Azimut Exploration Inc.

Jean-Marc Lulin (PhD, P.Geo.) has been founder/President/CEO since 2003 — over 20 years at the helm with a doctorate in Economic Geology (Université d'Orléans) and 30+ years of field experience across North America, Africa, and Europe. He designed Azimut's proprietary mineral targeting methodology from scratch and has been instrumental in multiple Quebec discoveries. This is a technical founder, not a capital markets promoter.

Insider transactions show genuine alignment. VP Corporate Development Jonathan Rosset made open-market purchases in October 2025 (26,500 shares at C$0.80) and December 2025 (35,000 shares at C$0.76), bringing his direct holding to 655,000 shares. CEO Lulin holds ~2.38% of shares outstanding (~2.4M shares). Net-buying activity from the management team is constructive.

The strategic shareholder base is the standout governance positive: Agnico Eagle Mines (~11%) and Centerra Gold (~9.9%) both took strategic positions via the May 2025 private placement at C$0.60. CDPQ Sodémex and Fonds de solidarité FTQ also participated. Tier-1 major miner validation at this stage is unusual and meaningful. Average management tenure of 11.7 years. No governance red flags identified. Score docked one point for relatively modest direct insider ownership percentage by officers and directors as a group.

Elmer Property (100% owned, James Bay, Quebec) hosts the Patwon Gold Zone with an initial NI 43-101 Mineral Resource Estimate filed January 2024 (prepared by InnovExplo Inc.): Indicated 311,200 oz Au in 4.99 Mt grading 1.93 g/t Au, and Inferred 513,900 oz Au in 8.22 Mt grading 1.94 g/t Au. No Measured resources. Total project resource: approximately 825,100 oz Au at a consistent 1.93–1.94 g/t. The deposit is defined along 600m strike, surface to 860m depth, with an average true width of ~35m dipping 70–75 degrees north.

CRITICAL STUDY LEVEL NOTE: This project has NO PEA, NO PFS, and NO Feasibility Study. The company completed an internal scoping study in 2025, which informed the decision to launch a 10,000-metre expansion drill program in March 2026. A formal PEA is targeted post-updated MRE but has not been initiated. The project remains at the preliminary resource (MRE-only) stage, which constrains the score to 3 per the framework.

Additional project optionality is meaningful but pre-resource. The Wabamisk Property hosts the Rosa Zone (significant new gold discovery confirmed February 2026) and the Fortin Zone (part of Canada's largest antimony system, 5,105m drill program completed Q1 2026, assays pending). The Kukamas Property (50/50 JV with KGHM) contains the Perseus Zone high-grade nickel-PGE discovery. The K2 Property (acquired July 2025) extends the Elmer footprint by 7 km. District-scale land position in a mining-friendly jurisdiction with multiple commodity optionalities is a genuine strength.

Approximately 100.6 million shares outstanding as of February 2026. Market cap at C$0.68 = approximately C$68M. The May 2025 private placement issued 14,520,666 shares at C$0.60 (gross C$8.71M) with no warrants attached — a clean raise with strategic investors. December 2025 stock option grant of 1,115,000 options to directors, officers, employees, and consultants represents modest dilution. No material warrant overhang identified in recent financings.

Cash was approximately C$14M as of August 2025. Cash burn is approximately C$15M annually across the multi-project portfolio, giving a runway of roughly 12 months from mid-2025. The February 2026 Galinée property sale to LiFT Power (receiving 2,000,000 LiFT shares valued at ~C$10.3M plus a 1.4% NSR royalty and C$1.5M deferred payment) was a material non-dilutive liquidity event extending the runway. Debt is near-zero (debt/equity ~0.014). Score of 3: clean structure with no warrant overhang and near-zero debt, but 17.5% share dilution over the past year and structural need for ongoing exploration financing prevent a higher score. Further dilution is likely within 12–18 months.

Multiple active catalysts as of April 2026. The 10,000-metre Patwon expansion drill program launched March 2026 — first assay results expected Q2 2026. This is the primary re-rating event: positive results drive an updated NI 43-101 MRE (expected late 2026) and, if warranted, a formal PEA (potentially H1 2027). The PEA, when completed, will be the single largest valuation step-change for the stock.

Wabamisk Property has two near-term catalysts: (1) Fortin Zone antimony-gold assay results pending from a 5,105m / 27-hole program completed Q1 2026; and (2) Rosa Zone follow-up drilling (min. 2,000m) underway with results expected Q2 2026. The antimony critical mineral angle adds a thematic catalyst beyond gold. The KGHM Kukamas Perseus Ni-PGE Zone has a 2026 Phase 2 program in preparation. The SOQUEM Northern Nickel Corridor LOI signed April 14, 2026 adds a strategic alliance with Quebec's provincial exploration arm, meaning Azimut is carried through partner-funded work. Score docked one point because the highest-value re-rating event (the PEA) is still 9–18 months away.

No PEA exists, which is the key constraint on acquisition underwriting. Applying pre-PEA market multiples typical for James Bay gold (C$40–80/oz Indicated, C$15–30/oz Inferred) to Patwon: 311,200 oz Indicated × C$60/oz = C$18.7M; 513,900 oz Inferred × C$20/oz = C$10.3M; subtotal C$29M for gold in the ground. Adding cash and non-cash assets (C$14M cash, C$10.3M LiFT Power shares, C$1.5M deferred payment, plus Wabamisk and Kukamas option value at C$10–18M combined), total estimated NAV is approximately C$65–75M, or C$0.65–0.75 per share on ~100.6M shares. At C$0.68 current price, the market is pricing in essentially zero exploration premium above conservative in-situ value — implying limited downside but also reflecting the pre-PEA overhang.

The Agnico Eagle and Centerra strategic entries at C$0.60 in May 2025 set a credible floor. The analyst consensus target of C$2.05 assumes a post-PEA re-rating where project ounces carry standard economic-study multiples. Applying the framework's 50-60% PEA-stage discount to a rough post-PEA NAV scenario suggests fair value of C$0.75–1.00/share at current gold prices. Score of 3: fairly valued at current stage, with meaningful upside leverage to the PEA event.