Azimut Closes $8.7 Million Private Placement
For immediate release
May 16, 2025
TSXV: AZM
OTCQX: AZMTF
Press Release
Azimut Closes $8.7 Million Private Placement
Longueuil, Québec – Azimut Exploration Inc. (“Azimut” or the “Company”) ( TSXV: AZM) (OTCQX: AZMTF) is
pleased to report that on May 16, 2025, it has closed its previously announced non-brokered placement with
Centerra Gold Inc. (“Centerra”) (TSX: CG) (NYSE: CGAU) (see press release of April 28, 2025) and has issued
9,935,000 common shares to Centerra for gross proceeds of $5,961,000.
Azimut is also pleased to report that on May 16, 2025, it closed a concurrent non-brokered private placement with
the following entities, for additional gross proceeds of $2,751,400:
- Agnico Eagle Mines Limited (“Agnico Eagle”) (TSX: AEM) (NYSE: AEM) and CDPQ Sodémex Inc. (a
wholly-owned subsidiary of Caisse de dépôt et placement du Québec (“CDPQ”)), exercised their
respective contractual rights to participate in certain equity offerings by the Company.
- SIDEX LP, Fonds de solidarité FTQ (“Fonds”) and NQ Investissement Minier LP (“NQIM“) subscribed
for common shares following the dissemination of the Company’s press release on April 28, 2025.
In total, 14,520,666 common shares of the Company were issued at a price of $0.60 per share for aggregate gross
proceeds of $8,712,400 (the “Offering”).
Azimut welcomes Centerra as new strategic investor. Centerra now owns approximately 9.9% of the issued and
outstanding common shares of the Company.
Azimut believes that the Offering reflects a strong support for the Company’s exploration strategy and the quality
of its project portfolio , and that the Offering will put the Company in a position to generate and advance
quality targets for precious metals and critical minerals. The proceeds from the Offering will be used by Azimut to
expand its exploration activities on its wholly owned Wabamisk (gold -antimony) and Elmer (gold-copper)
properties, and for business development and general corporate purposes. Together with the partner -funded
exploration planned for the Kukamas (nickel -copper-platinum-palladium), a significant level of activity is
expected over the next 12 months. Refundable tax credits ranging from 22.5% to 45% are anticipated to be
recovered on qualified exploration expenditures incurred by the Company.
In connection with the Offering, Azimut has executed an investor rights agreement with Centerra pursuant to which,
subject to certain conditions, Centerra will have the right to participate in future equity issuances to maintain its
ownership interest in the Company.
Agnico Eagle has subscribed for 833,333 common shares of the Company for gross proceeds $499,999.80 (the
“Agnico Offering”). The Agnico Offering constitutes a “related party transaction” as defined under Multilateral
Instrument 61-101 - Protection of Minority Security Holders in Special Transactions (“MI 61-101”), due to the fact
Agnico Eagle had, prior to the Agnico Offering, beneficial ownership of, or control or direction over, securities of
the Company carrying more than 10% of the voting rights attached to all the outstanding voting securities of the
Company. The Company is relying on Section 5.5(b) of MI 61-101 for an exemption from the formal valuation
requirement under MI 61-101, as the Company is not listed on specified markets. The Company is relying upon
the exemptions from the minority shareholder approval requirements pursuant to Section 5.7(1)(a) of MI 61 -101
on the basis that neither the fair market value of the subject matter of, nor the fair market value of the consideration
for, the transaction insofar as it involves interested parties (within the meaning of MI 61-101) in the Offering and/or
the Agnico Offering exceeds 25% of the Company’s market capitalization calculated in accordance with MI 61 -
101. No formal valuation or other prior valuation has been prepared in respect of the Company. A material change
report will be filed by the Company less than 21 days in advance of the closing date of the Agnico Offering as the
final details thereof were not settled until shortly prior to the closing of the Agnico Offering and the Company wished
to close the Agnico Offering in a timely manner for sound business reasons. Upon closing of the Offering, Agnico
Eagle beneficially owned, or exercised control and direction over, an aggregate of 11,034,058 common shares of
the Company, representing approximately 11% of its issued and outstanding common shares.
The Offering is subject to the final approval by the TSX Venture Exchange. All securities issued under the Offering
will have a hold period of four months and one day from the date of closing, in accordance with applicable Canadian
securities legislation.
About Centerra
Centerra Gold Inc. is a Canadian -based gold mining company focused on operating, developing, exploring and
acquiring gold and copper properties in North America, Türkiye, and other markets worldwide. Centerra owns and
operates the Mount Milligan Mine in Br itish Columbia, Canada, and the Öksüt Mine in Türkiye. It also owns
exploration and development assets and operates the Molybdenum Business Unit in Canada and the United
States.
About CDPQ
At CDPQ, we invest constructively to generate sustainable returns over the long term. As a global investment
group managing funds for public pension and insurance plans, we work alongside our partners to build
enterprises that drive performance and progress. We are active in the major financial markets, private equity,
infrastructure, real estate and private debt. As of December 31, 2024, CDPQ’s net assets totalled
CAD 473 billion. For more information about CDPQ, visit cdpq.com, consult our LinkedIn or Instagram pages,
or follow us on X.
About SIDEX
SIDEX is an initiative of the Québec government and the Fonds de solidarité FTQ. Its mission is to invest in
companies engaged in mineral exploration in Québec in order to diversify the province’s mineral base, to promote
innovation and to encourage new entrepreneurs.
About Fonds de solidarité FTQ
The Fonds de solidarité FTQ is a source of pride in Québec, fulfilling its mission through a unique business model
created more than 40 years ago. Since then, the Fonds has rallied Québec into action thanks to the retirement
savings of 795,374 shareholders. With net assets of $21.7 billion as at November 30, 2024, the Fonds supports
nearly 4,000 companies through direct and indirect venture and development capital investments based on the
belief that impact is created as much by financial as societal return s. For more information, visit fondsftq.com or
our company page on LinkedIn.
About NQIM
NQ Investissement Minier (NQIM) is a Matagami-based regional investment fund dedicated to mining development
in Northern Quebec. The fund offers financial support and strategic expertise to exploration companies, with
investments guided by a sustainable an d responsible approach, promoting positive spin -offs for local and
aboriginal communities.
About Azimut Exploration
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, with 100.4 million shares
issued and outstanding.
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, acting as the Company’s qualified person within the meaning
of National Instrument 43-101–Standards of Disclosure for Mineral Projects.
THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES FOR
DISSEMINATION IN THE UNITED STATES.
This news release does not constitute an offer of securities for sale in the United States. The securities offered
have not been, and will not be, registered under the United States Securities Act of 1933, as amended, and such
securities may not be offered or sold in the United States absent registration in the United States or an applicable
exemption from the registration requirements in the United States.
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
___________________________________________________________________________________
* “Technical Report and Initial Mineral Resource Estimate for the Patwon Deposit, Elmer Property, Quebec, 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.
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 Offering. Forward-looking statements contained in this press release include, but are not limited to, the use of proceeds. To the
extent that any statements in this press release contain information that is not historical, the statements are essentially f orward-looking
and are often identified by words such as “anticipate”, “expect”, “estimate”, “intend”, “project”, “plan” 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. There are many factors that could cause such differences, particularly volatility and sensitivity to
market metal prices, impact of change 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, 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 a ssumptions 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 intenti on or
obligation to update or revise any forwa rd-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.