Azimut Closes $7 Million Private Placement Financing with Participation of Key Existing Shareholders

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LONGUEUIL, Quebec, Aug. 18, 2026 (GLOBE NEWSWIRE) — Azimut Exploration Inc. ( TSXV:AZM ) ( OTCQX:AZMTF ) (“Azimut” or the “Company”) is pleased to announce that on August 18, 2026, it closed its previously announced non-brokered private placement (the “Offering”) for total proceeds of approximately $7 million through the issuance of a combination of (a) 6,038,647 common shares of the Company that qualify as “flow-through shares” (within the meaning of subsection 66(15) of the Income Tax Act (Canada)) (the “FT Shares”) at a price of $0.828 per FT Share for gross proceeds of $5,000,000; and (b) 3,333,332 common shares of the Company (the “Hard Dollar Shares”) at a price of $0.60 per Hard Dollar Share for gross proceeds of $2,000,000. Upon closing of the Offering, the Company has 110,311,289 common shares issued and outstanding.

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Substantially all of the common shares issued under the Offering were ultimately acquired by existing shareholders of the Company. Azimut believes that the strong support by existing shareholders reflects positively on the quality and potential of its project portfolio. The 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 programs 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 will use the proceeds arising from the sale of the FT Shares to incur eligible “Canadian exploration expenses” qualifying as “flow-through mining expenditures”, as both terms are defined in the Income Tax Act (Canada) (the “Qualifying Expenditures”). The Qualifying Expenditures will be renounced in favour of the subscribers of the FT Shares with an effective date no later than December 31, 2026, and in an aggregate amount of not less than the total amount of the proceeds raised from the issuance of the FT Shares, which will be primarily used to further advance the Wabamisk and Elmer properties. The proceeds from the issuance of the Hard Dollar Shares will be used for exploration and for general corporate purposes.

The Offering remains subject to the final approval of the TSX Venture Exchange. All securities issued under the Offering will be subject to a statutory hold period of four months and one day expiring on December 19, 2026 in accordance with applicable Canadian securities legislation. No finder’s fees were paid in connection with the Offering.