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1. Disclosure for the quote from the John Newell article published on February 9, 2026

1. For the quoted article (published on February 9, 2026), Azincourt Energy Corp. has paid Street Smart, an affiliate of Streetwise Reports, US$3,000.
2. Author Certification and Compensation: [John Newell of John Newell and Associates] was retained and compensated as an independent contractor by Street Smart for writing this article. Mr. Newell holds a Chartered Investment Management (CIM) designation (2015) and a  U.S. Portfolio Manager designation (2015). The recommendations and opinions expressed in this content reflect the personal, independent, and objective views of the author regarding any and all of the companies discussed. No part of the compensation received by the author was, is, or will be directly or indirectly tied to the specific recommendations or views expressed.

John Newell Disclaimer

As always it is important to note that investing in precious metals like silver carries risks, and market conditions can change violently with shock and awe tactics, that we have seen over the past 20 years. Before making any investment decisions, it's advisable consult with a financial advisor if needed. Also the practice of conducting thorough research and to consider your investment goals and risk tolerance.

2. Ownership and Share Structure Information

The information listed above was updated on the date this article was published and was compiled from information from the company and various other data providers.

Azincourt Energy Corp. (AAZ:TSX.V; AZURF:OTC) is gearing up for a significant late-summer diamond drilling and prospecting program at its Harrier uranium project in the Central Mineral Belt of Labrador, the company announced in a June 11 release.

This project encompasses the Snegamook uranium deposit and spans 12,200 hectares across five distinct license groups, making it one of the largest land holdings in the region, the company said. The Harrier project is strategically located near key uranium-bearing structural corridors, adjacent to and in line with notable deposits such as Atha Energy's Moran Lake and Anna Lake deposits, as well as Paladin Energy's Michelin deposit. This positions Azincourt at the heart of a well-established and expanding uranium camp.

The Harrier project is distinguished by its multiple known uranium mineralization zones and surface rock samples that have yielded grades up to 7.48% U3O8, with more than 10 zones showing grades greater than 1 percent U3O8, Azincourt noted. Despite its potential, the project remains relatively underexplored, with only 124 drill holes, totaling 19,851 meters, historically completed across the property. This leaves significant room for new discoveries using modern exploration techniques.

The planned 2026 diamond drilling program aims to complete approximately 2,000 meters of drilling across six to 10 drill holes at the Snegamook uranium deposit. The primary goal of this drilling effort is to establish an initial resource estimate, incorporating both new drilling data and historical data from drilling previously conducted by Silver Spruce Resources. All necessary services, including drill, camp, and helicopter, have been secured, with the program expected to commence in mid to late August.

In conjunction with these field activities, Azincourt has also launched an updated corporate website. This revamped online platform is designed to provide investors and stakeholders with enhanced access to detailed project information, corporate materials, and the latest news and updates. This is part of Azincourt’s broader strategy to advance its uranium exploration projects in Labrador and Saskatchewan.

"This late-summer program represents an important step forward for Azincourt as we begin advancing the Snegamook uranium deposit and broader Harrier project in a more systematic way," Chief Executive Officer Mark Tommasi said. "With drilling, camp and helicopter services now contracted, and with the launch of our updated corporate website, we are focused on improving market visibility while executing a field program designed to confirm historical mineralization, support future resource work and continue building a pipeline of quality uranium targets in Labrador."

Historical Drilling at Snegamook

At the Snegamook deposit, historical drilling conducted in 2007 and 2008 revealed uranium mineralization about 1.3 kilometers southeast of the Two Time zone, with seventeen drill holes intersecting a 20- to 50-meter section of uranium-bearing, brecciated, and altered monzodiorite. This geological setting is similar to that of the Two Time zone, characterized by moderate to strong alterations of chlorite, hematite, and carbonate.

During the summer 2025 prospecting program, Azincourt undertook a review of historical exploration data and available core samples, the company said. Check sampling from this review yielded significant results; a 10-centimeter sample from drill hole SN-08-06 showed a uranium grade of 2.71% U3O8, improving upon the historical sampling grade of 0.97% U3O8. Another sample from drill hole SN-08-18 returned 0.35% U3O8, confirming the high quality of mineralization around the Snegamook deposit and suggesting the presence of higher-grade lenses within the deposit.

Despite a preliminary resource estimate being prepared by Silver Spruce Resources in 2008, it was never finalized or filed, Azincourt said. The upcoming 2026 drill program at Snegamook includes rehabilitating and examining historical drill cores, engaging an independent qualified person to review the cores and advise on additional drilling, and twinning selected historical drill holes to confirm mineralization. The program aims to complete additional drilling to explore the extent of known mineralization, with the goal of preparing a maiden National Instrument 43-101-compliant mineral resource estimate.

"Our initial drilling at Snegamook is designed to confirm selected historical mineralized intervals, improve our understanding of the deposit geometry, and test opportunities to expand known mineralization," said company Vice President of Exploration Trevor Perkins. "In parallel, the broader 2026 field program will continue advancing additional uranium occurrences across Harrier, with the objective of developing a stronger pipeline of drill-ready targets for future programs."

In addition to the Snegamook drilling, the 2026 summer prospecting program will include helicopter-supported reconnaissance and ground follow-up across the Harrier project's priority areas. This will build on the 2025 fieldwork, focusing on advancing known uranium occurrences and untested radiometric anomalies to drill-ready status. Key areas for follow-up work include the Brook showing, where previous sampling yielded high uranium grades, and the Boiteau Lake area, among others. The program also aims to investigate the source of highly mineralized boulders found in the Minisinakwa claim group.

Perkins noted that the 2025 field program confirmed multiple uranium occurrences within the Harrier project that merit systematic exploration, setting the stage for continued advancement of these targets in 2026.

Analyst: Nuclear Is Increasing as a Strategic Fuel

¹Uranium is no longer seen as a speculative niche within the energy market; it is increasingly regarded as a strategic fuel, John Newell of John Newell & Associates noted in a review of Azincourt on February 9.

The challenge lies in supply, he said. Years of underinvestment have left global uranium production unable to meet reactor demand, pushing utilities back into the long-term contracting market. These contracts are being signed at higher prices and for extended durations, further tightening the available supply. In this context, new discoveries and advanced exploration projects in stable regions are not optional — they are necessary. This shift brings overlooked junior uranium explorers back into the spotlight.

Azincourt "represents a high-risk, high-reward uranium opportunity offering genuine optionality at a point in the cycle where fundamentals are improving faster than market valuations," Newell noted. "For investors comfortable with exploration risk and seeking leveraged exposure to a sustained uranium bull market, Azincourt Energy is a speculative buy at current levels around CA$0.07, with the understanding that value creation will ultimately depend on execution, drilling results, and broader market conditions." (The stock was CA$0.055 per share at the time of writing.)

The Catalyst: The Resurgence of Nuclear

Utilities are actively preparing for a significant rise in uranium prices, with many long-term fuel contracts now based on the expectation of higher future costs. This trend was emphasized by Cameco Corp. President Grant Isaac during his appearance on the "Triangle Investor" podcast on April 6, as reported by John Potter for Benzinga on June 6.

Isaac noted that many utilities are now modeling their long-term uranium contracts to anticipate prices around US$120 per pound, incorporating price floors and ceilings to mitigate financial risks associated with price fluctuations. He revealed that a substantial portion of the market, specifically 70% of the volumes contracted in 2025, is already pricing uranium at three-digit figures, with the midpoint nearly at US$120.

Isaac also highlighted that about 116 million pounds of uranium were secured under long-term contracts in 2025, in a market that consumes about 190 million pounds annually. He expressed Cameco's preference for contracts linked to future market prices rather than fixed-price agreements set years in advance, emphasizing the importance of securing future supplies through such contracts.

The demand for nuclear energy is increasing as governments and technology companies seek reliable sources of carbon-free electricity for data centers and industrial power needs. Additionally, several countries are extending the operational lifespans of their aging nuclear reactors to meet the growing global demand for electricity, as noted in a 2025 report by the International Energy Agency. This underscores the growing reliance on nuclear energy and the strategic importance of uranium in the global energy landscape.

The World Nuclear Association has recognized uranium as a crucial energy-linked mineral for the past six decades, according to a May 11 report by Amy Rotman for Mining.com.au. Major uranium mining operations are located in Canada, Namibia, Kazakhstan, and Australia, with new exploration areas emerging globally. Since 2020, there has been a noticeable recovery in uranium prices, reflecting a positive shift in global sentiment towards nuclear power as a vital low-carbon energy source that can help meet global emissions targets and enhance energy security.

At COP28 in December 2023, a declaration was made to triple nuclear energy capacity by 2050, an initiative supported by over 20 countries, including major players like the U.S., Canada, France, Japan, and the U.K. This commitment was reinforced at COP30, with participation expanding to 33 countries. The International Atomic Energy Agency (IAEA) described this goal as ambitious, projecting a potential doubling of capacity to between 561 gigawatt electric (GWe) and 992 GWe by 2050, which would solidify nuclear power as a key component of the global clean energy transition. As of November 19, 2025, the world has 376.3 GWe of nuclear capacity from 416 operational reactors.

Ownership and Share Structure²

Institution Arrow Capital Management LLC holds 0.04%. Management and insiders own 1.25%. The rest is held by retail investors.

Azincourt has 151. 74 million shares outstanding, and its market cap is CA$7.59 million. Its 52-week range is CA$0.03–CA$0.15 per share.