Azimut and Rio Tinto Expand Previous Agreements to Include Lithium Rights on Wabamisk East Property, James Bay Region, Quebec

About this update from Azimut Exploration, Inc.

[{"type":"text","content":"Azimut and Rio Tinto Expand Previous Agreements to Include Lithium Rights on Wabamisk East Property, James Bay Region, Quebec\n\n\n\n LONGUEUIL, Quebec, July 24, 2025 (GLOBE NEWSWIRE) --\n \n Azimut Exploration Inc.\n \n (“Azimut” or the “Company”) (\n \n TSXV: AZM\n \n ) (\n \n OTCQX: AZMTF\n \n ) is pleased to announce a revised option agreement with\n \n Rio Tinto Exploration Canada Inc.\n \n (the “Revised Agreement”), which expands and consolidates previous option agreements announced in 2023 (\n \n see\n \n\n press release dated\n \n\n\n July 10, 2023\n \n\n\n\n i\n \n\n ). The Revised Agreement now covers three properties –\n \n Corvet, Kaanaayaa\n \n and\n \n Wabamisk East\n \n (together the “\n \n CKW Properties\n \n ”) – located in the Eeyou Istchee James Bay region of Quebec (\n \n see Figures 1 to 4)\n \n . The newly formed Wabamisk East Property corresponds to the eastern part of Azimut’s wholly owned Wabamisk Property.\n \n\n Rio Tinto Exploration Canada (“Rio Tinto”) is a Canadian subsidiary of Rio Tinto Group (\n \n LSE: RIO, ASX: RIO\n \n ), a leading global mining group focused on finding better ways to provide materials the world needs.\n \n\n\n HIGHLIGHTS\n \n\n\n\n The\n \n option on the\n \n\n Wabamisk East Property is for lithium and related minerals only\n \n . This new transaction aims to generate substantial value by advancing the project’s previously identified lithium potential (\n \n see Figures 3 and 4\n \n ) while Azimut retains the right to explore the property for other commodities, including gold and copper.\n \n\n\n\n Rio Tinto has no rights on the remaining Wabamisk Property, allowing\n \n Azimut to continue its self-funded exploration of the Fortin gold-antimony Zone\n \n and other gold targets.\n \n\n\n\n Under the first phase of the Revised Agreement, Rio Tinto can acquire an initial 50% interest in the CKW Properties from Azimut by\n \n funding $25 million in exploration expenditures\n \n (approximately $1.85 million already incurred) and by making\n \n cash payments totalling $1.7 million\n \n before December 31, 2028 ($800,000 already paid). Azimut will remain the operator during this phase. The terms are detailed below:\n \n\n\n\n Remaining firm commitment of approximatively\n \n $...

More updates from Azimut Exploration, Inc.