Mr. Mark Tommasi reports

AZINCOURT ENERGY COMPLETES HARRIER PROSPECTING PROGRAM AND COMMENCES DRILLING AT SNEGAMOOK URANIUM DEPOSIT

Azincourt Energy Corp. has provided an update on the 2026 work program at the Harrier project in the Central mineral belt in Labrador, Canada. The company has completed prospecting and soil sampling across priority targets at the Harrier project, and diamond drilling is now under way at the Snegamook uranium deposit.

About the Harrier project

Azincourt's Harrier project covers approximately 13,000 hectares across six licence groups in the Central mineral belt. The Harrier project includes the Snegamook uranium deposit, and straddles uranium-bearing structural corridors adjacent to and on trend with Atha Energy Corp.'s Moran Lake C and Anna Lake deposits and Paladin Energy Ltd.'s Michelin deposit. Information concerning these nearby deposits is provided below for regional context only and is not necessarily indicative of mineralization at the Harrier project.

More than a dozen uranium mineralization zones have been identified across the Harrier project, with historical surface rock samples returning grades of up to 7.48 per cent triuranium octoxide and samples from 10 separate zones returning more than 1.0 per cent U3O8. Historical exploration across the combined property consists of 124 drill holes totalling approximately 19,851 metres, more than half of which were completed on the former Snegamook uranium project. The company believes that additional systematic exploration is warranted although the historical results have not been independently verified by Azincourt.

2026 diamond drilling program

The diamond drilling program commenced in late September, and, due to a later than expected start, is expected to consist of approximately 2,000 metres in six or 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.

"With prospecting completed and drilling now under way at Snegamook, we are moving into the next phase of exploration at Harrier," said Mark Tommasi, chief executive officer of Azincourt Energy. "Our immediate focus is to test selected historical mineralized intervals at Snegamook while using the summer fieldwork to prioritize targets across the broader project. This work will help guide future drilling and assess the potential for a maiden mineral resource estimate at Snegamook."

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. A resource was prepared on behalf of Silver Spruce Resources and Universal Uranium in June, 2008, and reported an indicated and inferred resource of 6.1 million pounds U3O8 (Ross, 2008). Although prepared in accordance with National Instrument 43-101, this report was never finalized or filed, and cannot be relied upon as being a compliant resource report.

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 metre. 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.

There is no current or historical mineral resource 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; and
• 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.

2026 summer prospecting program

The summer prospecting program was conducted during the last two weeks of August, and consisted of helicopter-supported surveys over key previously identified uranium occurrences and prospecting of previously identified radiometric anomalies. A crew consisting of one pilot, two geologists, including Mr. Perkins, Azincourt's vice-president of exploration, and six prospectors conducted the field program. The purpose of this program was to expand the target inventory on the project and prepare the higher-priority targets for an anticipated 2027 diamond drilling program.

Three historical and previously identified uranium showings were visited where additional structural, soil and radiometric data were collected to get a better understanding of the characteristics and geological settings of these uranium occurrences. More detailed information related to these surveys will be provided once soil sample results have been received.

Extensive prospecting of untested airborne radiometric anomalies across the remaining claims was conducted, and two new uranium showings have been identified in the southern Boiteau Lake area and northwest of the Brook showing bringing the total number of uranium showings on the property to 16. More information related to these showings will be provided once assay sample results have been received.

Brook showing

The Brook showing consists of a north-trending, steeply dipping mineralized vein/fracture in a granitic gneiss. A sample collected in 2025 returned 6.28 per cent U3O8 (news release dated Jan. 21, 2026), where previous outcrop sampling had given 4.86 per cent U3O8. The high-grade mineralization appears to be hosted where this fracture system is intersected by a steep east-west fracture set.

Additional investigation during this program has identified parallel north-trending fractures with elevated radioactivity several metres to the north and west of the known showing. A square soil survey grid was placed over the showing area, and 128 samples were collected. The soil survey was designed to help trace the identified mineralized fractures beneath soil and vegetation cover and refine targets for a potential 2027 drill program.

Boiteau Lake group

The Boiteau Lake group is the northernmost block of the Harrier project and straddles the Kanariktok Bay shear zone. The licences are underlain by a sequence of sandstone, conglomerate and massive volcanic flows. The Boiteau Lake group is located in a different structural setting from the rest of the Harrier project.

Airborne magnetics, Landsat imagery, air photo interpretation and ground investigation identified a 12-kilometre-long, northeast-trending structural corridor located in the heart of the Boiteau claims. Significant uranium mineralization was found in 2008 in nine separate bedrock showings grouped in three key areas (Main, Central and North) over a strike length of nearly 4.5 kilometres. Historical boulder samples returned grades including 1.48 per cent U3O8 and 1.10 per cent U3O8. The source of these boulders has yet to be determined. The main structure controlling the area trends southwest, parallel to the KSZ, and dips steeply to the northwest.

The Boiteau Central showing consists of a sequence of steeply dipping splayed fractures containing pitchblende (news release dated Oct. 1, 2025) in slaty grey metasediments in the footwall of a significant southwest trending fault and trending perpendicular to that fault. Outcrop samples from 2024 in these fractures returned grades of up to 0.24 per cent U3O8.

A rectangular soil survey grid was placed over the showing area, and 60 samples were collected. The soil survey was designed to help trace the identified mineralized fractures beneath cover and identify parallel target trends for potential drilling in 2027 or 2028.

Anomaly 7

The Anomaly 7 prospect was first discovered in the 1970s. Mineralized occurrences have been mapped over 3.5 kilometres of strike. In 2024, an outcrop sample returned values of 1.71 per cent U3O8. In addition, historical rock samples have returned assays up to 2.12 per cent U3O8.

Mineralization appears as pitchblende and secondary uranophane hosted in north-northwest-trending steeply dipping veins where these veins intersect a series of parallel east-northeast-trending hematite-altered breccias. Old drill pads were found along the edge of the anomaly. Further review of the historical drill records is needed to assess whether these holes adequately tested the optimal target on the interpreted mineralized structures (news release dated Oct. 1, 2025).

A more detailed structural analysis of the main mineralized outcrop and along trend to the east was conducted to better understand the setting of the mineralization. It is believed that historical drilling on this anomaly may not have targeted the optimal mineralization trend, and it is anticipated that additional drilling will be conducted on this target in 2027.

"This program has improved our understanding of the structural controls at these priority targets," commented Mr. Perkins, vice-president of exploration. "Integrating the structural mapping, radiometric surveys and soil sampling data will help us refine and prioritize these targets for future drilling. Additional showings across Harrier also warrant further exploration."

About the Central mineral belt

Labrador's Central mineral belt 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 (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.

Qualified person

The technical information in this news release has been prepared in accordance with the Canadian regulatory requirements set out in National Instrument 43-101 and reviewed and approved on behalf of the company by Mr. Perkins, PGeo, vice-president, exploration, of Azincourt Energy, 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, lithiu, and other critical clean energy elements. The company is currently active at its East Preston uranium project located in the Athabasca basin, Saskatchewan, and its Snegamook and Harrier uranium projects, located in the Central mineral belt of Labrador.

We seek Safe Harbor.