Uranium Explorer Targets High-Grade Mineralization in Labrador

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1. Disclosure for the quote from the John Newell article published on February 9, 2026

1. For the quoted article (published on February 9, 2026), Azincourt Energy Corp. has paid Street Smart, an affiliate of Streetwise Reports, US$3,000.
2. Author Certification and Compensation: [John Newell of John Newell and Associates] was retained and compensated as an independent contractor by Street Smart for writing this article. Mr. Newell holds a Chartered Investment Management (CIM) designation (2015) and a  U.S. Portfolio Manager designation (2015). The recommendations and opinions expressed in this content reflect the personal, independent, and objective views of the author regarding any and all of the companies discussed. No part of the compensation received by the author was, is, or will be directly or indirectly tied to the specific recommendations or views expressed.

John Newell Disclaimer

As always it is important to note that investing in precious metals like silver carries risks, and market conditions can change violently with shock and awe tactics, that we have seen over the past 20 years. Before making any investment decisions, it's advisable consult with a financial advisor if needed. Also the practice of conducting thorough research and to consider your investment goals and risk tolerance.

2. Ownership and Share Structure Information

The information listed above was updated on the date this article was published and was compiled from information from the company and various other data providers.

Azincourt Energy Corp. (AAZ:TSX.V; AZURF:OTCQB; A0U0:FSE) has started its summer diamond drilling and prospecting campaign at the Harrier Uranium Project in Labrador's Central Mineral Belt, which hosts the Snegamook Uranium Deposit, according to a September 2 release.

Harrier covers about 13,000 hectares across five license groups and contains more than a dozen historical uranium occurrences. Historical exploration included 124 drill holes totaling approximately 19,851 meters, while surface samples returned grades as high as 7.48% U₃O₈. Azincourt has not independently verified the historical results.

"This late-summer program represents an important step forward for Azincourt as we begin advancing the Snegamook Uranium Deposit and broader Harrier Project in a more systematic way," said Azincourt Chief Executive Officer Mark Tommasi. "With drilling, camp and helicopter services now contracted, and with the launch of our updated corporate website, we are focused on improving market visibility while executing a field program designed to confirm historical mineralization, support future resource work, and continue building a pipeline of quality uranium targets in Labrador."

The summer program began in mid-August with two weeks of helicopter-supported reconnaissance, prospecting, and geological and structural mapping. The work will advance established uranium showings and untested radiometric anomalies toward potential drill targets, building on the company's 2025 field program.

The Brook Showing remains a key target after 2025 sampling returned 6.28% U₃O₈, while earlier sampling reached 4.86% U₃O₈, Azincourt said. Crews will conduct ground radiometric surveys, soil sampling, and outcrop stripping to better assess the mineralized area. Additional work will examine uranium occurrences around Boiteau Lake, the Anomaly 7 area, and the Minisinakwa claim group, where two boulder samples returned 1.02% and 1.79% U₃O₈.

Azincourt said it plans to begin about 2,000 meters of diamond drilling at Snegamook in early September, with six to 10 holes planned. The campaign will focus on strengthening the geological database and confirming historical mineralization as the company evaluates the potential for a future mineral resource estimate, subject to data verification and applicable NI 43-101 requirements.

The summer prospecting campaign is focused on moving known uranium occurrences and untested radiometric anomalies toward drill-ready targets, the release said. Azincourt is concentrating on Brook, Boiteau Lake, Anomaly 7, and Minisinakwa, with the Brook Showing highlighted by a 2025 sample grading 6.28% U₃O₈.

Drilling Targets High-Grade Uranium at Snegamook in Labrador

Azincourt said its drilling campaign at Snegamook will focus on verifying historical mineralization and evaluating its potential for expansion. Drilling in 2007 and 2008 identified uranium mineralization southeast of the Two Time Zone, with 17 holes intersecting a uranium-bearing zone ranging from 20 to 50 meters wide.

Azincourt also completed check sampling of historical core during its 2025 prospecting program, the release said. A 10-centimeter sample from hole SN-08-06 assayed 2.71% U₃O₈, compared with a historical result of 0.97% U₃O₈ over 0.5 meter from the same interval. A second 10-centimeter sample from SN-08-18 returned 0.35% U₃O₈. The company cautioned that these selective samples do not represent the full grade or width of the historical intersections or the deposit.

Silver Spruce Resources prepared a preliminary, non-NI 43-101-compliant resource estimate for Snegamook in 2008, but it was never finalized in a report or filed. Azincourt's 2026 program will rehabilitate and review the historical core, work with an independent Qualified Person on potential resource development, drill selected historical holes, and drill additional holes to determine the extent of the known mineralization. The company is assessing the potential for a maiden NI 43-101-compliant mineral resource estimate.

The program is operating from the Florence Lake Exploration Camp, about 170 kilometers north of Goose Bay, Labrador, with Titjaluk Logistics providing camp and helicopter services and Quesnel Brothers Diamond Drilling handling the drilling. Vice President of Exploration C. Trevor Perkins is overseeing the field activities.

"Azincourt's initial drilling at Snegamook is designed to confirm selected historical mineralized intervals, improve our understanding of the deposit geometry, and test opportunities to expand known mineralization," commented Trevor Perkins, Azincourt Energy's Vice President of Exploration. "In parallel, the broader 2026 field program will continue advancing additional uranium occurrences across Harrier, with the objective of developing a stronger pipeline of drill-ready targets for future programs."

Labrador's Central Mineral Belt contains numerous uranium and base-metal deposits and showings and has attracted renewed exploration interest amid growing attention on secure uranium supplies. The region has not yet recorded uranium production. Major deposits in the belt include Paladin Energy Ltd.'s (PDN:TSX; PDN:ASX) Michelin Uranium Project, which comprises six deposits and has reported mineral resources totaling 127.7 million pounds U₃O₈, as well as the historical Moran Lake C and Anna Lake deposits. The company provides these third-party estimates for regional context only, has not independently verified them, and does not consider them necessarily representative of mineralization at Harrier.

Azincourt considers the Central Mineral Belt to have further uranium discovery potential, while noting that additional exploration remains necessary to assess targets across the Harrier Project.

Analyst Calls Uranium Junior a Speculative Buy on Supply Gap

¹Uranium has moved beyond its former status as a specialized energy-market play and is gaining recognition as a strategic fuel, according to John Newell of John Newell & Associates in a February 9 review of Azincourt.

Newell said the key issue is a widening supply gap. Prolonged underinvestment has constrained uranium output while reactor demand remains strong, prompting utilities to secure longer-term supplies through contracts at increasingly higher prices. As available material becomes tighter, Newell argued that new discoveries and advanced exploration assets in stable jurisdictions are becoming essential, creating renewed opportunities for junior uranium companies.

Azincourt "represents a high-risk, high-reward uranium opportunity offering genuine optionality at a point in the cycle where fundamentals are improving faster than market valuations," Newell noted. "For investors comfortable with exploration risk and seeking leveraged exposure to a sustained uranium bull market, Azincourt Energy is a speculative buy at current levels around CA$0.07, with the understanding that value creation will ultimately depend on execution, drilling results, and broader market conditions." The shares were trading at CA$0.055 when the review was written.

The Catalyst: Nuclear's Revival Meets a Widening Uranium Gap

The uranium market is entering a new contracting cycle as utilities that spent more than a decade under-buying face a looming supply squeeze, according to a report by Jacob White of Sprott Asset Management published August 18.

White noted that 2026 is on track to mark the 14th consecutive year of below-replacement contracting, with only about 37 million pounds locked up so far, even as reactor demand climbs. That gap becomes acute later this decade: European utilities' contract coverage falls from 100% in 2030 to just 36% by 2034, while U.S. coverage drops from 98% in 2026 to 9% by 2033. "The case for nuclear power is increasingly becoming a case for energy security," he wrote.

New supply is unlikely to arrive quickly enough to close the shortfall, the report said, because permitting, financing, construction, and ramp-up can each take years, leaving greenfield projects well out on the horizon, the report noted. That dynamic has already pushed long-term uranium prices to about US$94 per pound — an 18-year high — even as contracting volumes lag replacement needs.

"Long-term uranium prices are rising because future supply is still scarce," White wrote. "Utilities can defer purchasing, but they cannot shorten the time required to develop a new uranium supply."

Supply security adds another layer. Kazakhstan accounts for roughly 39% of global production but reserves much of it for China, Russia, and India, leaving Western utilities dependent on a handful of allied sources — with Canada supplying about 32% of U.S. deliveries in 2025. That reliance on stable jurisdictions underscores the strategic value of new discoveries and advanced exploration in places like Saskatchewan's Athabasca Basin.

Nuclear power is gaining momentum as governments and technology firms look for dependable, carbon-free electricity to support data centers and industrial demand. Several nations are also keeping older reactors online for longer to address rising electricity consumption, according to a 2025 International Energy Agency report. The trend highlights nuclear power's expanding role and reinforces uranium's strategic value within the global energy system.

The World Nuclear Association has classified uranium as an energy-critical mineral for roughly 60 years, Amy Rotman reported for Mining.com.au on May 11. Leading uranium producers include Canada, Namibia, Kazakhstan, and Australia, while exploration activity continues to expand into new regions. Uranium prices have recovered significantly since 2020, reflecting stronger confidence in nuclear power as a low-carbon source capable of supporting emissions-reduction goals while strengthening energy security.

More than 20 nations, including the U.S., Canada, France, Japan, and the U.K., backed a COP28 declaration in December 2023 calling for a tripling of global nuclear capacity by 2050. The initiative gained further support at COP30, where participation grew to 33 countries. The IAEA characterized the objective as ambitious and estimated that global nuclear capacity could potentially reach between 561 gigawatt electric (GWe) and 992 GWe by 2050, further establishing nuclear power as a central element of the clean-energy transition. As of November 19, 2025, global nuclear capacity stood at 376.3 GWe across 416 operating reactors.

Ownership and Share Structure²

Institution Arrow Capital Management Inc. holds 0.04%. Management and insiders own 1.35%. The rest is held by retail investors.

Azincourt has 153.69 million shares outstanding, and its market cap is CA$6.20 million. Its 52-week range is CA$0.03–CA$0.15 per share.

Common Investor Questions

What did Azincourt announce? It has launched its summer diamond drilling and prospecting campaign at the Harrier Uranium Project in Labrador's Central Mineral Belt, which hosts the Snegamook Uranium Deposit, per a September 2 release.

What is the Harrier Project? A large land position across five license groups in Labrador holding more than a dozen historical uranium occurrences, where past work included 124 drill holes totaling roughly 19,851 meters and surface samples grading as high as 7.48% U₃O₈, which the company has not independently verified.

What is the drilling plan at Snegamook? About 2,000 meters in six to 10 holes beginning in early September, aimed at confirming historical mineralization and strengthening the geological database as the company evaluates the potential for a future mineral resource estimate under NI 43-101.

Why does Snegamook matter? Drilling in 2007–2008 traced a 20-to-50-meter-wide uranium-bearing zone over 17 holes, and 2025 check sampling of historical core returned up to 2.71% U₃O₈, though the company cautions that these selective samples do not represent the full grade or width of the historical intersections or the deposit; a 2008 preliminary resource was prepared but never filed.

Why is the uranium backdrop favorable? A widening supply gap is driving a new utility contracting cycle: Sprott's Jacob White notes long-term uranium prices near US$94 per pound, an 18-year high, while Western utilities' contract coverage falls sharply after 2030 — reinforcing the value of new supply from stable jurisdictions like Canada.