Azimut and Rio Tinto Expand Previous Agreements to Include Lithium Rights on Wabamisk East Property, James Bay Region, Quebec

Core Insights - Azimut Exploration Inc. has announced a revised option agreement with Rio Tinto Exploration Canada, expanding previous agreements to cover three properties in Quebec, namely Corvet, Kaanaayaa, and Wabamisk East [1][4] Properties under Option - The CKW Properties are identified as having lithium exploration potential, supported by regional geoscientific data and prospecting results [4] - The Wabamisk East Property includes 200 claims over 105.8 km and features a spodumene pegmatite field with high-grade lithium results, including up to 7.43% Li2O from surface sampling [4] - The Wabamisk East Property is strategically located 42 kilometers northeast of the Whabouchi lithium deposit [4] Financial Terms of the Agreement - Under the first phase, Rio Tinto can acquire a 50% interest in the CKW Properties by funding $25 million in exploration expenditures, with $1.85 million already incurred and cash payments totaling $1.7 million before December 31, 2028 [5] - The remaining commitment includes approximately $1.15 million to be spent by the end of 2025 and potential expenditures of $3 million for detailed mapping and drilling [5] - In subsequent years, minimum expenditures of $3 million, $4 million, and $12 million are required on the CKW Properties, along with annual cash payments of $300,000 [5] Future Options - In the second phase, Rio Tinto can earn an additional 20% interest over five years with further expenditures of $60 million, during which Rio Tinto will act as the operator [5] - Azimut retains the right to be funded to production through a secured loan from Rio Tinto, granting Rio Tinto an additional 5% interest in the CKW Properties [5] Company Overview - Azimut is recognized as a leading mineral exploration company with a strong reputation for target generation and partnership development, holding the largest mineral exploration portfolio in Quebec [8] - The company's flagship project, the Elmer Gold Project, has significant resources and exploration upside, with planned activities in 2025 across multiple projects [9]