Azincourt Energy Provides Update on Option to Acquire High-Grade Sylvia Lake Uranium Project in Labrador

Azincourt Energy Corp. (AAZ) has amended and advanced its Option Agreement to acquire a 100% interest in the Sylvia Lake Uranium Project in Labrador. The revised consideration structure requires $674,000 in cash, comprising $12,000 to the underlying owner and $662,000 to the optionor, alongside the issuance of 1,760,000 common shares to the underlying owner and $250,000 in exploration expenditures.

A finder's fee of 1,143,000 common shares is issuable in tranches upon exercise, subject to TSX Venture Exchange approval and specific escrow and hold period terms. Initial cash payments and share issuances have been completed, and TSX VE approval has been obtained. The transaction follows the initial option announcement made on August 4, 2026, and represents the first tranche of the acquisition process.

Azincourt Energy Corp. (AAZ) issued a routine follow-up to its August 4, 2026 announcement, confirming that initial closing conditions have been met and the option is moving forward. The update does not introduce new geological data, resource estimates, or unexpected financial terms.

The cash outlay of $674,000 and the issuance of 1.76 million shares are consistent with the original option structure. The issuance of 1.76 million shares represents approximately 1.2% dilution to the approximately 150.5 million share count, which is immaterial. The $250,000 exploration expenditure requirement aligns with the company's stated capital allocation for the Harrier and Sylvia Lake projects.

Azincourt Energy Corp. (AAZ) is a pre-revenue uranium and lithium exploration company focused on advancing projects in Canada's Central Mineral Belt in Labrador and the Athabasca Basin in Saskatchewan. The company’s flagship asset is the Harrier Uranium Project, which encompasses approximately 49,400 hectares in Labrador. This property hosts the Snegamook deposit, where historical surface samples have returned grades up to 7.48% U3O8, with multiple zones exceeding 1% U3O8. Azincourt plans to conduct a diamond drilling program of approximately 2,000 meters in mid-summer 2026 to confirm historical mineralization and support a maiden NI 43-101 resource estimate.

In addition to the Harrier project, Azincourt holds an approximately 87% interest in the East Preston Project in Saskatchewan and has newly optioned the Sylvia Lake Uranium Project in Labrador, covering approximately 6,725 hectares. The company is led by CEO Mark Tommasi, who was appointed in March 2026, and VP Exploration C. Trevor Perkins, P.Geo.