Introduction
The Corvet property lies immediately south of the Company’s Pikwa property, near the Trans-Taiga Road, a nearly 600-km-long gravel highway running east-west through the James Bay region. It is 55 km southwest of the La Grande-4 airstrip and 225 km east-southeast of Radisson. The property straddles a major tectonic boundary and displays a strong multi-element (Ag-As-Bi-Cu-Sb) spatial association in lake-bottom sediments. The property also covers an outstanding lithium exploration target represented by a prominent 26-km-long Li anomaly in lake-bottom sediment coupled with strong Rb, Cs, Ga and Sn footprints. The property occupies a strategic location relative to the emerging Corvette (Patriot Battery Metals) lithium district.
In July 2023, Azimut announced the signing of two option to joint venture agreements with Rio Tinto Exploration Canada Inc ("Rio Tinto"). In July 2025, it announced that it revised these agreements (the "Revised Agreement") to consolidate the previous agreements and to cover three properties – Corvet, Kaanaayaa and Wabamisk East (together the “CKW Properties”).
Under the first phase of the Revised Agreement, Rio Tinto can acquire an initial 50% interest before December 31, 2028 in the CKW Properties from Azimut by:
- funding $25 million in exploration expenditures (approximately $1.85 million already incurred)
- making cash payments totalling $1.7 million ($800,000 already paid).
Azimut will remain the operator during this phase.
Under the second option phase, Rio Tinto can earn an additional 20% interest over the following 5 years with further work expenditures of $60 million. Rio Tinto will act as the operator during this phase. Azimut retains the right to be funded to the production stage by way of a secured loan from Rio Tinto by granting Rio Tinto an additional 5% interest in the CKW Properties (for a total interest of 75%).