Azimut closes $7 million private placement financing

NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

LONGUEUIL, Quebec, July 20, 2026 (GLOBE NEWSWIRE) -- Azimut Exploration Inc. ( TSXV: AZM ) ( OTCQX: AZMTF ) (“Azimut” or the “Company”) announces it intends to proceed with a non-brokered private placement (the “Offering”) for total proceeds of up to $7,000,000, consisting of 6,038,647 common shares of the Company that qualify as “flow-through shares” (within the meaning of subsection 66(15) of the Income Tax Act (Canada)) (the “FT Shares”) at a price of $0.828 per FT Share, and 3,333,333 common shares of the Company (the “Hard Dollar Shares”) at a price of $0.60 per Hard Dollar Share.

The Company will use an amount equal to the gross proceeds received from the sale of the FT Shares, pursuant to the provisions in the Income Tax Act (Canada), to incur eligible “Canadian exploration expenses” that qualify as “flow-through mining expenditures” as both terms are defined in the Income Tax Act (Canada) (the “Qualifying Expenditures”). The Company will incur the Qualifying Expenditures on or before December 31, 2027, and will renounce all such expenditures in favour of the subscribers of the FT Shares, as applicable, effective December 31, 2026. The proceeds from the sale of the FT Shares will be primarily directed on further advancing the Elmer and Wabamisk Properties. The proceeds from the sale of the Hard Dollar Shares will be used for exploration and for general corporate purposes.

Closing is expected to occur on or about August 10, 2026. The Offering is subject to regulatory approval and all securities issued pursuant to the Offering will have a hold period of four months and one day. The Company may pay a finder's fee in respect of those purchasers under the Offering introduced to the Company by certain persons (each, a "Finder"). Each Finder will be entitled to receive a cash payment equal to 6% of the gross proceeds received by the Company from purchasers under the Offering who were introduced to the Company by such Finder.

The securities have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), or any U.S. state securities laws, and may not be offered or sold in the United States without registration under the U.S. Securities Act and all applicable state securities laws or compliance with requirements of an applicable exemption therefrom. This press release shall not constitute an offer to sell or the solicitation of an offer to buy securities in the United States, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

About Azimut

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 is focused on several key high-impact projects:

Wabamisk and Wabamisk East (100% Azimut), which host the Fortin Zone (antimony-gold), Rosa Zone (gold) and Lithos Zone (lithium);