Azimut Exploration, Inc. · TSXV:AZM

Azimut Exploration — Investor Presentation (December 2021)

27 slides from Azimut Exploration's investor presentation, Dec 8, 2021

  1. Slide 1: Robust Discoveries, Bright Future

    Robust Discoveries, Bright Future TSXV: AZM December 8, 2021 1

  2. Slide 2: Forward-Looking Statements

    FORWARD-LOOKING STATEMENTS Except for the statements of historical fact contained herein, the information presented in this presentation constitutes “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and “forward-looking information”

  3. Slide 3: Azimut in Québec, Canada – Investment Thesis

    Azimut in Québec, Canada Investment Thesis Exploration Portfolio E l m e r D i s c o v e r y AZ t e c h M i n e T M Largest in Québec Flagship gold project Efficient targeting through gold, copper, nickel. 100% owned proven data analytics 3

  4. Slide 4: Corporate Highlights

    Corporate Highlights TSXV: AZM • AZM founded in 1986 - 81.7 M shares outstanding (87.3 M fd) • Capital structure never consolidated Ownership: - 4% insiders - 27% Québec-based institutions - 39% large funds, corporate & individual investors • One of the lowest share dilution rates in the junior spac

  5. Slide 5: Elmer (Au) near Éléonore Gold Mine

    Éléonore Gold Mine (Newmont) Elmer (Au) Excellent infrastructure - Paved roads - Power lines - Airports First Nations support 5

  6. Slide 6: 100% AZM 35-km-long project

    100% AZM 35-km-long project 8-km-long x 3-km-wide 6

  7. Slide 7: Elmer Gold Discovery

    Elmer Gold Discovery > Drillhole Collar l Drillhole Trace Mineralized Zones Interpreted Lithology Polygenic Conglomerate Felsic-Intermediate Intrusive Gabbro Felsic Volcanic Mafic unit Strike length: 580 m Vertical extent: 450 m Average true width: 35 m (up to 82 m) 7

  8. Slide 8: Elmer Gold Discovery

    Elmer Gold Discovery Best intersections over a 580 m strike and 450 m down dip: True Thickness / Depth ➢ 24.04 g/t Au over 18.0 m 17.1 m / - 240 m ➢ 3.15 g/t Au over 102.5 m 62.6 m / - 30 m ➢ 2.84 g/t Au over 108.2 m 63.7 m / - 50 m ➢ 3.01 g/t Au over 90.2 m 82.7 m / - 170 m ➢ 6.43 g/t Au over 40.6

  9. Slide 9: Native Gold

    Native Gold 1mm 5mm 1mm 3mm ELM21-071A at 357.5 m ELM21-073 at 468 m ELM21-100 at 199 m ELM21-072 at 291 m Associated to pyrite in quartz veins In quartz veins or in altered wall rocks 9

  10. Slide 10: Excellent Initial Metallurgical Tests

    Elmer Gold Discovery Excellent Initial Metallurgical Tests Non-refractory free-milling gold mineralization ➢ Gold recoveries reach 94% (gravity + cyanidation) ➢ Gravity tests: Recoveries of 27% and 37% ➢ Cyanide leaching: Very fast recoveries the first 2 hrs ➢ No deleterious elements, no graphitic c

  11. Slide 11: Hole ELM21-086

    Hole ELM2 1-086 Elmer Property, Patwon Discovery, James Bay Region, Québec 2.9 git Au / 1.0m] ee 255m 45.2.g/t Au/0.7m 25.8 g/t Au / 0.44 git’Au / 4.0m 0.95 g/t Au/ 1.0m 0.14 g/t Au/ 1.0m "3.50 git Aus1.0m §3:2 g/t Au / 1.3m Photo 1: Hole ELM21-086 Interval grading 38.7 g/t Au over 9.0 m (from 256 m

  12. Slide 12: Elmer

    Elmer ➢ Simple, continuous, predictable geometry ➢ Minimum 450 m extension down dip ➢ 35 m average true width ➢ Possible grade increase with depth TILL SAMPLING RESULTS 12

  13. Slide 13: Mineralized envelope (0.3 g/t Au cut-off)

    NE Mineralized envelope (0.3 g/t Au cut-off) SW 5.0 520 m 1.0 0.5 0.3 450 m O P E N 300 m 13

  14. Slide 14: Elmer Property, Patwon Gold Zone – An Orebody in the Making

    Elmer Property, Patwon Gold Zone James Bay Region, Québec An Orebody in the Making January 2020 November 2020 November 2021 om 1400 m om OPEN . 100 m 200m -- -100 m -200m ‘OPEN . 300 m 400 m OPEN Phase 1 : November 2019 Phase 2 : May to September 2020 Phase 3 : March to June 2021 7 holes (996 m) 34

  15. Slide 15: Patwon Gold Zone longitudinal section

    D: git Au/ 102.5 m| 2.84 git Au / 108.2 m| | 2.61 git Au/72.15m 11.18 git Au/2.45m 8.19 git Au/2.40m -ORL- |. -100 24.04 git Au /18.0m 4.43 git Au / 46.05 m; 9.92 g/t Au / 2.30 m 2.17 gitAu/ 19.0 m 12.2 gitAu/1.25m Drill Hole Number and 1.1 gitAu/57.9m Pierce Point e 6.43 git Au / 40.6 m 5.47 git Au

  16. Slide 16: Expanding the Patwon Gold Zone (2021-2022 drill program)

    -300 RL -400 RL 100m -500 RL -600 RL -700 RL -800 RL Drill Hole Pierce Point ® Planned hole @ This press release © Previously reported Gold grade x thickness (estimated true widths) from previously reported DDH 150 - 415 git Aux m 100 - 150 g/t Aux m 50 - 100 git Aux m 10 - 50 git Aux m <10gitAuxm r

  17. Slide 17: Possible Analogs

    Possible Analogs Goldex (Agnico Eagle), Quebec Rory’s Knoll, Guyana 50 x 50 m drill spacing 100 x 50 m drill spacing - 800 m 200 m 190 m x 2.6 km 6.27 Moz 450 m x 1.8 km 4.3 Moz 17

  18. Slide 18: Patwon Zone: A Strong Gold Discovery with Clear Growth Potential

    Patwon Zone A Strong Gold Discovery with a Clear Growth Potential ➢ Wide, consistent, predictable mineralized body ➢ Robust large vertical core zone: Average true thickness of 45 m @ 2.86 g/t Au (based on 25 holes) ➢ No internal folding, no crosscutting barren dykes ➢ Excellent gold recoveries shown

  19. Slide 19: Expanding the Elmer Orebody: Next Steps

    Expanding the Elmer Orebody: Next Steps 2022 Drilling Program (4th phase since Nov. 2019) Minimum 20,000 m 1) Expand the Patwon Zone: 14,000 m 2) Discover comparable zones nearby: 6,000 m Objectives ➢ Advance toward the delineation of an initial 2 Moz+ gold resource ➢ Production of a 43-101 Report 1

  20. Slide 20: 2021-2022 Outlook

    2021-2022 Outlook $16 M planned exploration budget ➢ ELMER (Au) $10.0 M Drilling >20,000 m ➢ Partner-funded $6.0 M Rex & Rex South (Cu-Au) Munischiwan (Cu-Au) Wapatik (Au, Ni-Cu) 20

  21. Slide 21: Azimut's Position in the James Bay Region, Québec

    T 6o°w Azimut's Position in the James Bay Region, Québec Eleonore South (AZM-Newmont-Fury JV) ES 49 git Au/ 45.5 m (D) amet ae meen oe rem of Au ys em SOQUEM / AZM option Opinaca D 0.65 git Au/ 147.5 m (D) (SOQUEM /AZM ct € (es ie a Strong gold-in-soil TAT gitAu (G) - we 4 anomalies {aaptay oy culG)

  22. Slide 22: Wapatik Property

    Wapatik Property ➢ Discovery of a Ni-Cu ultramafic intrusion ➢ Size:1,000 m x 400 m ➢ Excellent setting for Ni-Cu-Co-EGP sulphide accumulation; Eagle’s Nest model ➢ Mont Royal option: $4m/50%; +$3m&PEA/70% ➢ Early 2022: - Ground EM geophysics - Core drilling ➢ AZM operator 22

  23. Slide 23: Rex Trend – Giant Copper Footprint

    Rex Trend – Giant Copper Footprint Unlock potential of a world-class target REX TREND ➢ 330 km by 30 to 50 km lake-bottom sediment anomaly 330 km ➢ Underexplored giant target ➢ >30 mineralized zones (Cu-Au) ➢ $40 M option agreement with SOQUEM Option1: $16 million for 50% over 4 years Option 2: $8 m

  24. Slide 24: Rex and Rex South prospects

    Subtil-Nord CM Subtil RBL-Kaam PAP-Nord PAP Rex Mousquetaires R12 Main Mineralized Prospects Au ≥ 1.5 g/t Au (up to 580 g/t Au) Augossan and/or Dragon-Nord Cu ≥ 0.5% Cu (up to 13.65% Cu) Dragon See press release of January 7, 2020 Lebreuil-E2 Jemima Copperton 25 km Rex South 24

  25. Slide 25: Large-scale copper-bearing systems along the Rex Trend

    RBL Zone (3 km long): Up to 11.6% Cu Jemima Zone (1.5 km long): Up to 2.86% Cu Large-scale copper-bearing systems (IOCG-type) along the Rex Trend 25 CM Zone (2.5 km long): Up to 4.34% Cu Sombrero Zone: Up to 2.03% Cu

  26. Slide 26: Azimut Strong Organic Growth

    Azimut Strong Organic Growth ➢ Elmer: A growing gold discovery ➢ Excellent financial position ➢ Strategic partnerships with SOQUEM ➢ Rex Trend: The next copper district in Québec? 26

  27. Slide 27: Thank you! Merci!

    Elmer Gold Discovery Thank you! Merci! ᓇᑯᕐᒦᒃ ᑭᓇᓈᐢᑯᒥᑎᐣ GET IN TOUCH Jean-Marc Lulin President and CEO 1 (450) 646-3015 info@azimut-exploration.com www.azimut-exploration.com 27

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