Azimut raises $7.0 million for Quebec exploration

Azimut Exploration Inc. [AZM-TSXV, ASMFT-OTCQX] said it has raised $7.0 million from a private placement financing with participation from key shareholders, including Agnico-Eagle Mines Ltd. [AEM-TSX, AEM-NYSE] and Centerra Gold Inc. [CG-TSX, CGAU-NYSE].

Azimut is a company that controls strategic land positions for gold, copper, nickel and lithium in Quebec. It is focused on several key projects, including Wabamisk and Wabamisk East (100% Azimut), which host the Fortin Zone (antimony-gold), Rosa Zone (gold) and Lithos Zone (lithium).  Another key focus is the Elmer property (100% Azimut) which hosts the resource-stage Patwon Deposit, containing 311,200 ounces of gold indicated and 513,900 ounces of inferred material. In a press release on July 16, 2026, Azimut said a partner-funded exploration program is commencing on the Kukamus Property in the Eeyou Istchee James Bay region of Quebec. The property is subject to an option deal with KGHM International Ltd, which has earned a 50% interest in the property and has elected to enter into a second option phase to earn an additional 20% interest upon delivery of a preliminary economic assessment. This year, a $3.4 million work program will be deployed over the two blocks of the property. Plans include 5,000 metres of drilling to expand the high-grade nickel-PGE Perseus Zone and to test new targets defined by a recently completed IP survey..

Meanwhile, proceeds from the offering will be used by Azimut to advance its wholly-owned Wabamisk and Elmer properties as the company continues to unlock value in its flagship gold projects. “Together with the partner-funded exploration program on the Kukamas and the Northern Nickel Corridor (nickel-copper-platinum-palladium) projects, a significant level of activity is expected over the next 12 months,” the company said in a press release.

Azimut has raised $7.0 million via the issuance of a combination of 6.03 million common shares that qualify as flow through shares within the meaning of the Income Tax Act (Canada) priced of 82.8 cents per FT share for gross proceeds of $5.0 million, and 3.33 million common shares, priced at 60 cents, for gross proceeds of $2.0 million.

Centerra has upped its interest in Azimut to 12.67% from 9.84%. Agnico-Eagle Ltd. and CDPQ Sodomex Inc. (a unit of the Caisse de depot et placement due Quebec) exercised their respective contractual rights to acquire common shares in connection with the offering. Fonds de solidarite FTQ, Desjardins Capital Appui PME S.E.C., NQ Mining Investment LP and SIDEX LP also participated in the offering. On Wednesday. Azimut shares were unchanged at 45.5 cents The shares trade in a 52-week range of $0.837 and $0.361.