Mr. Alex Klenman reports

AZINCOURT ENERGY RECEIVES PERMITS FOR UPCOMING DRILL PROGRAMS AT EAST PRESTON

Azincourt Energy Corp. has received permits for continuing exploration activities at the East Preston uranium project in the Athabasca basin, Saskatchewan, Canada. The company has received work authorization and permits from the government of Saskatchewan to allow diamond drilling and limited ground geophysics through to the summer of 2026. This effectively provides access to the ground for the next three winter field seasons.

Azincourt Energy recognizes that the granting of these permits does not negate the rights of the local communities for meaningful consultation as the project progresses. The company continues to be engaged in regular meetings with the Clearwater River Dene Nation and other rights holders to ensure that the concerns of the local communities are addressed regarding the East Preston project. A more in-depth engagement process will also be commencing within the next month with the La Loche Metis Local No. 39. The company endeavours to keep local stakeholders apprised of continuing plans, results and priorities for the property. The involvement of the local communities is essential for continued advancement of the East Preston project.

Azincourt looks forward to a continued close working relationship with CRDN and other rights holders to ensure that any potential impacts and concerns are addressed, and that the communities can benefit from activities in the area through support of local business, employment opportunities, and sponsorship of select community programs and initiatives. Local businesses are engaged to provide services and supplies, and members of the Clearwater River Dene Nation and surrounding communities have been directly employed on site, or to provide support and services to keep the camp and programs running.

"We are very excited to continue working at the East Preston project, and the granting of work permits for three years clears a critical component from the ongoing planning process," said Trevor Perkins, vice-president of exploration. "This shows faith by the government and local communities for us to continue our work in the area in a safe and environmentally friendly manner, and to continue engaging with local communities. We want to ensure that any concerns raised are dealt with to the satisfaction of all parties and that relevant information is shared to minimize impact on members of the local communities who use this land," continued Mr. Perkins.

Winter 2024 program

Planning is under way for a winter 2024 drill program focusing on the alteration zone associated with the K-Zone and H-Zone. The exact size, scope and budget of this program is still to be determined, and will be communicated as decisions are finalized and confirmed.

East Preston targets

The primary target area on the East Preston project is the conductive corridors from the A-Zone through to the G-Zone (A-G trend), and the K-Zone through to the H-Zone and Q-Zone (K-H-Q trend). The selection of these trends is based on a compilation of results from the 2018 through 2020 ground-based EM (electromagnetic) and gravity surveys, property-wide VTEM (versatile time domain electromagnetics) and magnetic surveys, and the 2019 through 2022 drill programs; the 2020 HLEM (horizontal loop electromagnetics) survey indicates multiple prospective conductors and structural complexity along these corridors.

Drilling has confirmed that identified geophysical conductors comprise structurally disrupted zones that are host to accumulations of graphite, sulphides and carbonates. Hydrothermal alteration, relevant clays, anomalous radioactivity and elevated uranium have now been demonstrated to exist within these structurally disrupted conductor zones.

Illite and kaolinite are both indicators of hydrothermal alteration typically found within alteration halos of unconformity uranium deposits. Dravite is a boron-rich clay which is typically found within a larger clay package in close proximity to uranium mineralization in the system. Both illite and dravite have been identified as being significant vectors for the recent Patterson Lake North discovery by F3 Uranium approximately 60 kilometres to the northwest of the East Preston project.

About East Preston

Azincourt controls a majority 85-per-cent interest in the 25,000-plus-hectare East Preston project as part of a joint venture agreement with Skyharbour Resources Ltd. and Dixie Gold. 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 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 East Preston project has 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, they are clearly upgraded/enhanced prospectively 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).

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 Mr. Perkins, PGeo, vice-president of 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, 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, Saskatchewan, and the Big Hill lithium project, located in southwestern Newfoundland.

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