Labrador Uranium Explorer Launches 2,000m Drill Program at Snegamook

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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 launched a summer diamond drilling and prospecting campaign at the Harrier Uranium Project in Labrador's Central Mineral Belt. The program centers on the Snegamook Uranium Deposit and aims to verify historical mineralization while advancing additional targets.

The company plans roughly 2,000 meters of diamond drilling in six to 10 holes at Snegamook beginning in early September. This work forms the core catalyst for investors watching Azincourt Energy because it directly addresses verification of past results in a jurisdiction with growing interest in secure uranium supply.

Why the Timing Matters for Retail Investors

Utilities face a widening supply gap as reactor demand climbs while long-term contracting lags. Long-term uranium prices have reached about US$94 per pound, an 18-year high. Western utilities' contract coverage is projected to drop sharply after 2030, creating urgency for new supply from stable regions such as Canada.

Azincourt Energy operates in Labrador's Central Mineral Belt, a region that hosts multiple uranium deposits and showings but has not yet recorded uranium production. The company is positioned to test known occurrences while larger projects elsewhere advance more slowly through permitting and development.

Company Position and Project Scale

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

The project benefits from existing infrastructure, including the Florence Lake Exploration Camp, roughly 170 kilometers north of Goose Bay. Services are contracted with Titjaluk Logistics for camp and helicopter support and Quesnel Brothers Diamond Drilling for the drilling program. Vice President of Exploration C. Trevor Perkins oversees field activities.

Key Assets and Next Catalysts

The Brook Showing stands out after the 2025 sampling returned 6.28% U3O8. Earlier samples reached 4.86% U3O8. Crews will perform ground radiometric surveys, soil sampling, and outcrop stripping to refine the mineralized area. Additional work targets occurrences around Boiteau Lake, the Anomaly 7 area, and the Minisinakwa claim group, where boulder samples returned 1.02% and 1.79% U3O8.

At Snegamook, drilling will focus on confirming historical intervals and improving understanding of deposit geometry. Historical drilling from 2007 and 2008 intersected a uranium-bearing zone 20 to 50 meters wide in 17 holes southeast of the Two Time Zone. Check sampling of the historical core in 2025 returned values, including 2.71% U3O8 over 10 centimeters from hole SN-08-06. The company cautions that selective samples do not represent the full grade or width of historical intersections.

Azincourt Energy also plans to rehabilitate and review historical core, work with an independent Qualified Person on potential resource development, and evaluate the possibility of a maiden NI 43-101-compliant mineral resource estimate, subject to data verification.

Broader Sector Timing and Supply Dynamics

Nuclear power is gaining support as governments and technology companies seek reliable, carbon-free electricity. More than 20 nations backed a COP28 declaration calling for a tripling of global nuclear capacity by 2050, with participation growing to 33 countries at COP30. Global nuclear capacity stood at 376.3 GWe across 416 operating reactors as of November 19, 2025.

Supply constraints add pressure. Kazakhstan accounts for roughly 39% of global production but directs much of it to China, Russia, and India. Canada supplied about 32% of U.S. deliveries in 2025, highlighting the role of stable jurisdictions. The International Energy Agency and other observers note that permitting, financing, and construction timelines mean new supply cannot arrive quickly enough to close the gap.

Analyst Views and Valuation Context¹

John Newell of John Newell & Associates described Azincourt Energy as a high-risk, high-reward uranium opportunity offering genuine optionality at a point where fundamentals are improving faster than market valuations, in a February 9 review of Azincourt.

He called the shares a speculative buy at current levels around CA$0.07, with the understanding that value creation depends on execution, drilling results, and broader market conditions. The shares traded at CA$0.055 when the review was written.

Share Structure and Near-Term Events²

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 a market cap of CA$6.20 million. Its 52-week range is between CA$0.03 and CA$0.15 per share.

The summer program began in mid-August with helicopter-supported reconnaissance, prospecting, and geological mapping. Drilling at Snegamook is scheduled to start in early September, providing near-term news flow for investors.

Key Investor Takeaways

• Azincourt Energy is preparing to begin a roughly 2,000-meter drill program at the Snegamook deposit to verify historical uranium mineralization.
• The Harrier Project hosts multiple high-grade surface samples and historical drill intercepts in a region attracting renewed exploration interest.
• A widening uranium supply gap and rising long-term prices near US$94 per pound create a supportive backdrop for junior explorers in stable jurisdictions.
• Work will also advance the Brook Showing and other targets through prospecting and radiometric surveys to build a pipeline of drill-ready prospects.
• Any future resource estimate would require independent verification and compliance with NI 43-101 standards.
• Shares trade at a modest market capitalization, offering leveraged exposure but carrying typical exploration-stage risks.

Common Questions from Investors

What is the main focus of the current program? The program combines roughly 2,000 meters of diamond drilling at Snegamook with prospecting and mapping across the broader Harrier Project to confirm historical results and generate new targets.

How large is the Harrier land package? Harrier covers about 13,000 hectares across five license groups and includes more than a dozen historical uranium occurrences plus extensive prior drilling data.

What grades have been reported historically at Snegamook? Historical drilling intersected a 20-to-50-meter-wide uranium-bearing zone, and 2025 check sampling of historical core returned 2.71% U3O8 over 10 centimeters, although the company cautions that the short, selective sample is not representative of the historical interval or deposit generally.

Why is the uranium market backdrop considered favorable? Utilities face declining contract coverage after 2030 while new supply faces long lead times, pushing long-term prices higher and increasing the value of exploration assets in Canada.

The summer program at Harrier represents a methodical step toward confirming and expanding known uranium mineralization in a region with established historical data but no current production. Investors should monitor drill results and any updates on resource evaluation work for further clarity on project potential.

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