AZM.V · 2023-08-21 12:00:00

Azimut Provides Update on its Exploration Activities

Exploration Programs

For immediate release

August 21, 2023

TSXV: AZM

OTCQX: AZMTF

Press Release

Azimut Provides Update on its Exploration Activities

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

pleased to provide an update on its exploration programs in the Eeyou Istchee James Bay region of Quebec.

The access and travel restrictions imposed by the Government of Qu ebec in response to the unprecedented

forest fire situation persisting since early June remain in place across a significant part of the region.

The field programs on the Pikwa, Galinée and Pontois lithium projects have resumed now that the restrictions

have been lifted for air access in these areas. Azimut is ready to expand its activities on other key projects as

the situation improves. Over the summer and fall seasons, Azimut intends to complete 10 (ten) programs

through its agreements with leading companies or as self -funded programs (see Figure 1):

Pikwa Property (Lithium), SOQUEM JV, 509 claims, 260.9 km2

The prospecting phase initiated in May and operated by SOQUEM has resumed. This lithium-focused program

may be followed by core drilling, contingent on the success of the prospecting phase. Pikwa is a 28-km-long

project immediately along strike of the Corvette property (Patriot Battery Metals ), where an initial inferred

resource estimate of 109.2 Mt at 1.42% Li2O was recently announced for the major CV5 discovery (see press

release of May 17, 2023).

Galinée Property (Lithium), SOQUEM JV, 649 claims, 335 km2

This 33-kilometre-long project is a key priority for the Company. The planned 1,600-metre initial drilling program

will test an area adjacent to Winsome Resources lithium discovery on the Adina project ( see press release of

June 13, 2023). The Galinée drilling phase should begin later this summer, immediately following the intensive

prospecting phase already underway. Azimut’s field team is currently assessing ten (10) excellent multi-kilometre

target areas on the project.

Corvet Property (Lithium), Rio Tinto Option, 877 claims, 451.2 km2

A comprehensive prospecting phase is scheduled to assess high-potential targets outlined by strong lithium -

cesium-rubidium-gallium-tin anomalies in lake sediments (see press release of July 10, 2023). Additional work

has been planned and will be further detailed once the program begins.

Kaanaayaa Property (Lithium), Rio Tinto Option, 421 claims, 216.4 km2

A prospecting phase is scheduled to assess high-potential targets outlined by strong lithium -cesium-rubidium-

gallium anomalies in lake sediments (see press release of July 10, 2023). Additional work has been planned and

will be further detailed once the program begins.

James Bay Lithium Property (Lithium), 2,954 claims, 1,539.2 km2

Azimut’s comprehensive analysis of regional data identified numerous excellent lithium targets, which the

Company acquired to form the JBL Property, currently comprising 13 claim blocks (see press release of January

23, 2023). The Company has ranked the 52 x 28 km JBL1 block as one of the most prospective areas for lithium

in the James Bay region, and it has been prioritized for a self-funded prospecting program. The block will be

explored from the Elmer Camp once the access restrictions are lifted in this area.

Elmer Property (Gold), 515 claims, 271.3 km2

Azimut has reported all the results from its drilling programs (242 holes for 76,162.7 m) on the Patwon Gold Zone

and exploration targets elsewhere on the property (see press release of June 29, 2023). The maiden resource

estimate is well underway. One remaining step is to survey the drill hole collars on the Patwon Zone to refine the

resource estimate. The Company postponed the surveying task when the Elmer Camp had to be evacuated in

early June due to the forest fire situation. The survey will be conducted once the project can be accessed.

Kukamas Property (Copper – Gold), KGHM Option, 537 claims, 272.5 km2

A 3,200-line-kilometre helicopter-borne high-resolution magnetic and VTEMTMPlus electromagnetic survey was

completed over the entire project earlier this year (see press release of February 8, 2023). The survey outlined

highly prospective targets that will be the subject of a partner-funded ground follow-up program.

Wapatik Property (Nickel – Copper, Lithium), Mont Royal Option, 220 claims, 115 km2

Exploration work has led to the discovery of significant nickel -copper mineralization related to an ultramafic

intrusion on the property (see press release of April 24, 2023). Follow-up drilling is planned for later this year. In

addition, outcropping lithium targets have been also identified and will be subject to an initial field evaluation. The

project is about 20 kilometres north of Allkem ’s lithium deposit ( mineral resource of 110.2 Mt at 1.30% Li 2O,

published in August 2023).

Dalmas Property (Lithium), SOQUEM JV, 120 claims, 61.3 km2

A prospecting phase will be initiated to further assess previous encouraging rock sampling results indicating the

property’s lithium and tantalum potential.

Pontois Property (Lithium), SOQUEM JV, 226 claims, 115.1 km2

A high-resolution heliborne magnetic survey was conducted to outline potential lithium, gold and copper targets.

Follow-up prospecting work is underway.

Azimut’s management cautions that results or discoveries on surrounding properties are not necessarily

indicative of mineralization hosted on the Company’s properties.

Qualified Person

Dr. Jean-Marc Lulin (P.Geo.) prepared this press release as Azimut’s qualified person within the meaning of

National Instrument 43- 101. Rock Lefrançois (P.Geo.), Vice President Exploration, and François Bissonnette,

Operations Manager, have also reviewed the contents of this press release.

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. Its wholly owned flagship

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.

Azimut us es 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 79.9 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

Cautionary note regarding forward-looking statements

This press release contains forward-looking statements, which reflect the Company’s current expectations regarding future events. To the extent

that any statements in this press release contain information that is not historical, the statements are essenti ally forward-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, environmental risks including increased regulatory burdens,

unexpected geological conditions, adverse mining conditions, 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 ris ks. 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.

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.

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^_^_

EASTMAIN

CHISASIBI

WASKAGANISH

NEMASKA

MISTISSINI

JAMES

BAY

Azimut's Position in the James Bay Region, Québec

Trans-Taiga

Billy-Diam

ond

Road

North Road

Whabouchi

Eleonore

Gold Mine

(Newmont)

Munischiwan

(AZM-SOQUEM JV)

100.5 g/t Au, 151.0 g/t Ag, 156.0 g/t Te (G)

11.0 g/t Au, 435.0 g/t Ag (G)

4.48 g/t Au, 55.2 g/t Ag, 1.67% Cu (G)

Wabamisk

Up to 80.7 g/t Au (G)

0.7 g/t Au / 19 m (D)

Chromaska

17.2% Cr2O3 / 7.54 m (C)

Opinaca B

(AZM-Everton / Hecla Mining)

1.0 g/t Au / 21.5 m (D)

Québec

WEMINDJI

CHAPAIS

Desceliers

(AZM-SOQUEM JV)

Valore

Renard

Diamond Mine

(Stornoway)

389 Road

167 Road

CHIBOUGAMAU

69°W

70°30'W

54°N

51°45'N

MATAGAMI

LABRIEVILLE

FERMONT

Lab.

(N.F.L)

Pilipas

Selected results

C: channel sample

D: drill core sample

G: grab sample

"" Village / Airport

! ! !

Road

Power line

Hydro-electric dam

C Mine

Lithium Deposits and

Major Occurrences

RADISSON

Mercator

Corne

(AZM-SOQUEM JV)

7.17 g/t Au (G)

13.4 g/t Au, 9.81% Cu (G)

20.1% Cu (G)

100 km

Road

Figure 1 - Press release dated August 21, 2023

24.04 g/t Au / 18.0 m

incl. 38.7 g/t Au / 9.0 m (D)

Elmer South

(AZM-SOQUEM JV)

2.17 g/t Au (G)

Up to 688 pristine gold

grains in till samples

CORVET

Moblan

Allkem

Adina

Corvette

Rose

! James Bay Nickel Project

(111 blocks of claims)

James Bay Lithium Project

(13 blocks of claims)!

Tapiatic

Cancet

Mercator West

KAANAAYAA

(AZM / Rio Tinto option)

PONTOIS

(AZM-SOQUEM JV)

6.02 g/t Au (G)

DALMAS

(AZM-SOQUEM JV)

GALINÉE

PIKWA

KUKAMAS

(AZM / KGHM option)

JBL-1

WAPATIK

(AZM / Mont Royal option)

2.68% Ni, 1.30% Cu / 3.30 m (D)

ELMER

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