Azimut Exploration Inc. — Capital/Financing Update 2020

Feb 28, 2020

FORM 51-102F3 MATERIAL CHANGE REPORT

1. Name and Address of Company

Azimut Exploration Inc. (the “ Company ”) 110 De La Barre Street Suite 224 Longueuil, Québec J4K 1A3

2. Date of Material Change

February 26, 2020.

3. News Release

The press release was issued on February 26, 2020.

4. Summary of Material Change

Closing of $6,000,000 private placement.

5. Full Description of Material Change

Closing of a non-brokered flow-through private placement of $6,000,000. The placement consists of 2,448,980 flow-through common shares at a price of $2.45 per share. Proceeds from the financing will be used by the Company to incur eligible Canadian exploration expenses with a focus on its 100%-owned Elmer Gold Property. The Company has recently announced substantial drilling results on this property (see press release of January 14, 2020). The financing is being supported by one strategic investor.

No commissions or finder’s fees have been paid in respect of the financing.

The securities issued under this financing will be subject to a hold period of four months from the closing date. The terms of the placement are subject to acceptance by the TSX Venture Exchange.

6. Reliance on subsection 7.1(2) of Regulation 51-102

Not applicable.

7. Omitted Information

None.

8. Executive Officer

Jean-Marc Lulin President and Chief Executive Officer Tel.: (450) 646-3015

9. Date of Report

February 28, 2020.