Mr. Mark Tommasi reports

AZINCOURT ENERGY REPORTS ADDITIONAL DRILL RESULTS AT SNEGAMOOK URANIUM DEPOSIT

Azincourt Energy Corp. has provided an update on the 2026 drilling program at the Snegamook uranium deposit on the Harrier project in the Central mineral belt in Labrador, Canada. The company has completed an additional 529 metres in two diamond drill holes, bringing the total completed to date to 1,069 metres in four holes.

Highlights:

• Hole SN0048 intersected 19.0 metres grading 0.03 per cent eU3O8 (equivalent triuranium octoxide), including shorter intervals grading up to 0.05 per cent eU3O8, within a broader 31.6-metre zone of elevated radioactivity.
• Hole SN0047 encountered multiple intervals of elevated radioactivity, including 0.8 metre grading 0.03 per cent eU3O8, as drilling continues to evaluate the geological setting of historical uranium mineralization.
• Four drill holes totalling 1,069 metres have been completed, with the 2026 program now expected to total approximately 1,800 metres.
• Historical high-grade uranium results provide important exploration context, including 0.97 per cent U3O8 (triuranium octoxide) over 0.5 metre in historical hole SN-08-06 and a selective 2025 check sample grading 2.71 per cent U3O8 over 10 centimetres. This selective 10-centimetre check sample is not necessarily representative of the grade or width of the historical interval or of the deposit generally.
• Drilling and historical core evaluation are intended to advance the company's understanding of Snegamook, supporting its assessment of whether sufficient verified geological data can be assembled for a potential maiden mineral resource estimate.

The reported eU3O8 grades are preliminary radiometric equivalent uranium grades calculated from downhole gamma measurements and are not laboratory assay results. Laboratory assays are pending and may differ from the radiometric equivalent grades. All reported intervals are downhole lengths; true widths have not been determined.

2026 diamond drilling program

The company has completed four diamond drill holes on the Snegamook uranium deposit. Three holes were targeted to follow up the mineralized intersection from historical hole SN-08-06 at the southern end of the deposit, where historical sampling had indicated 0.97 per cent U3O8 over 0.5 metre and a 10-centimetre check sample collected in 2025 returned a grade of 2.71 per cent U3O8. The fourth hole was targeted to follow up mineralization in historical hole SN-08-24, where historical sampling had indicated 0.05 per cent U3O8 over 20.0 metres, including 0.118 per cent U3O8 over 2.0 metres. The first two holes were reported in a news release dated Oct. 14, 2026. Initial results are reported as preliminary radiometric equivalent uranium grades (eU3O8) rather than laboratory assay results. Laboratory assays are pending. Reported intervals are downhole lengths; true widths have not been determined.

Hole SN0047 was drilled 50 m ahead of SN-08-06 at a dip of 45 degrees to evaluate the expression of the mineralized horizon 35 m up-dip from SN-08-06. This hole was drilled to a depth of 254 m and intersected multiple small zones of elevated radioactivity over a 29.50-metre interval from 67.55 to 97.05 m within a healed brecciated monzodiorite gneiss. Uranium mineralization was not easily identified within the drill core but registered with the downhole gamma survey, potentially indicating a near-miss.

Highlights include:

• 0.03 per cent eU3O8 over 0.8 m from 70.35 to 71.15 m:
  • Including 0.06 per cent eU3O8 over 0.3 m from 70.65 to 70.95 m.

SN0048 was drilled 2.0 m away from SN-08-24 at a dip of 45 degrees to twin the historical hole. This hole was drilled to a depth of 275 m and intersected a 31.6-metre zone of elevated radioactivity averaging 0.01 per cent eU3O8 from 78.85 to 110.45 metres within a healed brecciated monzodiorite gneiss cut by thin amphibolite dikes. Mineralization included fracture coatings and disseminations within the healed breccias.

Highlights within the mineralized zone include:

• 0.03 per cent eU3O8 over 19.0 m from 78.85 to 97.85 m:
  • Including 0.05 per cent eU3O8 over 0.3 m from 85.05 to 85.35 m;
  • And including 0.05 per cent eU3O8 over 1.0 m from 88.25 to 89.25 m.

The diamond drilling program commenced in late September and, due to a later-than-expected start, is now expected to consist of approximately 1,800 metres in six to seven drill holes at the Snegamook uranium deposit. The program is designed to provide additional geological and confirmatory information that may support the company's evaluation of a potential future mineral resource estimate, subject to verification of the historical data, the results of the 2026 program and the availability of sufficient data meeting applicable National Instrument 43-101 requirements.

"These holes continue to confirm the extent of the mineralizing system and setting of the Snegamook uranium deposit," commented Trevor Perkins, vice-president of exploration. "The results demonstrate the thick mineralized horizon and variable nature of the grades," continued Mr. Perkins.

"Each additional hole advances our understanding of Snegamook and helps us sharpen our exploration plans," said Mark Tommasi, chief executive officer of Azincourt Energy. "We see an exciting opportunity to build on the historical work at this uranium target. Through drilling, laboratory assays and historical core review, we are building the geological foundation to guide the next phase of exploration and assess the potential for a future mineral resource estimate."

Snegamook uranium deposit

The priority for the 2026 exploration program is diamond drilling at the Snegamook uranium deposit. Historical drilling completed in 2007 and 2008 identified uranium mineralization approximately 1.3 kilometres southeast of the Two Time uranium deposit. Seventeen historical drill holes intersected a 20- to 50-metre-wide section of uranium-bearing, brecciated and altered monzodiorite characterized by moderate to strong chlorite, hematite and carbonate alteration, which is interpreted to represent a geological setting similar to the Two Time uranium deposit.

The Two Time uranium deposit is hosted by brecciated and fractured monzodiorite to diorite gneiss of the Kanairiktok intrusive suite. Uranium mineralization is breccia hosted and occurs within an extensive zone of hematite, chlorite and carbonate alteration. An NI 43-101-compliant resource was prepared on behalf of Silver Spruce Resources Inc. and Universal Uranium in June, 2008, and reported an indicated and inferred resource of 6.1 million pounds U3O8 (Ross, 2008).

As part of Azincourt's continuing review of historical exploration data and available core, check sampling was completed during the summer 2025 prospecting program. A 10-centimetre check sample collected from drill hole SN-08-06 returned a grade of 2.71 per cent U3O8. This sample came from an interval where historical sampling had indicated 0.97 per cent U3O8 over 0.5 m. This was the best mineralized interval from the historical drilling on the Snegamook uranium deposit. A 10-centimetre check sample collected from SN-08-18, which intersected the uranium showing to the southeast of the Snegamook uranium deposit, returned 0.35 per cent U3O8. These check samples provide additional evidence of uranium mineralization in the Snegamook area. Because of their short and selective nature, the results should not be considered representative of the grade or width of the historical intervals or of the deposit generally.

In 2008, work on a preliminary resource estimate for the Snegamook uranium deposit was commenced by Silver Spruce Resources; however, it was never completed or finalized in a report or filed. No current or historical mineral resource has been established for the Snegamook uranium deposit. Work to be conducted as part of the 2026 drill program will include:

• Rehabilitating and examining historical drill core from the Snegamook uranium deposit at the Kanairiktok core storage facility;
• Engaging an independent qualified person to examine available core and consult on additional drilling in connection with potential future mineral resource work;
• Twinning selected historical drill holes to confirm mineralization;
• Completing additional drilling to test the extent of known mineralization.

Diamond drilling, historical core review and the collection of additional confirmatory data are priorities for Azincourt as it evaluates the preparation of a possible maiden NI 43-101-compliant mineral resource estimate for the Snegamook uranium deposit.

All activities for the work program are being conducted from the Florence Lake exploration camp approximately 170 kilometres north of Goose Bay, Labrador, under the supervision of C. Trevor Perkins, Azincourt's vice-president of exploration. Camp and helicopter services have been contracted through Titjaluk Logistics Ltd. of Roddickton, Nfld., with drilling services contracted through Quesnel Brothers Diamond Drilling Ltd. of Denare Beach, Sask.

About the Central mineral belt

Labrador's Central mineral belt (CMB) hosts numerous uranium and base metal deposits and showings and has experienced renewed exploration activity as interest in secure uranium supply has increased. To date, there has been no uranium production in the CMB.

The CMB includes Paladin Energy's Michelin uranium project, consisting of six deposits including Michelin and Jacques Lake, reported to contain a total mineral resource of 127.7 million pounds U3O8 (Paladin annual report, 2026), the historical Moran Lake C deposits, reported to contain an indicated and inferred resource of 9.3 million pounds U3O8 and 25.3 million pounds V2O5 (vanadium pentoxide) (Morgan and Giroux, 2008), and the historical Anna Lake deposit, reported to contain an inferred resource of 4.9 million pounds U3O8 (Fraser and Giroux, 2009). These third party figures are provided for regional context only, have not been independently verified by Azincourt and are not necessarily indicative of mineralization at the Harrier project.

The company believes the CMB remains prospective for additional uranium discoveries, while recognizing that further exploration is required to evaluate targets on the Harrier project.

Use of radiometric equivalent grades

During active exploration programs, drill holes are radiometrically logged using a calibrated downhole Mount Sopris 40TGU Triple Gamma probe, which collects continuous readings along the length of the drill hole. Preliminary radiometric equivalent uranium grades (eU3O8) are then calculated from the downhole radiometric results. The probe is calibrated using an algorithm calculated from the calibration of the probe in test pits at the Grand Junction facility in Colorado and from the comparison of probe results against geochemical analyses. In the case where core recovery within a mineralized intersection is poor or non-existent, radiometric grades are considered to be more representative of the mineralized intersection and may be reported in the place of assay grades. Radiometric equivalent probe results are subject to verification procedures by qualified persons prior to disclosure.

All reported depths and intervals are drill hole depths and intervals, unless otherwise noted, and do not represent true thicknesses, which have yet to be determined.

Samples from all holes have been collected for laboratory uranium assays to compare with the radiometric equivalent grades. The samples will be analyzed at Actlabs in Ancaster, Ont., with results expected early in the new year.

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 NI 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 mineral belt of Labrador.

Note: The historical sample results, interpretation and drill intersections described herein have not been verified and are extracted from news releases issued by Silver Spruce Resources 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's website. The historical unpublished resource estimate for the Snegamook deposit was extracted from an incomplete report and data obtained by the company from Silver Spruce Resources in 2025. 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.

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