Azimut Closes $8.7 Million Private Placement

LONGUEUIL, Québec, May 16, 2025 (GLOBE NEWSWIRE) -- Azimut Exploration Inc. (“Azimut” or the “Company”) (TSXV: AZM) (OTCQX: AZMTF) is pleased to report that on May 16, 2025, it has closed its previously announced non-brokered placement with Centerra Gold Inc. (“Centerra”) (TSX: CG) (NYSE: CGAU) (see press release of April 28, 2025) and has issued 9,935,000 common shares to Centerra for gross proceeds of $5,961,000.

Azimut is also pleased to report that on May 16, 2025, it closed a concurrent non-brokered private placement with the following entities, for additional gross proceeds of $2,751,400:

• Agnico Eagle Mines Limited (“Agnico Eagle”) (TSX: AEM) (NYSE: AEM) and CDPQ Sodémex Inc. (a wholly-owned subsidiary of Caisse de dépôt et placement du Québec (“CDPQ”)), exercised their respective contractual rights to participate in certain equity offerings by the Company.
  
  
• SIDEX LP, Fonds de solidarité FTQ (“Fonds”) and NQ Investissement Minier LP (“NQIM”) subscribed for common shares following the dissemination of the Company’s press release on April 28, 2025.
  
  

In total, 14,520,666 common shares of the Company were issued at a price of $0.60 per share for aggregate gross proceeds of $8,712,400 (the “Offering”).

Azimut welcomes Centerra as new strategic investor. Centerra now owns approximately 9.9% of the issued and outstanding common shares of the Company.

Azimut believes that the Offering reflects a strong support for the Company’s exploration strategy and the quality of its project portfolio, and that the Offering will put the Company in a position to generate and advance quality targets for precious metals and critical minerals. The proceeds from the Offering will be used by Azimut to expand its exploration activities on its wholly owned Wabamisk (gold-antimony) and Elmer (gold-copper) properties, 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.