Mr. Alex Klenman of Azincourt reports

AZINCOURT EXTENDS EARN-IN FOR EAST PRESTON URANIUM PROJECT

Azincourt Energy Corp. has reached an agreement with Skyharbour Resources Ltd. and Dixie Gold Inc. to extend the deadline for the remaining obligations owing in connection with the acquisition of a 70-per-cent interest in the East Preston uranium project, located in the western Athabasca basin in Saskatchewan, Canada. The company is currently earning an interest in the 25,000-plus hectare project as part of a property option agreement previously entered into with the vendors.

Under the terms of the extension, the vendors have agreed to extend the deadline for the remaining obligations owing to complete the acquisition of a 70-per-cent interest in the project, which include incurring a small portion of the remaining expenditures on the project and completion of a final payment of $400,000. The deadline for these obligations has been extended through until March 31, 2021. Following satisfaction of these obligations, the company will hold a 70-per-cent interest in the project.

"We're pleased both Skyharbour and Dixie Gold were open to an extension, allowing us additional time to complete the earn in," said president and chief executive officer Alex Klenman. "The extension of the agreement, if required, gives Azincourt some flexibility, particularly in dealing with the impact of COVID-19. With the time and capital already invested, and the successful exploration data generated so far, we're 100 per cent committed to acquiring majority interest at East Preston. Our work so far has generated a significant inventory of high-quality drill targets, over a very expansive footprint, in precisely the right geographical location for uranium discovery. The development of East Preston is a top priority for us and this extension, given current circumstances, ensures we have ample opportunity to complete the acquisition as intended," continued Mr. Klenman.

Since 2017, the company has conducted multiple geophysical surveys that have delineated several long linear conductors with flexural changes in orientation and offset breaks in the vicinity of interpreted fault lineaments -- classic targets for basement-hosted unconformity uranium deposits. These are not just simple basement conductors but are clearly upgraded/enhanced prospectivity targets due to structural complexity. The targets are similar to NexGen's Arrow deposit and Cameco's East Point mine. The project ground is located along a parallel conductive trend between the PLS-Arrow trend and Cameco's Centennial deposit in the Virgin River-Dufferin Lake trend.

Limited drilling (552 metres (m)) in the winter of 2018 to 2019 confirmed the prospectivity of the East Preston project, as basement lithologies and graphitic structures intersected are similar and appear to be analogous to the Patterson Lake South-Arrow-Hook Lake/Spitfire uranium deposit host rocks and setting.

The company followed up with a 2,500-metre drill program in January and February of this year that focused on prospective targets in the Five Island Lakes area, testing multiple subparallel EM conductors in the area of marked structural disruption. A portion of the recent targeting was concentrated along the A-Zone conductor, where 2019 drilling verified the presence of significant graphite in strongly deformed (sheared) host rocks that offer both fluid pathways and a reducing host rock conducive to uranium deposition. Assays from the 2020 winter drill program are pending with results expected later this month.

In consideration for the extension, the company has agreed to issue five million common shares, at a deemed price of five cents per share, to be divided evenly between the vendors. Completion of the issuance of the consideration shares remains subject to the approval of the TSX Venture Exchange. Following issuance, the consideration shares will be subject to a four-month-and-one-day statutory hold period in accordance with applicable securities laws.

About East Preston

Azincourt is currently earning toward a 70-per-cent interest in the 25,000-plus-hectare East Preston project as part of a joint venture agreement with Skyharbour Resources and Dixie Gold. Extensive regional exploration work at East Preston was completed in 2013 to 2014, including airborne electromagnetic (VTEM), magnetic and radiometric surveys. Three prospective conductive, low-magnetic-signature corridors have been discovered on the property. The three distinct corridors have a total strike length of over 25 kilometres (km), each with multiple EM conductor trends identified. Ground prospecting and sampling work completed to date has identified outcrop, soil, biogeochemical and radon anomalies, which are key pathfinder elements for unconformity uranium deposit discovery.

The company completed a winter geophysical exploration program in January to February, 2018, that generated a significant amount of new drill targets within the previously untested corridors while refining additional targets near previous drilling along the Swoosh corridor. Ground-truthing work confirmed the airborne conductive trends and more accurately located the conductor axes for future drill testing. The gravity survey identified areas along the conductors with a gravity low signature, which is often associated with alteration, fault/structural disruption and, potentially, uranium mineralization. The combination/stacking of positive features has assisted in prioritizing targets.

The Main grid shows multiple long linear conductors with flexural changes in orientation and offset breaks in the vicinity of interpreted fault lineaments -- classic targets for basement-hosted unconformity uranium deposits. These are not just simple basement conductors, but clearly upgraded/enhanced prospectivity targets because of the structural complexity.

The targets are basement-hosted unconformity related uranium deposits similar to NexGen's Arrow deposit and Cameco's Eagle Point mine. East Preston is near the southern edge of the western Athabasca basin, where targets are in a near-surface environment without Athabasca sandstone cover -- therefore, they are relatively shallow targets but can have great depth extent when discovered. The project ground is located along a parallel conductive trend between the PLS-Arrow trend and Cameco's Centennial deposit (Virgin River-Dufferin Lake trend).

In early 2019, the company conducted a small initial diamond drill program totalling 552 metres. The results confirmed the prospectivity of the East Preston project, as basement lithologies and graphitic structures intersected at East Preston were found to be very similar and appear to be analogous to the Patterson Lake South-Arrow-Hook Lake/Spitfire uranium deposit host rocks and setting.

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 on behalf of the company by Ted O'Connor, professional geoscientist, a director of the company, as well as a qualified person.

About Azincourt Energy Corp.

Azincourt Energy 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 in the Athabasca basin, Saskatchewan, Canada, and the Escalera Group uranium-lithium project located on the Picotani plateau in southeastern Peru.

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