Azimut Exploration, Inc. · TSXV:AZM

Azimut Exploration — Investor Presentation (February 2022)

28 slides from Azimut Exploration's investor presentation, Feb 24, 2022

  1. Slide 1: Robust Discoveries, Bright Future

    Robust Discoveries, Bright Future TSXV: AZM February 24, 2022 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 - 81.8 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: Elmer drilling since mid October

    Since mid October: Patwon: 15 holes, 6,742 m Explo: 6 holes, 1,515 m Total: 21 holes, 8,257 m Previous drill programs at Planned holes: Patwon: 50 x 50 m drill-spacing 71 holes, 18,498 m ---- 500 m Planned holes: 50 x 75 m drill-spacing ---- 800 m

  10. Slide 10: 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 10

  11. Slide 11: Mineralized envelope

    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 11

  12. Slide 12: 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 12

  13. Slide 13: 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

  14. Slide 14: 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 14

  15. Slide 15: Patwon Zone

    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

  16. Slide 16: Finding Comparable Zones Nearby

    Finding Comparable Zones Nearby • High resolution magnetic survey • Prospecting • Till sampling • Induced polarization • Geological & structural synthesis • Reverse circulation drilling program (in progress) 300+ vertical drill holes along ±300-m-spaced drilling fences, 25-m-spaced holes along lines

  17. Slide 17: Patwon Discovery: Till Sampling Results

    Patwon Discovery Patwon Zone RC Drill Hole TILL SAMPLING RESULTS

  18. Slide 18: Patwon Discovery: Induced Polarization

    Patwon Discovery Patwon Zone RC Drill Hole INDUCED POLARIZATION

  19. Slide 19: Patwon Discovery: Geology and Structures

    Patwon Discovery Patwon Zone RC Drill Hole GEOLOGY AND STRUCTURES

  20. Slide 20: Expanding the Elmer Orebody: Next Steps

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

  21. Slide 21: 2021-2022 Outlook

    2021-2022 Outlook $16 M planned exploration budget ➢ ELMER (Au) $10.0 M ➢ Partner-funded $6.0 M Rex & Rex South (Cu-Au) Munischiwan (Cu-Au) Wapatik (Au, Ni-Cu) 21

  22. Slide 22: 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)

  23. Slide 23: 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 23

  24. Slide 24: 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

  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: Upcoming Events

    Upcoming Events ➢ BMO Global Metals & Mining Conference (February) ➢ Virtual ministerial mission – OTC New York (March) ➢ Swiss Mining Institute (March) ➢ PDAC (June) ➢ Metals Investor Forum (June) ➢ Precious Metals Summit – Beaver Creek (September) ➢ Swiss Mining Institute (November) 27

  28. Slide 28: 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 28

Azimut Exploration — Investor Presentation (February 2022) on 6ix