Azincourt Energy Corp. (AAZ:TSX.V; AZURF:OTC) completed its acquisition of the option to earn 100% interest in the Harrier uranium project and of the adjacent staked claims, in Canada's Central Mineral Belt (CBM) in Labrador, a news release noted.
U3O8 Exploration in Prospective Belt
Headquartered in Vancouver, British Columbia, Azincourt Energy is a resource company specializing in the strategic acquisition, exploration and development of alternative energy/fuel projects. The company is targeting advanced but underexplored uranium projects with significant upside potential, according to its Investor Presentation.
Its current focus is the newly acquired option on the Harrier project, recently expanded to encompass Azincourt's Snegamook uranium deposit, last explored in 2008. Harrier now spans 49,400 hectares and, excluding Snegamook, covers 12 uranium mineralized zones identified via 89 historical drill holes. These zones, noted in the presentation, include Fish Hawk North, having returned up to 5.08% U3O8; Brook, up to 4.86% U3O8; Moran Heights, up to 7.48% U3O8 (outcrop), 7.2% U3O8 (boulder); and Boiteau, Minisinakwa, Anomaly 7/17 and Firestone, 1.1–3.5% U3O8.
Recent exploration at Harrier included rock sampling, airborne radiometric surveys, and limited drilling. In 2024, new prospects delineated there included Goshawk, Falcon, and Two Time East.
Harrier is strategically located in the Central Mineral Belt (CMB), where it is one of the largest-held land positions. The CMB is a 260 kilometer (260 km) by 75 km region in which multiple large-scale uranium discoveries have been made, such as Atha Energy Corp.'s (SASK:TSX.V; SASKF:OTCMKTS) Moran Lake (which the Harrier Project is directly adjacent to), at 9.6 million pounds (9.6 Mlb) U3O8, and Anna Lake, at 4.9 Mlb U3O8.
Paladin Energy Ltd.'s (PDN:TSX; PDN:ASX) Michelin deposit is also there. With a Measured and Indicated resource of 82.2 Mlb U3O8, Michelin is one of the world's largest undeveloped resources. Despite the many discoveries made in the CMB since exploration began there in the early 1950s, it is still relatively underexplored.
"The viability of another uranium camp emerging in Canada is high, and management believe that there is a high chance that CMB might be the next, given the remoteness of other jurisdictions in Canada's Far North," David Talbot, managing director and head of equity research at Red Cloud Securities, wrote in a May 14 research note.
Going forward, Azincourt intends to concentrate on Harrier, while also continuing exploration at its East Preston uranium project in Saskatchewan's Athabasca Basin. The company owns 78.4% of this joint venture project, and Skyharbour Resources Ltd. (SYH:TSX.V; SYHBF:OTCQX; SC1P:FSE) owns the rest. Perhaps Azincourt will consider monetizing East Preston via an earn-in agreement with a third party.
Uranium is a Hot Commodity
Around the world, the transition to clean energy and decarbonization goals have sparked renewed interest in nuclear power, leading to surging demand. Yet global uranium supply is constrained and insufficient, experts say. Factors influencing the market include supply security, trade policies, geopolitical conflicts, and uncertainty surrounding some of them.
"As global tensions increase and countries seek to reduce dependency on potentially adversarial nations for critical materials, uranium from stable, allied jurisdictions gains strategic value," F3 Uranium CEO Dev Randhawa told Crux Investor. "This trend favors producers in countries like Canada, Australia, and the United States."
Several countries, including the U.S., the United Kingdom, and South Korea, have announced plans to expand nuclear energy capacity by 2050, reported The Astana Times on June 10. Countries phasing out their nuclear programs are reversing course or considering doing so, such as Germany and Spain, a June 10 Discovery Alert article noted. Other countries are exploring new builds and/or extending the life span of existing nuclear power plants.
New and high uranium demand is coming from technology sectors needing reliable, carbon-free, around-the-clock power to run their data centers and artificial intelligence systems. Tech giants, including Meta, Amazon, Microsoft and Google, continue to invest in nuclear energy to meet this need.
Global investment in nuclear energy has grown 50% each year since 2020, and nuclear capacity is expected to increase 130% by 2050, The Astana Times reported.
While demand for uranium is soaring, surging, global production of the metal is growing. Production is expected to expand 2.6% this year to 62,200 tons, according to Research and Markets. While this is positive, this amount is insufficient to combat the world's years-long uranium supply deficit. Current global production capacity is materially below reactor requirements by 30–40 Mlb annually, Discovery Alert indicated.
Existing and new supply continue to be hampered by various factors. These are suspensions and production halts at major mines such as Kazakhstan's Inkai, jurisdictional challenges, limited new mine development, long timelines for permitting, financing, and construction, and more. Uranium prices remain below the US$80 per pound (US$80/lb) threshold for economically viable projects, noted Fundamental Research Corp. analysts. (The uranium spot price was US$69.75 when the market closed on June 12.)
"This underlying reality creates a foundation for continued price appreciation regardless of short-term uranium volatility insights," wrote Discovery Alert.
Investing in uranium should be done with a long-term view and knowledge that prices can be volatile, Crux Investor warned.
"Companies with quality assets in stable jurisdictions, strong balance sheets, and demonstrated operational capabilities offer the most attractive risk-reward profiles in this complex but strategically important sector," Crux added.
The Catalyst: Pre-Drill Campaign Work
Azincourt continues to prepare for and plan a maiden drill program for Harrier in 2026, the company said. These preliminary efforts include digitizing and analyzing historical data and drill core and doing reconnaissance work to delineate drill targets. The objective with future drilling, according to Azincourt, would be to verify and expand historically encountered mineralization.
"The next goal would be to turn targets/showings into zones and deposits and even look at a resource for Snegamook," Talbot wrote.
Stock Undervalued, Buy Rated
Red Cloud's Talbot pointed out in his latest research report that with Harrier, Azincourt aims to delineate resources and discover deposits.
"There is already some critical mass in the region, thus some of these emerging deposits may help push the entire district forward towards development," he wrote.
As for Azincourt's stock, Talbot rates it Buy. He reported that as of May 14, AAZ was trading at a discount in terms of enterprise value, at CA$8.4 million (CA$8.4M) versus peers at $105.8M. At that time, Azincourt's share price was CA$0.03 versus CA$0.02 at the end of trading on June 12, 2025.
"We believe that positive exploration results should help drive the stock in the near term," the analyst wrote.
Technical Analyst Clive Maund, in a May 13 statement provided exclusively to Streetwise Reports, presented a bullish outlook on Azincourt and cited key chart patterns and volume indicators as evidence of strong momentum.
He explained that Azincourt's stock had been forming a flat base pattern at a low level between August 2024 and March of this year, when, in a very bullish move, it broke out on strong volume. After, it reacted back to support at the base pattern's upper boundary, a classic "buy spot" ahead of a new run-up. A strong accumulation line continued making new highs even as the price dipped, further indication of an upcoming advance.
"Azincourt Energy is rated an immediate Strong Buy ahead of the expected second upleg, which is likely to be sizable," Maund wrote.
Harrier Option Agreement
For the Harrier Option, Azincourt had entered into an agreement with Koba Resources Ltd. (KOB:ASX), Koba subsidiary Uranidor Resources Ltd. and Dean Fraser, in which Koba had assigned its option to acquire 100% interest in Harrier and its mineral claims to Azincourt.
For the Staked Option, Azincourt had entered into a property option agreement with Koba and Uranidor, pursuant to which they had granted Azincourt the option to acquire 100% interest in certain mineral claims near Harrier.
Two addenda subsequently were made to each of these agreements.
Harrier Option Addenda
Regarding the Harrier Option, in one addendum, Azincourt and Fraser clarified when and how the total share count in future share issuances is to be adjusted. If the 20-day volume weighted average price of the common shares on the TSX Venture Exchange (TSX.V) at closing prior to the issuance date (20DVWAPAC) exceeds CA$0.025 (versus CA$0.02 before), two events will occur. The number of common shares issuable will be reduced, and Azincourt will make an additional cash payment.
The revised shares total will be the quotient of the aggregate dollar amount outlined in the agreement divided by the 20DVWAPAC.
The amount of the additional cash payment will be calculated this way: The number of shares issuable will be multiplied by the 20DVWAPAC. The resulting product will be subtracted from the number of shares issuable multiplied by CA$0.025 (previously CA$0.02).
The parties also amended the finder's fee agreement. Now the maximum finder's fee Azincourt is to pay is 2,687,500 common shares (versus 3,375,000 previously). Shares in these amounts are to be issued at these times, and this is how a new total will be calculated if and when the 20DVWAPAC exceeds CA$0.025:
- 350,000 shares, due either on the assignment of the Harrier Option or June 30, 2025, whichever comes first / CA$75,000 (CA$75K) multiplied by 10% then divided by the 20DVWAPAC
- 825,000 shares, due on or before April 11, 2026 / CA$175K multiplied by 10% then divided by the 20DVWAPAC
- 837,500 shares (previously 1,125,000), due on or before April 11, 2027 / CA$50K multiplied by 10% plus $175,000 multiplied by 7.5% then divided by the 20DVWAPAC
- 675,000 shares (versus 1,000,000 before), due on or before April 11, 2028 / CA$200K multiplied by 7.5% then divided by the 20DVWAPAC
Staked Option Addenda
Regarding the Staked Option, the parties made a similar amendment with respect to the finder's fee. Now, the maximum finder's fee Azincourt is to pay is 2,700,000 common shares (3,200,000 before).
Here are the share amounts to be issued and when, and the way a new total will be calculated if and when the 20DVWAPAC exceeds CA$0.05:
- 1,200,000 shares, due on the closing date / CA$300K multiplied by 10% then divided by the 20DVWAPAC
- 750,000 shares (versus 1,000,000 before), due on or before the date that is 12 months before the closing date / CA$250K multiplied by 7.5% then divided by the 20DVWAPAC
- 750,000 shares (previously 1,000,000), due on or before the date that is 24 months before the closing date / CA$250K multiplied by 7.5% then divided by the 20DVWAPAC
Stipulations added to the Staked Option agreement, via an amendment, are as follows:
- The final reports on the staked claims are due on or before July 8, 2027, subject to extension by request.
- Azincourt shall reimburse Koba CA$29,265 on the fifth business day after TSX.V approval.
- Azincourt will assume the rights to the CA$5K security deposit Koba paid to the Newfoundland and Labrador province for the proposed work plan on Labrador Inuit lands.
- Azincourt will assume the rights to the CA$24,265 Koba paid to the Department as a C2 loan for mining claim 033545M.
- Koba shall maintain the rights to the CA$71.6K or balance of the deposit held by the Department against each of the staked claims.
Streetwise Ownership Overview*
Azincourt Energy Corp. (AAZ:TSX.V; AZURF:OTC)
Ownership and Share Structure
According to Refinitiv, insiders and institutional investors own 0.9% of Azincourt Energy. President, CEO and Director Alex Klenman is the major shareholder, with 0.39%. Other insider shareholders are Director Paul Reynolds and Vice President of Exploration Trevor Perkins.
Institutional investors are Arrow Capital Management LLC and Tidal Investments LLC. The rest is in retail.
As of June 12, Azincourt has 390.54 million (390.54M) outstanding shares and 387.5M free float traded shares. Its market cap is CA$7.14M. Its 52-week range is CA$0.01–0.45 per share.
Important Disclosures:
- Skyharbour Resources Ltd. is a billboard sponsor of Streetwise Reports and pays SWR a monthly sponsorship fee between US$4,000 and US$5,000. In addition, Azincourt Energy Corp. has a consulting relationship with Street Smart an affiliate of Streetwise Reports. Street Smart Clients pay a monthly consulting fee between US$8,000 and US$20,000.
- As of the date of this article, officers and/or employees of Streetwise Reports LLC (including members of their household) own securities of Azincourt Energy Corp.
- Doresa Banning wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an independent contractor/employee.
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