Azimut announces a 3.5% reduction in outstanding shares with the closing of the Eléonore Sud sale transaction

Longueuil, QuebecAzimut Exploration Inc. (‘Azimuth‘ or the ‘Company’) (TSXV: AZM) (OTCQX: AZMTF) is pleased to announce the closing of two transactions with respect to the Éléonore Sud and Wabamisk properties in the Eeyou-Istchee James Bay region of Quebec (see press release from August 8, 2022). The Eleonore South transaction consisted of the Company exchanging its stake in the Eleonore South joint venture (“ELSJV”) for 2.9 million euros of Azimuth issued and outstanding common shares (“Shares”), which Azimuth canceled upon acquisition. In addition, the stock reduction resulted in Agnico Eagle Mines Limited (“Agnico Eagle”) holding an approximate 10.09% equity interest. Azimuth also announces that it has entered into an Amended and Restated Investor Rights Agreement which grants Agnico Eagle certain rights described below.

Éléonore South Transaction

Azimuth sold its 23.77% stake in ELSJV to affiliates of (i) Newmont Company (TSX: NGT; NYSE: NEM) and (ii) Fury Gold Mines Limited (TSX: FURY; NYSE: FURY). In return for the sale of its stake in ELSJV, Azimuth received 2.9 million Shares controlled directly or indirectly by Newmont. The return of these Treasury Shares necessitated their cancellation, which reduced the number of Shares issued and outstanding to 79,293,844. This cancellation resulted in a reduction of approximately 3.5% of the issued and outstanding shares of the Company and, consequently, an increase of approximately 3.7% of the shareholders’ respective interests in Azimuth, including the 100% flagship Elmer property. The ELSJV was considered a secondary asset for the Company following the announcement of a gold discovery on the Elmer property in January 2020. Azimuth actively delimits Patwon Gold Zone on the Elmer property and advance an initial NI 43-101 mineral resource estimate

About Azimuth

Azimuth is a leading mining exploration company with a strong reputation for target generation and partnership development. Azimuth actively advancing its wholly owned flagship product Elmer Gold Project at the initial resource stage in the James Bay Region. Azimuth uses a pioneering approach to big data analysis (the proprietary AZtechMineTM expert system), enhanced by extensive exploration know-how. of Azimuth Competitive advantage is based on systematic analysis of data on a regional scale and on projects that are active simultaneously. Azimuth maintains strong financial discipline and a strong balance sheet, with 79.3 million shares issued and outstanding.

Contact:

Jean-Marc Lulin

President and CEO

Tel: (450) 646-3015

Fax: (450) 646-3045

Jonathan Rosset

vice president

Business development

Such. : (604) 202-7531

E: [email protected]

WEB: www.azimut-exploration.com

(C) 2022 electronic news edition, source ENP Newswire

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