Azimut Amends Option Agreement for Corvet and Kaanaayaa Properties

LONGUEUIL, Québec, Oct. 19, 2026 /CourierPR/ -- Azimut Exploration Inc. has amended an option agreement with a wholly owned subsidiary of Centerra Gold Inc. concerning the Corvet and Kaanaayaa properties in the Eeyou Istchee James Bay region of Quebec. This amendment, previously announced on October 13, 2026, reduces the second phase of the option agreement's minimum exploration expenditures from $1,500,000 to $1,250,000. Consequently, the total minimum exploration expenditures required for Centerra to earn up to a 70% interest in the properties have been reduced from $10,000,000 to $9,750,000. The aggregate exploration expenditures required for Centerra to achieve this interest have been reduced from $16,000,000 to $15,750,000. All other material terms of the option agreement remain unchanged, including the cash payments totalling up to $850,000.

The transaction remains subject to acceptance by the TSX Venture Exchange. As previously disclosed, Centerra is a related party of Azimut within the meaning of Regulation 61-101 - Protection of Minority Security Holders in Special Transactions. Following the amendment, the aggregate minimum exploration expenditures and cash payments contemplated under the option agreement total $16,600,000. The Company has determined that this amount represents less than 25% of its market capitalization, calculated in accordance with MI 61-101. Accordingly, Azimut intends to rely on the exemption from the minority shareholder approval requirement under Section 5.7(1)(a) of MI 61-101. The exemption from the formal valuation requirement under Section 5.5(b) of MI 61-101, as disclosed in the Company’s October 13, 2026 press release, remains applicable.

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’s key projects include the Wabamisk and Wabamisk East properties, which host the Fortin Zone (antimony-gold), Rosa Zone (gold), Dome Sector (gold), and Lithos Zone (lithium). The Elmer property hosts the resource-stage Patwon Deposit (gold), with 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. Kukamas, a property with an option held by KGHM, 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. The company has two strategic investors among its shareholders, Centerra Gold Inc. and Agnico Eagle Mines Limited, which hold approximately 12.7% and 11%, respectively, of the Company’s issued and outstanding shares.