Activist shareholders accuse Azimut Exploration of ‘squatting’ on Quebec lithium lands – by Henry Lazenby ( – March 16, 2023)

Two activist shareholders with ‘substantial’ holdings in Azimut Exploration (TSXV: AZM) have accused the junior of “squatting” on some of Quebec’s most prospective lithium lands.

Coloured Ties Capital (TSXV: TIE) and privately held Bullrun Capital this week issued a second open letter to Azimut’s founder, president and CEO Jean-Marc Lulin, accusing the geologist of refusing to acknowledge or engage with them about its detailed exploration plans for its James Bay lithium portfolio.

The activists are turning up the heat on Lulin and Azimut after the Corvette lithium discovery by Patriot Battery Metals (TSXV: PMET; ASX: PMT; OTCQX: PMETF) and the Adina discovery of Winsome Resources. Patriot aims to publish the first resource on Corvette this summer. The concerned shareholders say they are active investors in Quebec’s critical mineral exploration projects via investments in junior explorers.

“These companies have made discoveries that have made James Bay the lithium exploration capital of the world and provided amazing shareholder returns to all investors in the James Bay region,” they said in a Tuesday press release.

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