Region
James Bay
Introduction
The Kaanaayaa property is 35 km south of the Trans Taiga Road, a nearly 600-km-long gravel highway running east-west through the James Bay region, and a powerline next to the highway, and 42 km south of the LG-4 airport. It is located east of the Corvet and Pikwa properties. Kaanaayaa is attractive for its large-scale multi-element footprint and several Li-Cs anomalies in lake-bottom sediments. Its significant lithium exploration potential is supported by data analysis and its strategic location relative to the emerging Corvette (Patriot Battery Metals) lithium district, and the property’s favourable geology marked by metasediments and mafic to intermediate volcanics cut by several small but potentially fertile granitic intrusions. In addition, an adjacent property, jointly held by Osisko Exploration James Bay Inc. and Newmont Corporation, hosts several significant gold prospects.
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%).
