Azimut Grants Stock Options

Azimut Exploration Inc.

(“Azimut” or the “Company”) (

TSXV: AZM

) (

OTCQX: AZMTF

) announces that on October 26, 2023, a total of 1,032,000 stock options were granted to directors, officers, employees, and consultants. Of this number, 910,000 have been granted to directors and officers and 122,000 to employees and consultants. These options have an exercise price of $0.95 per share and are exercisable for a 10-year period.

About Azimut ExplorationAzimut is a leading mineral exploration company with a solid reputation for target generation and partnership development. The Company holds the largest mineral exploration portfolio in Quebec. Its wholly owned flagship, the Elmer Gold Project, is advancing to the initial resource stage in the James Bay region. Azimut also controls a strategic land position for copper-gold, nickel and lithium (see the document: Azimut in Numbers).

Azimut uses a pioneering approach to big data analytics (the proprietary AZtechMine™ expert system) enhanced by extensive exploration know-how. The Company’s competitive edge is based on systematic regional-scale data analysis and concurrently active projects. The Company maintains rigorous financial discipline and a strong balance sheet, with 85.2 million shares issued and outstanding.

Contact and Information

Jean-Marc Lulin, President and CEOTel.: [phone]Jonathan Rosset, Vice President Corporate DevelopmentTel.: (604) [e-mail]        www.azimut-exploration.com

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.