Azimut Exploration Inc. announced the results of the initial mineral resource estimate (?MRE?) for the Patwon Gold Zone on its 100% owned Elmer Property in the Eeyou Istchee James Bay region of Quebec: Indicated resources: 311,200 ounces in 4.99 million tonnesgrading 1.93 g/t Au. Inferred resources: 513,900 ounces in 8.22 million tonnesgrading 1.94 g/t Au. The MRE, prepared according to National Instrument 43-101 (?NI 43-101?), confirms the quality of the gold mineralization in the Patwon Zone and supports additional exploration to further expand the mineral inventory.

Two objectives have been defined for the upcoming drilling program, which is scheduled to commence in early 2024: Expand the Patwon Gold Zone, which remains open near surface along strike, using shallow drill holes from surface down to a vertical depth of 300 metres; and Follow up on significant gold-bearing zones along shear zones directly on strike or subparallel to Patwon. The main drill-ready target zones have a cumulative strike length of 20.5 kilometres. EXPLORATION UPSIDE: Azimut considers the 35-kilometre-long Elmer Property to remain at an early exploration stage with strong gold potential supported by the following salient features: 1) A favourable geological and structural context: Archean greenstone belt dominated by felsic intrusions, felsic volcanics and gabbroic sills.

Extensive shear zones along the belt. Low-grade greenschist metamorphic window over a large part of the property. Close to a major geological subprovince boundary.

2) The presence of numerous gold prospects outlining a highly prospective area 12kilometres long by 3 kilometres wide, containing frequent high-grade gold values often accompanied by a broad and consistent alteration footprint (Ag-Bi-Mo-Pb-S-Te-W); and 3) A low level of exploration maturity with limited follow-up drilling on many of the property?s prospects. Main target zones: Four extensive target areas (Patwon East, Patwon West, Wolf ? A21, Gabbro) have been reassessed and prioritized for follow-up drilling: Patwon East: A gold-bearing shear zone at least 2.3 kilometres long.

Good correlation with induced polarization anomalies. Ten mineralized holes, including: ELM22-225: 1.35 g/t Au over 8.87 m, including 15.30 g/t Au over 0.57 m. ELM21-088: 122.0 g/t Au, 160.0 g/t Ag, 307.0 g/t Te over 0.50 m. ELM22-202: 4.29 g/t Au over 0.95 m. Patwon West: A gold-bearing shear zone at least 3.5 kilometres long. Surface mineralization grading up to 12.65 g/t Au (grab samples).

Note that grab samples are selective by nature and unlikely to represent average grades. Two (2) holes with significant mineralized intercepts: ELM20-043: 1.90 g/t Au over 1.70 m. ELM20-045: 0.52 g/t Au over 1.50 m. Wolf ? A21.

A 12-kilometre-long trend of altered felsic volcanics, with gold-rich polymetallic potential (Au, Cu, Zn, Ag volcanogenic target). Surface mineralization grading: 19.25 g/t Au over 1.00 m (channel sample). 12.03 g/t Au over 1.75 m (channel sample) Up to 58.2 g/tAu (grab samples).

Seven (7) drill holes with significant mineralized intercepts, including: ELM21-107: 3.70 g/t Au over 0.70 m ELM22-212: 0.30 g/t Au over 17.0 m, including 2.55 g/t Au over 1.00 m. Gabbro. A gold-bearing shear zone at least 2.7 kilometres long. Surface mineralization grading up to 77.8 g/t Au, 167.0 g/t Ag (grab samples).

Nine (9) holes with significant mineralized intercepts, including: ELM22-183: 1.06 g/t Au over 2.16 m. ELM22-185: 1.38 g/t Au over 1.50 m. ELM22-187: 0.40 g/t Au over 7.75 m, including 2.85 g/t Au over 0.75 m. ELM22-182: 2.51 g/t Au over 0.50 m.