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]

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]