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Azimut agrees to sell its interest in the Galinée Property to LiFT Power, James Bay Region, Quebec
Globenewswire· 2025-12-24 08:05
Core Viewpoint - Azimut Exploration Inc. has signed an acquisition agreement with LiFT Power Ltd. to sell its 50% interest in the Galinée Property, while retaining a royalty interest and a deferred payment option [1][2][3]. Group 1: Transaction Details - LiFT will acquire Azimut's interest in the Galinée Property by issuing 2,000,000 common shares, with Azimut retaining a 1.4% NSR royalty [2]. - Azimut is entitled to a deferred payment of $1,500,000, payable in cash or common shares of LiFT, contingent on specific terms [2]. - The total consideration for Azimut from this transaction is approximately $10,300,000 based on LiFT's closing share price on December 23, 2025 [2]. Group 2: Strategic Focus - This transaction aligns with Azimut's strategy to concentrate on high-potential flagship assets while maintaining exposure to the Galinée-Adina project through an equity stake in LiFT and a retained royalty interest [3]. - Azimut is positioned to advance its Wabamisk and Elmer projects in 2026, supported by a strong balance sheet and a substantial equity investment portfolio [3]. Group 3: Company Overview - Azimut is recognized as a leading mineral exploration company with a significant portfolio in Quebec, focusing on gold, copper, nickel, and lithium [7]. - The company employs a pioneering approach using big data analytics for target generation and maintains rigorous financial discipline [7]. - Azimut has strategic investors, including Agnico Eagle Mines Limited and Centerra Gold Inc., holding approximately 11% and 9.9% of the company's shares, respectively [9].