LONGUEUIL, Quebec, May 19, 2026 (GLOBE NEWSWIRE) — Azimut Exploration Inc. (“Azimut” or the “Company”) (TSXV:AZM) (OTCQX:AZMTF) is pleased to announce that it has signed the definitive agreement (the “Agreement”) with SOQUEM Inc. (“SOQUEM”) regarding a regional-scale strategic alliance covering 27 claim blocks (1,635 claims), collectively forming the Northern Nickel Corridor (“NNC”) Project in the Eeyou Istchee James Bay region of Quebec, Canada (see Figures 1 and 2).
Under the terms of the Agreement, SOQUEM has the right to earn up to a 60% interest in the NNC Project by incurring cumulative exploration expenditures of $11,000,000 and making cash payments totalling $350,000.
This new Azimut-SOQUEM alliance aims to unlock the nickel potential of a vast, largely underexplored region extending 360 kilometres east-west by 60 kilometres north-south. Other strategic and critical metals (platinum, palladium, copper, cobalt), commonly associated with nickel deposits, will also be included in the exploration objectives.
In 2026, a major high-resolution magnetic-electromagnetic heliborne survey will be conducted to initially assess the claim blocks, followed by a field-based target validation program.
The NNC Project represents the northern part of Azimut’s James Bay Nickel (“JBN”) Project, which the Company generated during its regional-scale predictive modelling over an area of 174,200 km2 (see press release of July 5, 2022i). Exploration work conducted by Azimut in the region since 2022 has led to two significant high-grade nickel discoveries (Perseus Zone, W1 Zone), which validate this targeting approach. The multi-parameter footprints of these discoveries are comparable to the footprints of the targets covered by the 27 claim blocks of the Agreement.
Key Terms of the Agreement
The terms of the Agreement are as disclosed in the news release of April 14, 2026ii. SOQUEM has the option to earn an initial 50% undivided interest in the NNC Project over 3 years by incurring $5,000,000 in exploration expenditures and making cash payments totalling $200,000 (the “First Option”). The initial $2,000,000 in expenditures will be a firm commitment. The obligations of the First Option are defined according to the following schedule:
Expenditures totalling $1,000,000 for Year 1, $1,500,000 for Year 2, and $2,500,000 for Year 3;
Cash payment of $50,000 on signing a definitive agreement and $50,000 annually thereafter.
SOQUEM will have a second option to earn an additional 10% interest (for a total of 60%) over 3 years by incurring $6,000,000 in exploration expenditures and making cash payments totalling $150,000 (the “Second Option”). The obligations of the Second Option are defined according to the following schedule:
Expenditures totalling $2,000,000 per year;
Cash payments of $50,000 per year.
Azimut will act as operator during the first year of the option, and SOQUEM will assume the role thereafter.
If either partner’s interest in the participating joint venture is diluted below 10%, it will convert to a 2% net smelter return (“NSR”) royalty, of which half (1% NSR) can be repurchased for $3,000,000.
Qualified Person
Dr. Jean-Marc Lulin (P.Geo.), Azimut’s President and CEO, prepared this press release and approved the scientific and technical information disclosed herein, including the previously reported results presented by Azimut. He is acting as the Company’s qualified person within the meaning of National Instrument 43-101 – Standards of Disclosure for Mineral Projects.
About SOQUEM
SOQUEM, a mineral exploration company and a subsidiary of Investissement Québec, is dedicated to exploring, discovering and developing mining properties in Quebec. SOQUEM also helps maintain strong local economies. Proud partner and ambassador for the development of Quebec’s mineral wealth, SOQUEM relies on innovation, research, and strategic minerals to guide its future actions.
About Azimut
Azimut is a leading mineral 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 focusing its activities on several key high-impact projects:
Wabamisk (100% Azimut) – Fortin Zone (antimony-gold), third drilling program completed; Rosa Zone (gold): second drilling program completed – Assay results pending.
Wabamisk East (100% Azimut) – Lithos North & South (lithium): initial phase of drilling completed, assays pending.
Elmer (100% Azimut) – Patwon gold deposit at the resource stage (311,200 oz Indicated and 513,900 oz Inferrediii); 10,000 m drilling program underway.
Kukamas (KGHM option) – Perseus Zone (nickel-copper-PGE): 2026 program in preparation.
Azimut uses a pioneering approach to big data analytics (the proprietary AZtechMine™ expert system), enhanced by extensive exploration know-how. The Company’s competitive edge is based on systematic regional-scale data analysis. Azimut maintains rigorous financial discipline and a strong balance sheet.
Azimut has two strategic investors among its shareholders, Agnico Eagle Mines Limited and Centerra Gold Inc., which hold approximately 11% and 9.9%, respectively, of the Company’s issued and outstanding shares.