Azimut Exploration : For the three and nine months ended May 31, 2022

MANAGEMENT'S DISCUSSION AND ANALYSIS

For the three and nine months ended May 31, 2022

Table of Contents
SCOPE OF MANAGEMENT'S DISCUSSION AND ANALYSIS .................................................................................................	2
NATURE OF ACTIVITIES...................................................................................................................................................................	2
EXPLORATION PORTFOLIO............................................................................................................................................................	2
OVERALL PERFORMANCE...............................................................................................................................................................	6
OUTLOOK ...............................................................................................................................................................................................	6
EXPLORATION AND EVALUATION EXPENDITURES ............................................................................................................	6
ENVIRONMENTAL, SOCIAL AND GOVERNANCE....................................................................................................................	9
REGIONAL ALLIANCES .....................................................................................................................................................................	9
JAMES BAY REGION - EXPLORATION UPDATES..................................................................................................................	10
NUNAVIK REGION - EXPLORATION UPDATES.....................................................................................................................	25
SELECTED FINANCIAL INFORMATION....................................................................................................................................	32
RESULTS OF OPERATIONS............................................................................................................................................................	32
OTHER INFORMATION ...................................................................................................................................................................	33
CASH FLOWS, LIQUIDITY AND CAPITAL RESOURCES.......................................................................................................	33
QUARTERLY INFORMATION ........................................................................................................................................................	34
CONTRACTUAL OBLIGATIONS ....................................................................................................................................................	34
OFF-BALANCE SHEET ARRANGEMENTS ................................................................................................................................	35
CARRYING AMOUNT OF EXPLORATION AND EVALUATION ASSETS..........................................................................	35
RELATED PARTY TRANSACTIONS.............................................................................................................................................	35
SUBSEQUENT EVENT ......................................................................................................................................................................	35
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES .......................................................................................................	35
NEW ACCOUNTING STANDARDS OR AMENDMENTS ........................................................................................................	35
CRITICAL ACCOUNTING POLICIES AND ESTIMATES.........................................................................................................	36
RISKS AND UNCERTAINTIES........................................................................................................................................................	36
INFORMATION REGARDING OUTSTANDING SHARES.......................................................................................................	36
ADDITIONAL INFORMATION AND CONTINUOUS DISCLOSURE....................................................................................	36
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS.....................................................................	36
CORPORATE INFORMATION........................................................................................................................................................	37

SCOPE OF MANAGEMENT'S DISCUSSION AND ANALYSIS

This management discussion and analysis report ("MD&A") represents a complementary addition to the unaudited condensed interim financial statements of Azimut Exploration Inc. ("Azimut" or the "Company") for the three and nine months ended May 31, 2021 ("Q3 2022") by providing additional contextual and prospective information on the Company's financial position and operating performance for the same periods. This MD&A should be read in conjunction with the Company's Q3 2022 financial statements and the audited annual report for the year ended August 31, 2021 ("Fiscal 2021"), which were prepared in accordance with International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board ("IASB"). Unless otherwise noted, all figures are in Canadian dollars, the functional and presentation currency of the Company.

NATURE OF ACTIVITIES

Azimut is a publicly-traded Canadian exploration-stage company with a solid reputation for target generation and partnership development. The Company uses a pioneering approach to big data analytics (the proprietary AZtechMineTM expert system), enhanced by extensive exploration know-how. Azimut's competitive edge is based on systematic regional-scale data analysis and concurrently active projects. The Company holds one of the largest mineral property portfolios in the province of Quebec (Canada), which is recognized as a leading mining jurisdiction globally. Azimut maintains rigorous financial discipline and a strong balance sheet and has 82.2 million shares issued and outstanding as at July 12, 2022.

The Company is listed on the TSX Venture Exchange ("TSXV") under the symbol AZM and trades on the OTCQX® Best Market under AZMTF.

EXPLORATION PORTFOLIO

As at July 12, 2022, the Company holds an exploration portfolio of 12,253 claims in Quebec (11,806 claims - May 31, 2021), representing twenty-nine (29) properties (Figure 1, Table 1), summarized below by region and commodity of interest:

James Bay:

• 19 gold or gold-copper properties

1. 5 in the Elmer Discovery Sector (Elmer, Elmer South, Pilipas, Wapatik, Munischiwan)

• 1. 8 in the Trans-Taiga Road Sector (Corvet, Dalmas, Galinée, Kaanaayaa, Kukamas, Pikwa, Pontois, Desceliers) o 4 in the Eleonore Gold Camp (Eleonore South, Opinaca A, Opinaca B, Opinaca D)
     o 1 in the Eastmain Reservoir Sector (Wabamisk) o 1 in Eastern James Bay (Valore)
• 2 base metal properties (Corne and Mercator)
• 1 chromium property (Chromaska)
• 1 nickel project (James Bay Nickel or "JBN")

Nunavik:

• 3 gold-polymetallic properties (Rex-Duquet, Rex South, Nantais)
• 1 copper property (Doran)
• 1 uranium property (North Rae)
• 1 diamond property (Diamrex)

The Company owns a 100% interest in nineteen (19) properties and partial interests in ten (10) (Table 1).

This report describes the progress or material changes in the Company's property portfolio since September 1, 2020. For additional details on individual projects, the reader is invited to consult that Company's website and previous MD&A reports.

Jean-Marc Lulin, P.Geo., Azimut's President, CEO and Director, and a qualified person under National Instrument 43-101- Standards of Disclosure for Mineral Projects ("NI 43-101"), has reviewed the technical disclosures presented herein. All claim totals, surface areas and property descriptions are effective as at July 12, 2022.

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Figure 1: Map of Azimut's exploration property portfolio in Quebec.

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Table 1: Azimut's property portfolio (as at July 12, 2022)

JAMES BAY REGION

Target

Area

Undivided

Current

Planned 2022 work

Area/Property

commodities

Claims

(km2)

interest

JV or option

status

program

Elmer Discovery Sector

Targets

Diamond and RC

Elmer

Au-Ag-Cu-Zn

515

271.3

100%

-

drilling, prospecting,

identified

mechanical stripping

Elmer South

Au

39

20.6

100%

-

-

-

Munischiwan

Au-Ag-Cu

167

87.6

50%

50% SOQUEM

Targets

Diamond drilling

identified

50% funded

Pilipas

Au

135

70.7

100%

-

Tech.

-

assessment

Targets

Diamond drilling,

Wapatik

Au-Cu-Ni

220

115.7

100%

Option to Mont Royal

ground geophysics

identified

Partner-funded

Trans-Taiga Road Sector

Corvet

Au-Cu

340

174.8

100%

-

Reconn.

Heliborne geophysics

Dalmas

Au

88

44.9

50%

50% SOQUEM

-

-

Tech.

Kaanaayaa

Cu-Au,Cu-Ni

390

200.5

100%

-

assessment

Prospecting

Reconn.

Detailed LBS

Kukamas

Cu-Au

432

219.3

100%

-

Reconn.

geochemistry,

prospecting

Pikwa

Au-Cu-Co-Mo

509

260.9

50%

50% SOQUEM

-

Prospecting

Pontois

Au

226

115.1

50%

50% SOQUEM

-

-

Eleonore Gold Camp

38.12% Fury Gold

Targets

Diamond drilling,

Eleonore South

Au

282

147.6

23.77%

prospecting

38.11% Mines Opinaca

identified

Partner-funded

Opinaca A

Au

43

22.4

50%

50% Everton

25% Everton,

Targets

Drilling stage

Opinaca B

Au

248

129.7

Partner-funded

25% Hecla

identified

(program TBD)

Opinaca D

Au

5

2.6

100%

-

-

-

Eastmain Reservoir Sector

Chromaska

Cr

61

32.3

100%

-

Tech.

-

assessment

Tech.

Drilling stage

Wabamisk

Au

369

195.3

49%

51% Newmont

Partner-funded

assessment

(program TBD)

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JAMES BAY REGION (cont'd)

Target

Area

Undivided

Current

Planned 2022 work

Area/Property

commodities

Claims

(km2)

interest

JV or option

status

program

Route 167 Sector

Corne

Cu-Au

177

93.6

100%

-

Reconn.

Detailed LBS

geochemistry

Targets

Prospecting

Galinée

Au

562

290.1

50%

50% SOQUEM

(program TBD)

identified

50% funded

JBN

Ni

2,063

1,069.7

100%

-

Tech.

Data compilation, data

assessment

processing

Route 389 Sector

Desceliers

Au-Cu

271

140.7

50%

50% SOQUEM

-

-

Mercator

Cu, Cu-Ni-Co

351

182.1

100%

-

Reconn.

Detailed LBS

geochemistry

Valore

Au

20

10.4

100%

-

-

-

NUNAVIK REGION

Target

Area

Undivided

Current

Planned 2022 work

Property

commodities

Claims

(km2)

interest

JV or option

status

program

Doran

Cu

436

210.7

100%

-

-

-

Diamrex

Diamonds

427

181.8

100%

-

-

-

Nantais

Au-Ag-Cu-Zn

541

226.6

100%

-

Technical

Data processing

assessment

(program TBD)

North Rae

U

1

0.5

100%

-

-

-

Au-Ag-Cu-

Priority

Data processing

Rex-Duquet

2,041

871.9

100%

Option to SOQUEM

targets

Prospecting

REE

identified

(program TBD)

Au-Ag-Cu-W-

Priority

Data processing

Rex South

2,193

955.2

100%

Option to SOQUEM

targets

Prospecting

REE

identified

(program TBD)

Notes:

See Figure 1 for commodity abbreviations.

See James Bay Region - Exploration Updates for full company names.

Reconn. = reconnaissance stage; LBS = lake-bottom sediment; RC = reverse circulation; TBD = to be determined.

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