AZM.V · 2023-12-11 12:00:00

Azimut Signs Option Agreement for its Pilipas Property

Mergers & Acquisitions Property Options & Staking

For immediate release

December 11, 2023

TSXV: AZM

OTCQX: AZMTF

Press Release

Azimut Signs Option Agreement for its Pilipas Property

James Bay Region, Quebec

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

is pleased to announce the signing of an Option to J oint Venture Agreement (the “Agreement”) with

Ophir Gold Corp. (“Ophir”) (TSXV:OPHR, OTCQB:OPHRF ) f or its wholly-owned Pilipas Property (the

“Property”), located in Eeyou Istchee James Bay region of Quebec (Figure 1).

Under the Agreement, Ophir can earn up to a 70% interest in the Property from Azimut over three (3) years

by funding $4 million in exploration expenditures , and by making payments totalling 6 million in shares of

Ophir and $100,000 in cash.

The Pilipas Property (135 claims, 70.7 km2) is located along the Billy-Diamond Highway and adjacent to the

Munischiwan project (Azimut – SOQUEM JV) and Elmer East project (Quebec Precious Metal Corporation).

Pilipas is underlain by the Lower Eastmain greenstone belt, part of the La Grande Sub -province of the

Archean Superior Province . The geoscientific database covering the project notably comprise a soil

geochemical survey and a magnetic-electromagnetic survey.

Pilipas displays significant exploration potential for lithium-cesium-tantalum (LCT) pegmatites as well as for

intrusion-related and volcanogenic massive sulphides gold-copper systems.

The Property is in close proximity to the recent Ninaaskumuwin spodumene outcrop discovery made by

Quebec Precious Metals on their Elmer East project. Pilipas hosts several identified outcropping pegmatites

that have not been sampled for lithium, constituting quality exploration targets.

The Property is also geologically situated along strike with the InSight Prospect on the Munischiwan property,

which returned up to 100.5 g/t Au, 435.0 g/t Ag, 156.0 g/t Te and 1.67% Cu (from grab samples) (see press

release of December 5, 2018 ). An IP survey completed in 2019 on Munischiwan suggests that this

prospective trend may extend north onto Pilipas (see press release of April 30, 2019).

Key terms of the Agreement

Under the Agreement, Ophir can acquire up to a 70% interest in the Property by fulfiling over three (3) years

(the “Option Phase”), the following payments and exploration expenditures:

Year Cash Payment Share Payment

Minimum Exploration

Expenditures

Interest

Earned

Closing $20,000 2,000,000 - -

1st Anniversary $25,000 1,000,000 $400,000 -

2nd Anniversary $25,000 1,000,000 $1,600,000 50%

3rd Anniversary $30,000 2,000,000 $2,000,000 70%

Total $100,000 6,000,000 $4,000,000

Ophir will act as the operator during the Option Phase with the first-year minimum expenditure representing

a firm exploration commitment.

Following the formation of a participating joint venture, if a party’s interest is diluted below 10%, it will convert

to a 2% net smelter return royalty (NSR).

The parties are dealing at arm’s length. The Agreement remains subject to regulatory approvals by the TSX

Venture Exchange.

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

indicative of mineralization hosted on the Company’s properties. Grab samples are selective by nature and

unlikely to represent average grades.

This press release was prepared by Dr. Jean -Marc Lulin, P.Geo., acting as Azimut’s qualified person within

the meaning of National Instrument 43-101.

About Ophir

Ophir is a diversified mineral exploration company currently focused on the exploration and development of

the Radis lithium property in the James Bay region, and the past -producing Breccia gold property located in

Idaho.

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 (Canada). Its wholly

owned flagship project, the Elmer Gold Project, has advanced to the resource stage with a strong exploration

upside. The Company also controls a strategic land position for copper -gold, nickel and lithium (see the

document: Azimut in Numbers).

The Company uses a pioneering approach to big data analytics (the proprietary AZtechMine™ expert

system) enhanced by extensive exploration know -how. Azimut’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.

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04 06

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)

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

Indicated resources:

311,200 oz Au

Inferred resources:

519,900 oz Au

ELMER

Elmer South

Kukamas

(AZM / KGHM option)

(AZM-SOQUEM JV)

2.17 g/t Au (G)

Up to 688 pristine gold

grains in till samples

Moblan

Allkem

Adina

Corvette

Rose

! James Bay Nickel Project

(111 blocks of claims)

James Bay Lithium Project

(13 blocks of claims incl. JBL1)

Tapiatic

Cancet

Mercator West

(AZM / Rio Tinto option)

Corvet

Pikwa Pontois

(AZM-SOQUEM JV)

6.02 g/t Au (G)

Dalmas

(AZM-SOQUEM JV)

Galinée

Kaanaayaa

Wapatik

(AZM / Mont Royal option)

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

Property with lithium potential

Figure 1 - Press release dated December 11, 2023

Galinée

PILIPAS

AZM / Ophir option

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