Azimut's Wabamisk Gold and Antimony Projects: A Dual-Commodity Play in a High-Potential Geological Belt

The global supply chain landscape for critical minerals has undergone a seismic shift in 2025, driven by geopolitical tensions, export restrictions, and surging demand for clean energy and defense technologies. Against this backdrop, Azimut Exploration Inc.'s Wabamisk Gold and Antimony Projects in Quebec's James Bay region have emerged as a compelling dual-commodity opportunity, strategically positioned to capitalize on tightening markets for both antimony and gold.

Strategic Positioning Amid Global Supply Chain Constraints

Antimony, a critical mineral used in semiconductors, flame retardants, and defense systems, has seen its global supply chain destabilized by China's export restrictions, which began in 2024. Prices for antimony trioxide have surged to $56,000 per tonne outside China, creating a vacuum that nations like the U.S. and EU are scrambling to fill. The U.S. has prioritized domestic production through initiatives like the Critical Minerals Executive Order, while the EU's Critical Raw Materials Act aims to reduce reliance on single sources. Canada, with its stable regulatory environment and geological endowment, is emerging as a key player in this transition.

Azimut's Wabamisk Property sits at the intersection of these trends. The Fortin antimony-gold zone, one of the largest antimony-bearing systems in Canada, spans 1.8 kilometers in strike length and extends vertically to 250 meters, remaining open in all directions. This system is hosted in sheared metasediments at the tectonic boundary between the Opinaca and La Grande Archean subprovinces-a rare geological setting in Quebec that enhances the potential for both antimony and gold. The project's proximity to the U.S. market further strengthens its strategic relevance, as North America seeks to insulate itself from Asian supply chain volatility.

Geological Expansion Potential and Investment Rationale

Recent drilling at Wabamisk has underscored its robust geological potential. The Fortin Zone has yielded intersections such as 0.89% antimony and 0.65 g/t gold over 41.9 meters, including a high-grade segment of 1.84% antimony and 10.9 g/t gold over 1.7 meters. Meanwhile, the Rosa Zone has revealed visible gold in 40% of drill holes, with 20 samples exceeding 1.0 g/t gold and eight surpassing 5.0 g/t gold. These results align with a 1.4-kilometer auriferous trend marked by induced polarization anomalies, suggesting significant upside for both gold and antimony.

The geological context is equally promising. The Fortin Zone's association with a massive albitic hydrothermal alteration zone-characterized by quartz veining and sulfide mineralization-points to a system capable of hosting deeper, higher-grade gold mineralization. Azimut's plans to resume drilling in early 2026 with a 5,000-meter program aim to expand the mineralized body at depth and refine resource estimates. Such efforts could position Wabamisk as a multi-decade asset, particularly as global demand for antimony is projected to grow by 8% annually through 2030.

Alignment with Global Supply Chain Resilience Strategies

The geopolitical imperative to secure critical minerals has elevated projects like Wabamisk to a national security priority. The U.S.-China licensing agreement announced in October 2025, which aims to ease access to rare earths and antimony, underscores the urgency of diversifying supply chains. While this deal provides temporary relief, it also highlights the long-term need for North American production. Azimut's projects align with this vision, offering a dual-commodity solution that mitigates the risks associated with single-mineral plays.

Moreover, the integration of technologies like satellite monitoring and blockchain traceability into mining operations-already adopted by Wabamisk-enhances transparency and sustainability, addressing investor concerns about ESG compliance. This technological edge, combined with Quebec's favorable mining jurisdiction, positions Azimut to attract capital from both institutional and sovereign wealth funds seeking exposure to critical minerals.

Investment Implications and Risks

While the geological and strategic case for Wabamisk is compelling, investors must weigh several factors. The project's current stage-focused on resource delineation-means significant capital will be required to advance to feasibility studies. However, Azimut's recent partnership with Rio Tinto, which has committed $85 million in exploration expenditures for a potential 70% stake in the Wabamisk East lithium project, demonstrates the company's ability to attract major partners. This model could be replicated for the gold and antimony assets, reducing capital intensity and accelerating timelines.

The primary risk lies in the volatility of antimony prices, which are heavily influenced by Chinese policy. However, the global push for mineral security-evidenced by the U.S. and EU's $2 billion Critical Minerals Framework with Australia-suggests that demand will remain resilient even if Chinese exports resume. For Azimut, the dual-commodity nature of Wabamisk provides a buffer against price swings in either market.

Conclusion

Azimut's Wabamisk Gold and Antimony Projects represent a rare convergence of geological promise and strategic necessity. In a world where supply chain resilience is paramount, the project's dual-commodity profile, expansive mineralization, and alignment with global decarbonization and defense goals make it a standout opportunity. As the U.S. and EU accelerate their critical mineral strategies, Wabamisk's potential to supply both antimony and gold-two commodities with divergent but complementary demand drivers-positions it as a cornerstone of North America's resource security.