Mr. Alex Klenman reports

AZINCOURT ENERGY ADVANCES DRILL PROGRAM AT SNEGAMOOK URANIUM DEPOSIT AND GREATER HARRIER URANIUM PROJECT

Planning is under way for a diamond drilling program at the highly prospective Harrier project in the Central Mineral belt in Newfoundland and Labrador, Canada, that includes the Snegamook uranium deposit.

Highlights:

• The 2,000-metre diamond drill program is designed to confirm and expand the Snegamook uranium deposit, where historical drilling intersected multiple broad zones of mineralization, including 0.974 per cent U3O8 (triuranium octoxide) over 0.5 metre.
• Preparing an updated National Instrument 43-101-compliant resource for the Snegamook deposit will be a priority for Azincourt.
• The Harrier project hosts over a dozen uranium mineralized zones, including surface samples returning up to 7.48 per cent U3O8, and greater than 1 per cent U3O8 in 10 separate areas -- demonstrating robust-grade potential across the property.
• With only 124 historical drill holes completed across a 49,400-hectare land package, the project remains significantly underexplored.
• Azincourt's 2025 field program validated past drill sites and identified two new uranium showings at Boiteau Lake and east of Anomaly 7, providing additional high-priority drill targets.

About the Harrier project

Azincourt's Harrier project covers 49,400 hectares over five distinct licence groups, representing one of the largest land positions in the Central mineral belt. The Harrier project covers the Snegamook uranium deposit and straddles key uranium-bearing structural corridors directly adjacent to and on trend with Atha Energy Corp.'s Moran Lake (9.6 million pounds U3O8 and 11.8 million pounds V2O5 (vanadium pentoxide)) and Anna Lake (4.9 million pounds U3O8) deposits and Paladin Energy Ltd.'s Michelin deposit (127.7 million pounds U3O8) -- placing Azincourt at the centre of a proven and growing uranium camp.

The Harrier project, with over a dozen known uranium mineralization zones and surface rock samples grading up to 7.48 per cent U3O8 (and greater than 1.0 per cent U3O8 in 10 distinct zones), offers a rare combination of grade, scale and geological continuity. Notably, only 124 drill holes (19,851 metres total; over half of this on the former Snegamook project area) have ever been completed across the combined property -- leaving ample opportunity for new discovery with modern methods.

2025 summer work program

The introductory work program was completed in late August (see news release dated Oct. 1, 2025) consisting of helicopter-supported reconnaissance of existing identified uranium occurrences and prospecting of previously identified radiometric anomalies. Eleven previously identified uranium showings and the Snegamook deposit were visited by Azincourt's vice-president, exploration, to get an understanding of the characteristics and settings of the uranium mineralization present on the property. Two new uranium showings were identified in outcrop in the Boiteau Lake area and in boulders and outcrop east of the Anomaly 7 area. Assay sample results are still pending for these areas.

In the Snegamook deposit area, the location of the drill core from the 2007/2008 exploration programs was confirmed at the old camp site used by Silver Spruce Resources. Much of the core is in decent shape considering it has been exposed to the elements for almost 20 years. Several drill holes that intersected the Snegamook deposit mineralization and the Snegamook Southeast showing were examined and a few samples were collected to confirm uranium grades. Reconnaissance of the deposit area was undertaken to examine ground conditions for future drilling and examine the old drill pads for confirmation of hole numbers, locations and hole orientation. Many drill pads were easily recognizable and marked with casings. Metal-tagged wooden posts were present at many sites, allowing easy confirmation of the hole numbers.

2026 diamond drilling program

The diamond drilling program currently being planned will consist of approximately 2,000 metres of drilling in six to 10 drill holes. It is anticipated that the program will commence once the snow melts and lakes are ice-free. The majority of the drilling will be conducted on the Snegamook deposit; however, a number of holes will target the Boiteau Lake area in preparation for a larger program to follow.

Snegamook deposit

A high-priority target for diamond drilling is the Snegamook uranium deposit, where drilling in 2007 and 2008 to follow up a radon gas anomaly identified uranium mineralization located 1.3 kilometres along strike to the southeast of the Two Time zone (indicated and inferred resource of 5.55 million pounds U3O8; Silver Spruce Resources; June, 2008). Seventeen drill holes intersected a 20-to-50-metre-wide section of uranium-bearing brecciated and altered monzodiorite with moderate to strong chlorite, hematite and carbonate alteration, the same geological setting as the Two Time zone.

A review of existing sample data for the Snegamook deposit was completed. Of note is that the best grade is encountered in hole SN-08-06, at 0.974 per cent U3O8 over 0.5 metre, and the deposit is still open to the southeast of this hole toward the Snegamook Southeast showing.

In 2008, a preliminary resource estimate for the Snegamook zone was prepared by Silver Spruce Resources; however, it was never finalized in a report or filed. Work to be conducted as part of the preliminary 2026 drill program will include:

• Rehabilitate and examine drill core from the Snegamook deposit at the Kanairiktok core storage;
• Engage an independent qualified person to examine the available core and consult on additional drilling at the deposit as part of preparing a maiden resource estimate;
• Twin key drill holes at the deposit to confirm historical mineralization;
• Conduct additional drilling to expand the size of the existing deposit.

Diamond drilling and preparing an updated NI 43-101-compliant resource for this deposit will be a priority for Azincourt.

"We are excited to commence drilling in Labrador. There is no shortage of drill-ready targets located on the Harrier project," commented Trevor Perkins, Azincourt Energy's vice-president of exploration. "Our priority is to confirm the historical results and begin an expansion of the Snegamook deposit in preparation for a preliminary resource estimate for the deposit. At the same time, we want to advance other targets on the property to unlock the value this property contains," continued Mr. Perkins.

About the Central mineral belt

Labrador's Central mineral belt (CMB) is one of Canada's most underexplored yet highly prospective uranium regions. Known for its numerous uranium and base metal deposits and showings, the CMB has seen renewed interest due to growing global demand for secure, domestic uranium supply as countries aim to increase nuclear power capacity to meet net-zero emissions goals.

The CMB hosts multiple large-scale uranium discoveries, including Paladin Energy's Michelin uranium project (127.7 million pounds U3O8), the Moran Lake C deposit (historical resource of 9.6 million pounds U3O8 and 11.8 million pounds V2O5) and the Anna Lake deposit (historical resource of 4.9 million pounds U3O8). These known resources demonstrate the belt's exceptional uranium endowment -- but vast areas remain underexplored, with modern techniques only recently being applied across the region.

With its stable jurisdiction, historical high-grade discoveries and modern exploration momentum, the CMB is emerging as one of North America's most exciting uranium exploration corridors.

Qualified person

The technical information in this news release has been prepared in accordance with the Canadian regulatory requirements set out in NI 43-101 and reviewed and approved on behalf of the company by C. Trevor Perkins, PGeo, vice-president, exploration of Azincourt Energy, and a qualified person as defined by National Instrument 43-101.

About Azincourt Energy Corp.

Azincourt is a Canadian-based resource company specializing in the strategic acquisition, exploration and development of alternative energy/fuel projects, including uranium, lithium and other critical clean energy elements. The company is currently active at its East Preston uranium project, located in the Athabasca basin in Saskatchewan, and its Snegamook and Harrier uranium projects, located in the Central mining belt of Labrador.

Note: The historical results, interpretation and drill intersections described herein have not been verified and are extracted from news releases issued by Silver Spruce Resources Inc. on April 24, 2008, and Aug. 12, 2008, as well as annual management discussion and analysis documents filed on SEDAR+ and Koba Resources Ltd. on April 11, 2024, and Aug. 20, 2024, which can be found on Koba Resources' website. The company has not completed sufficient work to confirm and validate any of the historical data contained in this news release. The company considers the historical work a reliable indication of the potential of the Harrier project and the information may be of assistance to readers.

The information on the Michelin, Morin Lake C and Anna deposits has been extracted from the websites and investor presentations of Paladin Energy and Atha Energy.

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