Azimut to Conduct 10,000-metre Drill Program to Expand the Patwon Gold Deposit on the Elmer Property, James Bay region, Québec Internal scoping study supports new work phase Longueuil, Québec – Azimut Exploration Inc. (“Azimut” or the “Company”) (TSXV: AZM) (OTCQX: AZMTF) is
For immediate release
January 22, 2026
TSXV: AZM
OTCQX: AZMTF
Press Release
Azimut to Conduct 10,000-metre Drill Program to Expand the Patwon Gold
Deposit on the Elmer Property, James Bay region, Québec
Internal scoping study supports new work phase
Longueuil, Québec – Azimut Exploration Inc. (“Azimut” or the “Company”) (TSXV: AZM) (OTCQX: AZMTF) is
pleased to announce a new work phase aiming to expand the Patwon Gold Deposit on its wholly owned Elmer
Property (the “Property”) in the Eeyou Istchee James Bay (“James Bay”) region of Québec, Canada (see Figures
1 to 4). This program follows the internal scoping study conducted by Azimut in 2025 and is strongly supported
by the current gold price (see the press release of March 31, 2025i).
The planned 10,000-metre diamond drill program will initially focus on expanding the known gold resource and
testing well-defined targets in close proximity to Patwon. Contingent on positive results, this phase will be followed
by an updated NI 43-101 mineral resource estimate using prevailing gold price assumptions, and a preliminary
economic assessment (“PEA”).
Building on the 2023 gold resource estimate
The NI 43-101 compliant mineral resource estimate for Patwon ii, completed in 2023 (the “2023 MRE”), yielded
the following estimate using a gold price of US$1,800 per ounce:
• Indicated resources: 311,200 ounces in 4.99 million tonnes grading 1.93 g/t Au
• Inferred resources: 513,900 ounces in 8.22 million tonnes grading 1.94 g/t Au
The 2023 MRE provided the following estimate using a gold price of US$2,160 per ounce , the highest price
considered by the sensitivity analysis:
• Indicated resources: 324,800 ounces in 5.71 million tonnes grading 1.76 g/t Au
• Inferred resources: 585,400 ounces in 10.85 million tonnes grading 1.68 g/t Au
In this latter case (US$2,160), the open-pit portion comprises 322,900 ounces at a grade of 1.76 g/t Au
(Indicated) and 363,600 ounces at a grade of 2.04 g/t Au (Inferred).
Resource growth potential (see Figure 4)
A systematic review of previous drilling data indicates potential for resource growth to the west, directly
along strike with known resources at relatively shallow depths between 300 and 700 metres. The current
resource shell boundary is not constrained by barren holes. The resource block model suggests a higher-grade
gold rake plunging moderately to the west, the extension of which has not yet been tested by drilling. This
represents a minimum target zone of 350 m etres on-strike by 400 m vertically. Additional targets have been
identified immediately east of the eastern boundary of the resource pit shell along a 400-metre strike. This area
has only been investigated by shallow drilling. Several other well-defined proximal targets will be drill-tested.
A complete set of previous drill results can be found in the press release of June 29, 2023iii, and details of the
MRE in the press release of November 21, 2023iv.
Advanced technical studies
Contingent on positive results, Azimut will initiate several technical studies immediately following this brownfield
drill program to prepare for the PEA:
• Advanced metallurgical testwork to optimize gold recovery processes
• Geochemical characterization for plant and waste management design
• Rock mechanics data collection for mine design parameters
• Energy and infrastructure assessment for improved budgeting
• Environmental baseline studies and permitting roadmap
About the Elmer Property
The Elmer Property comprises 658 claims (346.6 km2) in a single block covering a 42.8-kilometre strike length.
The Property lies 285 kilometres north of the town of Matagami, 60 kilometres east of the village of Eastmain,
and 5 kilometres west of the paved Billy -Diamond Highway, a major all -season road. The region benefits from
excellent infrastructure, including significant road access, a hydroelectric power grid and airports.
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, including the previously reported results presented 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 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. In addition to Elmer, Azimut is advancing several other high-potential
projects:
• Wabamisk (100% Azimut) – Fortin Zone (antimony-gold); Rosa Zone (gold): initial drilling phase completed,
assays pending.
• Wabamisk East (100% Azimut) – Lithos North & South (lithium): initial drilling phase completed, assays
pending.
• Kukamas (KGHM option) – Perseus Zone (nickel-copper-PGE): drilling phase completed; assays pending.
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.
Azimut has two strategic investors among its shareholders, Agnico Eagle Mines Limited and Centerra Gold
Inc., which hold approximately 11% and 9.9%, respectively, of the Company’s issued and outstanding shares.
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
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 Elmer Property. To the extent 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 n ecessary 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.
i Azimut to Initiate a Scoping Study on the Patwon Gold Zone at its Flagship Elmer Project
ii Technical Report and Initial Mineral Resource Estimate for the Patwon Deposit, Elmer Property, Québec, 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. The initial MRE comprises Indicated
resources of 311,200 ounces in 4.99 million tonnes grading 1.93 g/t Au and Inferred resources of 513,900 ounces in 8.22 million tonnes grading 1.94 g/t Au.
iii Azimut Reports Latest Results and Comprehensive Drilling Review for the Elmer Gold Property, James Bay Region, Quebec
iv Azimut Announces Initial Mineral Resource Estimate for the Patwon Gold Zone, Elmer Property, James Bay Region, Quebec