Azimut Exploration Inc. reported encouraging preliminary results from the Company's initial prospecting program recently conducted on the Wapatik Property (" the Property "). The Property is located in the Eeyou Istchee James Bay region of Quebec and is under option to Mont Royal Resources, which can earn a 50% interest by spending $4.0 million in exploration. The next phase of the exploration work planned for early 2022, will consist of ground geophysics subsequently followed by core drilling.

Highlights: The ultramafic intrusion, approximately 1,000 metres by 400 metres, is bounded by volcano-sedimentary rocks of the Lower Eastmain greenstone belt, specifically iron formations and pyrite-rich metasediments and mafic volcanics. This lithological context is considered as highly favourable for massive to semi-massive nickel-copper sulphide mineralization, which is often positioned along the basal contact of an intrusive body. Mineralized facies contain chalcopyrite, pyrrhotite and possibly pentlandite, occurring as veinlets and disseminated or interstitial sulphides within coarse-grained pyroxenite and gabbro.

The intrusion is well characterized by a strong subcircular magnetic anomaly outlined by a high-resolution heliborne survey completed earlier this year over the Property (5,116 line-km on 25-m spaced lines). The anomaly appears to be composed of three (3) contiguous magnetic lobes that may correspond to different magmatic pulses. A 3D magnetic inversion of the data suggests a basin-shaped geometry for part of the intrusion, which may constitute a very favourable setting for sulphide accumulation.

The next exploration phase will consist of a ground electromagnetic survey to detect conductors potentially related to the mineralization type described above. This survey will be undertaken as soon as possible next year and will likely be followed by a maiden core drilling program. Mont Royal is renewing its option on the Property for the second year.

The forthcoming 2022 exploration program, totalling $800,000, will be fully funded by Mont Royal. Azimut is the operator. Analytical Protocols: The samples were sent to ALS Canada Ltd. in Val-d'Or, Québec.

Samples are analyzed for a 48-element suite using ICP. Gold, platinum and palladium are also analyzed by ICP. Azimut applies industry-standard QA/QC procedures to its programs. A total of 119 grab samples have been collected during the fall prospecting program.

Note that grab samples are selective by nature and unlikely to represent average grades. Wapatik Property: Wapatik is a 25-kilometre-long project covering a largely underexplored part of the Lower Eastmain greenstone belt in the Archean La Grande Subprovince. It is located on strike from the Patwon gold zone, approximately 35 km to the east, and 10 kilometres north of the boundary with the Opinaca Subprovince.

The results for five gold targets identified on the Property will be reviewed once all assays will have been received.