the Perseus Ni-PGE Main and East Zones. Overall, 22.57 line-
kilometres were surveyed using a dipole-dipole array (a = 37.5 m; n = 1 to 8). Line spacing was 25 metres over
the Perseus Zone and 50 metres elsewhere. The survey was conducted to complement previously acquired
magnetic and electromagnetic ground and airborne data, specifically to detect disseminated -type magmatic
sulphide mineralization.
The survey defined moderate to very strong chargeability anomalies within the komatiite sequence to the
south and southeast of the Perseus Zone. These anomalies are considered high -priority drill targets to ex tend
the Perseus Zone and discover additional sulphide mineralization.
• Drilling Program
The primary objective s of the drilling program are: 1) to expand the Perseus Main and East zones updip,
downdip and along strike to the south; and 2) to test new targets defined by the recently completed IP survey.
Some drilling is allocated on targets defined by detailed mapping and trenching work in the southern part of the
Kukamas East Block.
The initial 2024 field discovery of the Perseus Zone, as well as the results of the maiden 2024 (9 holes, 1,998 m)
and follow-up 2025 core drilling programs (14 holes, 3,803.8 m) were reported in press releases dated September
23, 2024i, January 20, 2025ii, May 29, 2025iii, and February 26, 2026iv.
Previously reported results notably include:
Perseus Main Zone
2.98% Ni, 0.32% Cu, 2.25 g/t PGE over 8.0 m, incl. 3.74% Ni, 0.41% Cu, 2.82 g/t PGE over 6.0 m (channel)
1.10% Ni, 0.15% Cu, 1.02 g/t PGE over 9.0 m, incl. 1.42% Ni, 0.19% Cu, 1.36 g/t PGE over 6.0 m (channel)
1.64% Ni, 0.11% Cu, 1.12 g/t PGE over 8.50 m incl. 3.55% Ni, 0.19% Cu, 2.19 g/t PGE over 2.50 m (Hole KUK24-001)
8.42% Ni, 0.55% Cu, 7.25 g/t PGE over 1.90 m (Hole KUK24-002)
0.81% Ni, 0.52 g/t PGE over 24.2 m, incl. 1.63% Ni, 0.14% Cu, 1.61 g/t PGE over 1.25 m and 3.46% Ni, 0.21% Cu,
2.44 g/t PGE over 0.75 m (Hole KUK24-003)
6.06% Ni, 0.38% Cu, 3.34 g/t PGE over 2.60 m incl. 19.6% Ni, 0.81% Cu, 9.43 g/t PGE over 0.75 m (Hole KUK24-007)
1.41% Ni, 0.15% Cu, 0.85 g/t PGE over 15.25 m, incl.1.77% Ni, 0.18% Cu, 1.11 g/t PGE over 10.75 m and 3.09% Ni,
0.26% Cu, 1.85 g/t PGE over 2.70 m (Hole KUK25-010)
1.77% Ni, 0.20% Cu, 1.04 g/t PGE over 7.50 m, incl. 5.44% Ni, 0.30% Cu, 2.29 g/t PGE over 1.00 m (KUK25-012)
4.27% Ni, 0.45% Cu, 2.63 g/t PGE over 8.60 m , incl. 6.32% Ni, 0.65% Cu, 3.59 g/t PGE over 4.60 m and 9.15% Ni,
0.40% Cu, 3.86 g/t PGE over 1.60 m (Hole KUK25-013)
1.09% Ni, 0.10% Cu, 0.64 g/t PGE over 11.55 m , incl. 2.24% Ni, 0.22% Cu, 1.55 g/t PGE over 3.55 m and 4.48% Ni,
0.39% Cu, 3.69 g/t PGE over 0.90 m (Hole KUK25-015)
Perseus East Zone
0.90%Ni, 0.32 g/t PGE over 9.05 m (Hole KUK24-001)
3.18% Ni, 0.15% Cu, 1.17 g/t PGE over 1.70 m (Hole KUK24-007)
0.64% Ni over 25.30 m, incl. 0.74% Ni over 16.5 m and 0.94% Ni, 0.45 g/t PGE over 8.90 m (Hole KUK25-014)
0.55% Ni, 0.20 g/t PGE over 27.00 m (Hole KUK25-015)
0.62% Ni, 0.36 g/t PGE over 14.00 m, incl. 0.78% Ni, 0.50 g/t PGE over 7.00 m and 1.09% Ni, 0.12% Cu, 0.75 g/t PGE
over 2.00 m; and 0.60% Ni, 0.16 g/t PGE over 11.40 m, incl. 0.74% Ni, 0.21 g/t PGE over 6.40 m (Hole KUK25-017)
0.42% Ni, 0.16 g/t PGE over 15.00 m; 0.66% Ni, 0.26 g/t PGE over 12.00 m, incl. 0.82% Ni, 0.32 g/t PGE over 7.50 m;
and 0.49% Ni, 0.11 g/t PGE over 12.00 m (Hole KUK25-018)
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). The 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.
Geological Context – Comparison with Kambalda-type Deposits
The two stacked 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 3-kilometre
NNW strike, often in contact with sulphide-facies iron formations. 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 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 PGEs 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 ratios 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
Nouchimi-RJLL Drilling Inc. of Rouyn-Noranda, Québec, has been awarded the drilling program contract using NQ
core diameter. Sawed half-core drill samples are sent to A ctlabs 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 (4) years. KGHM has a second option to earn an additional 20% interest under
certain terms and conditions, including delivering a preliminary economic assessment and incurring work
expenditures of at least $4.2 million over three years (see the press release of December 8, 2022v). KGHM incurred
an excess of $1.1 million in expenditures during the first option phase , which will be credited toward the second
option.
About Azimut
Azimut is a leading mineral exploration company with a solid reputation for target generation and partnership
development. The Company controls strategic land positions for gold, copper, nickel and lithium in Quebec. Azimut
is focused on several key high-impact projects:
• Wabamisk and Wabamisk East (100% Azimut), which host the Fortin Zone (antimony-gold), Rosa Zone (gold)
and Lithos Zone (lithium);
• Elmer (100% Azimut) , which hosts the resource -stage Patwon Deposit (gold) (311,200 oz Indicated and
513,900 oz Inferredvi); and
• Kukamas (KGHM option), which hosts the Perseus Zone (nickel-PGE).
An update on the currently active exploration programs was provided in the press release dated June 30, 2026.
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 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, glo bal outbreaks of infectious diseases, and failure to obtain 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 placed 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 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 Expand the High-Grade Nickel-PGE Perseus Zone, Kukamas Property, James Bay Region, Quebec
v Azimut and KGHM Sign Joint Venture Option Agreement for the Kukamas Copper-Gold Property, James Bay Region, Quebec
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.