Mr. Alex Klenman reports

AZINCOURT ENERGY CORP. CLOSES PRIVATE PLACEMENT

Azincourt Energy Corp. has closed its non-brokered private placement consisting of 13,699,998 flow-through (FT) units offered at a price of six cents per FT unit and 27.49 million non-flow-through (NFT) units offered at a price of five cents per NFT unit for gross proceeds of $2,196,499.88.

Each FT unit comprises one flow-through common share and one-half of one flow-through common share purchase warrant. Each NFT unit comprises one common share and one-half of one common share purchase warrant. Each FT warrant and warrant will be exercisable at a price of seven cents into one common share for a period of 24 months from the date of issue.

The proceeds from the NFT units will be applied to increase the summer 2026 budget on the drilling, exploration and development of the company's Snegamook uranium deposit, located within the Central mineral belt of Newfoundland and Labrador, Canada, and for general working capital. The gross proceeds from the FT units will be used by the company to incur eligible Canadian exploration expenses that qualify as flow-through critical mineral mining expenditures as such terms are defined in the Income Tax Act (Canada) related to the company's critical mineral projects on or before Dec. 31, 2027. All qualifying expenditures will be renounced in favour of the subscribers of the FT shares effective Dec. 31, 2026. The proceeds of the NFT units will be applied to general exploration and for general working capital purposes.

In connection with the closing of the offering, the company paid arm's-length finders' fees totalling $95,700 and issued a total of 1,777,333 non-transferable finders' warrants. Each non-transferable finder's warrant is exercisable into one common share of the company at a price of seven cents until March 13, 2028. 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 March 13, 2026, 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 offering included participation by insiders of the company in the aggregate amount of 700,000 FT units and two million NFT units for proceeds of $142,000. The participation in the offering by the insiders constitute a related party transaction within the meaning of Policy 5.9 of the TSX Venture Exchange and Multilateral Instrument 61-101, Protection of Minority Security Holders in Special Transactions. In connection with the participation by the insiders, the company relied upon the exemptions from the formal valuation and minority shareholder approval requirements of MI 61-101 set forth in sections 5.5(a) and 5.7(1)(a) of MI 61-101 on the basis that the fair market value (as determined under MI 61-101) of the participation did not exceed 25 per cent of the market capitalization of the company (as determined under MI 61-101).

About Azincourt Energy Corp.

Azincourt is a Canadian-based resource company focused on the exploration and development of alternative energy projects including uranium, lithium and other critical clean energy elements. The company is currently active at the Harrier uranium project, which contains the Snegamook uranium deposit, located in the Central mineral belt of Labrador. Azincourt also controls a nearly 90-per-cent interest in the East Preston uranium project, located the western Athabasca basin, Saskatchewan.

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