1.22% Li₂O over 53.20 m, including 1.70% Li₂O over 22.30 m

Azimut Exploration Inc. (TSX-V: AZM) (OTCQX: AZMTF) is pleased to report the results from the maiden 3,065 m drill program on the Pilipas Property in the Eeyou Istchee James Bay region of Quebec, Canada. Ophir Metals Corp. (TSX-V: OPHR) (OTCQB: OPHRF) conducted the program as project operator under the option agreement. Twenty-three holes were drilled, with nineteen on the HW1 Pegmatite (2,655 m) and four on the HW2 Pegmatite (410 m). Assays results are pending for 2 holes (PLP24-013 and PLP24-021).

The 2024 drill program successfully extended the known mineralized zone at the HW1 Prospect to 300 m laterally and 90 m vertically. Hole PLP24-007 returned the most significant mineralization from the program with 1.22% Li₂O over 53.2 m, including a higher-grade interval of 1.70% Li₂O over 22.3 m. Hole PLP24-011 intersected 1.00% Li₂O over 46.51 m within a wider interval of 0.79% Li₂O over 71.18 m.

HIGHLIGHTS (see Figures 1 and 2, Tables 1 and 2)

The result from this campaign extends the mineralized pegmatite at HW1 northward by an additional 150 m, for a total strike length of 300 m from the southern edge of the discovery outcrop. Both PL24-007 and PLP24-011 targeted the northern extension of the HW1 Pegmatite. PLP24-019 intersected a 0.5 m quartz vein with trace sulphides, grading 4.76 g/t Au over the width of the vein (25.8 to 26.3 m).

Drilling at HW2 returned one notable intercept, with 0.22% Li₂O over 5.05 m from hole PLP24-017.

The true widths of the drill intervals are undetermined at this stage. Final interpretations and geological modelling are ongoing as the analytical results are received.

Ophir also initiated a prospecting program in early December to further assess a pegmatite outcrop that returned significant cesium and lithium values (14.2% Cs₂O and 0.71% Li₂O) from a grab sample. The HW3 pegmatite outcrop is approximately 20 m long by 15 m wide, located 60 m east of the Billy Diamond Highway. The prospecting program will focus on collecting saw-cut channel samples to better assess the grade and width of the cesium mineralization. Please note that grab samples are selective by nature and unlikely to represent average grades.

About the Pilipas Property

The Pilipas Property (135 claims, 70.7 km²) is located along the Billy-Diamond Highway near hydroelectric power lines. Pilipas is adjacent to and on strike from the Munischiwan Property (Azimut–SOQUEM Inc. JV project), which displays many similar geological features.

Pilipas is underlain by the Lower Eastmain greenstone belt, part of the La Grande Subprovince of the Archean Superior Province. Pilipas displays significant exploration potential for lithium-cesium-tantalum (LCT) pegmatites and intrusion-related and volcanogenic massive sulphide gold-copper systems.

Under the option agreement signed in December 2023, Ophir can acquire up to a 70% interest in the Property by funding $4 million in exploration expenditures and making payments totalling 6 million shares of Ophir and $100,000 in cash. Ophir has completed the first anniversary payments by delivering 1,000,000 shares and $25,000 in cash.

Analytical Protocols

Samples were delivered by Ophir’s field staff to the independent SGS Canada’s laboratory in Radisson, Quebec, for standard sample preparation (code PRP90), which includes drying at 105°C, crushing to 90% passing 2mm, riffle splitting 250 g, and pulverizing to 85% passing 75 microns. The pulps were then shipped to SGS Canada’s laboratory in Burnaby, British Columbia, where they were analyzed for a multi-element package (including Li and Ta) using sodium peroxide fusion with ICP-AES/MS finish (code GE_ICM91A50). Gold analysis was performed using Au by fire assay (Code GE_FAA30V5). A quality assurance/quality control protocol was incorporated into the program, including the insertion of certified reference materials and silica blanks at a rate of approximately 5% and 5%, respectively. Additional analysis of pulp-split and reject-split sample duplicates was also completed at a rate of roughly 5% to assess analytical precision at different stages.

Due to QA/QC protocols in place by Ophir, samples from hole PLP24-013 were resubmitted for testing. Results will be reported when the Company receives them.

Qualified Person

Dr. Jean-Marc Lulin (P.Geo.), Azimut’s President and CEO, has prepared this press release and approved the scientific and technical information disclosed herein, acting as the Company’s qualified person within the meaning of National Instrument 43-101. Azimut has reviewed the field data provided by Ophir, who is acting as the project operator.

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 copper-gold, nickel and lithium. Its wholly owned flagship project, the Elmer Gold Project, is at the resource stage (311,200 oz Indicated; 513,900 oz Inferred*) and has a strong exploration upside. Azimut is also advancing the Galinée lithium discovery with its joint venture partner SOQUEM Inc.

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 85.6 million shares issued and outstanding.