{"id":3923,"date":"2025-11-12T14:26:25","date_gmt":"2025-11-12T19:26:25","guid":{"rendered":"https:\/\/www.soquem.qc.ca\/?p=3923"},"modified":"2025-12-11T14:27:51","modified_gmt":"2025-12-11T19:27:51","slug":"azimut-and-soquem-sell-their-pikwa-property-to-pmet-resources-james-bay-region-quebec","status":"publish","type":"post","link":"https:\/\/www.soquem.qc.ca\/en\/partners\/azimut-and-soquem-sell-their-pikwa-property-to-pmet-resources-james-bay-region-quebec\/","title":{"rendered":"Azimut and SOQUEM sell their Pikwa Property to PMET Resources, James Bay Region, Quebec"},"content":{"rendered":"

LONGUEUIL, Quebec, Nov. 12, 2025 (GLOBE NEWSWIRE) —\u00a0Azimut Exploration Inc.\u00a0<\/strong>(\u201cAzimut\u201d or the \u201cCompany\u201d) (TSXV: AZM<\/strong>) (OTCQX: AZMTF<\/strong>) is pleased to announce the signing of a Sale and Purchase Agreement (the \u201cAgreement\u201d) with\u00a0PMET Resources Inc.\u00a0<\/strong>(\u201cPMET\u201d) (TSX:PMET, ASX:PMT) for the\u00a0Pikwa Property<\/strong>\u00a0(the \u201cProperty\u201d) in the Eeyou Istchee James Bay region of Quebec. The Property is a 50\/50 joint venture between the Company and\u00a0SOQUEM Inc<\/strong>. and is located adjacent to PMET\u2019s\u00a0Shaakichiuwaanaan\u00a0lithium project<\/strong>\u00a0(see\u00a0Figures\u00a01\u00a0and\u00a02<\/a>).<\/p>\n

This transaction aligns with the Company\u2019s objective to focus on its flagship assets while maintaining exposure to an emerging lithium district through its equity ownership in PMET and retained royalties.<\/p>\n

Under the Agreement, PMET will acquire a 100% interest in the Property by issuing\u00a0420,958 shares each to Azimut and SOQUEM\u00a0<\/strong>(the \u201cShare Consideration\u201d),\u00a0representing a total consideration of $3.1 million<\/strong>\u00a0based on the 20-day volume weighted average price of PMET\u2019s common shares (the \u201c20-day VWAP\u201d) on the Toronto Stock Exchange (the \u201cTSX\u201d). In addition,\u00a0Azimut and SOQUEM will each retain a 1.0% NSR royalty<\/strong>\u00a0on 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.<\/p>\n

The\u00a0Pikwa Property<\/strong>\u00a0(509 claims, 261 km2<\/sup>) covers part of the same greenstone belt hosting the Shaakichiuwaanaan\u00a0lithium project, and lies directly on strike with the major lithium pegmatite trend identified on that project. Azimut and SOQUEM\u2019s 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.<\/p>\n

The parties were dealing at arm\u2019s length. The Agreement is subject to customary closing conditions for a transaction of this nature, including obtaining approval of the TSX.<\/p>\n

Dr. Jean-Marc Lulin (P.Geo.), Azimut\u2019s President and CEO, prepared this press release and approved the scientific and technical information disclosed herein. He is acting as the Company\u2019s qualified person within the meaning\u00a0of National Instrument 43-101 \u2013 Standards of Disclosure for Mineral Projects<\/em>.<\/p>\n

Amendments to the Azimut Stock Option Plan<\/strong><\/p>\n

The Board of Directors has approved amendments to the Company\u2019s stock option plan (the \u201cOption Plan<\/strong>\u201d) 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.<\/p>\n

About SOQUEM<\/strong><\/p>\n

SOQUEM, a mineral exploration company and a subsidiary of Investissement Qu\u00e9bec, is dedicated to exploring, discovering and developing mining properties in Quebec. SOQUEM also contributes to maintaining 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.<\/p>\n

About Azimut<\/strong><\/p>\n

Azimut is a leading mineral exploration company with a solid reputation for target generation and partnership development. The Company holds the largest mineral exploration portfolio in Quebec, controlling strategic land positions for gold, copper, nickel and lithium. Azimut is concurrently advancing several high-potential projects:<\/p>\n