Azimut and SOQUEM to Participate in LiFT Power’s Consolidation of the Galinée-Adina Lithium District in the James Bay Region of Quebec

Azimut to become a significant shareholder of LiFT and to retain exposure through a 1.4% NSR royalty

LONGUEUIL, Quebec, Dec. 15, 2025 (GLOBE NEWSWIRE) -- Azimut Exploration Inc. (“Azimut” or the “Company”) (TSXV: AZM) (OTCQX: AZMTF) is pleased to announce the signing, together with SOQUEM Inc. (“SOQUEM”), of a non-binding letter of intent (“LOI”) to restructure their 50/50 joint venture on the Galinée Property (the “Property”) in the Eeyou Istchee James Bay region of Quebec by selling an aggregate 75% interest in the Property to LiFT Power Ltd. (“LiFT”) (TSXV: LIFT, OTCQX: LIFFF). This transaction is disclosed in conjunction with LiFT’s announcement, on December 15, 2025 (in Australia), of its proposed acquisition of Winsome Resources Ltd. (“Winsome”), the owner of the adjacent development-stage Adina property (see Figures 1 and 2).

The consolidation of this district would allow LiFT to advance a strengthened property package unconstrained by the Galinée-Adina boundary. The proposed transaction aligns with Azimut’s objective to focus on its flagship assets while maintaining exposure to emerging lithium districts through equity ownerships and retained royalties.

Under the terms of the LOI, LiFT would acquire from Azimut a 50% interest in the Property by issuing 2,000,000 shares to Azimut and an additional 25% interest from SOQUEM by issuing 1,000,000 shares to SOQUEM. Azimut would retain a 1.4% NSR royalty on the Galinée Property while SOQUEM would retain a 25% undivided interest in the Property via a joint venture with LiFT. In addition, Azimut would be entitled to a $1,500,000 deferred payment, payable in cash or, subject to conditions to be set out in the definitive agreements, in shares, at the earlier of the completion of a preliminary economic study with respect to the Property or 18 months.

The Galinée Property (649 claims, 335 km²) is currently a 50/50 joint venture project between Azimut and SOQUEM, operated by Azimut. The 36-kilometre-long property lies about 50 kilometres north-northwest of the Renard diamond mine (Stornoway) and 60 kilometres south of the Trans-Taiga Road, an all-season regional highway. The Property is located in an emerging lithium district and is adjacent to the Adina property, which Winsome advanced to a preliminary economic assessment and mineral resource estimate. Wide core drilling intervals of high-grade mineralization have been intercepted in the northern part of the Galinée Property, including 1.62% Li₂O over 158.0 m, 2.48% Li₂O over 72.7 m, and 2.68% Li₂O over 54.6 m. Additional exploration targets have also been identified on the Property (see press releases of June 19, 2024ⁱ, and October 10, 2024ⁱⁱ).