Core Viewpoint - Azimut Exploration Inc. has announced positive results from its 2025 diamond drilling program on the Kukamas Property, indicating significant nickel and platinum group element (PGE) mineralization, which enhances the property's exploration potential [2][3]. Drilling Program Results - The 2025 drilling program included 14 holes totaling 3,803.8 meters, aimed at expanding nickel-PGE sulphide mineralization in the Perseus Zone and testing new targets along a 1.6-kilometer komatiite trend [4]. - Notable drilling highlights include: - Hole KUK25-010: 1.41% Ni, 0.85 g/t PGE over 15.25 m [6] - Hole KUK25-012: 1.77% Ni, 1.04 g/t PGE over 7.5 m [6] - Hole KUK25-013: 4.27% Ni, 2.63 g/t PGE over 8.6 m [6] Property and Joint Venture Details - KGHM International Ltd has acquired a 50% interest in the Kukamas Property and has opted to enter a second phase to earn an additional 20% interest through further funding [3][18]. - The Kukamas Property spans 41 kilometers with a total area of 337.8 square kilometers, benefiting from significant infrastructure [12]. Geological Context - The Perseus Main Zone is characterized by high nickel content and is defined over a strike extent of 135 meters and a vertical depth of 100 meters [7]. - The geological context suggests substantial exploration potential for additional mineralized zones, with similarities to Kambalda-type deposits known for high-grade nickel [10][11]. Future Plans - A 2026 work program is being prepared, with details to be announced soon, indicating ongoing exploration efforts [3].

Core Viewpoint - Azimut Exploration Inc. has initiated a 4,000-metre diamond drilling program to further define the high-grade nickel-PGE discovery at the Perseus Zone on the Kukamas Property in Quebec's James Bay region [1][18]. Drilling Program Objectives - The drilling program aims to expand the Perseus Zone at depth and along strike with 2,200 metres of drilling, as well as to test new targets along a 1.6-kilometre geological trend with 1,200 metres of drilling [4]. Historical Discoveries and Results - Previous drilling results from the Perseus Zone include high-grade nickel and PGE values, such as: - Hole KUK24-002: 8.42% Ni, 0.55% Cu, 7.25 g/t PGE over 1.9 m - Hole KUK24-007: 6.06% Ni, 0.38% Cu, 3.34 g/t PGE over 2.6 m, including 19.6% Ni over 0.75 m [3][4]. Geological Context - The Kukamas Property features a cumulative strike length of 41 kilometres and covers an area of 337.8 square kilometres, benefiting from significant infrastructure [5]. - The geological framework includes komatiitic sequences, which are similar to the Kambalda type nickel deposits, indicating a fertile system for mineralization [4][11]. Partnership and Financial Aspects - Azimut has an option agreement with KGHM International Ltd, allowing KGHM to acquire an initial 50% interest in the Kukamas Property by funding $5 million in work expenditures over four years [12]. - KGHM can earn an additional 20% interest by delivering a preliminary economic analysis and incurring at least $4.2 million in work expenditures over three years [12]. Project Management and Technical Oversight - The drilling program is managed by Orbit Garant Drilling Inc., with samples analyzed by ALS Laboratories, following industry-standard QA/QC procedures [6][7]. - Rock Lefrançois, Vice-President Exploration, oversees project management, while Dr. Jean-Marc Lulin, President and CEO, is the qualified person responsible for the technical information disclosed [8][9].

Core Insights - Azimut Exploration Inc. has initiated a 4,000-metre diamond drilling program to further define the Perseus high-grade nickel-PGE discovery and explore additional targets on the Kukamas Property in Quebec, Canada [1][2] Drilling Program Objectives - The drilling program aims to expand the Perseus Zone at depth and along strike with 2,200 metres of drilling, as well as to test new targets north of Perseus along a 1.6-kilometre geological trend with 1,200 metres of drilling [4] Previous Discoveries - Significant results from the Perseus Zone include: - Surface channel 1: 2.98% Ni, 0.32% Cu, 2.25 g/t PGE over 8.0 m, with a peak of 3.74% Ni over 6.0 m - Hole KUK24-002: 8.42% Ni, 0.55% Cu, 7.25 g/t PGE over 1.9 m - Hole KUK24-007: 6.06% Ni, 0.38% Cu, 3.34 g/t PGE over 2.6 m, including 19.6% Ni over 0.75 m [3][4] Geological Context - The Kukamas Property covers a strike length of 41 kilometres and includes 665 claims over 337.8 square kilometres, benefiting from major infrastructure and proximity to regional transport [5] - The Perseus Complex is characterized by komatiitic sequences with high MgO content, indicating a fertile system similar to the Kambalda type nickel deposits in Australia [4][11] Project Management and Analysis - Orbit Garant Drilling Inc. is conducting the drilling program, with samples sent to ALS Laboratories for a comprehensive analysis of various elements [6][7] - The project is managed by Rock Lefrançois, Vice-President Exploration at Azimut, with Dr. Jean-Marc Lulin acting as the qualified person for the technical information disclosed [8][9] Partnership and Financial Aspects - Azimut has an option agreement with KGHM International Ltd, allowing KGHM to acquire a 50% interest in the Property by funding $5 million in work expenditures over four years [12]

Investment Rating - Industry rating: Recommended [8] Core Insights - In Q1 2025, the copper concentrate production of KGHM decreased by 5.6% year-on-year to 169,200 tons, with KGHM Polska Miedź S.A. producing 134,000 tons (down 8.3%), KGHM INTERNATIONAL LTD. producing 14,400 tons (down 10.0%), and Sierra Gorda S.C.M. producing 20,800 tons (up 22.4%) [2] - The silver production in Q1 2025 was 320.7 tons, an increase of 1.5% year-on-year [3] - KGHM Polska Miedź S.A.'s C1 cash cost for copper was $3.15 per pound, up 4.7% year-on-year, primarily due to increased mining taxes and reduced self-produced copper concentrate output [3] - KGHM INTERNATIONAL LTD. reported a C1 cash cost of $1.03 per pound, down 52.5% year-on-year, while Sierra Gorda S.C.M. reported $1.18 per pound, down 37.9% year-on-year [3] Financial Performance - In Q1 2025, the revenue was 89.42 billion zloty, a year-on-year increase of 7.5% [4] - The cost of sales was 73.34 billion zloty, a year-on-year increase of 0.4% [5] - The pre-tax profit was 7.34 billion zloty, a year-on-year increase of 4.4% [6] - The net profit was 3.30 billion zloty, a year-on-year decrease of 22.2% [7]

Core Viewpoint - Azimut Exploration Inc. has announced the commencement of a $3.6 million exploration program on the Kukamas Property, confirming high-grade Platinum Group Elements (PGE) at the Perseus Zone, which was discovered in 2024 [1][2][3]. Exploration Program - The exploration program will consist of two phases: detailed mapping and prospecting in Phase 1, followed by 4,000 meters of diamond drilling in Phase 2, planned for late summer [3][6]. - The primary goal is to build on the significant progress made in 2024, where five drill holes in the Perseus Zone yielded excellent results, indicating a high-grade nickel and PGE mineralized system [3][4]. Assay Results - Recent assay results from 30 selected high-grade nickel samples from the Perseus Zone show nickel grades ranging from 3.46% to 19.60% [5][10]. - The samples also revealed high palladium grades between 1.16 g/t and 12.15 g/t, and platinum grades up to 3.65 g/t, along with significant values for rare PGEs [8][10]. Property Overview - The Kukamas Property spans 337.8 square kilometers and includes 665 claims, with a cumulative strike length of 41 kilometers [9]. - The project is well-supported by infrastructure, including high-voltage power lines and proximity to the Trans-Taiga Road, enhancing its accessibility for exploration activities [9]. Partnership and Financials - Under an option agreement, KGHM International Ltd can acquire an initial 50% interest in the Kukamas Property by funding $5 million in work expenditures over four years [14]. - KGHM has a second option to earn an additional 20% interest by delivering a preliminary economic analysis and incurring at least $4.2 million in work expenditures over three years [14]. Company Background - 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 [15][16]. - The company is advancing multiple projects, including the Elmer Gold Project, which is at the resource stage, and the Galinée lithium discovery [16].