Mr. Alex Klenman reports

AZINCOURT ENERGY CORP. CLOSES FIRST TRANCHE AND ANNOUNCES UPSIZE OF PRIVATE PLACEMENT

Azincourt Energy Corp. has closed a first tranche of its non-brokered private placement consisting of 10,714,356 flow-through (FT) units offered at a price of 3.5 cents per FT unit for gross proceeds of $375,002.50. The company has also upsized the offering and will now raise aggregate gross proceeds of up to $500,000.

Each FT unit comprises one flow-through common share and one common share purchase warrant. Each warrant is exercisable at a price of five cents into one common share for a period of 36 months from the date of closing of the offering.

The gross proceeds of the offering will be applied to the drilling, exploration and development of the company's East Preston property, located in the Athabasca region of Saskatchewan, Canada, and the Big Hill lithium project, located in southwestern Newfoundland. Proceeds of the offering will not be used for payments to non-arm's-length parties or to persons conducting investor relations activities.

In connection with the closing of the first tranche of the offering, the company paid finders' fees totalling $21,000.18 and issued a total of 350,000 finders' warrants. Each finder's warrant is exercisable into one common share of the company at a price of five cents until April 22, 2027. The securities issued under the offering are subject to a hold period under applicable securities laws in Canada expiring four months and one day from the date of closing of the offering and are subject to certain closing conditions, including, but not limited to, the receipt of all necessary approvals including the final approval of the TSX Venture Exchange.

The FT shares will qualify as flow-through shares within the meaning of Subsection 66(15) of the Income Tax Act (Canada). An amount equal to the gross proceeds from the issuance of the FT shares will be used to incur eligible resource exploration expenses that will qualify as: (i) Canadian exploration expenses (as defined in the Income Tax Act (Canada)); and (ii) as flow-through critical mineral mining expenditures (as defined in Subsection 127(9) of the Income Tax Act (Canada)). Qualifying expenditures in an aggregate amount not less than the gross proceeds raised from the issue of the FT shares will be incurred (or deemed to be incurred) by the company on or before Dec. 31, 2025, and will be renounced by the company to the initial purchasers of the FT shares with an effective date no later than Dec. 31, 2024.

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 joint venture East Preston uranium project, located in the Athabasca basin in Saskatchewan, and the Big Hill lithium project, located in southwestern Newfoundland.

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