07:29 AM EDT, 06/11/2024 (MT Newswires) -- Azimut Exploration ( AZMTF ) on Tuesday provided an update on its business strategy and comprehensive 2024 field season.

The company said it has a "robust" project pipeline and a minimum budget of $10 million for 10 projects, including $6 million in partner-funded programs. Azimut also said it has a strong balance sheet with $13 million in working capital and shares, and no debt.

The company noted that it is using advanced numerical targeting to boost discoveries while also developing partnerships to minimize financial risks.

For 2024, Azimut is focusing its work program on eight projects in the James Bay region in Canada.

Azimut's share price dropped 9.7% yesterday to $0.56.