Longueuil, Q uebec – Azimut Exploration Inc. (TSXV: AZM ) ( OTCQX: AZMTF) (“Azimut” or the “Company”)
For immediate release
July 20, 2026
TSXV: AZM
OTCQX: AZMTF
Press Release
Azimut Announces $7 Million Private Placement Financing
NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE
UNITED STATES
Longueuil, Q uebec – Azimut Exploration Inc. (TSXV: AZM ) ( OTCQX: AZMTF) (“Azimut” or the “Company”)
announces it intends to proceed with a non-brokered private placement (the “Offering”) for total proceeds of up to
$7,000,000, consisting of 6,038,647 common shares of the Company that qualify as “flow -through shares” (within
the meaning of subsection 66(15) of the Income Tax Act (Canada)) (the “FT Shares”) at a price of $ 0.828 per FT
Share, and 3,333,333 common shares of the Company (the “Hard Dollar Shares”) at a price of $0.60 per Hard Dollar
Share.
The Company will use an amount equal to the gross proceeds received from the sale of the FT Shares, pursuant to
the provisions in the Income Tax Act (Canada), to incur eligible “Canadian exploration expenses” that qualify as “flow-
through mining expenditures” as both terms are defined in the Income Tax Act (Canada) (the “Qualifying
Expenditures”). The Company will incur the Qualifying Expenditures on or before December 31, 202 7, and will
renounce all such expenditures in favour of the subscribers of the FT Shares, as applicable, effective December 31,
2026. The proceeds from the sale of the FT Shares will be primarily directed on further advancing the Elmer and
Wabamisk Properties. The proceeds from the sale of the Hard Dollar Shares will be used for exploration and for
general corporate purposes.
Closing is expected to occur on or about August 10, 2026. The Offering is subject to regulatory approval and all
securities issued pursuant to the Offering will have a hold period of four months and one day. The Company may
pay a finder's fee in respect of those purchasers under the Offering introduced to the Company by certain persons
(each, a "Finder"). Each Finder will be entitled to receive a cash payment equal to 6% of the gross proceeds received
by the Company from purchasers under the Offering who were introduced to the Company by such Finder.
The securities have not been, and will not be, registered under the United States Securities Act of 1933, as amended
(the “U.S. Securities Act”), or any U.S. state securit ies laws, and may not be offered or sold in the Unite d States
without registration under the U.S. Securities Act and all applicable state securities laws or compliance with
requirements of an applicable exemption therefrom. This press release shall not constitute an offer to sell or the
solicitation of an off er to buy securities in the Unite d States, nor shall there be any sale of these securities in any
jurisdiction in which such offer, solicitation or sale would be unlawful.
About Azimut
Azimut is a leading mineral exploration company with a solid reputation for target generation and partnership
development. The Company controls strategic land positions for gold, copper, nickel and lithium in Quebec. Azimut
is focused on several key high-impact projects:
• Wabamisk and Wabamisk East (100% Azimut), which host the Fortin Zone (antimony-gold), Rosa Zone (gold)
and Lithos Zone (lithium);
• Elmer (100% Azimut), which hosts the resource -stage Patwon Deposit (gold) (311,200 oz Indicated and
513,900 oz Inferredi); and
• Kukamas (KGHM option), which hosts the Perseus Zone (nickel-PGE).
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
Jonathan Rosset, Vice President Corporate Development
Tel.: (604) 202-7531
[email protected] www.azimut-exploration.com
Cautionary Statement
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture
Stock Exchange) accepts responsibility for the adequacy or accuracy of this news release.
This News Release includes certain “forward-looking statements” which are not comprised of historical facts. Forward -looking
statements include estimates and statements that describe the Company’s future plans , objectives or goals, including words to
the effect that the Company or management expects a stated condition or result to occur. Forward -looking statements may be
identified by such terms as “believes”, “anticipates”, “expects”, “estimates”, “may”, “could”, “would”, “will”, or “plan”. Since forward-
looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent
risks and uncertainties. Although these statements are based on information curre ntly available to the Company, the Company
provides no assurance that actual results will meet management’s expectations. Risks, uncertainties and other factors involve d
with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially
from those expressed or implied by such forward-looking information. Forward-looking information in this news release includes,
but is not limited to, the Company’s objectives, goals or future plans, completion of the Offering, use of proceeds of the Offering,
renunciation and tax treatment of the FT Shares and the Closing Date. Factors that could cause actual results to differ materially
from such forward -looking information include, but are not lim ited to the inability to complete the Offering on the terms as
announced or at all, changes in equity markets, changes in exchange rates, fluctuations in commodity prices , capital, operating
and reclamation costs varying significantly from estimates and the other risks involved in the mineral exploration and development
industry, and those risks set out in the Company’s public documents filed on SEDAR. Although the Company believes that the
assumptions and factors used in preparing the forward -looking information in this news release are reasonable, undue reliance
should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given
that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to upda te or
revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required
by law.
i 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.