AZIMUT EXPLORATION

MANAGEMENT'S DISCUSSION AND ANALYSIS

For the years ended August 31, 2025 and 2024

SCOPE OF MANAGEMENT'S DISCUSSION AND ANALYSIS...2
NATURE OF ACTIVITIES...2
OVERALL PERFORMANCE...2
OUTLOOK 2025...2
ENVIRONMENTAL, SOCIAL AND GOVERNANCE...3
REGIONAL ALLIANCES...3
EXPLORATION PORTFOLIO...4
EXPLORATION AND EVALUATION EXPENDITURES...5
JAMES BAY REGION – EXPLORATION UPDATES...8
NUNAVIK REGION – EXPLORATION UPDATES...33
SELECTED FINANCIAL INFORMATION...36
RESULTS OF OPERATIONS...36
OTHER INFORMATION...37
CASH FLOWS, LIQUIDITY AND CAPITAL RESOURCES...37
QUARTERLY INFORMATION...38
OFF-BALANCE SHEET ARRANGEMENTS...38
CARRYING AMOUNT OF EXPLORATION AND EVALUATION ASSETS...38
RELATED PARTY TRANSACTIONS...39
SUBSEQUENT EVENT...39
SUMMARY OF MATERIAL ACCOUNTING POLICIES...39
NEW ACCOUNTING STANDARDS OR AMENDMENTS...39
CRITICAL ACCOUNTING POLICIES AND ESTIMATES...39
RISK RELATED TO FINANCIAL INSTRUMENTS...40
RISKS AND UNCERTAINTIES...40
INFORMATION REGARDING OUTSTANDING SHARES...41
ADDITIONAL INFORMATION AND CONTINUOUS DISCLOSURE...42
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS...42
CORPORATE INFORMATION...43

SCOPE OF MANAGEMENT'S DISCUSSION AND ANALYSIS

The following management discussion and analysis (the "MD&A") of the activities and financial position of Azimut Exploration Inc. ("Azimut" or the "Company") for the fiscal years ended August 31, 2025 ("Fiscal 2025") and 2024 ("Fiscal 2024") should be read in conjunction with the Company's audited annual financial statements for the years then ended. The financial statements have been prepared in accordance with International Financial Reporting Standards ("IFRS Accounting Standards") as issued by the International Accounting Standards Board ("IASB"). The MD&A and the financial statements are available on SEDAR+ (www.sedarplus.ca) under Azimut's issuer profile and on the Company's website (www.azimut-exploration.com). Unless otherwise noted, all figures are in Canadian dollars, the Company's functional and presentation currency.

NATURE OF ACTIVITIES

Azimut is a publicly traded Canadian mineral exploration company with a successful track record of target generation and partnership development. The Company combines a pioneering and proprietary approach to big data analytics (AZtechMine™) with strong field-validation expertise to create a competitive edge. It holds the largest multi-commodity exploration portfolio in the province of Quebec, which is recognized as a leading mining jurisdiction globally. The Company has advanced its wholly owned flagship Elmer gold project in the Eeyou Istchee James Bay ("James Bay") region to the initial resource stage.

Azimut maintains rigorous financial discipline and a strong balance sheet. It has $14.9 million in cash and 100.5 million shares issued and outstanding as at December 19, 2025. The Company is listed on the TSX Venture Exchange ("TSXV") under the symbol AZM and trades on the OTCQX® Best Market under AZMTF.

OVERALL PERFORMANCE

Summary of exploration activities for the quarter ended August 31, 2025, and subsequent activities:

At Wabamisk, the Company announced the discovery of the Rosa Zone (gold) by prospecting, consisting of high-grade channels and visible gold in multiple outcrops (PR of August 28, 2025). The target was quickly advanced to the drilling stage. The maiden drilling program yielded excellent visual results, including 11 holes with native gold (PRs of October 28 and November 18, 2025). The Company also made considerable progress on the Fortin Zone (antimony-gold), announcing assay highlights for 28 of the 35 drill holes (4,584 m of 5,890 m) completed during the second delineation phase on this zone (PR of October 23, 2025).
At Kukamas, the Company and partner KGHM International Ltd announced the commencement of a minimum 4,000-metre drilling program (PR of August 21, 2025). The drilling campaign is part of a $3.6-million partner-funded exploration program that also includes mapping, prospecting and geophysical data reprocessing (PR of May 29, 2025). The drilling objectives are to expand the Perseus Zone and test new targets on the property.

Financial and corporate highlights for the quarter ended August 31, 2025, and subsequent activities:

In July, the Company acquired a 100% interest in 103 claims forming the K2 Property adjacent to the Elmer Property for a cash payment of $120,000 and the issuance of 200,000 common shares of the Company.
In November, the Company and partner SOQUEM Inc. announced the signing of a Sale and Purchase Agreement with PMET Resources Inc., under which the latter will acquire a 100% interest in the Pikwa Property by issuing 420,958 shares to each partner, representing a total consideration of $3.1 million (PR of November 12, 2025). Azimut retains a 1.0% net smelter return ("NSR") royalty on the property. The transaction closed on November 28, 2025.
In December, joint venture partners Azimut and SOQUEM announced they had signed a non-binding Letter of Intent to restructure the Galinée project, under which Azimut will sell its 50% interest in the project to LiFT Power Ltd in exchange 2,000,000 shares of LiFT. Azimut will retain a 1.4% NSR royalty on the property (PR of December 19, 2025).
The Company incurred $9.9 million in expenditures for its exploration and evaluation assets ("E&E assets") during Fiscal 2025.

OUTLOOK 2026

In the James Bay region, Azimut will continue advancing its antimony-gold (Fortin Zone), gold (Rosa Zone) and lithium (Lithos Field) discoveries at Wabamisk and Wabamisk East, its gold-copper project at Elmer, and its nickel-PGE discovery at Kukamas. The Pilipas lithium project will be operated by the optionee. In the Nunavik region, Azimut will advance its technical assessment of the Rex-Duquet and Rex South properties, which display a strong copper potential with other strategic metals. Table 1 presents the status of the Company's properties and the planned work programs for 2026.

Azimut Exploration Inc. – Annual Report – August 31, 2025

Azimut is particularly sensitive to adapting its exploration strategy to the significant demand for metals related to the transition to a low-carbon economy, with a particular focus on nickel, copper and lithium. The provincial and federal governments consider lithium a critical commodity for its role in economic security and the energy transition. In addition, the discovery of significant antimony mineralization creates an opportunity for Azimut to accelerate the assessment of this target, given the current supply shortage for this strategic mineral.

Azimut has a proven funding strategy that leverages its investments and funds through a combination of negotiated partnerships with government entities and selected private-sector partners to support its progress on specific properties and its annual development program. In the opinion of the Company's management, this strategy preserves and optimizes shareholder value and optionality while limiting dilution and preserving strategic market funding timing and access. Based on this approach and the Company's proven ability to raise additional funds on a timely basis—although there can be no assurance it will be able to do so in the future—management is confident that it has adequate resources to fund projected expenditures and corporate liabilities and commitments for at least the 12 months beyond Fiscal 2025.

Based on industry trends and demand, Azimut will continue to model the mineral potential of several regions in Quebec to generate new projects. The Company will also continue to seek new partners for available properties to safeguard the value added to its projects. Recent rising inflation, international conflicts, geopolitical tensions, pandemics, natural disasters and other destabilizing events have caused significant commodity price volatility and disruptions to supply chains and project execution plans and may continue to create operational uncertainties for the Company. See the section Risks and Uncertainties for further information.

ENVIRONMENTAL, SOCIAL AND GOVERNANCE

Azimut aims to deliver value by discovering major mineral deposits that support sustainable social and economic development. As part of its environmental, social and governance ("ESG") mandate, the Company is committed to conducting safe exploration activities that minimize environmental and community impacts by promoting harmonious stakeholder relations and complying with industry standards and applicable regulations. Corporate governance includes clear policies to strengthen awareness and accountability, and the Company satisfies all reporting requirements under the Extractive Sector Transparency Measures Act (ESTMA). Azimut is pursuing a third-party certification to provide credible verification and validation of its responsible business practices.

Specific ESG measures include:

Offering employment opportunities to members of local communities and striving to develop business activities supported by host communities and Indigenous stakeholders. In Fiscal 2025, the Company spent $4.8 million ($6.2 million – Fiscal 2024) acquiring goods and services in the James Bay region, including drilling services and logistical support provided by Cree residents and businesses.
The Company is one of the founders of a restoration initiative to clean up historical exploration sites in Nunavik. It is also actively involved in similar programs in the James Bay region.
The Company sends letters to inform communities of the Company's exploration activities in compliance with provincial law and holds information meetings with stakeholders on a timely basis.

REGIONAL ALLIANCES

JAMES BAY ALLIANCE

In 2016, Azimut signed a four-year strategic alliance with SOQUEM Inc. ("SOQUEM"), covering 176,300 km² in the James Bay region (the "JB Alliance"). The four properties currently covered under the alliance are Munischiwan, Pikwa, Pontois and Desceliers, collectively listed under SOQUEM – JB Alliance in Table 2 and Table 3. As per the agreement terms, SOQUEM acquired Azimut's interest in these properties by investing $3 million in exploration work over four (4) years, including diamond drilling. In 2019, the agreement was amended to include a 50% back-in option for Azimut to regain a 50% interest in the properties by conducting $3.3 million in exploration work over three (3) years. In 2021, Azimut fulfilled this requirement and regained its interest in all four properties, which became 50/50 JV projects.

NUNAVIK ALLIANCE

In 2019, Azimut signed a strategic alliance agreement with SOQUEM for the Nunavik region for a total investment of up to $40 million, with Azimut as the operator. The COVID-19 pandemic significantly impacted the Nunavik operations, leading to the postponement of fieldwork, the suspension of SOQUEM's financial obligations, and the termination of the Nunavik Alliance on October 1, 2024. See the Company's Fiscal 2025 financial statements for more details. The properties previously

Azimut Exploration Inc. – Annual Report – August 31, 2025

covered under the Nunavik Alliance have significant mineral potential, and various options are being reviewed to advance them.

EXPLORATION PORTFOLIO

As at December 19, 2025, the Company holds an exploration portfolio of 14,833 claims in Quebec (14,800 claims as at August 31, 2025), representing twenty-nine (29) properties of which the Company owns a $100\%$ interest in twenty-three (23) and a $50\%$ interest in the other six (6) (Figure 1, Table 1). They are summarized below by region and commodities of interest.

James Bay

12 gold, gold-antimony or gold-copper properties (1 with lithium potential)
- 9 properties for lithium or with dual potential for lithium and gold
- 3 properties for base metals (nickel, chromium, copper, cobalt)

Nunavik:

3 gold-polymetallic properties
1 copper property
- 1 uranium property

Figure 1: Map of Azimut's exploration property portfolio in Quebec (December 19, 2025).

This MD&A describes the progress and material changes in the Company's property portfolio for the last eight (8) quarters. All claim totals, surface areas and property descriptions herein are effective as of the date of this report. For additional information on individual projects, the reader should consult the Company's website (www.azimut-exploration.com) and documents filed on SEDAR+ (www.sedarplus.ca) under the Company's issuer profile.

Azimut Exploration Inc. - Annual Report - August 31, 2025

Azimut follows standard industry practices regarding quality assurance/quality control ("QA/QC") protocols for its assay programs (see the relevant PRs for details). The reader is cautioned that grab samples are selective by nature and unlikely to represent average grades.

Jean-Marc Lulin (P.Geo.), Azimut's President and CEO and a qualified person ("QP") under National Instrument 43-101 – Standards of Disclosure for Mineral Projects ("NI 43-101"), has reviewed the technical disclosures presented herein.

EXPLORATION AND EVALUATION EXPENDITURES

In Fiscal 2025, Azimut incurred $9.9 million ($8.1 million – Fiscal 2024) on its E&E assets. Most expenditures were incurred in the James Bay region to explore the Wabamisk, Elmer and JBN properties. Table 2 details the Company's expenditures for the work on its E&E assets in Fiscal 2025.

Table 1: Azimut's portfolio of key properties (as at December 19, 2025)

Property	Target commodities (1)	Claims	Area (km²)	Undivided interest	JV or option (2)	Current status (1)	Planned 2026 work program (1)
Corvet	Li, Au-Cu	877	451.2	100%	Option to Rio Tinto to terminate on Dec. 31, 2025	Technical assessment	Data processing
Dalmas	Li, Au	120	61.3	50%	50% SOQUEM	Technical assessment	Program TBD 50% funded
Desceliers	Au-Cu	271	140.7	50%	50% SOQUEM	Technical assessment-	Data processing
Elmer	Au-Ag-Cu-Zn	658	346.6	100%	-	MRE stage, new targets identified	Mechanical stripping, prospecting, airborne geophysics, possibly drilling
Galinée	Li, Au	649	335.0	50%	50% SOQUEM	Targets identified	-
JBL	Li	2,098	1,089.0	100%	-	Technical assessment	Program TBD
JBN	Ni	2,973	1549.6	100%	-	Technical assessment	Airborne geophysics, prospecting, data processing.
Kaanaayaa	Li, Cu-Au, Cu-Ni	421	216.4	100%	Option to Rio Tinto to terminate on Dec. 31, 2025	Technical assessment	Data processing
Kukamas	Ni-Cu-PGE, Au-Cu	665	337.8	100%	Option to KGHM	Technical assessment	Mapping, prospecting, drilling Partner-funded
Munischiwan	Au-Ag-Cu, Li	167	87.6	50%	50% SOQUEM	Targets identified	Data processing 50% funded
Pilipas	Li, Au-Cu	135	70.7	100%	Option to Ophir	Technical assessment	Program TBD Partner-funded
Pontois	Li, Au	226	115.1	50%	50% SOQUEM	-	Program TBD 50% funded
Wabamisk	Sb-Au, Au	670	354.8	100%	-	Technical assessment	Drilling, prospecting, mechanical stripping, metallurgical tests
Wabamisk East	Li, Au	205	108.5	100%	Option to Rio Tinto to terminate on Dec. 31, 2025	Targets identified	Mechanical stripping, possibly drilling
Wapatik	Au, Ni-Cu, Li	220	115.7	100%	Option to Mont Royal terminated Nov. 9, 2024	Targets identified	Program TBD

Azimut Exploration Inc. – Annual Report – August 31, 2025

Table 1 (cont'd): Azimut's portfolio of key properties (as at December 19, 2025)

NUNAVIK REGION

Property	Target commodities (1)	Claims	Area (km2)	Undivided interest	JV or option (2)	Current status (1)	Planned 2025 work program (1)
Doran	Cu	436	210.7	100%		Technical assessment	Prospecting
Rex-Duquet	Cu-Au-Ag-REE	649	277.2	100%	Option to SOQUEM terminated Oct. 1, 2024	Priority targets identified	Data processing, prospecting (program TBD)
Rex South	Cu-Au-Ag-W-REE	473	205.4	100%	Option to SOQUEM terminated Oct. 1, 2024	Priority targets identified	Data processing, prospecting (program TBD)

(1) Abbreviations and acronyms used in this report:

Chemical elements

Ag	silver	Mo	molybdenum	Rh	rhodium
As	arsenic	Ni	nickel	Ru	ruthenium
Au	gold	Os	osmium	Sb	antimony
Bi	bismuth	Pb	lead	Sn	tin
Co	cobalt	Pd	palladium	Ta	tantalum
Cs	cesium	PGE	platinum group elements	Te	tellurium
Cu	copper	Pt	platinum	W	tungsten
Ga	gallium	Rb	rubidium	Zn	zinc
Ir	iridium	Re	rhenium
Li	lithium	REE	rare earth elements

Units

g/t	gram per tonne	Mt	million tonne
km	kilometre	oz	ounce (troy ounce)
m	metre	t	tonne (metric ton)

Other abbreviations

DDH	diamond drill hole
EM	electromagnetic
IOCG	iron oxide copper-gold
IP	induced polarization
JORC	Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves
JV	joint venture
LBS	lake-bottom sediment
LOI	letter of intent
M&I	measured and indicated
MRE	mineral resource estimate
MRNF	Ministry of Natural Resources and Forests (Quebec)
NI 43-101	National Instrument 43-101
PEA	preliminary economic assessment
PR	press release
QA/QC	quality assurance quality control
QP	qualified person
Reconn.	reconnaissance stage
RC	reverse circulation
TBD	to be determined
VG	visible gold
VMS	volcanogenic massive sulphides

(2) JV and option partners:

Everton	Everton Resources Inc.
Hecla	Hecla Québec Inc.
KGHM	KGHM International Ltd
LiFT	LiFT Power Ltd.
Mont Royal	Mont Royal Resources Ltd
Ophir	Ophir Metals Corp. (formerly Ophir Gold Corp.)
PMET	PMET Resources Inc.
Rio Tinto	Rio Tinto Exploration Canada Inc.
SOQUEM	SOQUEM Inc.

Azimut Exploration Inc. – Annual Report – August 31, 2025

Table 2: Change in E&E assets – Fiscal 2025

Mineral property	Net book value as at August 31, 2024 $	Claims & permits $	Exploration costs						Costs incurred during the period $	Option payments $	Credit on duties refundable for loss and refundable tax credit for resources $	Impairment $	Reclassification $	Net book value as at August 31, 2025 $
			Geochem. surveys $	Geol. surveys $	Geophys. surveys $	Drilling $	Admin. and others $	Depreciation of property and equipment $
James Bay
Elmer (Patwon Zone)	31,517,588	271,590	7,112	111,982	2,115	331,759	218,586	123,324	1,066,468	-	(289,161)	-	-	32,294,895
SOQUEM – JB Alliance	324,340	11,471	-	743	-	2,516	-	-	14,730	-	(1,474)	-	-	337,596
Opinaca	-	3,580	-	3,421	-	-	-	-	7,001	-	(1,493)	-	-	5,508
Wabamisk (Rosa Zone)	417,591	29,624	-	187,256	14,888	3,442	-	-	235,210	-	(89,739)	-	-	563,062
Others	15,379	7,176	-	365	-	-	-	-	7,541	-	(134)	(22,786)	-	-
Total – Gold	32,274,898	323,441	7,112	303,767	17,003	337,717	218,586	123,324	1,330,950	-	(382,001)	(22,786)	-	33,201,061
Mercator	293,856	64,584	14,566	110,622	-	-	-	-	189,772	-	(4,161)	(239,501)	-	239,966
Corne	144,488	-	6,713	-	-	-	-	-	6,713	-	-	(75,500)	-	75,701
JBN	704,918	210,622	5,740	167,731	1,155,718	-	463	-	1,540,274	-	(370,198)	(116,972)	-	1,758,022
JBL	1,069,732	3,170	8,506	77,955	-	-	-	-	89,631	-	(6,166)	(432,900)	-	720,297
Wapatik	10,230	40,480	-	10,075	-	7,839	(28)	-	58,366	-	(7,947)	-	-	60,649
Wabamisk CSM (Fortin Zone)	35,262	62,758	9,290	681,192	173,086	4,803,982	125,002	-	5,792,552	-	(2,673,648)	-	-	3,216,924
Dalmas-Galinée	2,743,063	33,992	84,766	8,369	-	78,701	-	-	205,828	-	(32,099)	-	-	2,916,792
SOQUEM - CSM	2,919,133	29,371	28,655	23,581	-	383	3,609	-	85,599	-	(19,631)	(967,132)	(1,550,000)	467,969
Other CSM	41,681	-	-	37,084	-	-	-	-	37,084	-	(16,689)	(43,111)	-	18,965
Total – James Bay CSM*	7,962,363	444,977	158,236	1,116,609	1,328,804	4,890,905	129,046	-	8,068,577	-	(3,130,539)	(1,875,116)	(1,550,000)	9,475,285
Corvet & Kaanaayaa	-	-	-	-	-	-	315	-	315	-	-	-	-	315
Pilipas	6,800	-	-	300	-	2,825	-	-	3,125	(8,429)	(1,378)	-	-	118
Kukamas	55,976	-	-	-	-	(6,350)	32,957	-	26,607	(55,976)	-	-	-	26,607
Wabamisk East	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Total – James Bay CSM
Under option	62,776	-	-	300	-	(3,525)	33,272	-	30,047	(64,405)	(1,378)	-	-	27,040
Total – James Bay	40,300,037	768,418	165,348	1,420,676	1,345,807	5,225,097	380,904	123,324	9,429,574	(64,405)	(3,513,918)	(1,897,902)	(1,550,000)	42,703,386
Nunavik - CSM
Rex-Duquet	514,183	60,732	480	24,777	-	1,998	32,015	63,768	183,770	-	(27,430)	(41,952)	-	628,571
Rex South	465,467	51,246	480	17,477	1,880	1,073	51,727	139,917	263,800	-	(34,409)	(63,112)	-	631,746
Nantais	-	-	-	61	-	-	-	-	61	-	(27)	(34)	-	-
Doran	176,194	-	-	-	-	-	-	-	-	-	-	-	-	176,194
Total Nunavik – CSM	1,155,844	111,978	960	42,315	1,880	3,071	83,742	203,685	447,631	-	(61,866)	(105,098)	-	1,436,511
Other Gold	-	-	-	-	-	-	-	-	-	-	-	-	-	-
North Rae	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Total – Nunavik	1,155,844	111,978	960	42,315	1,880	3,071	83,742	203,685	447,631	-	(61,866)	(105,098)	-	1,436,511
Total – E&E assets	41,455,881	880,396	166,308	1,462,991	1,347,687	5,228,168	464,646	327,009	9,877,205	(64,405)	(3,575,784)	(2,003,000)	(1,550,000)	44,139,897

CSM = critical and strategic minerals

Azimut Exploration Inc. – Annual Report – August 31, 2025

JAMES BAY REGION - EXPLORATION UPDATES

This section presents exploration updates on Azimut's properties in the James Bay region (Figure 2, see Table 1), one of Canada's most active gold exploration areas since the early 2000s and the focus of a major exploration wave for lithium. Major infrastructure includes permanent highways and access roads, an extensive hydroelectric power grid, airports, an operating mine, and active mine development projects.

Notable lithium projects in the region include the Shaakichiuwaanaan project (formerly Corvette) of PMET Resources Inc., which hosts a consolidated mineral resource totalling $108.0\mathrm{Mt}$ at $1.40\%$ $\mathrm{Li}_2\mathrm{O}$ and $166~\mathrm{ppm}$ $\mathrm{Ta_2O_5}$ (Indicated), and $33.4\mathrm{Mt}$ at $1.33\%$ $\mathrm{Li}_2\mathrm{O}$ and $155~\mathrm{ppm}$ $\mathrm{Ta_2O_5}$ (Inferred), ranking it as the largest lithium pegmatite resource in the Americas and in the top ten globally. The project also hosts the world's largest cesium pegmatite mineral resource with $0.69\mathrm{Mt}$ at $4.40\%$ $\mathrm{Cs}_2\mathrm{O}$ (Indicated), and $1.70\mathrm{Mt}$ at $2.40\%$ $\mathrm{Cs}_2\mathrm{O}$ (Inferred). The Adina project of Winsome Resources Ltd (JORC Code indicated resources of $61.4\mathrm{Mt}$ at $1.14\%$ $\mathrm{Li}_2\mathrm{O}$ and inferred resources of $16.5\mathrm{Mt}$ at $1.19\%$ $\mathrm{Li}_2\mathrm{O}$ ) is also a significant discovery. Azimut holds several properties in these emerging lithium districts.

Other significant lithium mining projects in the region include the Galaxy deposit of Arcadium Lithium plc, the Whabouchi lithium mine of Nemaska Lithium Inc., and the Rose lithium-tantalum project of Critical Elements Lithium Corporation.

Gold deposits include the operating Eleonore mine of Dhilmar Ltd (previously Newmont Corporation) and the Eau Claire project of Fury Gold Mines Ltd (NI 43-101 M&I resources of 6.393 Mt at 5.64 g/t Au for 1,160,000 oz Au and inferred resources of 5.445 Mt at 4.13 g/t Au for 723,000 oz Au).

Figure 2: Map of the Company's project portfolio in the James Bay region showing key results as at December 19, 2025.

Azimut Exploration Inc. - Annual Report - August 31, 2025

ELMER (AU-AG-CU-ZN)

The wholly owned Elmer Property is the Company's flagship project (Figure 2 and Figure 3). The Company has acquired the adjacent K2 Property from Dios Exploration Inc. ("Dios"), which extends Elmer's strike length by 7 kilometres (Figure 4). Under the terms of the binding purchase and sale agreement with Dios (PR of July 3, 2025), the Company acquired a $100\%$ interest in the 103 claims $(54.3~\mathrm{km}^2)$ forming the K2 Property for a cash payment of $120,000 and the issuance of 200,000 common shares of the Company. Dios will retain a $2.0\%$ NSR royalty on the K2 claims, subject to a $1.0\%$ NSR buydown for $3,000,000.

The current MRE for the Patwon Gold Zone, prepared by InnovExplo Inc. in accordance with NI 43-101 guidance, yielded 311,200 ounces at $1.93\mathrm{g / t}$ Au Indicated and 513,900 ounces at $1.94\mathrm{g / t}$ Au Inferred (effective date of November 14, 2023; technical report dated January 4, 2024). Based on a gold price of US$1,800 per ounce, the MRE will serve as the basis for a scoping study (underway) that will consider development and growth scenarios (PR of March 31, 2025). The bullish outlook for gold provides a highly attractive context for accelerating the project. A gold price of US$2,160 per ounce (the highest price considered by the sensitivity study) yields the following estimate: 324,800 ounces at $1.76\mathrm{g / t}$ Au Indicated and 585,400 ounces at $1.68\mathrm{g / t}$ Au Inferred. In this case (US$2,160), the open-pit portion comprises 322,900 ounces at $1.76\mathrm{g / t}$ Au Indicated and 363,600 ounces at $2.04\mathrm{g / t}$ Au Inferred.

Elmer is located 5 kilometres west of the Billy Diamond Highway (a major all-season paved highway) and 55 kilometres from Eastmain, a Cree community on the east coast of James Bay. It provides a controlling position over a 42-kilometre-long gold corridor known as the Elmer Trend in the underexplored Lower Eastmain greenstone belt. Together, the Elmer and Wapatik properties cover 65 kilometres of favourable geological strike considered highly prospective for shear-zone-hosted and intrusion-related gold deposits.

Figure 3: Map showing the location of the Elmer Property with respect to the Company's Wabamisk Property and nearby mining projects held by other companies.

Azimut Exploration Inc. - Annual Report - August 31, 2025

Figure 4: Magnetic map of the Elmer Property showing the location of the Patwon Zone (MRE) and salient historical and recent results on nearby exploration targets.

Patwon MRE and key geologic features

The Patwon MRE (Table 4; Figure 5, Figure 6, Figure 7) comprises the following mineral resources using three potential mining methods:

Open-pit resources using a $0.55\mathrm{g / t}$ Au cut-off:

Indicated: 309,200 oz in 4.97 Mt grading $1.93\mathrm{g / t}$ Au

Inferred: 310,700 oz in 4.21 Mt grading $2.29\mathrm{g / t}$ Au

Bulk underground resources using a $1.05\mathrm{g / t}$ Au cut-off:

Inferred: 163,700 oz in 3.49 Mt grading $1.46\mathrm{g / t}$ Au

Selective underground resources using a $1.90\mathrm{g / t}$ Au cut-off:

Indicated: 2,000 oz in 0.022 Mt grading $2.83\mathrm{g / t}$ Au

Inferred: 39,500 oz in 0.52 Mt grading $2.36\mathrm{g / t}$ Au

The MRE is based on approximately 60,609 metres of diamond drill core in 167 holes drilled by the Company between November 2019 and March 2023. The results have been published in multiple press releases and previous MD&A reports, and a complete list of results is available on the Company's website (www.azimut-exploration.com).

Patwon is currently defined along a strike length of 600 metres from surface to a vertical depth of 860 metres (900 m downdip), with an average estimated true width of 35 metres and a dip of $75^{\circ}$ to the north. The open-pit resources are defined from surface to a maximum depth of 376 metres. 3D modelling of the gold zone indicates that Patwon remains open along strike and at depth. Incremental drilling at shallow depth along strike could add resources to the initial MRE.

A sensitivity analysis indicates low variability of the MRE under various gold price and cut-off grade scenarios, underscoring the robustness of the Patwon Gold Zone. Preliminary metallurgical test results indicate non-refractory free-milling gold that is

Azimut Exploration Inc. - Annual Report - August 31, 2025

easily recoverable through a combination of a gravity circuit and conventional cyanide leaching. Recovery rates reached $94\%$ , with gravity recoveries up to $37\%$ (PR of November 21, 2021).

The zone appears geometrically simple, with no internal complexity from folding or cross-cutting barren dykes, which would create internal dilution. The mineralization is mainly related to three shear-controlled mineralized quartz vein sets, with pyrite as the dominant sulphide and frequent visible gold grains. Traces of galena, chalcopyrite and molybdenite are present. Alteration consists of pervasive silica accompanied by sericite, carbonate, chlorite, feldspar, tourmaline and occasional fluorite.

Patwon is an orogenic gold system in a 3-kilometre-thick sequence of felsic volcanics with porphyritic intrusions, mafic volcanics, polymictic conglomerates and gabbroic sills. This deposit type has the potential for kilometre-scale vertical extension. One possible geologic analog is the Goldex mine, owned and operated by Agnico Eagle.

Table 4: Patwon Gold Zone – Mineral Resource Estimate (effective date of November 14, 2023)

Patwon Gold Project
Bulk Underground Mineral Resource (at 1.05 g/t Au cut-off)
Category	Tonnes	Grade	Ounces
	(t)	(g/t Au)	(oz Troy Au)
Indicated
Inferred	3,496,000	1.46	163,700
Selective Underground Mineral Resource (at 1.9 g/t Au cut-off)
Category	Tonnes	Grade	Ounces
	(t)	(g/t Au)	(oz Troy Au)
Indicated	22,000	2.83	2,000
Inferred	520,000	2.36	39,500
Open-Pit Mineral Resource (at 0.55 g/t Au cut-off)
Category	Tonnes	Grade	Ounces
	(t)	(g/t Au)	(oz Troy Au)
Indicated	4,972,000	1.93	309,200
Inferred	4,212,000	2.29	310,700
Patwon Gold Project Total Resources
Classification	Tonnes	Grade	Ounces
	(t)	(g/t Au)	(oz Troy Au)
Total Indicated	4 994 000	1.93	311,200
Total Inferred	8,228,000	1.94	513,900

Notes to accompany the Patwon Mineral Resource Estimate:
1. These mineral resources are not mineral reserves and they do not have demonstrated economic viability. The MRE follows current CIM Definition Standards (2014) and CIM MRMR Best Practice Guidelines (2019). The results are presented undiluted and are considered to have reasonable prospects for eventual economic extraction ("RPEEE").
2. The independent and qualified persons ("QPs") for the mineral resource estimate, as defined in NI 43-101, are Martin Perron, P.Eng., Chafana Hamed Sako, P.Geo., and Simon Boudreau, P.Eng., all from InnovExplo Inc. The effective date is November 14, 2023.
3. The estimate encompasses six (6) mineralized domains and one (1) dilution zone developed using LeapFrog Geo and interpolated using LeapFrog Edge.
4. 1.0-metre composites were calculated within the mineralized zones using the grade of the adjacent material when assayed or a value of zero when not assayed. High-grade capping on composites (supported by statistical analysis) was set between 15.0 and $40.0\mathrm{g / t}$ Au for high-grade envelopes, 0.2 and $12.5\mathrm{g / t}$ Au for lower-grade envelopes, and $1.0\mathrm{g / t}$ Au for the dilution envelope.
5. The estimate was completed using a sub-block model in Leapfrog Edge, with a parent block size of $4\mathrm{m}\times 4\mathrm{m}\times 4\mathrm{m}$ (X,Y,Z) and a sub-block size of $1\mathrm{m}\times 1\mathrm{m}\times 1\mathrm{m}$ (X,Y,Z).
6. Grade interpolation was obtained using the Inverse Distance Squared (ID2) method using hard boundaries.
7. Density values of 2.76 to $2.8\mathrm{g / cm}^3$ were assigned to all mineralized zones.
8. Mineral resources were classified as Indicated and Inferred. Indicated resources are defined with a minimum of three (3) drill holes in areas where the drill spacing is less than 20 metres, and Inferred resources with two (2) drill holes in areas where the drill spacing is less than 40 metres, and there is reasonable geological and grade continuity.
9. The MRE is locally pit-constrained. The out-pit resources meet the RPEEE requirement by applying constraining volumes to all blocks (combined bulk and selective underground long-hole extraction scenario) using Deswik Mineable Shape Optimizer (DSO).
10. The RPEEE requirement is satisfied by having cut-off grades based on reasonable parameters for surface and underground extraction scenarios, minimum widths, and constraining volumes. The estimate is presented for potential underground scenarios (realized in Deswik) over a minimum width of 2 metres for blocks 20 to 24 metres high by 16 to 20 metres long at a cut-off grade of $1.05\mathrm{g / t}$ Au for the bulk long-hole method (BLH) and

Azimut Exploration Inc. - Annual Report - August 31, 2025

$1.90\mathrm{g / t}$ Au for the selective long-hole method (SLH). Cut-off grades reflect the currently defined geometry and dip of the mineralized envelopes. The potential open-pit component (OP) of the 2023 MRE is locally constrained by an optimized surface in GEOVIA Whittle™ using a rounded cut-off grade of $0.55\mathrm{g / t}$ Au. The surface cut-off grade was calculated using the following parameters: mining cost = CA$3.55/t; mining overburden cost = CA$2.49/t; processing cost = CA$22.00/t; G&A cost = CA$15.60/t; selling costs = CA$5.00/t; gold price = US$1,800/oz; USD/CAD exchange rate = 1.30; overburden slope angle = $30^{\circ}$ ; bedrock slope angle = $50^{\circ}$ ; and mill recovery = 94%. The underground MRE was based on two mining methods, the choice of which depends on the width of the mineralization. The underground cut-off grade was calculated using the following parameters: mining cost = CA$35.00/t (bulk long-hole) to CA$95.00/t (selective longhole); processing cost = CA$22.00/t; G&A cost = CA$15.60/t; selling costs = CA$5.00/t; price = US$1,800/oz; USD/CAD exchange rate = 1.30; and mill recovery = 94%.

Cut-off grades should be re-evaluated in light of future prevailing market conditions (metal prices, exchange rates, mining costs, etc.).
The number of metric tons (tonnes) was rounded to the nearest thousand, following NI 43-101 recommendations. The metal contents are presented in troy ounces (tonnes x grade / 31.10348), rounded to the nearest hundred. Any discrepancies in the totals are due to rounding effects.
The QPs are not aware of any known environmental, permitting, legal, title-related, taxation, socio-political, or marketing issues or any other relevant issue not reported in the Technical Report that could materially affect the Mineral Resources Estimate.

Figure 5: Plan view of Patwon's mineral resources showing the outlines of potential open pits.

Exploration targets

The K2 block, acquired from Dios, includes 25 gold and copper-gold-silver prospects (PR of July 3, 2025). The following mineralized settings have been identified on K2:

Gold and copper-gold-silver veins, stockworks, and fracture fillings within porphyritic felsic intrusions;
Gold or copper-silver mineralization within sheared felsic volcanic rocks;
Potential volcanogenic polymetallic mineralization (Cu-Ag-Au-Zn) hosted in felsic volcanic units.

The 2024 field program conducted elsewhere on the property (680 grabs, reanalysis of 107 till samples, and 16 DDH for $3,532\mathrm{m}$ ) highlighted multiple underexplored, high-quality targets that could increase the resource base (PR of March 31, 2025). Prospecting notably led to:

the discovery of extensive areas with polymetallic mineralization (Wolf North, Equinox), including significant grades of copper, zinc, tellurium and bismuth (commodities listed as critical minerals by Natural Resources Canada); and
better definition of known target areas (Gabbro Zone, Patwon West, Boulder Lake).

Three of the main target areas are described below and the most significant results for all exploration sectors are reported in Table 4.

Azimut Exploration Inc. - Annual Report - August 31, 2025

Figure 6: Cross-section (looking east) of Patwon's mineral resources showing the outline of the potential open pit.

Figure 7: Isometric view of Patwon's mineral resources showing the outline of the potential open pit.

Azimut Exploration Inc. - Annual Report - August 31, 2025

Wolf North hosts gold-silver-copper-zinc mineralization in felsic volcanics. This prospect highlights the potential for discovering volcanogenic massive sulphides in this part of the property. It occurs along the northern edge of a previously recognized but underexplored polymetallic trend 12 kilometres long. Systematic surface sampling and ground geophysics will be undertaken to define drilling targets.

Gabbro Zone, situated south of the Patwon Zone, has consistently yielded high-grade gold-silver-tellurium results related to shear and extensional quartz veins (a few centimetres to $1\mathrm{m}$ thick) in a gabbroic sill, indicating a fertile environment that will be further explored along strike.

Equinox is preliminarily defined as a minimum 2-kilometre-long polymetallic trend with gold-silver-copper tellurium-bismuth mineralization, related to shear and extensional quartz veins in metasedimentary rocks. This zone is near a felsic intrusion and iron formation. Soil geochemistry and/or ground geophysics will be undertaken to define drilling targets.

Table 4: Best prospecting results on Elmer Property exploration targets (PR of March 31, 2025)

Area	Significant results (all samples from outcrops)	Key features
Patwon West	16.1 g/t Au 9.26 g/t Au 6.79 g/t Au	- 15 grab samples - Extensional (Riedel-type) quartz veins hosted in intermediate volcanics
Wolf	Wolf Zone 0.71 g/t Au, 0.36% Cu Wolf East 1.72 g/t Au, 10.7 g/t Ag, 0.9% Cu 0.49 g/t Au, 0.5% Cu Wolf North 5.09 g/t Au, 172 g/t Ag, 7.53% Cu, 670 g/t Bi 2.38 g/t Au, 91.4 g/t Ag, 4.71% Cu, 58.6 g/t Bi 2.30 g/t Au, 1.3% Zn 2.04 g/t Au, 111 g/t Ag, 4.01% Cu, 1060 g/t Bi 1.0 g/t Au, 86 g/t Ag, 2.79% Cu, 0.55% Zn, 384 g/t Bi 0.8 g/t Au, 37.1 g/t Ag, 0.82% Cu 0.52 g/t Au, 38.8 g/t Ag, 0.67% Cu, 2.26% Zn 0.25 g/t Au, 115 g/t Ag, 5.88% Cu, 38.1 g/t Bi 0.20 g/t Au, 56.5 g/t Ag, 1.55% Cu, 1.80% Zn 0.20 g/t Au, 28.9 g/t Ag, 1.63% Cu, 0.76% Zn	- 8 grab samples - Mineralized gabbro; 1-2% Py - 12 grab samples - Shear and extensional quartz veins hosted in basalt; 1-2% Cp; hematite - 82 grab samples - Volcanogenic disseminated to semi-massive sulphides in felsic volcanics (mostly tuffs, possible exhalite horizon) - Strong alteration: sericite, biotite, chlorite, silicification - Py, Cp, Po, Sph, Gn, Bn - Supergene minerals: malachite, hydrozincite, sauconite
Gabbro	Gabbro Zone 181.5 g/t Au, 345 g/t Ag, 301 g/t Te 54.7 g/t Au, 88.7 g/t Ag, 94.7 g/t Te 45.2 g/t Au, 64.2 g/t Ag, 68.6 g/t Te 26.4 g/t Au, 95.5 g/t Ag, 67.7 g/t Te 16.25 g/t Au, 26.7 g/t Ag, 23.5 g/t Te 13.5 g/t Au, 17.4 g/t Ag, 21.4 g/t Te 7.24 g/t Au, 5.66 g/t Ag, 10.9 g/t Te 6.79 g/t Au, 7.16 g/t Ag, 11.4 g/t Te Gabbro East 9.62 g/t Au, 8.43 g/t Ag, 13.4 g/t Te 7.92 g/t Au, 8.70 g/t Ag, 11.3 g/t Te 5.66 g/t Au, 6.05 g/t Ag, 8.38 g/t Te Gabbro South 1.79 g/t Au, 1.11 g/t Ag, 5.91 g/t Te 1.60 g/t Au, 1.72 g/t Ag, 3.17 g/t Te	- 42 grab samples - 25 samples with grades higher than 1.0 g/t Au, incl. 18 with higher than 3.0 g/t Au - Shear quartz veins, boudinaged, hosted in gabbro - Hematite, chlorite, carbonate alteration - Generally, low sulphide content (<1% Py), trace Cp and Po - 18 grab samples - 170 m east of the Gabbro Zone - Shear quartz veins in basalt - Low sulphide content (trace Py, Cp, Po) - 15 grab samples - 400 m south of the Gabbro Zone - 5-10% Py, trace Cp hosted in silicified intermediate to felsic volcanics
Boulder Lake	1.84 g/t Au, 5.21 g/t Ag, 0.85% Cu, 20.4 g/t Te, 130.5 g/t Bi 1.01 g/t Au, 0.26% Cu 0.93 g/t Au, 6.07 g/t Ag, 1.48% Cu	- 29 grab samples - Shear quartz veins with Cp in amphibolitic basalt - Hematite, sericite alteration

Azimut Exploration Inc. – Annual Report – August 31, 2025

Table 4 (cont'd): Best prospecting results on Elmer Property exploration targets (PR of March 31, 2025)

Equinox	1.47 g/t Au, 0.37% Cu, 38.6 g/t Te, 388 g/t Bi 1.38 g/t Au, 88.7 g/t Ag, 9.76% Cu, 25.3 g/t Te, 287 g/t Bi 1.02 g/t Au, 51.7 g/t Ag, 5.29% Cu, 13.3 g/t Te, 445 g/t Bi 0.94 g/t Au, 0.55% Cu, 54.3 g/t Te, 1030 g/t Bi 0.71 g/t Au, 14.7 g/t Ag, 1.41% Cu, 36.2 g/t Te, 579 g/t Bi 0.53 g/t Au, 1.16% Cu, 13.15 g/t Te, 169.5 g/t Bi 0.46 g/t Au, 38.8 g/t Ag, 0.3% Cu, 26.32 g/t Te, 631 g/t Bi 0.22 g/t Au, 14.7 g/t Ag, 1.28% Cu, 13.2 g/t Te, 238 g/t Bi 20.9 g/t Ag, 2.09% Cu, 203 g/t Bi 92.1 g/t Te, 167 g/t Bi 78.1 g/t Te, 128 g/t Bi 60.0 g/t Te, 112.5 g/t Bi	- 71 grab samples - Shear and extensional quartz veins in metasediments and basalt; proximal to iron formation, felsic intrusion and porphyritic dykes - Mineralization: Cp, Po, Py, trace Bn - Alteration: hematite, chlorite, biotite, epidote

Note that grab samples are selective by nature, unlikely to represent average grades, and may not represent true underlying mineralization.

Legend

Py: pyrite; Po: pyrrhotite; Cp: chalcopyrite; Bn: bornite; Sph: sphalerite; Gn: galena

Au : gold; Ag : silver; Cu: copper; Zn: zinc; Te: tellurium; Bi : bismuth

Table 5: Diamond drill hole results on Elmer Property exploration targets (PR of March 31, 2025)

Area and Drill Hole	Significant results	Key features
Wolf – A21
ELM24-245	1.71 g/t Au over 3.0 m (from 196.0 m to 199.0 m) including 5.29 g/t Au over 0.85 m	Felsic tuff, felsic intrusion with 1% to 3% disseminated pyrite, sericite alteration.
ELM24-251	1.29 g/t Au over 1.5 m (from 113.5 m to 115.0 m)	Felsic intrusion, 10% quartz veins, 7% to 10% of finely disseminated pyrite.
Patwon East
ELM24-253	0.67 g/t Au over 2.55 m (from 69.2 m to 71.75 m)	Quartz feldspar porphyry, 5-10% quartz veins, sericite alteration, 2% pyrite; contact with basalt.
ELM24-254	1.01 g/t Au over 1.5 m (from 263.5 m to 265 m)	Basalt, trace pyrite, 1% quartz veins.
	0.77% Cu over 0.6 m (from 26.4 m to 27.0 m)	Mafic volcanics or gabbro, 20% semi-massive pyrite with chalcopyrite in a carbonate vein.
Patwon West
ELM24-257	1.85 g/t Au over 0.5 m (from 21.1 m to 21.6 m)	Felsic tuff, 2% quartz veins, 2% pyrite, sericite alteration.
Gabbro Zone
ELM24-258	0.56 g/t Au over 1.5 m (from 27.5 m to 29.0 m)	Gabbro, 15% quartz veins, 1% pyrite, pyrrhotite, chlorite.

Intervals presented as core lengths.
No significant value in holes ELM24-243, -244, -246, -247, -248, -249, -250 (Wolf-A21 area); ELM24-252, -255 (Patwon East); ELM24-256 (Patwon West).

PILIPAS (LI, AU-CU)

The wholly owned Pilipas Property is located along the Billy Diamond Highway near hydroelectric power lines. It is adjacent to and on strike from Azimut's Munischiwan JV property and the Elmer East project of Quebec Precious Metals Corporation. The property displays potential for lithium-cesium-tantalum (LCT) pegmatites and intrusion-related and VMS gold-copper systems. Geologically, it is found in the Lower Eastmain greenstone belt of the La Grande Subprovince.

Pilipas is under option to Ophir Metals Corp. (formerly Ophir Gold Corp.; PR of December 11, 2023). Ophir can earn an interest of up to $70\%$ in the property by funding $\$4$ million in exploration expenditures over three (3) years and making payments totalling 6,000,000 shares of Ophir and $\$100,000$ in cash. Ophir is the operator during the option phase, with the first-year minimum expenditure of $\$400,000$ representing a firm exploration commitment.

Azimut Exploration Inc. – Annual Report – August 31, 2025

In June 2024, Azimut and Ophir reported the discovery of spodumene-bearing pegmatite outcrops during the inaugural lithium-focused surface exploration program (PRs of June 25 and August 7, 2024). The most notable pegmatite, HW1 (Figure 8), yielded grades up to $3.47\%$ $\mathrm{Li}_2\mathrm{O}$ in grab samples. Another pegmatite, HW2, returned grades up to $1.98\%$ $\mathrm{Li}_2\mathrm{O}$ . A third, HW3, which yielded significant cesium and lithium values ( $14.2\%$ $\mathrm{Cs}_2\mathrm{O}$ and $0.71\%$ $\mathrm{Li}_2\mathrm{O}$ ) in a grab sample, became the subject of a follow-up channel sampling program in late 2024 to better assess the grade and width of the cesium mineralization (PR of December 11, 2024).

A 2,000-metre drilling program commenced in late summer, and the results for 21 DDH were released on December 11, 2024. The best interval graded $1.22\%$ $\mathrm{Li}_2\mathrm{O}$ over $53.2\mathrm{m}$ , including $1.70\%$ $\mathrm{Li}_2\mathrm{O}$ over $22.3\mathrm{m}$ (assays pending for 2 DDH). Nineteen (19) holes were drilled on HW1 $(2,655\mathrm{m})$ and four on HW2 $(410\mathrm{m})$ . The program successfully extended the known HW1 zone laterally to 300 metres and vertically to 90 metres. The reported highlights are as follows (true widths undetermined):

Hole PLP24-007: $1.22\%$ $\mathrm{Li}_2\mathrm{O}$ over $53.20\mathrm{m}$ , incl. $1.70\%$ $\mathrm{Li}_2\mathrm{O}$ over $22.30\mathrm{m}$
Hole PLP24-011: $1.00\%$ $\mathrm{Li}_2\mathrm{O}$ over $46.51\mathrm{m}$ , incl. $1.38\%$ $\mathrm{Li}_2\mathrm{O}$ over $16.36\mathrm{m}$
Hole PLP24-003: $1.14\%$ $\mathrm{Li}_2\mathrm{O}$ over $13.41\mathrm{m}$
Hole PLP24-019: $4.76\mathrm{g / t}$ Au over $0.5\mathrm{m}$

In Fiscal 2025, the Company received $25,000 in cash and 1,000,000 shares of Ophir as an option payment (Fiscal 2024: $20,000 in cash and 2,000,000 shares of Ophir), cumulatively, $70,000 and 4,000,000 shares as at the date of this report.

Figure 8: Geological map of the Pilipas Property showing the location of spodumene-bearing pegmatite outcrops (lithium prospects).

Azimut Exploration Inc. - Annual Report - August 31, 2025

WABAMISK (SB-AU)

The Wabamisk Property (Figure 3, Figure 9) is a wholly owned project situated 13 kilometres east of the Eau Claire gold property (Fury Gold Mines Ltd), 42 kilometres northeast of the Whabouchi lithium mining project (Nemaska Lithium Inc.) and 70 kilometres south of the Eleonore gold mine (Dhilmar Ltd). Major powerlines pass through or close to the property's east end. The North Road (Route du Nord), a 400-kilometre gravel highway connecting the mining town of Chibougamau to the Billy Diamond Highway, passes 37 kilometres to the south. The nearest town is Nemaska, a Cree village municipality 55 kilometres to the southeast.

In 2025, Azimut cleaved out 200 Wabamisk claims with lithium potential to form the Wabamisk East Property as part of a revised option agreement with Rio Tinto. Together, Wabamisk and Wabamisk East cover a 51-kilometre strike, providing a strategic position in one of the most prospective belts in the James Bay region.

Eight (8) of the Wabamisk claims are subject to a $2.1\%$ NSR payable to Virginia Mines $(1.4\%)$ ; now Osisko Exploration James Bay Inc.) and SOQUEM $(0.7\%)$ , with a buy-back of $1.05\%$ for $350,000.

Azimut's most notable progress on the Wabamisk Property has been the 2024 discovery of the Fortin high-grade antimony-gold zone and the 2025 discovery of the Rosa gold zone (Figure 9). The property's geological context and geochemical signature are comparable to those at the Eleonore gold mine.

Figure 9: Geological map of the Wabamisk and Wabamisk East properties showing the position of the Fortin and Rosa zones on Wabamisk.

Azimut Exploration Inc. - Annual Report - August 31, 2025

Azimut Exploration Inc. – Annual Report – August 31, 2025

Fortin Zone

The Fortin Zone (Figure 10) is emerging as one of the larger antimony-bearing systems in Canada. Drilling to date outlines a 1.8-kilometre-long antimony-gold-bearing body traced to a vertical depth of 250 metres, which remains open in all directions. The zone is 5 to 50 metres thick (25 m on average) based on drill intervals grading above 0.1% Sb, and it dips to the south at approximately 70 to 75 degrees.

This extensive system is hosted in sheared metasediments at the structural boundary between the Opinaca and the La Grande Archean subprovinces. Azimut is advancing delineation of the Fortin Zone amid a tightening global supply driven by China's export restrictions.

Fortin Zone – Exploration results

Since its discovery by prospecting in 2024, the Company has drilled 86 holes (12,286 m) on the zone and surrounding targets. Drilling is expected to resume early next year, with an initial 5,000 metres planned to expand the mineralized body at depth and for infill delineation. Mineralogical and metallurgical characterization studies (including comminution testing and flotation testwork) are progressing well.

The Company’s PR of October 23, 2025, reported the assay highlights below for 28 of the 35 drill holes (4,584 m of 5,890 m) completed during the second delineation phase. Assay results are pending for seven (7) holes. Previous drilling and channel sampling results have been disclosed in the PRs of October 29, 2024, and January 16, May 22, and July 9, 2025.

| Hole WS25-67 | 0.89% Sb, 0.65 g/t Au over 41.9 m (from 171.6 m to 213.5 m), including
1.05% Sb, 1.88 g/t Au over 13.5 m (from 174.0 m to 187.5 m), with
1.84% Sb, 10.9 g/t Au over 1.7 m (from 177.0 m to 178.7 m), and
1.27% Sb over 16.5 m (from 197.0 m to 213.5 m), with
2.69% Sb over 5.0 m (from 202.0 m to 207.0 m) |
| --- | --- |
| Hole WS25-85 | 0.73% Sb over 39.2 m (from 130.8 m to 170.0 m), including
0.98% Sb, 0.15 g/t Au over 17.0 m (from 148.0 m to 165.0 m), with
1.93% Sb over 2.0 m (from 135.0 m to 137.0 m), and
1.82% Sb, 0.13 g/t Au over 2.0 m (from 148.0 to 150.0 m), and
1.16%Sb, 0.12 g/t Au over 3.0 m (from 154.0 m to 157.0 m), and
1.62% Sb, 0.18 g/t Au over 3.0 m (from 162.0 m to 165 m) |
| Hole WS25-86 | 0.56% Sb over 27.0 m (from 252.0 m to 279.0 m), including
1.40% Sb, 0.16 g/t Au over 7.0 m (from 253.0 to 260.0 m), with
3.32% Sb, 0.10 g/t Au over 2.0 m (from 258.0 m to 260.0 m) |
| Hole WS25-72 | 1.07% Sb over 13.6 m (from 120.5 m to 134.1 m), including
3.12% Sb, 0.14 g/t Au over 2.0 m (from 126.0 m to 128.0 m) |
| Hole WS25-55 | 0.28% Sb, 0.12 g/t Au over 78.0 m (from 16.0 m to 94.0 m)
0.26% Sb, 0.12 g/t Au over 12.0 m (from 120.0 m to 132.0 m) |
| Hole WS25-65 | 0.57% Sb over 17.85 m (from 63.8 m to 81.65 m), including
1.13% Sb, 0.12 g/t Au over 2.15 m (from 79.5 m to 81.65 m) |
| Hole WS25-75 | 0.34% Sb over 18.05 m (from 177.1 m to 195.15 m), including
0.98% Sb over 3.35 m (from 186.15 m to 189.5 m) |

In addition to antimony, Fortin is also a significant gold-bearing system in which gold content is not always related to high antimony grades.

Hole WS25-61	0.06% Sb, 6.60 g/t Au over 1.3 m (from 89.7 m to 91.0 m)
Hole WS25-54	0.07% Sb, 6.24 g/t Au over 2.5 m (from 72.3 m to 74.8 m)
Hole WS25-73	0.10% Sb, 4.50 g/t Au over 1.3 m (from 61.0 m to 62.3 m)

18 of 43

Figure 10: Geology map of the Wabamisk Property showing antimony and gold mineralization in the Fortin Zone.

Azimut Exploration Inc. - Annual Report - August 31, 2025

Fortin Zone -- Mineralized system and geological context

The antimony-gold mineralized system is associated with a massive albitic stratiform hydrothermal alteration zone (previously described as a feldspar porphyry intrusive sill), within a thick detrital metasedimentary sequence. Evidence of very strong albitic alteration, with progressive replacement of host rocks, has been documented. This alteration is possibly controlled by the original rock's porosity and fracturing.

The massive albitic body (the “albitic sill”) has been intersected by 77 holes over a lateral distance of 2.65 kilometres. Its thickness varies from several metres to over 90 metres. The multi-kilometre lateral continuity of the albitic sill may suggest a kilometre-scale vertical extent.

Antimony sulphides (berthierite: FeSb_{2}S_{4}, gudmundite: FeSbS, and stibnite: Sb_{2}S_{3}) are related to intense quartz veining and brecciated facies within the albitic sill, and are commonly associated with other sulphides (arsenopyrite, pyrrhotite, pyrite). Sericite is the main alteration mineral, locally accompanied by chlorite, epidote and carbonate. Massive to semi-massive mineralization occurs along the southern sheared and locally folded contact with less-altered metasedimentary host rocks (mostly siltstones). The northern contact is also mineralized, but drilling to date suggests it is less continuous than the southern contact. The quartz vein network is mostly subparallel to the east-west schistosity. The rheologic contrast between the brittle albitic zone and more ductile metasedimentary rocks appears to be a key control on mineralization at the scale of the zone.

Antimony-rich systems are unusual in Archean settings in Québec. The mineralized albitic sill on the Wabamisk Property lies along the major tectono-metamorphic boundary separating the volcano-plutonic La Grande Subprovince and the metasedimentary Opinaca Subprovince. This geological environment has already been recognized as prospective for gold, exemplified by the Eleonore gold deposit. At Wabamisk, the antimony-rich zone may transition to a deeper gold-rich zone.

About the Antimony Supply Shortage

Antimony is listed as a critical mineral by the Canadian and American governments and the European Commission. Three countries account for about 90% of the world's production, estimated at 100,000 tonnes in 2024: China (60%), Tajikistan (17%), and Russia (13%). Antimony is not currently mined in Canada or the United States. In August 2024, China imposed restrictions on antimony exports, leading to a significant reduction in October exports and increasing the risk of supply disruptions and potentially driving further price appreciation. Source: USGS, Antimony Commodity Summary, January 2025.

Rosa Zone

The Rosa Zone (Figure 11) was discovered by prospecting in summer 2025, approximately 15 kilometres west of the Fortin zone. Multiple high-grade results from a 700-metre east-west trend of gold-bearing outcrops, coupled with impressive visible gold (“VG”) occurrences, prompted Azimut to fast-track the target to the drilling stage (initially 1,500 m, then more than doubled to 3,633 m in 26 holes based on encouraging visual observations). Assay results are pending. Subject to these results, Azimut will aggressively expand its drilling program early next year. Two drill rigs and a fully operational exploration camp are already on the Property.

Rosa is a shear-hosted quartz vein system (shear veins and extensional veins) hosted in metasedimentary rocks. IP and surface results define a highly prospective 1.4-kilometre by 200-metre corridor. The zone is at least 5 to 15 metres thick based on shearing and quartz veining, although the widths are not yet fully defined. It dips steeply to the south and remains open in all directions.

Mineralization is characterized by minor disseminated sulphides (pyrite, pyrrhotite, chalcopyrite, arsenopyrite) ranging from less than 2% to 5%, in veins and altered host rocks, locally displaying brecciated textures. VG, including coarse gold, was observed in association with quartz veins at more than ten (10) surface locations over a 300-metre distance (PRs of September 29 and October 28, 2025). Alteration in the zone is characterized by tourmaline and chlorite, mostly bordering the quartz veins.

The Company has identified a possible second subparallel gold-bearing trend over an approximate strike of 300 metres, roughly 120 metres south of Rosa. It could not be characterized by the IP survey due to its location along a shoreline; the survey will be expanded during the winter season.

The Rosa Zone lies in an Archean greenstone belt of the volcano-plutonic La Grande Subprovince, close to the tectono-metamorphic boundary with the metasedimentary Opinaca Subprovince.

Figure 11: Geology map of the Wabamisk Property showing the Rosa gold zone with prospecting and IP results.

Rosa Zone - Exploration results

Eleven (11) of the 26 holes display visible gold ("VG"), related to a network of centimetric to decametric quartz veins and metasedimentary host rocks. Taken together, the down-hole VG occurrences preliminarily define an east-west-striking envelope measuring 200 metres long by 100 metres wide. All holes displaying VG were drilled to the north at -45 or -50 degrees.

Downhole VG observations were reported in the PRs of October 28, 2025, and November 18, 2025, as follows:

Hole WR25-02: VG at 57.07 m

Hole WR25-03: VG at $35.6\mathrm{m}$ ; $35.8\mathrm{m}$ ; $42.1\mathrm{m}$ to $42.2\mathrm{m}$ ; and $44.06\mathrm{m}$

Hole WR25-05: VG at 17.5 m

Hole WR25-06: VG at 7.9 m

Hole WR25-07: VG at 25.75 m

Hole WR25-17: VG at 74.49 m

Hole WR25-22: VG at 87.15 m to 87.36 m; and 91.85 m

Hole WR25-23: VG at 147.55 m to 147.6 m; and 147.72 to 148.76 m

Hole WR25-24: VG at 71.73 m; 73.79 m; and 83.9 m

Hole WR25-25a: VG at 142.79 m to 142.86 m

Hole WR25-26: Strongly mineralized. VG at 73.3 m; 73.47 m; 73.53 m; 74.54 m; 91.1 m; 104.36 m to 104.43 m; 105.45 m to 105.52 m; 106.78 m; 107.31 m; and 109.36 m

Azimut Exploration Inc. - Annual Report - August 31, 2025

At the current stage, no relationship can be established between VG in drill core and assay results (which are still pending). Subject to confirmation, the VG observations appear to be consistent with gold results from surface channels (PR of October 28, 2025), including: 23.0 g/t Au over 3.0 m (open interval), incl. 45.8 g/t Au over 1.0 m and 21.2 g/t Au over 1.0 m3.79 g/t Au over 2.0 m30.17 g/t Au over 4.0 m (open interval), incl. 111.5 g/t Au over 1.0 m and 7.54 g/t Au over 1.0 m9.29 g/t Au over 5.0 m, incl. 40.8 g/t Au over 1.0 m1.39 g/t Au over 3.0 m93.9 g/t Au over 0.35 m

WABAMISK EAST (LI)

The Wabamisk East Property (Figure 3, Figure 12) is a wholly owned project primarily of interest for its lithium mineralization. It was previously part of the Wabamisk Property. It is strategically located 42 kilometres northeast of the Whabouchi lithium deposit (Nemaska Lithium).

On July 24, 2025, Azimut announced it had formed the Wabamisk East Property as part of a revised option agreement with Rio Tinto to expand and consolidate previous option agreements (PR of July 10, 2023) covering the Corvet and Kaanaayaa properties. Under the revised agreement, Rio Tinto's option on the Wabamisk East Property was for lithium and related minerals only. According to the terms of the agreement, Rio Tinto can acquire an initial 50% interest in the three properties from Azimut by funding $25 million in exploration expenditures and making cash payments totalling $1.7 million before December 31, 2028. Under the second option phase, Rio Tinto can earn an additional 20% interest over the following five (5) years with further work expenditures of $60 million. Rio Tinto has decided to terminate the option agreement on December 31, 2025, after incurring cumulative work expenditures on the three properties totalling $3 million and making cumulative cash payments totalling $800,000.

In Fiscal 2025, the Company incurred $6,000 ($Nil - Fiscal 2024) in claim-related costs and $220,000 ($Nil - Fiscal 2024) in exploration expenditures for prospecting and mechanical stripping. The amounts were charged back to Rio Tinto.

Wabamisk East covers the Lithos target, an extensive spodumene pegmatite field identified by Azimut in 2024. Systematic field reconnaissance conducted this summer uncovered a large-scale system of spodumene pegmatites, which remains open in all directions. There is good potential for additional discoveries of spodumene pegmatites under cover. Mechanical stripping currently underway is expanding the known footprint of these pegmatitic bodies and revealing many additional near-surface spodumene pegmatites within a minimum 4-square-kilometre prospective area. The aim is to confirm that mineralization is continuous across a significant portion of this area. The salient results of the summer program are as follows (PR of October 9, 2025):

At least 86 distinct spodumene-bearing outcrops have been identified and sampled since the initial 2024 field check of an isolated historical grab sample grading 0.34% Li_{2}O.
Of the 109 grab samples collected in 2025, 63 returned grades higher than 0.5% Li_{2}O: 16 samples with grades from 0.5% to 1.0% Li_{2}O;18 samples with grades from 1.0% to 2.0% Li_{2}O; and29 samples with grades higher than 2.0% Li_{2}O, up to a maximum of 6.93% Li_{2}O.
Of the 195 samples collected over two field seasons (86 in 2024 and 109 in 2025), 110 returned grades higher than 1.0% Li_{2}O, including 67 samples exceeding 2.0% Li_{2}O.

Preliminary geometry of the Lithos pegmatite field

At Lithos North, pegmatite bodies have a roughly N-S orientation (ranging from N350° to N20°) with dips to the east, ranging from 60° to 75°. These bodies have variable apparent thicknesses (ranging from 10 to 50 m or more), and they cut across sheared mafic metavolcanics striking E-W. They form an en echelon field of intrusive bodies along a 1.2-kilometre-long and at least 250-metre-wide E-W corridor (the “Lithium Corridor”). Other orientations and dips are observed, including shallow-dipping E-W-striking pegmatites.

At Lithos South, the pegmatite bodies display similar northward orientations and eastward dips as those at Lithos North. Apparent thicknesses observed to date range from 10 to 15 metres, but preliminary observations suggest that ongoing stripping may reveal larger bodies. These pegmatites may define a second E-W lithium corridor.

Spodumene crystals are generally coarse to very coarse (up to 0.5 m), whitish or greyish to greenish, accompanied by quartz, white feldspar, muscovite, apatite and black tourmaline. Holmquistite (a diagnostic lithium-bearing amphibole) has been observed in the surrounding host rocks - mostly mafic metavolcanics and gneissic metasediments - proximal to the spodumene pegmatites.

Figure 12: Satellite image of the Lithos target, an extensive lithium-bearing spodumene pegmatite field in the eastern part of the Wabamisk East Property.

GALINÉE (LI, AU)

Galinée (649 claims, $335\mathrm{km}^2$ ) is currently a 50/50 joint venture project between Azimut and SOQUEM, operated by Azimut. The 36-kilometre-long property lies about 50 kilometres north-northwest of the Renard diamond mine (Stornoway Diamonds (Canada) Inc.) and 60 kilometres south of the Trans-Taiga Road, an all-season regional highway. The Property is adjacent to the Adina property, which Winsome Resources Ltd ("Winsome") advanced to a preliminary economic assessment and mineral resource estimate. Figure 14 shows the location of the Adina deposit relative to the mineralized zone at Galinée.

On December 15, 2025, the partners announced they had signed a non-binding LOI to restructure the Galinée project, under which Azimut would sell its $50\%$ interest to LiFT Power Ltd. ("LiFT") in exchange for 2,000,000 shares of LiFT, and a deferred payment of $1,500,000, payable in cash or in shares, at the earlier of the completion of a PEA on the Property or 18 months. Azimut will retain a $1.4\%$ NSR royalty on the property. Accordingly, Azimut will become a significant shareholder in LiFT and will retain its exposure to LiFT's consolidation of the emerging Galinée-Adina lithium district through the NSR royalty. See the Subsequent Event section for more details.

Previous exploration highlights announced by the partners in 2024 included a major intercept of $2.48\%$ $\mathrm{Li}_2\mathrm{O}$ over $72.7\mathrm{m}$ in the first hole of the maiden diamond drilling program on Galinée, which tested the down-dip extension of Winsome's Adina deposit and other encouraging thick high-grade drill intercepts. Multiple thick spodumene pegmatite intervals were encountered during the 3,200-metre second phase of drilling, further defining and expanding Galinée's high-grade lithium zone. The most outstanding intervals were $1.62\%$ $\mathrm{Li}_2\mathrm{O}$ over $158.0\mathrm{m}$ , $2.48\%$ $\mathrm{Li}_2\mathrm{O}$ over $72.7\mathrm{m}$ , and $2.68\%$ $\mathrm{Li}_2\mathrm{O}$ over $54.6\mathrm{m}$ . See the PR of June 19, 2024, for a summary of significant drill core results from both drilling phases. The results indicate that the known lithium zone has a strike length of 700 metres and trends roughly east-west, is largely open to the east and south on the property, and has thickness and grade variability expected for this type of pegmatitic body.

Azimut Exploration Inc. - Annual Report - August 31, 2025

Other extensive lithium targets, with a cumulative length of 18 kilometres, were identified during the summer 2024 field program through systematic till sampling and prospecting (PR of October 10, 2024).

In Fiscal 2025, the JV partners incurred $292,000 ($4,999,000 – Fiscal 2024) in work expenditures for drilling and an infill LBS survey and $60,000 ($10,000 – Fiscal 2024) in claim-related costs. The amounts were split 50/50 between Azimut and SOQUEM.

Figure 13: Map of the Galinée Property showing the position of the lithium discovery relative to the resources on the adjacent Adina Property (Winsome Resources Ltd).

Azimut Exploration Inc. – Annual Report – August 31, 2025

Figure 14: Plan view showing drill hole traces on the Galinée Property (Azimut) and the adjacent Adina Property (Winsome Resources Ltd).

Figure 15: Cross-section showing the interpreted extensions of the Adina zones (Winsome Resources Ltd) onto the Galinée Property.

Azimut Exploration Inc. - Annual Report - August 31, 2025

KUKAMAS (NI-CU-PGE, AU-CU)

The wholly owned Kukamas Property covers a 41-kilometre cumulative strike length along a highly prospective greenstone belt in an area with significant road and power infrastructure. It is situated 4 kilometres north of the Trans-Taiga Road (at Km 100) and the LG-3 airstrip, along an access road leading to the LG-3 hydroelectric generating station. The nearest town is Radisson, 80 kilometres to the north-northwest. The main target is the Perseus Zone, a high-grade nickel and PGE mineralized system associated with komatiitic volcanics (Figure 16).

Kukamas is under option to KGHM International Ltd ("KGHM"), a subsidiary of KGHM Polska Miedź S.A, a major international copper and silver producer (PR of December 8, 2022). KGHM can acquire an initial 50% interest in the property by incurring $5 million in exploration expenditures over four (4) years and by making cash payments to Azimut aggregating $250,000, and a further 20% interest with an additional investment of at least $4.2 million and the delivery of a PEA.

In Fiscal 2025, the Company incurred $3,602,000 ($697,000 – Fiscal 2024) in exploration expenditures for geophysics, mapping, prospecting and drilling and $40,000 ($3,000 – Fiscal 2024) in claim-related costs. The amounts were charged back to KGHM. The Company received an option payment of $75,000 in cash ($50,000 – Fiscal 2024).

The initial field discovery as well as the results of the maiden 1,998-metre drilling campaign were reported in press releases dated September 23, 2024, January 20, 2025, and May 29, 2025. Azimut performed additional work this past summer to prepare for the new drilling program that started in August:

detailed mapping covering komatiite sequences over the East claim block;
advanced reprocessing of electromagnetic VTEM™ Plus and magnetic data by Abitibi Geophysics; and
a very high-resolution heliborne magnetic and VLF electromagnetic survey by Novatem to cover the mapped area, with a grid 3 kilometres by 3.4 kilometres flown at 25-metre line spacing for a total of 455 line-kilometres.

The objectives of the new drilling phase (PR of August 21, 2025) are to expand the Perseus Zone at depth and along strike (2,200 m of drilling) and to test new targets, mainly north of Perseus along a 1.6-kilometre favourable geological and geophysical trend (1,200 m of drilling).

Exploration results

The mapping work helped the technical team make dramatic progress in understanding the geological context. At least seven (7) distinct and extensive komatiitic flow sequences over a NNW-strike extent of 3 kilometres, often in contact with sulphide-bearing iron formations, have been mapped and represent a minimum 300-metre-thick ultramafic package. This volcanic package (the "Perseus Complex") may be subdivided into a thick central effusive zone and relatively thinner lava flows along the northern extension of the complex ("Perseus North"; Figure 17). The entire stratigraphic sequence is steeply dipping with a consistent west-facing polarity. Several strong heliborne electromagnetic anomalies (VTEM™ Plus, VLF) correlate well with komatiitic flows proximal to sulphide-bearing metasedimentary rocks, along the 1.6-kilometre-long Perseus North trend. This overall framework strongly supports the potential for discovering additional zones along Perseus North that are comparable to Perseus.

The Perseus Zone is characterized by at least two stacked massive sulphide horizons related to komatiitic units at various levels in the flow sequence. One massive sulphide layer transitions into a brecciated mineralized facies (komatiite fragments with sulphide cement), interpreted to occur at the base of a lava flow embayment. Net-textured and disseminated nickel mineralization occurs above the massive sulphide horizons. Beneath one of these horizons, rare occurrences of diagnostic interspinifex sulphides have been observed.

Some of the best drilling and channelling results from the Perseus Zone are listed below (PGE grades refer to the sum of Pt and Pd only) (PRs of May 29, 2025, and January 20, 2025):

Channels:
2.98% Ni, 0.32% Cu, 2.25 g/t PGE over 8.0 m, including 3.74% Ni, 0.41% Cu, 2.82 g/t PGE over 6.0 m
1.10% Ni, 0.15% Cu, 1.02 g/t PGE over 9.0 m, including 1.42% Ni, 0.19% Cu, 1.36 g/t PGE over 6.0 m
Drilling:
1.64% Ni, 0.11% Cu, 1.12 g/t PGE over 8.5 m, including 3.55% Ni, 0.19% Cu, 2.19 g/t PGE over 2.5 m, and 0.90% Ni, 0.32 g/t PGE over 9.05 m (hole KUK24-001)
8.42% Ni, 0.55% Cu, 7.25 g/t PGE over 1.9 m (hole KUK24-002)
0.81% Ni, 0.52 g/t PGE over 24.2 m, including 1.63% Ni, 0.14% Cu, 1.61 g/t PGE over 1.25 m, and 3.46% Ni, 0.21% Cu, 2.44 g/t PGE over 0.75 m (hole KUK24-003)
6.06% Ni, 0.38% Cu, 3.34 g/t PGE over 2.6 m, including 19.6% Ni, 0.81% Cu, 9.43 g/t PGE over 0.75 m, and 3.18% Ni, 0.15% Cu, 1.17 g/t PGE over 1.7 m (hole KUK24-007)

Azimut Exploration Inc. – Annual Report – August 31, 2025

Figure 16: Geology map of the Kukamas Property showing the Perseus Zone and other targets.

At Perseus, high-grade nickel results (often $>3\%$ Ni, and up to $19.6\%$ Ni) are commonly associated with high palladium grades ranging from $1.16\mathrm{g / t}$ Pd to $12.15\mathrm{g / t}$ Pd, and high platinum grades up to $3.65\mathrm{g / t}$ Pt. These samples also returned significant grades for the rarest PGE, with up to $1.16\mathrm{g / t}$ Rh, $0.43\mathrm{g / t}$ Ir, $2.75\mathrm{g / t}$ Ru and $0.45\mathrm{g / t}$ Os, adding significant potential value to Perseus. Gold and tellurium contents are also anomalous, with grades up to $1.13\mathrm{g / t}$ Au and $32.1\mathrm{g / t}$ Te, respectively.

The zone's features (high-grade Ni, high Ni/Cu ratios often $>10$ , high Pd/Pt ratios often $>3$ ) and the lithological context (komatiites with high MgO content up to $40\%$ ) highlight a fertile system, with similarities to Archean Kambalda-type komatiitic nickel deposits, exemplified by the major Kambalda mining district in Western Australia. In this district, some 22 deposits have been discovered with total production from 1976 to 2020 reaching 51 Mt at $3.1\%$ Ni, with individual sulphide lenses ranging from 0.5 to 5.0 Mt.

Azimut Exploration Inc. - Annual Report - August 31, 2025

Kukamas Property, Perseus Target Area James Bay Region, Québec
Figure 17: Electromagnetic map (2024 heliborne survey) of the Kukamas Property showing the Perseus Zone and Perseus North trend (PR of August 21, 2025)

PERSEUS ZONE

2.98% Ni, 0.32% Cu, 2.25 g/t PGE / 8.0 m

incl. $3.74\%$ Ni, $0.41\%$ Cu, 2.82 g/t PGE / 6.0 m (C)

1.10% Ni, 0.15% Cu, 1.02 g/t PGE / 9.0 m

incl. $1.42\%$ Ni, $0.19\%$ Cu, 1.36 g/t PGE / 6.0 m (C)

9.35% Ni, 1.1% Cu, 2.4 g/t PGE (G)

8.04% Ni, 1.02% Cu, 3.52 g/t PGE (G)

7.08% Ni, 0.81% Cu, 11.36 g/t PGE (G)

6.86% Ni, 2.35% Cu, 5.64 g/t PGE (G)

6.85% Ni, 0.99% Cu, 6.58 g/t PGE (G)

5.93% Ni, 10.02 g/t PGE (G)

5.91% Ni, 3.04 g/t PGE (G)

5.76% Ni, 0.52% Cu, 4.01 g/t PGE (G)

5.53% Ni, 1.9% Cu, 7.95 g/t PGE (G)

5.04% Ni, 2% Cu, 3.98 g/t PGE (G)

1.64% Ni, 0.11% Cu, 1.12 g/t PGE / 8.5 m

incl. 3.55% Ni, 0.19% Cu, 2.19 g/t PGE / 2.5 m (D)

6.06% Ni, 0.38% Cu, 3.34 g/t PGE / 2.6 m

incl. $19.6\%$ Ni, $0.81\%$ Cu, 9.43 g/t PGE / 0.75 m (D)

8.42% Ni, 0.55% Cu, 7.25 g/t PGE / 1.9 m (D)

3.18% Ni, 0.15% Cu, 1.17 g/t PGE / 1.7 m (D)

0.90% Ni, 0.32 g/t PGE / 9.05 m (D)

0.81% Ni, 0.52 g/t PGE / 24.2 m

incl. $1.63\%$ Ni, $0.14\%$ Cu, 1.61 g/t PGE / 1.25 m

and $3.46\%$ Ni, $0.21\%$ Cu, 2.44 g/t PGE / 0.75 m (D)

0.28% Cu (G)

0.26% Cu (G)

0.24% Cu (G)

0.30% Ni (G)

0.32% Ni (G)

0.44% Ni (G)

500 m

Electrognetism Total Field

Electromagnetic Axis

Ductile Fault

Ultramafic Rocks

(komatiite to peridotitic komatiite)

Selected 2023 - 2024 Results

Rock Sample

Ni $>0.3\%$ and/or

Cu $>0.2\%$

2024 Diamond Drill Hole

Electrognetism

(2024 Heliborne Survey)

Selected results

D: drilling

C: channel sample

G: grab sample

AZIMUT

EXPLORATION

Azimut Exploration Inc. - Annual Report - August 31, 2025

PIKWA (LI, AU-CU-CO-MO)

The Pikwa Property (Figure 18), previously a 50/50 JV project with SOQUEM, was sold to PMET Resources Inc. ("PMET") (PR of November 12, 2025). Under the agreement, PMET acquired a $100\%$ interest in the property by issuing 420,958 shares to Azimut and SOQUEM each, representing a total consideration of $3.1 million. Azimut and SOQUEM each retain a $1.0\%$ NSR royalty on the property. The transaction closed on November 28, 2025.

Pikwa lies immediately along strike of PMET's Shaakichiuwaanaan property, which hosts the word-class CV5-CV13 deposit. Azimut and SOQUEM's exploration work on Pikwa has confirmed the presence of spodumene in pegmatite outcrops and spodumene crystals in till samples. This supports the potential of the Shaakichiuwaanaan trend to extend onto Pikwa.

In Fiscal 2025, the JV partners incurred $74,000 ($683,000 – Fiscal 2024) in work expenditures for data interpretation and $28,000 ($Nil – Fiscal 2024) in claim-related costs. The amounts were split 50/50 between Azimut and SOQUEM.

Figure 18: Lake-bottom sediment geochemical map showing the location of Azimut's Pikwa, Corvet and Kaanaayaa properties with respect to the Shaakichiuwaanaan of PMET Resources Inc., where major lithium resources were recently announced.

CORVET (LI, AU-CU)

The wholly owned Corvet Property (Figure 18) is located near the Trans-Taiga Road, about 15 kilometres southwest of Patriot's Shaakichiuwaanaan property, 55 kilometres southwest of the La Grande-4 airstrip and kilometres kilometres southeast of Radisson.

Corvet has been under option to Rio Tinto since 2023. In July 2025, Azimut announced a revised option agreement to expand and consolidate the 2023 agreements (PR of July 24, 2025). The revised agreement covers the Corvet, Kaanaayaa and Wabamisk East properties. According to the terms of the agreement, Rio Tinto can acquire an initial $50\%$ interest in the three

Azimut Exploration Inc. - Annual Report - August 31, 2025

properties from Azimut by funding $25 million in exploration expenditures and making cash payments totalling $1.7 million before December 31, 2028. Under the second option phase, Rio Tinto can earn an additional 20% interest over the following five (5) years with further work expenditures of $60 million. Rio Tinto has decided to terminate the option agreements on December 31, 2015, after incurring cumulative work expenditures on the three properties totalling $3 million and making cumulative cash payments totalling $800,000.

The lithium exploration target on Corvet is represented by a prominent 26-kilometre-long lithium anomaly in LBS coupled with strong Rb, Cs, Ga and Sn footprints (PR of January 23, 2023). The 2023 exploration program on Corvet and Kaanaayaa ($1.5 million) comprised high-resolution hyperspectral, LiDAR and digital photogrammetric surveys, as well as prospecting (176 grab samples on Corvet, assays pending). The main geological features are several granitic intrusions surrounded by metasedimentary rocks, and the property straddles the major tectonic boundary between two geological subprovinces. In 2024, additional prospecting work was conducted, and 133 additional rock samples were collected. Highly differentiated pegmatite bodies have been identified.

In Fiscal 2025, the Company incurred $15,000 ($9,000 – Fiscal 2024) in claim renewals and $71,000 ($755,000 – Fiscal 2024) in exploration expenditures for geophysical surveys and data interpretation. The amounts were charged back to Rio Tinto.

KANAAYAA (LI, CU-AU, CU-NI)

The wholly owned Kaanaayaa Property lies several kilometres south of Patriot's Shaakichiuwaanaan Property (Figure 18), 35 kilometres south of the Trans-Taiga Road and its adjacent powerline, and 42 kilometres south of the LG-4 airport.

Kaanaayaa has been under option to Rio Tinto since 2023. In July 2025, Azimut announced a revised option agreement to expand and consolidate the 2023 agreements (PR of July 24, 2025). The revised agreement covers the Corvet, Kaanaayaa and Wabamisk East properties. According to the terms of the agreement, Rio Tinto can acquire an initial 50% interest in the three properties from Azimut by funding $25 million in exploration expenditures and making cash payments totalling $1.7 million before December 31, 2028. Under the second option phase, Rio Tinto can earn an additional 20% interest over the following five (5) years with further work expenditures of $60 million. Rio Tinto has decided to terminate the option agreement on December 31, 2025, after incurring cumulative work expenditures on the three properties totalling $3 million and making cumulative cash payments totalling $800,000.

The 2023 exploration program on Corvet and Kaanaayaa ($1.5 million) comprised high-resolution hyperspectral, LiDAR and digital photogrammetric surveys, as well as prospecting (147 grab samples on Kaanaayaa). In 2024, additional prospecting yielded 217 grab samples (204 from outcrops, 13 from boulders). Highly differentiated pegmatite bodies were identified, and a review is underway to define potential follow-up work.

Kaanaayaa's significant lithium potential is supported by data analysis, its strategic location relative to the emerging lithium district, Li-Cs anomalies in LBS, and the property's favourable geology marked by several small but potentially fertile granitic intrusions intruded into metasedimentary rocks and mafic to intermediate volcanics (PR of January 23, 2023). Kaanaayaa's multi-element geochemical footprint is comparable to that of the Copperfield Trend on the Pikwa Property, 15 kilometres to the northwest. An adjacent property, jointly held by Osisko Exploration James Bay Inc. and Newmont Corporation, hosts several significant gold prospects, including the Marco Prospect (1.07 g/t Au over 27.0 m and 10.1 g/t Au over 5.2 m) and the Contact West Zone (11.82 g/t Au over 4.7 m).

In Fiscal 2025, the Company incurred $57,000 ($Nil – Fiscal 2024) in claim renewals and $85,000 ($613,000 – Fiscal 2024) in exploration expenditures for an infill LBS survey, prospecting, geophysical surveys and data interpretation. The amounts were charged back to Rio Tinto.

PONTOIS (LI, AU)

The Pontois Property is a 50/50 JV project with SOQUEM that straddles the Trans-Taiga Road (at Km 316), several kilometres south of the LG-4 hydroelectric generating station. It covers a strong multi-element (As-Sb-W) LBS signature in a favourable geological and structural setting within the underexplored La Grande greenstone belt. Azimut's past prospecting work led to the discovery of the Black Hole Prospect (6.02 g/t Au, 2.56 g/t Au and 0.90 g/t Au). Gold is hosted in mafic metavolcanics and dykes carrying quartz veins and fine disseminated pyrite near a sheared contact with metasedimentary rocks. Other anomalous metals include silver and tellurium. A high-resolution heliborne magnetic survey and a prospecting program were conducted in 2023. In 2024, 249 grab samples were collected from outcrops and 107 from till. Highly differentiated pegmatites were observed and sampled. The property's lithium potential is currently under review.

In Fiscal 2025, the JV partners incurred $20,000 ($120,000 – Fiscal 2024) in work expenditures for data interpretation and $Nil ($Nil – Fiscal 2024) in claim-related costs. The amounts were split 50/50 between Azimut and SOQUEM.

Azimut Exploration Inc. – Annual Report – August 31, 2025
30 of 43

JBL (Li)

Azimut's lithium potential assessment of the James Bay region in 2022 identified multiple unexplored lithium targets with comparable or stronger footprints than known lithium deposits in the region. The Company acquired multiple claim blocks that constitute the JBL (James Bay Lithium) project (Figure 2). The Company abandoned several claim blocks in 2025; as no work had been done on these claims, an impairment was recorded accordingly. These geochemical anomalies correlate well with already recognized pegmatites and peraluminous granites with pegmatitic textures. In 2024, reconnaissance prospecting was conducted on extensive target areas, yielding 60 grab samples from outcrops. Highly differentiated pegmatite bodies have been identified.

Wapatik (Au, Ni-Cu, Li)

The wholly owned Wapatik Property (Figure 19) is a 25-kilometre-long project on strike from the Elmer Property. Together, the two properties cover 67 kilometres of favourable geological strike in a largely underexplored part of an Archean greenstone belt. The area has significant road and power infrastructure. The road to the Eleonore gold mine (Dhilmar Ltd) passes through the property's eastern end, and the Billy Diamond Highway crosses its western end. Three power lines also traverse the property. Exploration programs on Wapatik have focused on nickel-copper and gold, but the property's lithium potential is also under review, and lithium was the focus of a prospecting program in 2023.

Wapatik was previously under option to Mont Royal Resources Ltd, with Azimut as the operator of the exploration programs. On November 9, 2024, Mont Royal terminated the option after incurring cumulative work expenditures of $2,621,000 for drilling, heliborne magnetics, structural study, till sampling and prospecting, and cumulative cash payments totalling $60,000.

Ni-Cu exploration highlights

A maiden drilling program in 2023 revealed significant nickel-copper mineralization related to the W1 ultramafic intrusion (900 m long by 400 m wide), with a highlight of 2.68% Ni, 1.30% Cu and 0.09% Co over 3.30 m, one of the best nickel-copper results in the James Bay region (Figure 19; PR of April 24, 2023). W1 has been interpreted as a folded synvolcanic sill. Mineralization has been delineated over a 750-metre strike length, remaining open on strike and at depth. The intrusion comprises three main lithologies: peridotite, pyroxenite and a late gabbroic phase. The system appears to consist of two horizons: a basal horizon along or close to the contact with metasedimentary rocks or paragneiss and a middle horizon within the ultramafic intrusion. The W2 intrusion (Figure 19) displays comparable mineralization at surface.

Massive to semi-massive sulphide mineralization from Hole 003 on the W1 intrusion comprises coarse-grained pentlandite, chalcopyrite and pyrrhotite. It displays brecciated textures containing angular to subangular fragments of ultramafic and metasedimentary rocks. It is schematically positioned at the interface between overlying ultramafic intrusive rocks and underlying foliated host rocks dominated by pyrrhotite-bearing metasedimentary rocks.

The drilling program was guided by the results of a very responsive EM (“SQUID”) ground survey and modelling (Figure 20). Pulse-EM borehole surveys were performed during the first phase to maximize the search radius for each hole and provide information about the possible extension of any conductors encountered.

Gold exploration highlights

Gold targets were defined in 2022 following a property-wide evaluation that included a high-resolution magnetic survey, remote sensing analysis, lithostructural interpretation and an extensive till survey (gold-grain counts). A follow-up analysis of the dense mineral fraction from the till survey resulted in 22 samples with values higher than 0.5 g/t Au, including 14 samples with >1.0 g/t Au and one maximum value of >30 g/t Au.

Dalmas (Li, Au)

The Dalmas Property is a 50/50 JV project with SOQUEM, located 25 kilometres south of the Trans-Taiga Road. The property covers a sheared greenstone belt with a strong arsenic-bismuth-copper-antimony footprint in LBS. Azimut performed prospecting and till sampling during its field assessment of the property. Shear zone-hosted gold is the main target type. The property's lithium potential is also under review. In September 2024, additional till sampling was conducted, and the results are being reviewed.

In Fiscal 2025, the JV partners incurred $79,000 ($5,000 -- Fiscal 2024) in exploration expenditures for an infill LBS survey and $17,000 ($Nil -- Fiscal 2024) in claim-related costs. The amounts were split 50-50 between Azimut and SOQUEM.

Figure 19: Magnetic map of the Wapatik Property showing interpreted structures and the locations of the W1 and W2 intrusions.

Figure 20: Magnetic expression of the W1 ultramafic intrusion on the Wapatik Property.

Azimut Exploration Inc. - Annual Report - August 31, 2025

DESCRIEERS (Au-Cu)

The Desceliers Property is a 50/50 JV project with SOQUEM, located 150 kilometres west of Route 389, a 570-kilometre-long stretch of highway from the city of Baie-Comeau to the iron mining town of Fermont (Quebec). A 10-year joint federal-provincial highway improvement program is underway. Desceliers is underlain by Archean rocks of the Opinaca Subprovince and characterized by a strong Au-As-Cu-W signature in LBS, accompanied by favourable geophysical criteria. The property is attractive for the nature and size of its geochemical footprint (strong Au-Cu association) and the untested potential of the area. Work to date has defined several robust targets, namely for IOCG and magmatic Ni-Cu mineralization.

In Fiscal 2025, the JV partners incurred $1,000 ($1,000 – Fiscal 2024) in work expenditures for data interpretation and $34,000 ($14,000 – Fiscal 2024) in claim-related costs. The amounts were split 50-50 between Azimut and SOQUEM.

JBN (Ni)

Azimut has acquired approximately 200 nickel targets in the James Bay region since 2021 using a rigorous and systematic regional targeting approach. The Company abandoned several claim blocks in 2025; as no work had been done on these claims, an impairment was recorded accordingly. The targets are now covered by 86 wholly owned claim blocks, most of which have never been explored, collectively forming the James Bay Nickel ("JBN") project. The claims mostly cover hectometre- to kilometre-scale already known, or potential, mafic to ultramafic intrusions, likely representing subvolcanic conduits, dykes and sills intruding volcano-sedimentary sequences. Most have little or no exploration history. The exploration concept is based on a specific high-grade nickel deposit model, best illustrated by the Eagle's Nest deposit in the Ring of Fire (Ontario, Canada) and the Eagle deposit (Michigan, USA). The JBN project also has significant potential for copper, cobalt, and PGE, which are commonly associated with nickel deposits. Azimut is implementing efficient in-house exploration protocols to rapidly validate and advance the JBN targets to the drilling stage. An ongoing data review focuses on several claim blocks, and a heliborne geophysical survey covered several claim blocks east of Nemiscau.

MUNISCHIWAN (Au-Ag-Cu)

The Munischiwan Property is a 50/50 JV project with SOQUEM, located about 11 kilometres north of the Elmer Property. The Billy-Diamond Highway passes through the property. Munischiwan partly covers a well-defined As-Ag-Bi-Cu-Sb anomaly in LBS within the Lower Eastmain greenstone belt, accompanied by favourable geophysical, geological and structural criteria. Intrusion-related and shear zone-hosted systems are the main target types. There were no known showings on Munischiwan before Azimut began exploring the property.

The main showing is the kilometre-scale Insight Prospect, an outcropping Au-Cu-Ag zone roughly 600 by 150 metres at surface, with a best grab sample grade of 100.5 g/t Au, 151.0 g/t Ag, 156.0 g/t Te and 0.14% Cu. The zone dips about 30° to the east, is open in all directions, and coincides with an IP anomaly 1,000 metres long by 300 metres wide, striking NNW-SSE. Mineralization consists of disseminated chalcopyrite and quartz veins or veinlets hosted in foliated metasedimentary rocks affected by strong biotite alteration. An additional gold showing 600 metres to the south (2.42 g/t Au) could be an extension.

In Fiscal 2025, the JV partners incurred $7,000 ($14,000 – Fiscal 2024) in work expenditures for drilling reports and $23,000 ($Nil – Fiscal 2024) in claim-related costs. The amounts were split 50/50 between Azimut and SOQUEM.

NUNAVIK REGION - EXPLORATION UPDATES

Azimut holds six (6) properties in Nunavik, the region in Northern Quebec above the 55th parallel (Figure 21). Management believes the region offers significant potential for commodities deemed critical or strategic by the governments of Quebec and Canada, specifically copper, tellurium, bismuth, tungsten, tin, molybdenum, rhenium, and REE. The Company also recognizes the region's potential for gold, uranium and diamonds. The operational constraints imposed by the COVID-19 pandemic negatively impacted Azimut's exploration work in Nunavik. Nevertheless, Azimut maintains its interest for its key properties and is reviewing several business options.

REX TREND

The Rex-Duquet and Rex South properties provide the Company with a controlling land position over the Rex Trend, a vast underexplored area in the Nunavik region characterized by a strong 300-kilometre-long copper anomaly in LBS, coupled with a strong 100-kilometre-long REE anomaly. The main targets are IOCG deposits, reduced intrusion-related gold-polymetallic systems, copper-gold mineralization in shear zones, and VMS. A comparison can be made between the Rex Trend context and the world-class Carajás Mineral Province in Brazil. The latter hosts several large IOCG deposits and intrusion-related Cu-Au-(W-Bi-Sn) and W deposits associated with anorogenic granite intrusions.

Azimut Exploration Inc. – Annual Report – August 31, 2025

Rex-Duquet (Cu-Au-Ag-REE)

The wholly owned Rex-Duquet Property occupies the northern segment of the Rex Trend. The claim blocks span 80 kilometres.

In Fiscal 2025, the Company incurred $60,000 ($70,000 – Fiscal 2024) to maintain the exploration camp and $61,000 ($13,000 – Fiscal 2024) in claim-related costs. The Company abandoned some of the claims located at the edge of the property in 2025, no work has been done on these claims, and an impairment was recorded accordingly.

Rex-Duquet provides evidence for district-scale IOCG mineralization associated with brittle structures and characterized by copper-dominant values, accompanied by magnetite, hematite, and pervasive potassic alteration, primarily represented by the RBL, Mousquetaires, and CM zones.

The Rex-Duquet component of past exploration programs with former partner SOQUEM consisted of diamond drilling, geophysics and channel sampling. The key features of the drill-tested target zones are summarized below.

Figure 21: Map of Azimut's Nunavik property portfolio, December 2025.

RBL Zone

The RBL Zone is at least 3 kilometres long by 50 to 200 metres wide, with up to $11.3\%$ Cu in grab samples. Mineralization primarily consists of chalcopyrite (lesser digenite, covellite) and pyrite. Copper mineralization is present as disseminations or in veinlets, stockworks, centimetric to decimetric massive sulphide blebs, semi-massive veins and breccia cement. RBL exhibits characteristics of a major IOCG-type hydrothermal-magmatic system with possible significant down-dip extensions.

Mousquetaires Zone

Mousquetaires is a target zone at least 1.5 kilometres long by 200 metres wide, related to a copper-bearing brittle fault cutting a foliated iron formation. The zone returned grades up to $13.65\%$ Cu, $0.12\%$ Mo, $25.9\mathrm{g / t}$ Te and $14.25\mathrm{g / t}$ Re from different grab samples. This zone may represent the strike extension of the RBL Zone located 10 kilometres to the north-northwest.

Subtle Zone

The Subtle target zone is recognized over an area 500 metres long by 150 metres wide, striking NNW with a subvertical dip and largely open along strike. It is interpreted as a shear-hosted mineralized system, returning best grab sample grades of $580\mathrm{g / t}$ Au, $915\mathrm{g / t}$ Ag and $7.87\%$ Zn, including up to $11.7\mathrm{g / t}$ Te, $0.5\%$ W and $0.25\%$ Mo.

Azimut Exploration Inc. - Annual Report - August 31, 2025

PAK Zone and PAK North Zone

These zones lie on strike with the Subtle Zone. They form a group of 10 prospects spread over 7 kilometres that yielded up to 133.5 g/t Au, 851 g/t Ag, 9.09% Zn, >500 g/t Te, 1.6% Cu and 0.87% W in grab samples and proximal boulders.

Rex South (Cu-Au-Ag-W-REE)

The wholly owned Rex South Property occupies the southern segment of the Rex Trend.

In Fiscal 2025, the Company incurred $73,000 ($123,000 -- Fiscal 2024) to maintain the exploration camp and $51,000 ($11,000 -- Fiscal 2024) in claim-related costs. The Company abandoned some of the claims located at the edge of the property in 2025, no work has been done on these claims, and an impairment was recorded accordingly.

The Rex South component of past exploration programs with former partner SOQUEM consisted of diamond drilling, geophysics and channel sampling. The key features of the drill-tested target zones are summarized below. Overall, the Rex South Property shows evidence for two types of district-scale mineralized systems:

An intrusion-related polymetallic system associated with an oval (5 km by 15 km) fluorite-topaz-bearing A-type intrusive complex (Qalluviartuuq Intrusive Complex or “QIC”). It includes the Augossan, Anorthosite, Copperton, Dragon, Lebreuil and Boreal zones and the Pegor and Ferrus prospects. Considerable exploration potential exists along the 30-kilometres contact between the QIC and the volcano-sedimentary host rocks, as well as within the intrusion. The Aura-Pegor and Lebreuil zones may represent less-eroded parts of the system (possible roof zones) along the extensions of the trend. The QIC system has several features in common with the Breves deposit in Brazil.
IOCG mineralization associated with brittle structures and copper-dominant values (Sombrero Prospect, Impact Prospect). Mineralization is accompanied by magnetite, hematite and pervasive potassic alteration.

Augossan Zone

The Augossan Zone represents the first reported occurrence of significant tungsten grades in the Nunavik region. It is a large polymetallic envelope (Au, Ag, Cu, W, Sn, Te, Bi, Rb, Mo) about 8 kilometres long by 100 to 350 metres wide at the contact between the QIC and volcano-sedimentary rocks. The zone remains open in all directions, notably toward the intrusion. Grab samples yielded maximum values of 47.2 g/t Au, 90.0 g/t Ag, 2.56% Cu, 60.8 g/t Te, 4.62% W, 7.53% Sn, 0.36% Mo, 0.77% Bi and 0.25% Rb. Channel sampling yielded 7.53% Sn, 0.72% W and 0.14% Cu over 2.7 m. RC drilling highlights included 0.14% W over 15.24 m; 0.12% W and 0.35% Cu over 7.62 m; 1.28 g/t Au, 8.41 g/t Ag and 0.12% Cu over 6.1 m; 1.10 g/t Au and 2.60 g/t Ag over 9.14 m.

Copperton Zone

The Copperton Zone, 3.5 kilometres long by 20 to 100 metres wide, is hosted in a variably sheared, steeply dipping feldspathic intrusion, amphibolites and gneissic metasedimentary rocks. Sulphides are disseminated to semi-massive chalcopyrite, pyrite, and pyrrhotite. The best grades were 9.56 g/t Au, 82.7 g/t Ag, 9.56% Cu, 38.4 g/t Te and 0.23% W in various grab samples.

Dragon North Zone

The Dragon North Zone, 450 metres long by 90 metres wide, is hosted in foliated mafic and felsic volcanics that strike NW and dip to the NE. Mineralization is mainly chalcopyrite, accompanied by lesser pyrite and magnetite. The best grab samples are 4.05% Cu, 0.6% Mo and 2.78% Cu, 0.13% Mo. Alteration is mainly silicification.

Dragon Zone

The Dragon Zone, roughly 2 kilometres in strike length, is hosted in felsic orthogneiss. Mineralization occurs as chalcopyrite in quartz veins and veinlets associated with tourmaline. Alteration is marked by epidote and hematite. The best grades from grab samples are 3.67% Cu, 11.2 g/t Au and 48.5 g/t Te.

Anorthosite Zone

A few reconnaissance holes and the prospecting data for this gold-copper-tungsten zone have outlined a preliminary envelope 4 kilometres long by 200 metres wide, with Au, Ag, Cu, W and Te mineralization.

Aura--Pegor Zone

The Aura-Pegor Zone, 2 kilometres long, is characterized by disseminated pyrite and strong alteration, including tourmaline in veinlets or stockworks, accompanied by silica and albite. Grab sample grades range from 0.5 g/t Au to 11.75 g/t Au, with anomalous values of other elements up to 0.37% Cu, 0.06% W, 0.14% Bi and 34 g/t Te.

OTHER NUNAVIK PROPERTIES

Doran (Cu)

The wholly owned Doran Property is of interest for its copper potential. A chalcocite showing in a granite outcrop yielded $>40\%$ Cu and $12\mathrm{g / t}$ Ag. A major structure on the property correlates with a 25-kilometre copper anomaly in LBS (up to 316 ppm Cu).

SELECTED FINANCIAL INFORMATION

	August 31,
	2025	2024	2023
	($)	($)	($)
Revenues
Operator income	363,202	443,583	139,555
Expenses
G&A	1,883,860	2,499,736	1,477,158
General exploration	31,159	10,379	194,431
Impairment of exploration and evaluation assets	2,003,000	936,659	829,394
Interest income, net of finance costs	(243,769)	(330,070)	(152,202)
	3,674,250	3,116,704	2,348,781
Other losses (gains)	101,207	(1,633,799)	(378,260)
Deferred income tax recovery	933,383	1,081,917	-
Net earnings (loss) for the year	(2,478,872)	42,595	(1,830,966)
Basic and diluted net loss (earnings) per share	(0.028)	0.00	(0.02)

RESULTS OF OPERATIONS

FISCAL 2025 COMPARED TO FISCAL 2024

The Company reported a net loss of $2,479,000 for Fiscal 2025 compared to net earnings of$ 43,000 for Fiscal 2024. The variation is mainly due to the non-cash items consisting of a gain on sale of assets of $1,694,000 in Fiscal 2024 compared to $Nil in Fiscal 2025 and deferred income tax recovery related to tax deductions renounced by the Company to flow-through shareholders of $933,000 in Fiscal 2025 ($1,082,000 – Fiscal 2024). The impairment of exploration and evaluation assets was also higher at $2,003,000 ($937,000 – Fiscal 2024). Other significant variations are detailed below.

Revenue

The Company reported revenue of $363,000 ($ 444,000 – Fiscal 2024) in operator income for projects on which Azimut is the operator (Kukamas, Corvet, Kaanaayaa and Galinée).

Operating expenses

G&A expenses amounted to $1,884,000 in Fiscal 2025 compared to$ 2,500,000 in Fiscal 2024. The variation is mainly due to lower stock-based compensation costs ($416,000 in Fiscal 2025 compared to $953,000 in Fiscal 2024).

Other gains or losses

The Company reported other losses of $101,000 for Fiscal 2025, compared to other gains of$ 1,634,000 for Fiscal 2024. The variation was mainly due to the gain on sale of assets of $1,694,000 in Fiscal 2024 ($Nil – Fiscal 2025) and to the change in fair value on investment of $222,000 ($566,000 – Fiscal 2024). The gain on option payments on E&E assets was also lower at $121,000 ($506,000 – Fiscal 2024).

Azimut Exploration Inc. – Annual Report – August 31, 2025

OTHER INFORMATION

	August 31,	August 31,
	2025	2024
Cash and cash equivalents	$13,639,750	$11,766,113
Total assets	$65,886,944	$57,663,154
Equity	$56,507,324	$49,761,834
Number of shares outstanding	100,554,310	85,593,644
Number of stock options outstanding	6,565,000	6,035,000
Number of underwriters’ options outstanding	-	152,244

Since its incorporation, the Company has not declared cash dividends on its outstanding common shares. Any future dividend payment will depend on the Company's financial needs for its exploration programs and future financial growth, or any other factor the Board deems necessary to consider under the circumstances. It is unlikely that dividends will be paid in the near future.

CASH FLOWS, LIQUIDITY AND CAPITAL RESOURCES

Azimut is in the exploration and evaluation stage and has not earned significant revenues.

FINANCIAL POSITION

The Company's working capital was $13.2 million as at August 31, 2025, compared to $9.1 million as at August 31, 2024. Management believes that the Company's current cash position is sufficient to continue advancing its key projects (Wabamisk and Elmer), pursue its budgeted exploration expenditures on its other properties, and meet current commitments as they become due for at least the next twelve (12) months. To pursue the Company's exploration and evaluation programs and operations beyond August 31, 2026, it may be necessary to periodically raise additional funds through the issuance of new equity instruments and/or the exercise of stock options and warrants and/or the signing of option agreements with partners on the Company's E&E assets. While the Company has been successful in doing so in the past, there can be no assurance that it will be able to do so in the future, or that sources of funding or initiatives will be available to the Company or on terms acceptable to the Company.

Total assets amounted to $65.9 million as at August 31, 2025, compared to $57.7 million as at August 31, 2024. The variation is primarily due to the net effect of private placement completed in May 2025 and the cash used for E&E assets; most expenditures were incurred in the James Bay region on the Wabamisk CSM and JBN projects. The increase in current liabilities is due to the net effect of advances received from partners for exploration work $3,045,000 as at August 31, 2025 ($687,000 – Fiscal 2024) and the flow-through shares premium liability of $Nil as at August 31, 2025 ($442,000 as at August 31, 2024) and a decrease in accounts payable and liabilities.

OPERATING ACTIVITIES

In Fiscal 2025, the net cash flows from operating activities amounted to $2,050,000, compared to $509,000 in Fiscal 2024. The impairment of E&E assets was $2,003,000 ($937,000 – Fiscal 2024), including an impairment charge of $967,000 taken on the Pikwa Property to reflect the value of the consideration received under the terms of the sale-purchase agreement concluded in November 2025. The net change in non-cash working capital, amounting to positive $2,783,000 ($1,085,000 – Fiscal 2024), comprised the variation in amounts receivable related to expenditures incurred on projects. The variation of accounts payable and accrued liabilities and advances received for exploration work on projects for which Azimut is the operator was $6.1 million: $5 million for Kukamas ($660,000) and $1.1 million for Wabamisk East, Corvet and Kaanaayaa ($1.9 million in 2024).

FINANCING ACTIVITIES

In Fiscal 2025, 240,000 stock options were exercised for total cash received of $48,000 ($148,000 – Fiscal 2024). A total of 14.5 million shares were issued through a private placement financing for gross proceeds of $8.7 million, compared to 2.1 million common shares and 6.0 million flow-through shares issued in Fiscal 2024 for gross proceeds of $8.1 million.

INVESTING ACTIVITIES

Investing activities consisted mainly of additions to E&E assets. In Fiscal 2025, the net cash flows used in investing activities totalled $8.7 million compared to positive $54,000 in Fiscal 2024. The variation is attributable to the net effect of the following:

Azimut Exploration Inc. – Annual Report – August 31, 2025

Additions to E&E assets in the amount of $9.8 million ($10.9 million – Fiscal 2024). The Company incurred significant costs in the James Bay region on the Wabamisk and JBN properties; and
Received $924,000 ($4.4 million – Fiscal 2024) related to the tax credit and refundable duties credit for losses on E&E expenditures.
Option payments on E&E assets in the amount of $100,000 for the Kukamas and Pilipas properties ($890,000 – Fiscal 2024 for Corvet, Kaanaayaa, Kukamas and Pilipas properties).

Advanced exploration work on the Company’s properties and ongoing work to identify major early-stage exploration targets are pursuits that require substantial financial resources. In the past, the Company has relied on its ability to raise financing in privately negotiated equity offerings. There is no assurance that the Company will raise additional funds in the future.

QUARTERLY INFORMATION

The information below presents total income (expenses), net earnings (loss), and net earnings (loss) per share for the last eight quarters. The information is based on the Company’s financial statements prepared in accordance with IFRS Accounting Standards.

Quarter ended	Income (expense)	Net earnings (loss)	Net earnings (loss) per share
	$	$	Basic ($)	Diluted ($)
31-08-2025	439,697	(1,493,594)	(0.016)	(0.016)
31-05-2025	38,159	(160,418)	(0.002)	(0.002)
28-02-2025	* (6,195)	*** (744,250)	(0.009)	(0.009)
30-11-2024	*(209,666)	(80,610)	(0.001)	(0.001)
31-08-2024	(80,423)	** (1,582,074)	(0.018)	(0.018)
31-05-2024	*** 1,759,885	*** 2,093,703	0.025	0.024
29-02-2024	305,767	(237,858)	(0.003)	(0.003)
30-11-2023	92,153	(231,176)	(0.003)	(0.003)

Loss on fair value - investments
** Deferred income tax recovery
*** Disposition of E&E asset
*** Stock-based compensation

Current quarter

The Company reported a net loss of $1,494,000, compared to a net loss of $1,582,000 for the three months ended August 31, 2024. The variation in 2025 was attributable primarily to the following:

A deferred income tax recovery of $490,000 ($1,350,000 for the same period in 2024), related to the deferred tax liability.
An impairment charge of $2,003,000 compared to a charge of $836,000 for the same period in 2024.
A $285,000 gain on change in fair value compared to a loss of $520,000 for the same period in 2024.

OFF-BALANCE SHEET ARRANGEMENTS

The Company has no off-balance sheet arrangements.

CARRYING AMOUNT OF EXPLORATION AND EVALUATION ASSETS

At the end of each quarter, management reviews the carrying value of its E&E assets to determine whether any write-offs or write-downs are necessary. Based on an impairment analysis performed in 2025, the Company impaired certain properties for which some claims had been abandoned. In the James Bay region, properties were impaired for a total amount of $1,898,000, including the Pikwa Property, which was sold after August 31, 2025, and has been classified as an asset available for sale and impaired for $967,000 to reflect its net realization value. In the Nunavik region, properties were impaired for a total amount of $105,000.

The estimation of impairment charges requires judgment from management.

Azimut Exploration Inc. – Annual Report – August 31, 2025
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RELATED PARTY TRANSACTIONS

The Company's related parties include key management personnel and companies they own. Key management consists of the directors, the President and Chief Executive Officer ("CEO"), the Chief Financial Officer ("CFO"), the Vice-President Corporate Development ("VPD") and the Vice-President Exploration ("VPE"). The compensation paid or payable for services provided by key management was as follows:

	2025	2024
	$	$
Salaries	1,120,065	1,032,500
Director fees	159,916	140,000
Stock-based compensation	428,988	965,067
	1,708,969	2,137,567

The amounts of $590,000 for salaries ($560,000 – Fiscal 2024) and $43,942 for stock-based compensation ($94,746 – Fiscal 2024) were capitalized to E&E assets.

As at August 31, 2025, accounts payable and accrued liabilities included $129,000 ($56,250 as at August 31, 2024) owed to key management.

Some key management employees are subject to employment agreements that provide for payments on termination of employment without serious reason or following a change of control, providing for payments equivalent up to once or, as applicable, twice an individual's base salary. The indemnity paid must not represent more than 10% of the Company's cash and cash equivalents at such time. As at August 31, 2025, the entitled indemnity amounted to a minimum $792,846 and a maximum $1,549,333.

SUBSEQUENT EVENT

On December 15, 2025, the Company announced the signing, with SOQUEM, of a non-binding LOI to restructure their 50/50 joint venture on the Galinée Property by selling 75% of their interest to LiFT Power Ltd. The transaction was disclosed in conjunction with LiFT's announcement of the acquisition of Winsome Resources Ltd. Under the terms of the LOI, LiFT would acquire Azimut's 50% interest in Galinée by issuing 2,000,000 shares and an additional 25% interest from SOQUEM for 1,000,000 shares. Azimut would retain a 1.4% NSR royalty on the Galinée Property while SOQUEM would retain a participating 25/75 joint venture with LiFT. In addition, Azimut would be entitled to a $1,500,000 deferred payment, payable in cash or shares, at the earlier of the completion of a PEA on the Property or 18 months.

On November 25, 2025, the Company filed for an increase in the number of reserved common shares by 1,862,000 for future issuance under the Option Plan for a total of 10,052,000, or approximately 9.99% of the Company's 100,629,310 issued and outstanding common shares as at November 11, 2025. The increase in the number of shares reserved under the option plan was approved on December 16, 2025.

SUMMARY OF MATERIAL ACCOUNTING POLICIES

A detailed summary of the Company's significant accounting policies is provided in Note 2 of the annual financial statements as at August 31, 2025.

NEW ACCOUNTING STANDARDS OR AMENDMENTS

A detailed summary of new accounting standards or amendments adopted in the current year or to be adopted in later years is provided in Note 3 of the annual financial statements as at August 31, 2025.

CRITICAL ACCOUNTING POLICIES AND ESTIMATES

A detailed summary of the Company's critical accounting policies and estimates is provided in Note 4 of the annual financial statements as at August 31, 2025.

Azimut Exploration Inc. – Annual Report – August 31, 2025

RISK RELATED TO FINANCIAL INSTRUMENTS

The Company has exposure to various financial risks arising from its use of financial instruments, such as credit risk, liquidity risk and market risk. A detailed summary is provided in Note 20 of the annual financial statements as at August 31, 2025.

RISKS AND UNCERTAINTIES

The Company has exposure to various risks and uncertainties related to the following:

METAL PRICES

Even if the Company’s exploration programs are successful, factors beyond the Company's control may affect the marketability of any minerals discovered. Metal prices have historically fluctuated widely and are affected by numerous factors beyond the Company’s control, including international, economic and political trends, expectations for inflation, currency exchange fluctuations, interest rates, global or regional consumption patterns, speculative activities, and worldwide production levels. The effect of these factors cannot be accurately predicted.

INDUSTRY CONDITIONS

Mining and milling operations are subject to government regulations. Operations may be affected to varying degrees by government regulations such as restrictions on production, price controls, tax and mining duty increases, expropriation of property, pollution controls, or changes in conditions under which minerals may be mined, milled or marketed. The marketability of minerals may be affected by numerous factors beyond the Company's control, such as government regulations. The Company undertakes exploration in areas that are or could be the subject of native land claims. Such claims could delay work or increase exploration costs. The effect of these factors cannot be accurately determined.

PROPERTY TITLE RISK

The Company has taken steps to verify property titles for its mineral properties in which it holds an interest, and those steps meet industry standards given the properties' current exploration stage. However, these procedures do not guarantee the Company’s right to the property title. The property title may be subject to unregistered prior agreements and non-compliance with regulatory requirements.

WORKFORCE

Skilled workforce attraction and retention remain under pressure due to the full employment context in the mining sector. Although the Company has implemented favourable salary and benefit packages comparable to its peers, it has had to outsource some of its work activities to service providers to meet its needs. Management continues to look for ways to attract and retain new workers.

EQUITY PRICE RISK

The Company is subject to market risk related to the market price of its equity, which trades on the TSXV. Historically, the Company has relied primarily on equity financings from the sale of its common shares to fund its operations. Movements in the price of the Company’s common stock have been volatile in the past and may continue to be volatile in the future. As a result, there is a risk that the Company may not be able to complete equity financings at acceptable prices when required. Also, a prolonged decline in the market price of the Company’s common shares or a reduction in the Company’s accessibility to global markets may result in its inability to secure additional financing, which would have an adverse effect on operations.

FINANCIAL RISKS

Management believes it has sufficient funds to pay its ongoing G&A expenses, pursue its budgeted exploration expenditures, and meet its liabilities, obligations and existing commitments for at least the next twelve (12) months as they fall due. The Company will spend its existing working capital and raise additional funds as needed to continue exploring its properties and carrying out its operations beyond August 31, 2025. While it has been successful in doing so in the past, there can be no assurance that it will be able to do so in the future, or that these sources of funding or initiatives will be available to the Company, or that they will be available on terms acceptable to the Company. The financial risk associated with receivables from partners arises from the possibility that the partners may not be able to repay their debts. These receivables result from option payments and exploration work carried out on properties under option and operated by the Company.

ENVIRONMENTAL RISK

The Company is susceptible to various environmental incidents during exploration work, including certain types of operations that require submissions to and approval of environmental impact assessments. Environmental legislation is evolving, which means stricter standards, more stringent enforcement, and higher fines and penalties for non-compliance. Environmental

Azimut Exploration Inc. – Annual Report – August 31, 2025

assessments of proposed projects carry a heightened degree of responsibility for companies and their directors, officers and employees. The cost of complying with changes in government regulations has the potential to reduce operational profitability. The Company implements and maintains an environmental risk management system that includes operational plans and practices. The Company is in compliance with regulatory requirements.

UNINSURED HAZARDS

Hazards, such as unusual geological conditions, are inherent in the exploration and development of mineral deposits. The Company may become subject to liability for pollution or other hazards that it cannot be insured against or against which it may elect not to insure due to high premium costs or other reasons. Payment of any such liability could result in the loss of Company assets or the Company's insolvency.

COMPETITION

The mining industry is intensely competitive in all its phases. The Company seeks partners to advance exploration work and the development of its mineral properties and, in so doing, must compete with many other companies possessing properties that are considered attractive in terms of potential returns and investment costs, as well as for the recruitment and retention of qualified employees.

CONFLICTS OF INTEREST

Certain directors and officers of the Company are already or may also become directors, officers or shareholders of other companies similarly engaged in the business of acquiring, developing and exploiting natural resource properties. Such associations may give rise to conflicts of interest from time to time. The directors and officers of the Company are required by law to act honestly and in good faith with a view to the best interests of the Company and to disclose any interest they may have in any project or opportunity of the Company. If a conflict of interest arises at a meeting of the Board of Directors, any director involved in the conflict will disclose his interest and abstain from voting on such matter. In determining whether or not the Company will participate in any project or opportunity, the voting directors will primarily consider, in addition to economic value, the degree of risk to which the Company may be exposed and its financial position at that time.

KEY EMPLOYEES

Management relies on a few key officers, and losing any of them could have a detrimental effect on its operations. The Company is the beneficiary of a $1.0 million life insurance policy subscribed for Jean-Marc Lulin.

OPTION, JOINT VENTURE AND STRATEGIC ALLIANCE AGREEMENTS

The Company has entered into, and may continue to enter into, option, joint venture, and strategic alliance agreements as part of its business model. Any failure of any partner to meet its obligations or any disputes with respect to each partner's respective rights and obligations could have a negative impact on the Company. The Company may be unable to exert direct influence over strategic decisions regarding properties subject to these agreements, which may result in a materially adverse impact on their value.

CANADA REVENUE AGENCY AND PROVINCIAL TAX AGENCIES

No assurance can be made that the Canada Revenue Agency and the provincial tax agencies will agree with the Company's characterization of expenditures as Canadian exploration expenses or Canadian development expenses or that such expenses will be eligible as Canadian exploration expenses under the Income Tax Act (Canada).

CYBER SECURITY

Threats to information technology systems arising from cybersecurity risks and attacks continue to grow. Risks associated with these threats include, among other things, loss of intellectual property, disruption of business operations and safety procedures, privacy and confidentiality breaches, and increased costs to prevent, respond to or mitigate cybersecurity incidents. The significance of any cybersecurity breach is difficult to quantify, but may, in certain circumstances, be material and could have a material adverse effect on the Company's business, financial condition and results of operations.

INFORMATION REGARDING OUTSTANDING SHARES

The Company can issue an unlimited number of common shares with no par value. As at December 19, 2025, there were 100,629,310 issued and outstanding shares, no shares held in escrow, and no outstanding warrants.

The Company maintained a stock option plan in which a maximum of 10,052,000 stock options may be granted. The exercise price of the options is set at the closing price of the Company's shares on the TSXV the day before the grant date. The options have a maximum term of ten (10) years following the grant date. If a blackout period is in effect at the end of the term, the expiry date will be extended by ten (10) business days following the end of the blackout period. The options vest immediately

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unless otherwise approved by the Board. As at December 19, 2025, a total of 6,520,000 stock options were outstanding, and 6,357,000 had vested. Their exercise prices range from $0.37 to $1.67, and the expiry dates range from February 23, 2026, to November 21, 2035.

ADDITIONAL INFORMATION AND CONTINUOUS DISCLOSURE

This MD&A report is dated December 19, 2025, the date on which it was approved by the Board. The Company regularly discloses additional information through press releases and its financial statements filed on SEDAR+ (www.sedarplus.ca).

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

This document contains forward-looking statements that reflect the Company's current expectations regarding future events. To the extent that any statements in this document contain information that is not historical, they are essentially forward-looking and often identified by words such as "anticipate", "expect", "estimate", "intend", "project", "plan" and "believe". These forward-looking statements involve risks, uncertainties, and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. Many factors could cause such differences, particularly the impact of global tariffs, volatility in and sensitivity to market metal prices, the impact of change in foreign currency exchange rates and interest rates, imprecision in reserve estimates, environmental risks including increased regulatory burdens, unexpected geological conditions, adverse mining conditions, changes in government regulations and policies, including laws and policies, and failure to obtain necessary permits and approvals from government authorities, as well as other development and operating risks. Although the Company believes that the assumptions inherent in the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which only apply as of the date of this document. The Company disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, other than as required by applicable securities laws.

(s) Jean-Marc Lulin
President and CEO

(s) Moniroth Lim
CFO and Corporate Secretary

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CORPORATE INFORMATION

Azimut Exploration Inc.

Board of Directors

Christiane Bergevin, B.Com, ICD.D., Director (Montreal) (1)
Michel Brunet, LL.B., Director (Montreal) (2)
Vanessa Laplante, CPA, ASC-C.Dir., Director (Montreal) (1)
Jean-Marc Lulin, P.Geo., PhD, Director (Montreal)
Glenn Mullan, P.Geo., ICD.D., Chairman & Director (Val-d'Or)
Jean-Charles Potvin, MBA, B.Sc., Director (Ottawa) (1, 2)
Jacques Simoneau, P.Eng., PhD, ICD.D., Director (Montreal) (1, 2)

(1) Member of the Audit Committee
(2) Member of the Governance and Compensation Committee

Management

Jean-Marc Lulin, President and Chief Executive Officer
Moniroth Lim, Chief Financial Officer and Corporate Secretary
Jonathan Rosset, Vice-President Corporate Development
Rock Lefrançois, Vice-President Exploration

Legal Counsel

Marc Pothier, XploraMines S.A. (Montreal)

Auditors

PricewaterhouseCoopers LLP/s.r.l./s.e.n.c.r.l. (Montreal)

Transfer Agent

TSX Trust Company (formerly AST Trust Company) (Montreal)

Listing

TSX Venture Exchange (TSXV)
Symbol: AZM
OTCQX® Best Market (OTCQX)
Symbol: AZMTF

Contact Information

Head Office
110, De La Barre Street
Suite 224
Longueuil, QC
Canada J4K 1A3
Tel.: 1 450 646-3015
Fax: 1 450 646-3045
E-mail: [email protected]
Website: www.azimut-exploration.com

Azimut Exploration Inc. – Annual Report – August 31, 2025

AI assistant

Azimut Exploration Inc. — Management Reports 2025

43113_rns_2025-12-19_018c8d7c-b343-490d-a1a0-86329023e804.pdf

MANAGEMENT'S DISCUSSION AND ANALYSIS

Table of Contents

NATURE OF ACTIVITIES

OVERALL PERFORMANCE

OUTLOOK 2026

ENVIRONMENTAL, SOCIAL AND GOVERNANCE

REGIONAL ALLIANCES

JAMES BAY ALLIANCE

NUNAVIK ALLIANCE

EXPLORATION PORTFOLIO

James Bay

Nunavik:

EXPLORATION AND EVALUATION EXPENDITURES

ELMER (AU-AG-CU-ZN)

Patwon MRE and key geologic features

Exploration targets

PILIPAS (LI, AU-CU)

WABAMISK (SB-AU)

Fortin Zone

Fortin Zone – Exploration results

Fortin Zone -- Mineralized system and geological context

About the Antimony Supply Shortage

Rosa Zone

Rosa Zone - Exploration results

WABAMISK EAST (LI)

Preliminary geometry of the Lithos pegmatite field

GALINÉE (LI, AU)

KUKAMAS (NI-CU-PGE, AU-CU)

Exploration results

PERSEUS ZONE

PIKWA (LI, AU-CU-CO-MO)

CORVET (LI, AU-CU)

KANAAYAA (LI, CU-AU, CU-NI)

PONTOIS (LI, AU)

JBL (Li)

Wapatik (Au, Ni-Cu, Li)

Ni-Cu exploration highlights

Gold exploration highlights

Dalmas (Li, Au)

DESCRIEERS (Au-Cu)

JBN (Ni)

MUNISCHIWAN (Au-Ag-Cu)

NUNAVIK REGION - EXPLORATION UPDATES

REX TREND

Rex-Duquet (Cu-Au-Ag-REE)

RBL Zone

Mousquetaires Zone

Subtle Zone

PAK Zone and PAK North Zone

Rex South (Cu-Au-Ag-W-REE)

Augossan Zone

Copperton Zone

Dragon North Zone

Dragon Zone

Anorthosite Zone

Aura--Pegor Zone

OTHER NUNAVIK PROPERTIES

Doran (Cu)

SELECTED FINANCIAL INFORMATION

RESULTS OF OPERATIONS

FISCAL 2025 COMPARED TO FISCAL 2024

Revenue

Operating expenses

Other gains or losses

CASH FLOWS, LIQUIDITY AND CAPITAL RESOURCES

FINANCIAL POSITION

OPERATING ACTIVITIES

FINANCING ACTIVITIES

INVESTING ACTIVITIES

QUARTERLY INFORMATION

Current quarter

OFF-BALANCE SHEET ARRANGEMENTS

CARRYING AMOUNT OF EXPLORATION AND EVALUATION ASSETS

SUBSEQUENT EVENT

SUMMARY OF MATERIAL ACCOUNTING POLICIES

NEW ACCOUNTING STANDARDS OR AMENDMENTS

CRITICAL ACCOUNTING POLICIES AND ESTIMATES

Azimut Exploration Inc. Management Reports 2025