Azimut Exploration (TSXV:AZM) - High-Grade Gold & Antimony Discoveries Drive Development Pivot

Interview with Jean-Marc Lulin, President & CEO of Azimut Exploration Inc.

Our previous interview: https://www.cruxinvestor.com/posts/azimut-exploration-tsxvazm-kghm-funds-nickel-hunt-as-quebec-explorer-weighs-gold-asset-options-6611

Recording date: 21st November 2025

Azimut Exploration (TSXV:AZM) is executing a strategic transformation from prospect generator to focused development company, concentrating resources on three 100%-owned gold discoveries in Quebec's prolific mining districts. Jean-Marc Lulin, president and CEO with 40 years of global exploration experience, outlined the company's evolution and provided comprehensive project updates in a recent interview.

The flagship Wabamisk property hosts two significant discoveries separated by 15 kilometers of underexplored ground. The Fortin Zone represents one of Canada's largest antimony systems, spanning at least 1.8 kilometers of strike length with mineralized envelopes reaching 50 meters in width. Drilling across 86 holes totaling 12,000 meters has tested the system to 250 meters depth, where strong mineralization continues with the deposit remaining open in multiple directions. Metallurgical testing with SGS is underway, with preliminary results described as encouraging—critical validation for economic viability during a period of elevated antimony prices driven by critical mineral supply constraints.

The Rosa Zone emerged as an unexpected breakthrough in terrain explored for 90 years by 11 previous companies. Systematic prospecting revealed 300 meters of outcropping high-grade gold with abundant visible gold—both coarse and fine dust—that correlates strongly with a 1.4-kilometer induced polarization anomaly. Initial drilling intersected visible gold in 11 of 26 holes, with assay results expected by year-end 2025 or early January 2026.

The company's third focus, Elmer-Patwon, represents the most advanced asset with an existing resource that benefits from gold prices substantially above the $1,800 per ounce used in the original definition. A scoping study is well advanced, with clear expansion targets identified along strike.

Azimut maintains strategic leverage through partnerships, notably with KGHM on the Kukamas nickel-copper-PGE project, where drilling delivered grades up to 19.6% nickel and 15 grams per ton platinum-palladium in a kambalda-type system. KGHM is funding advancement toward a preliminary economic assessment while Azimut retains operator status with no funding obligations.
Lulin emphasized the company's technical discipline: "We want to advance as quickly as possible but in a rational way." Detailed 2026 program guidance is expected in Q1 following receipt of critical assay results that will shape resource expansion strategies across the portfolio.

View Azimut Exploration's company profile: https://www.cruxinvestor.com/companies/azimut-exploration

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