Azimut and KGHM Launch Exploration Campaign at Kukamas New Assay Results Confirm High-Grade Platinum Group Elements at the Perseus Zone Longueuil, Quebec – Azimut Exploration Inc. (“Azimut” or the “Company”) ( TSXV: AZM) (OTCQX: AZMTF) is
For immediate release
May 29, 2025
TSXV: AZM
OTCQX: AZMTF
Press Release
Azimut and KGHM Launch Exploration Campaign at Kukamas
New Assay Results Confirm High-Grade Platinum Group Elements at the 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”), located in the Eeyou Istchee James Bay (“James Bay”) region of Quebec, Canada (see
Figures 1 to 4). The Property is subject to an option agreement with KGHM International Ltd (“KGHM”). Azimut
is the operator.
This press release also reports new assay results for the complete suite of Platinum Group Elements (“PGE”),
further confirming the high-grade PGE content of the Perseus Nickel Zone discovered in 2024.
2025 Exploration Program
The $3.6 million exploration program will comprise two (2) phases of work:
• Phase 1: D etailed mapping, prospecting and advanced reprocessing of high -resolution electromagnetic and
magnetic heliborne data; and
• Phase 2: 4,000 metres of diamond drilling planned for late summer, based on results of phase 1.
The primary objective is to follow up on the significant progress in 2024 with the discovery of the Perseus Zone,
confirmed by five (5) drill holes, all of which yielded excellent results (see press releases of September 23 and
October 28, 2024 and January 20, 2025 ). Perseus is a high-grade nickel and PGE mineralized system
associated with komatiitic volcanics. The features of the mineralization (high -grade Ni, high Ni/Cu ratio, high
Pd/Pt ratio) and the lithological context highlight a fertile system, with similarities to Archean Kambalda -type
komatiitic nickel deposits, exemplified by the Kambalda district in Western Australia.
Previously reported results notably include:
• 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 8.5 m incl. 3.55% Ni, 0.19% Cu, 2.19 g/t PGE over 2.5 m; and 0.90%
Ni, 0.32 g/t PGE over 9.05 m (Hole KUK24-001)
• 8.42% Ni, 0.55% Cu, 7.25 g/t PGE over 1.9 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 2.6 m incl. 19.6% Ni, 0.81% Cu, 9.43 g/t PGE over 0.75 m ; and
3.18% Ni, 0.15% Cu, 1.17 g/t PGE over 1.7 m (Hole KUK24-007)
The Perseus Zone remains open in all directions. In addition, several under-explored, kilometre-scale, ultramafic
formations identified on the Property during previous reconnaissance mapping are considered strong nickel
exploration targets. The Property also has gold and copper-gold targets, which will be further assessed.
Reporting of Additional Assay Results for PGE (Table 1)
Thirty (30) selected high-grade nickel samples from the Perseus Zone, all with grades higher than 3 .0% Ni,
ranging from 3.46% to 19.60% Ni, were analysed for the complete suite of PGE, including platinum (Pt),
palladium (Pd), and the rarest PGEs, rhodium (Rh), iridium (Ir), ruthenium (Ru) and osmium (Os).
• These nickel samples are commonly associated with high palladium grades ranging from 1.16 g/t Pd to
12.15 g/t Pd, and high platinum grades up to 3.65 g/t Pt.
• These samples also returned significant grades for the rarest PGE s, with up to 1.16 g/t Rh , 0.43 g/t Ir ,
2.75g/t Ru and 0.45 g/t O s, adding significant potential value to the Perseus Zone. For indicative purposes
only, the current prices in US$ of the following PGEs are: Rhodium: $5,325/ounce (oz); iridium: $4,150/oz; and
ruthenium: $615/oz (prices as of May 27, 2025; source: Johnson Matthey https://matthey.com/).
• Gold and tellurium contents are also anomalous, with grades up to 1.13 g/t Au and 32.1 g/t Te respectively.
Table 1: Thirty samples analyzed for PGEs (platinum, palladium, rhodium, iridium, ruthenium, osmium)
Platinum Group Elements (PGE)
Sample Sample Ni Co Cu Au Te Pt Pd Rh Ir Ru Os TOTAL PGE
ID Type (%) (%) (%) (ppb) (ppm) (ppb) (ppb) (ppb) (ppb) (ppb) (ppb) (g/t)
G435306 grab 4.72 0.07 3.04 109 6.29 383 3120 373 165 1065 145 5.25
G435307 grab 5.93 0.07 0.39 178 19.20 3310 6390 105 26 108 18 9.96
G435308 grab 5.04 0.08 2.00 179 6.15 363 3460 418 193 1200 188 5.82
G435309 grab 9.35 0.15 1.10 48 10.05 293 2110 185 21 61 10 2.68
G435311 grab 7.08 0.12 0.81 31 32.10 2370 8990 69 11 12 3 11.46
G435312 grab 5.76 0.08 0.52 119 6.63 1320 2690 210 71 361 58 4.71
G435313 grab 5.91 0.11 0.39 24 4.53 672 2140 255 85 410 64 3.63
G435318 grab 8.04 0.18 1.02 344 13.20 255 2960 666 290 1750 260 6.18
G435401 grab 4.41 0.12 0.27 54 8.15 477 2430 267 89 581 84 3.93
G435402 grab 3.48 0.07 0.33 78 6.65 1020 1880 121 33 174 23 3.25
G435403 grab 6.85 0.12 0.99 80 14.05 1915 4510 302 123 676 110 7.64
G435404 grab 4.88 0.09 0.46 169 6.02 646 2810 425 147 910 165 5.10
G435405 grab 3.78 0.06 1.44 27 6.47 731 2320 312 97 671 102 4.23
G435406 grab 5.53 0.09 1.90 519 10.30 3650 3880 353 94 571 93 8.64
G435407 grab 4.28 0.08 2.91 250 11.45 808 3520 289 128 797 122 5.66
G435408 grab 4.12 0.05 0.45 109 6.50 819 2040 204 81 471 79 3.69
G435409 grab 3.58 0.06 0.72 48 6.62 1080 3290 214 91 552 78 5.31
G435410 grab 6.86 0.09 2.35 438 15.15 2420 3540 460 190 1225 199 8.03
G435433 channel 4.70 0.06 0.46 102 4.37 712 2090 283 121 755 109 4.07
G435434 channel 4.02 0.06 0.48 111 4.34 1045 2100 219 80 497 67 4.01
G435435 channel 5.56 0.08 0.57 72 5.38 919 2560 301 109 659 106 4.65
G435436 channel 4.77 0.07 0.43 74 5.53 1170 2540 206 77 413 73 4.48
G435457 grab 3.69 0.07 0.21 28 6.22 560 1830 272 106 728 93 3.59
L596016 core 4.47 0.07 0.24 20 9.12 612 4810 161 38 275 40 5.94
L596017 core 4.55 0.07 0.26 41 3.57 555 1160 185 61 318 52 2.33
L596189 core 17.25 0.21 0.89 1135 9.97 477 4770 953 288 1370 228 8.09
L596190 core 7.41 0.10 0.70 80 22.40 3230 12150 91 12 29 7 15.52
L596398 core 3.46 0.07 0.21 21 6.07 459 2140 239 88 556 84 3.57
L596963 core 19.60 0.27 0.81 240 9.18 2200 6640 1160 436 2750 453 13.64
L597023 core 5.30 0.12 0.12 12 7.68 469 1530 184 146 394 213 2.94
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.
Analytical Methods
Thirty (30) high-grade samples of the Perseus Zone, with grades ranging from 3.46% to 19.60% Ni, were selected
for additional analysis and sent to ALS Laboratories in Johannesburg, South Africa, where they were analyzed for
the complete suite of platinum group elements (Pt, Pd, Ph, Ir, Os, Ru) by nickel sulphide collection fire assay and
ICP-MS finish. These samples consist of nineteen (19) sawed grab samples collected from the discovery outcrop,
four (4) one-metre-long channel samples from the same outcrop, and seven (7) sawed half-core drill core samples.
Note that grab samples are selective by nature and unlikely to represent average grades.
Project Management and Qualified Person
Rock Lefrançois (P.Geo.), Azimut’s Vice-President Exploration, is responsible for project management.
Dr. Jean -Marc Lulin (P.Geo.), Azimut’s President and CEO, prepared this press release and approved the
scientific and technical information disclosed herein , i ncluding 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 can acquire an initial 50% interest in the Property from Azimut by funding $5.0 million in
work expenditures over 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 analysis (a PEA*), and incurring
work expenditures of at least $4.2 million over three years (see press release of December 8, 2022).
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.
The Company’s wholly owned flagship project, the Elmer Gold Project , is at the resource stage ( 311,200 oz
Indicated and 513,900 oz Inferred using a gold price of US$1,800 per ounce **) and has a strong exploration
upside. Azimut is also advancing the Galinée lithium discovery with its joint venture partner SOQUEM Inc. In
addition, significant exploration progress was made in 2024 on the Wabamisk (antimony-gold, lithium), Kukamas
(nickel-copper-PGE) and Pilipas (lithium) projects.
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.
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
Notes
The results of Azimut’s work on the Kukamas Property since the acquisition of the project by the Company in 2019, have
been presented in 11 press releases, including the results disclosed in this release. The press releases are available on
the Company’s website or through SEDAR ( www.sedarplus.ca). The technical reports related to these programs have
been filed with Quebec’s Ministry of Natural Resources and Forests and are accessible via SIGÉOM.
(*) PEA: Early-stage technical and economic study conducted for a mining project. It evaluates the potential viability of
a mineral resource by outlining preliminary estimates of mining methods, production rates, capital and operating costs,
and potential economic returns.
(**) Technical Report and Initial Mineral Resource Estimate for the Patwon Deposit , Elmer Property, Quebec. Canada,
dated January 4, 2024, and prepared by Martin Perron, P.Eng., Chafana Hamed Sako, P.Geo., Vincent Nadeau-Benoit,
P.Geo., and Simon Boudreau, P.Eng., of InnovExplo Inc.
Cautionary note regarding forward-looking statements
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 exte nt
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, global outbreaks of infectious diseases,
including COVID-19, 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.