Mineral exploration rights for option.

As discussed in detail below, there are three qualified statements on the critical mineral economic potential (U+Th+Ree+Mo) of the North Rae-Lac Daniel-Torrent zone.

Azimut's Exploration Summary

Historical data confirms the North Rae and Lac Daniel claims in northern Quebec show significant potential for mineable critical metals mineralization. Here are the key facts:

Geology: The claims are located in a geological context conducive to uranium mineralization, characterized by uranium-ree bearing pegmatites between the archean-aged gneissic-plutonic crust (tonalitic composition) and paleoproterozoic supracrustal cover, (a sedimentary sequence known as the Lake Harbour Group).
An Unconformity: The Lake Harbour Group and, in particular, the unconformity at the base of it, appears to be a primary regional locus of uraniferous pegmatite formation. ( Pegmatites are thought to form from the last fluid fraction of a large crystallizing magma body. )The contact of the Lake Harbour Group with the basement gneiss complex is not only an unconformity but also is an important thrust-fault plane. GM65967 p6

Mineralization Zones: Multiple mineralized zones have been identified, primarily associated with pegmatite bodies along tectonically controlled horizons. These zones exhibit variable thicknesses and lateral continuities.
Exploration Results: Exploration activities, including ground prospecting, airborne geophysical surveys, and geochemical surveys, have identified significant uranium enrichment and associated ree in the area. Pegmatites have been found to contain uranium grades to 3.30% U3O8. (Jonas zone).
Channel Sampling: 2009 Channel sampling conducted on known mineralized outcrop zones has returned promising results, with uranium grades ranging from 0.11% to 0.22% U3O8 over these significant intervals. Read this news release.

- 0.11% U3O8 (2.55 lbs/t) over 20.0 m (Jonas Zone)
- 0.16% U3O8 (3.52 lbs/t) over 8.0 m (Jonas Zone)
- 0.22% U3O8 (4.77 lbs/t) over 8.5 m (Aqpiq Zone)
- 0.16% U3O8 (3.62 lbs/t) over 6.0 m (Aqpiq Zone)

Potential for Economic Deposits: The presence of multiple mineralized zones, reasonable grade continuity, and lateral extensions suggest the potential for economically exploitable uranium - Ree deposits, particularly considering the envisioned Rossing-type deposit.
Azimut Exploration's last report: The project was described with several drill-ready targets, with recommendations from previous reports indicating areas for further investigation and potential development to assess the size and economic viability of any potential.

Molybdenum Potential.

Link to the MO potential of the district here.

U+Th+Ree potential of the district.

The Quebec's mining department mineral occurrence description by Sigeom.

The 2014 geological study.

Azimut's Quarterly report November 30, 2017

In less than 10 years Hydro-Québec would like to triple the province’s nuclear power generation by four.

Location

In Oct 7 2008 Azimut's CEO stated:

"The geological model is based on two geological domains. The first is Archean basement granite on gneisses — a highly metamorphic context. The second is Proterozoic metasediments. Most mineralized zones are related to regional-scale pegmatitic dyke swarms. There are deep-seated crustal-scale faults that are Proterozoic, and control several mineralized zones, so the faults are exploration targets, too.

There is a 70 km-long unconformity between Archean rocks and Proterozoic metasediment. This contact has been tectonized by a subsequent orogenic event. Proterozoic sediments were deposited above Archean granitic and gneissic rock formations (basement).

“This is a fantastic environment to look for uranium,” Lulin says. Most of the mineralized zones are located along the tectonized unconformity, in particular the Jonas zone (700 metres long), Puqila zone (6 km long), Cirrus zone (2.4 km long) and Amittujaq zone (3.5 km long).

There is a strong uranium background in the lake-bottom sediments (from 50 to 1,800 parts per million uranium oxide) in the region, especially in the sectors corresponding to the Archean basement and along the Archean-Proterozoic geological contact.

The exploration model is Archean-Proterozoic contact. Mineralization will be explored along late-stage crustal scale faults, and marbles will also be explored. It is possible that most mineralization could be found in pegmatites in host sediments. Pegmatitic dykes are continuous at a regional scale. They can be 5 to 80 metres wide, and individual dykes can be 2 to 3 km long. Lulin will be looking for mineralization starting at surface that could be mined by open pit. "

A new uranium province is discovered in northern Quebec. Nts 24I12 Quebec.

Athabasca basin exhibits same lithology

Lake Harbord lithology : quartzite, marble, paragneiss, amphibolite.

mineralization includes uraninite & associated ree's

Link to the Sigeom's discussion of the Lithotectonic geology.

Link to Azimut's 2009 News Release here

Azimut Exploration Inc – Third Quarter Report – May 31, 2015 p.16

"Azimut considers Nunavik to be highly prospective for large-tonnage uranium deposits related to intrusive rocks in high-grade metamorphic environments.

The North Rae uranium property (66 claims, 29.7 km2 ) lies in an area of the Ungava Bay region that is considered by management to be a new uranium province in Canada."

"Azimut believes its North Rae project covers a significant portion of the uranium targets in the region, including targets along the contact between the Proterozoic metasedimentary rocks of the Lake Harbour Group and the Archean granitized basement.

On its nearby Cage property, AREVA drilled more than 10,000 metres in 2009, and

reported 14 mineralized zones with grades up to 9.34% U3O8, mostly hosted in metasedimentary rocks of the Lake Harbour Group, which it had called “an important uranium-thorium province” in a report filed with the Government of Quebec in 2007.

The Company’s North Rae uranium project benefits from several strategic advantages, notably the property’s potential for a large and shallow resource base amenable to open pit mining, and the position of the property only a short distance from port facilities on the Ungava Bay coast, near deep sea water, and close to a permanent airport and other infrastructure."

Assessment Reports' Findings refer to GM65084 pdf p119

Azimut Exploration discovered the North Rae and Lac Daniel critical metals mineralized pegmatite prospects (2005- 2009 with +$8,000,000 in expenditures) in northern Quebec.

"There are two exploration vectors common to several of the largest and best-mineralized
pegmatite bodies. One is proximity to the Lake Harbour/Baudan Complex interface. The
other is proximity to the northwest-striking Daniel Lake Fault. The dominant uranium
minerals at North Rae are uraninite and uranothorianite."

The "pegmatite field" is comprised of 12 mineralized zones exposed along a cumulative strike length of about 17km (Lulin, 2009).

Individual pegmatites display variable thicknesses and lateral continuities - up to 80m thick and with kilometric-scale extents.

The pegmatites are oriented subparallel to the dominant gneissosity.

The known mineralized pegmatites frequently occur along or in close proximity to the unconformable interface between the Archean crust and the overlying Proterozoic metasediments (Lake Harbour Group).

There appears also to be a structural control component - proximity to late northwest-striking regional fault zones, such as the Daniel Lake Fault.

Azimut envisioned the potential of:

- an open pit mineable deposit and,

- the possibiliity of a higher grade unconformity deposit at depth.

Mineralization Zones

Jonas Zone as high as 3.30% U3O8

The Jonas zone uranium mineralization displays a high composite grade. Jonas Centre, Upper, and West channels samples (totaling 69 samples) averaged 1,020 ppm U and 0.124% U308.

Amituujjaq zone

Amituujjaq zone is a 4 km long pegmatite system sitting near the contact of the Baudan with the Lake Harbour Group. Of 23 samples collected along it, seven (7) assayed over 0.1% U3O8, and as high as 0.423% U3O8. The average of the 23 samples was an impressive 0.124% U3O8, with an improved U/Th of 2.2

Aqpiq Composite Zone over a 1.5km strike length. as high as 1.75% U3O8

If the channel sample results from the former four (4) pegmatite exposure zones are combined into a single entity, the average estimated uranium content for the 74 channel samples comprising the resultant Aqpiq Composite Zone (ACZ) is 638 ppm U and 0.077% U308.

Other Publications' Key Facts

1) The Cage uranium province was discovered during an exploration survey made in 2005 in Northern Québec, (published in 2009).

" The pegmatoid bodies are generally poorly mineralized in U, except for some located outside the CAGE district (e.g., Amaujaq - ie., North Rae claims)." see map

" Two types of mineralization have been distinguished according to their geological setting, mineralogical, and geochemical characteristics, but both give the same age on uraninite (1790 ± 10 Ma).

" The first type is hosted by impure dolomitic marble (with phlogopite – olivine – K- feldspar) and skarnoids (diopside – tremolite – phlogopite – K-feldspar – scapolite), resulting from nearly isochemical metamorphism of impure dolomitic limestone or marl."

" The second type of U mineralization is hosted by calc-silicate rocks (skarnoids or primary skarns) located in the vicinity of pegmatoid injections in transtensional settings.The endoskarns are dominated by scapolite and the exoskarns by Fe-rich diopside. Newly formed tremolite, scapolite (20 < Marialite % < 70), phlogopite, and calcite in veins and vugs are spatially associated."

" The ore minerals are Th-rich uraninite and uranothorianite, characterized by high REE contents, a weak global fractionation, and a marked Eu anomaly. These are typical of magmatic uraninite, in particular that of the Rössing alaskite."

2) An more recent geological study describes the discovery as follows:

"A new uranium district has recently been discovered in the Province of Rae, in the Province of Superior, located in northern Quebec, Canada. The area was explored for uranium pegmatites, placed between an archean base (Chipon area or Churchill area) and a Proterozoic cover The nature and implementation of these deposits, discovered by Exploration Azimut (the North Rae and Daniel Lake) and the Arreva in the north (the Cage area) are compared with those of Rossing, Namibia. "

"The archaeian metamorphic base is predominantly tonalitic, while the cover, of proterozoic age, is mainly a quartzo-feldspathic gneiss with shreds of basaltic rocks, marbles, silicates and graphite shales. Two types of mineralized pegmatites can be distinguished by their mineralogy, petrium and geochemistry.

Puqila-like pegmatites are characterised by sub-horizontal dykes and a high proportion of rounded feldspars in a matrix of biotites, quartz, apatites and zircons. Radioactive minerals are mainly Uraninites, uranothorites and monazites.

Aqpiq pegmatites also form subhorizontal dykes and are characterized by a very high quartz matrix, with minor amounts of ferromagnesians, feldspar and high concentrations of monazite, blue apatite and uraninite.

The rare earth element spectra also show that Aqpiq-type pegmatites are much richer in rare earth elements than Puqila pegmatites. The geochemistry of rare earth elements in pegmatites suggests that monazite has strong control over the spectra of rare earth elements, resulting in a strong fractionation of light and heavy elements as well as a large negative europium anomaly."

"The main phosphates were defined by SEM analysis of pegmatite of Puqila and Aqpiq and bring together the different minerals rich in elements of rare earths as well as the alteration minerals associated with them. "

"...monazite is more enriched in U and Th than bastnaesite or apatite."

"...monazites are enriched in Ce (from 10% to 25%); The (6% to 13%); Nd (3% to 8%); Th (7% to 14%) and U (1% to 2%)."

" ...apatite has a content of 3.5% F, no detectable REE, as well as 1.5% U and 4.7% Th."

"...bastnaésite contains 8.6% F, 25% Ce and 16% La. Traces of Sm (1.25%) and Gd (0.8%)"

Contact author Pierre-Alexandre Pelletier for detailed information.

cate rocks (skarnoids or primary skarns) located in the vicinity
of pegmatoid injections in transtensional settings. The endos-
karns are dominated by scapolite and the exoskarns by Fe-rich
diopside. Newly formed tremolite, scapolite (20 < Marialite %
< 70), phlogopite, and calcite in veins and vugs are spatially
associated. The ore minerals are Th-rich uraninite and urano-
thorianite, characterized by high REE contents, a weak global
fractionation, and a marked Eu anomaly. These are typical of In 2007 Areva paid $52,000,000 for 10% of Urancor, the registered title owner of the Cage claims.

New uranium province map

link to the Oct. 6 / 2009 news release here.

link to the Nov. 5 / 2009 news release here.

Quebec's Sigeom North Rae mineral occurrence description:

" - Results from ground prospecting and airborne geophysical surveys and geochemical surveys all indicate that the North Rae area is significantly enriched in uranium.

- Highly mineralized pegmatites were found southwest of Amittuujaq Lake (Barnoin River). These pegmatites yielded grades up to 0.58 % U3O8 on selected and properly collected samples. The pegmatite network extends for a minimum of 4 kilometres along strike, potentially 8 kilometres.

-Assuming an average grade of 0.1 % U3O8 is obtained on these pegmatites, a commercially exploitable uranium deposit is foreseeable. Such grade is considered by the author as realistic.

- Numerous other uranium occurrences were found, with grades ranging from 0.1 to 0.4 % U3O8 discovered in 2006, all on selected samples, scattered over the whole property.

- Most airborne spectrometric anomalies, when tested on the ground, were explained by the presence of enriched granites and granitic gneisses.

- When prospected, most uranium enrichment in lake-bottom sediments were explained. This indicates the efficiency of the method. Lake-bottom sediment survey supported by an airborne geophysical survey proved to be a very effective tool to guide prospecting.

- There is no evidence that uranium is hosted in other geological setting other than granites and pegmatites. Pegmatites should be considered as the most promising type of rock in terms of uranium occurrences, with uranium grades much higher than in typical granites."

North Rae claim block location

Nearest local airport : Kangiqsualujjuaq - Georges River Airport 30kms

Nearest regional airport : Kuujjuaq Airport, 160 km

Refer to the Claim list here.

1st claim period is 3 years, to renew & file work a report is Jan 15, 2027.