Azimut Exploration Inc. (TSX-V: AZM) (OTCQX: AZMTF) is pleased to announce that it has entered into a subscription agreement with Centerra Gold Inc. (TSX: CG) (NYSE: CGAU) for a non-brokered private placement of 9,430,000 common shares of the Company at a price of $0.60 per share for gross proceeds of $5,658,000. Centerra will become a strategic investor in the Company, acquiring approximately 9.9% of the issued and outstanding common shares following completion of the Offering.

Centerra’s investment supports Azimut’s strategy to create value through greenfield discoveries in Québec, Canada. The Company has demonstrated its ability to generate and advance quality targets for precious metals and critical minerals. Following the closing of the Offering, Azimut will be in a strong position to expand its exploration activities on its wholly owned Wabamisk (gold-antimony) and Elmer (gold-copper)properties. The proceeds from this Offering will be used for conducting exploration work on the Company’s 100%-owned properties (including Elmer and Wabamisk), and for business development and general corporate purposes. Together with the partner-funded exploration planned for the Kukamas (nickel-copper-platinum-palladium), a significant level of activity is expected over the next 12 months. Refundable tax credits ranging from 22.5% to 45% are anticipated to be recovered on qualified exploration expenditures incurred by the Company.

The Offering is expected to close on or about May 14, 2025, subject to certain conditions, including the approval of the TSX Venture Exchange and the execution of an investor rights agreement with Centerra. Under the IRA and subject to certain conditions, Centerra will have certain rights, including the right to participate in future equity issuances to maintain its ownership in the Company. All securities issued under the Offering will have a hold period of four months and one day from the date of closing, in accordance with applicable Canadian securities legislation.

About Centerra 

Centerra Gold Inc. is a Canadian-based gold mining company focused on operating, developing, exploring and acquiring gold and copper properties in North America, Türkiye, and other markets worldwide. Centerra owns and operates the Mount Milligan Mine in British Columbia, Canada, and the Öksüt Mine in Türkiye. It also owns exploration and development assets and operates the Molybdenum Business Unit in Canada and the United States.

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.

The Company’s wholly owned flagship project, the Elmer Gold Project, is at the resource stage (311,200 oz Indicated and 513,900 oz Inferred using a gold price of US$1,800 per ounce*) and has a strong exploration upside. Azimut is also advancing the Galinée lithium discovery with its joint venture partner SOQUEM Inc. In addition, significant exploration progress was made in 2024 on the Wabamisk (antimony-gold, lithium), Kukamas (nickel-copper-PGE) and Pilipas (lithium) projects.

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, with 85.8 million shares issued and outstanding.