Azimut and SOQUEM sell their Pikwa Property to PMET Resources, James Bay Region, Quebec

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[{"type":"text","content":"Azimut and SOQUEM sell their Pikwa Property to PMET Resources, James Bay Region, Quebec\n\n\n\n LONGUEUIL, Quebec, Nov. 12, 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 the signing of a Sale and Purchase Agreement (the “Agreement”) with\n \n PMET Resources Inc.\n \n (“PMET”) (TSX:PMET, ASX:PMT) for the\n \n Pikwa Property\n \n (the “Property”) in the Eeyou Istchee James Bay region of Quebec. The Property is a 50/50 joint venture between the Company and\n \n SOQUEM Inc\n \n . and is located adjacent to PMET’s\n \n Shaakichiuwaanaan lithium project\n \n (\n \n see Figures 1 and 2\n \n ).\n \n\n This transaction aligns with the Company’s objective to focus on its flagship assets while maintaining exposure to an emerging lithium district through its equity ownership in PMET and retained royalties.\n \n\n Under the Agreement, PMET will acquire a 100% interest in the Property by issuing\n \n 420,958 shares each to Azimut and SOQUEM\n \n (the “Share Consideration”),\n \n representing a total consideration of $3.1 million\n \n based on the 20-day volume weighted average price of PMET’s common shares (the “20-day VWAP”) on the Toronto Stock Exchange (the “TSX”). In addition,\n \n Azimut and SOQUEM will each retain a 1.0% NSR royalty\n \n on the Property. For a 24-month period, the Share Consideration will be subject to resale restrictions, whereby 65% of the Share Consideration may only be sold if the 20-day VWAP exceeds $5, $10, and $12, with 1/3 of these shares released at each milestone.\n \n\n The\n \n Pikwa Property\n \n (509 claims, 261 km\n \n 2\n \n ) covers part of the same greenstone belt hosting the Shaakichiuwaanaan lithium project, and lies directly on strike with the major lithium pegmatite trend identified on that project. Azimut and SOQUEM’s exploration work on Pikwa has confirmed the presence of spodumene in pegmatite outcrops and spodumene crystals in till samples. This supports the potential of the Shaakichiuwaanaan trend to extend onto Pikwa.\n \n\n The parties were dealing at arm’s length. The Agreement is subject to customary cl...

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