Azimut and SOQUEM sell their Pikwa Property to PMET Resources, James Bay Region, Quebec

LONGUEUIL, Quebec, Nov. 12, 2025 (GLOBE NEWSWIRE) -- Azimut Exploration Inc. (“Azimut” or the “Company”) (TSXV: AZM) (OTCQX: AZMTF) is pleased to announce the signing of a Sale and Purchase Agreement (the “Agreement”) with PMET Resources Inc. (“PMET”) (TSX:PMET, ASX:PMT) for the Pikwa Property (the “Property”) in the Eeyou Istchee James Bay region of Quebec. The Property is a 50/50 joint venture between the Company and SOQUEM Inc. and is located adjacent to PMET’s Shaakichiuwaanaan lithium project (see Figures 1 and 2).

This transaction aligns with the Company’s objective to focus on its flagship assets while maintaining exposure to an emerging lithium district through its equity ownership in PMET and retained royalties.

Under the Agreement, PMET will acquire a 100% interest in the Property by issuing 420,958 shares each to Azimut and SOQUEM (the “Share Consideration”), representing a total consideration of $3.1 million based on the 20-day volume weighted average price of PMET’s common shares (the “20-day VWAP”) on the Toronto Stock Exchange (the “TSX”). In addition, Azimut and SOQUEM will each retain a 1.0% NSR royalty on the Property. For a 24-month period, the Share Consideration will be subject to resale restrictions, whereby 65% of the Share Consideration may only be sold if the 20-day VWAP exceeds $5, $10, and $12, with 1/3 of these shares released at each milestone.

The Pikwa Property (509 claims, 261 km²) covers part of the same greenstone belt hosting the Shaakichiuwaanaan lithium project, and lies directly on strike with the major lithium pegmatite trend identified on that project. Azimut and SOQUEM’s exploration work on Pikwa has confirmed the presence of spodumene in pegmatite outcrops and spodumene crystals in till samples. This supports the potential of the Shaakichiuwaanaan trend to extend onto Pikwa.

The parties were dealing at arm’s length. The Agreement is subject to customary closing conditions for a transaction of this nature, including obtaining approval of the TSX.

Dr. Jean-Marc Lulin (P.Geo.), Azimut’s President and CEO, prepared this press release and approved the scientific and technical information disclosed herein. He is acting as the Company’s qualified person within the meaning of National Instrument 43-101 – Standards of Disclosure for Mineral Projects.

Amendments to the Azimut Stock Option Plan

The Board of Directors has approved amendments to the Company’s stock option plan (the “Option Plan”) in accordance with the provisions of Policy 4.4 of the TSX Venture Exchange. Azimut has increased the number of common shares reserved for future issuance under the Option Plan by 1,862,000 for a total of 10,052,000, representing approximately 9.99% of the 100,629,310 issued and outstanding common shares of the Company as of November 11, 2025. The amendement is subject to the approval of the TSX Venture Exchange.