Azimut Grants Stock Options

For immediate release

October 27, 2023

TSXV: AZM

OTCQX: AZMTF

Press Release

Azimut Grants Stock Options

Longueuil, Quebec – Azimut Exploration Inc. (“Azimut” or the “Company”) ( TSXV: AZM)

(OTCQX: AZMTF) announces that on October 26, 2023, a total of 1,032,000 stock options were

granted to directors, officers, employees, and consultants. Of this number, 910,000 have been

granted to directors and officers and 122,000 to employees and consultants. These options have

an exercise price of $0.95 per share and are exercisable for a 10-year period.

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.

Its wholly owned flagship, the Elmer Gold Project, is advancing to the initial resource stage in

the James Bay region. Azimut also controls a strategic land position for copper -gold, nickel and

lithium (see the document: Azimut in Numbers).

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 and concurrently active projects. The Company

maintains rigorous financial discipline and a strong balance sheet, with 85.2 million shares issued

and outstanding.

Contact and Information

Jean-Marc Lulin, President and CEO

Tel.: (450) 646-3015

Jonathan Rosset, Vice President Corporate Development

Tel: (604) 202-7531

[email protected] www.azimut-exploration.com

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.