Azincourt's New CEO Bets Big on Labrador Uranium

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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.

When Mark Tommasi became chief executive officer of Azincourt Energy Corp. (AAZ:TSX.V; AZURF:OTCQB; A0U0:FSE) in March, he saw an opening in Labrador's Central Mineral Belt: a uranium deposit with years of historical drilling, much of its core still available, and known mineralization that had never been followed up. Azincourt has since made the region its priority, and drilling is now underway at the Snegamook uranium deposit, according to an October 2 release.

The company still holds a majority interest in the East Preston project in Saskatchewan's Athabasca Basin, but Tommasi said Labrador offers a better use of the company's exploration dollars. "For ROI, we think Labrador's got a lot of potential," he told Streetwise Reports.

Why Labrador, and Why Now

Azincourt is assembling a collection of high-grade uranium properties in established Canadian regions, typically securing them through low-cost options before pursuing focused exploration. With Tommasi at the helm, the company redirected its attention to Labrador's Central Mineral Belt, which he described as "the second district-scale uranium area in Canada." Azincourt now holds the Snegamook uranium deposit within its Harrier project, along with an option to acquire the high-grade Sylvia Lake project.

Tommasi sees opportunity in the Central Mineral Belt because it has seen limited recent exploration. In an August conversation with The Sunrise Investor, he said the area combines known uranium mineralization and nearby deposits with a lack of modern exploration. He attributed that gap to two developments: investment weakened amid regulatory uncertainty in the late 2000s, and the uranium market entered a lengthy slump following the 2011 Fukushima disaster.

"That history helps explain why a well-mineralized Canadian uranium belt still offers significant room for systematic modern exploration today," Tommasi told the publication.

Azincourt's Labrador holdings sit near Paladin Energy Ltd.'s (PDN:TSX; PDN:ASX) Michelin deposit and properties controlled by ATHA Energy Corp. (SASK:TSX.V; SASKF:OTCQX; X5U:FRA). "It's well situated," Tommasi told Streetwise Reports, noting that the company's land is "near a couple of known deposits." Those deposits provide regional context only; mineralization on neighboring properties is not necessarily indicative of mineralization on Azincourt's ground.

Tommasi said Snegamook drew him to the role. The advanced target had received little attention for years, despite encouraging results from earlier drilling.

"Azincourt had the combination I look for in a junior resource company: a portfolio of quality projects in established Canadian uranium districts, meaningful historical work to build from, and a clear opportunity to create value through focused execution," he told The Sunrise Investor.

A Deposit That Was Never Finished

Drilling at Snegamook in 2007 and 2008 encountered uranium mineralization in 17 holes across a large altered geological system. Work ended before the deposit could be delineated or supported by a filed resource estimate. Much of the old core and drill-location data remains available, and mineralization is still open in some areas.

"The combination of a substantial historical dataset, encouraging mineralization, and clear unanswered geological questions made Snegamook a logical place to deploy new capital," Tommasi told The Sunrise Investor.

Reanalysis of the historical core has yielded a notable assay. A 10-centimeter check sample from hole SN-08-06 graded 2.71% triuranium octoxide (U₃O₈), while the original result was 0.97% over a 0.5-meter interval. Tommasi cautioned that the figures cannot be directly compared and that the check sample "should not be treated as representative of a broader mining width." Even so, he said, the result indicates that the old core "warrants systematic reassessment" and supports further work to determine whether the higher-grade lenses continue.

Drilling Underway at Snegamook

Azincourt has begun a diamond drill program of about 2,000 meters in six to seven holes at Snegamook, the company said in its October 2 release. Drilling started in late September, later than the company expected. The program is designed to confirm mineralization by twinning selected historical holes and to test the extent of known mineralization. Azincourt said the work may support its evaluation of a potential future mineral resource estimate, subject to verification of the historical data and this year's results. Snegamook has no current or historical mineral resource.

Drilling follows a helicopter-supported prospecting program during the last two weeks of August. Crews collected structural, soil, and radiometric data at three known uranium showings and prospected untested radiometric anomalies. They identified two new showings, bringing the total on the property to 16. Assay and soil results are pending.

At the Brook Showing, where a 2025 sample returned 6.28% U₃O₈, crews found parallel fractures with elevated radioactivity and collected 128 soil samples to refine targets for a potential 2027 drill program. They collected another 60 soil samples at the Boiteau Central showing and carried out structural analysis at Anomaly 7, where the company anticipates drilling in 2027. Surface, grab, and boulder samples are selective by nature and may not reflect broader grades.

"With prospecting completed and drilling now underway at Snegamook, we are moving into the next phase of exploration at Harrier," Tommasi said.

Tommasi said success would mean collecting consistent geological and assay results that validate key parts of the historical interpretation. "We are not setting a predetermined grade or resource outcome — the first priority is obtaining reliable, defensible data," he told The Sunrise Investor.

Sylvia Lake Option Revised

On September 16, Azincourt revised its option agreement to acquire all of the Sylvia Lake project. Compared with the August agreement, the revised deal calls for more cash and fewer shares. On grant of the option, Azincourt paid CA$174,000 and issued 1.76 million shares. To complete the acquisition, it must make cash payments of CA$250,000 after 12 months and CA$250,000 after 24 months, and spend CA$250,000 on exploration over two years. The August terms had required CA$12,000 and 15 million shares.

The Sylvia Lake property spans about 6,725 hectares, approximately 100 kilometers northwest of Happy Valley-Goose Bay. Historical surface grab samples reached 2.72% U₃O₈. A 1970s trench returned 0.243% U₃O₈ over 2.0 meters, and drilling in 2007 intersected the mineralized horizon in every hole. The zone extends about 70 meters along strike and 27 meters down dip, with open potential, Resource World reported.

"It is located in Labrador's Central Mineral Belt, a district with a demonstrated history of uranium discoveries, and gives the Company an opportunity to advance a project where high-grade surface mineralization, historical drilling, and modern geophysical interpretation all support a compelling exploration thesis," Tommasi said of Sylvia Lake.

Building a Portfolio in Proven Canadian Uranium Belts

Tommasi took over from Alex Klenman as CEO and director on March 18, the company announced, bringing more than 30 years in capital markets and corporate development, much of it with junior explorers.

Azincourt targets properties with existing information, including historic drilling, surface sampling, and trenching. That data can help the company bypass years of early exploration, while staged option agreements spread payments and work commitments across multiple years.

The company first used this approach in the Athabasca Basin, where it built a majority stake in East Preston in a joint venture with partners that included Skyharbour Resources Ltd. (SYH:TSX.V; SYHBF:OTCQX; SC1P:FSE). By early 2024, Azincourt held 86.1% of more than 20,000 hectares, a March 2024 company release reported. East Preston lies along a conductive trend parallel to the one that hosts NexGen Energy Ltd.'s (NXE:TSX; NXE:NYSE) Arrow deposit. Drilling between 2022 and 2024 identified disrupted structures with graphite, sulfides, clay alteration, and elevated uranium, particularly between the K and H zones, and Tommasi said the project continues to give Azincourt exposure to a broad alteration system.

He said the company will direct its funds "according to technical merit and the ability of each program to reach a meaningful milestone, rather than trying to advance every property at the same pace." Depending on results, "we may expand even beyond Labrador," he told Streetwise Reports.

History of the Snegamook Deposit and Harrier Project

Azincourt secured an option on Snegamook in October 2024. "This initial land position allows Azincourt to establish a foothold in this emerging Canadian uranium camp," then-CEO Klenman said when the deal was announced.

At Snegamook, four mineralized lenses extend across 300 meters of strike and 200 meters of vertical depth, with grades ranging from 225 to 771 parts per million (ppm) U₃O₈. Hole SN-08-8 returned the broadest intercept, averaging 206 ppm U₃O₈ over 73 meters.

"Uranium is no longer considered a speculative corner of the energy market. It is increasingly viewed as a strategic fuel," John Newell of John Newell & Associates wrote.¹

A second zone about 500 meters to the south assayed 0.11% U₃O₈ over 3 meters. The Two-Time uranium deposit lies about 1.3 kilometers to the northwest. A 2008 report estimated an indicated and inferred resource of 6.1 million pounds of U₃O₈ there, but it was never finalized or filed and cannot be relied upon, Azincourt said.

In April 2025, Azincourt secured an option on the surrounding Harrier project. A 2024 outcrop sample from the Moran Heights prospect graded 7.48% U₃O₈. The company has since reduced the size of its land position. Harrier now covers about 13,000 hectares in six license groups, including Snegamook, and more than a dozen uranium mineralization zones have been identified, the company said.

"Our focus is not simply on accumulating hectares," Tommasi told The Sunrise Investor. "It is on controlling the ground that contains the strongest known mineralization, the most compelling structural settings and targets that can be advanced efficiently."

Positioning in Labrador's Central Mineral Belt

The Central Mineral Belt contains several notable uranium deposits, which are cited here for regional context. One of the largest, Paladin's Michelin project, hosts 127.7 million pounds of U₃O₈ across six deposits.

Nearby assets include the historical Moran Lake C deposit, reported to contain 9.3 million pounds of U₃O₈ and 25.3 million pounds of V₂O₅, and Anna Lake, with 4.9 million pounds of U₃O₈. ATHA Energy owns both.

Financial Position and Funding

Azincourt completed a non-brokered private placement on August 14, raising CA$526,365 in gross proceeds, the company reported. The flow-through funds will support eligible exploration in Canada, while the remaining proceeds will go toward working capital. Tommasi told The Sunrise Investor that the company plans its budgets conservatively and includes "meaningful contingencies" for remote exploration. He said Azincourt will consider additional financing as it reaches milestones; its baseline plans do not depend on asset sales or the exercise of warrants and options.

Tommasi was direct about the uncertainties. "The principal uncertainty is geological: historical results and isolated high-grade samples do not establish continuity, scale, or economic viability," he said. He added that, over the next 12 to 18 months, "investors should judge us on disciplined execution, responsible capital allocation and the quality of the technical information we generate."

Tight Supply Keeps Uranium Strong

Uranium prices are holding close to their highest levels in six months. Spot uranium traded near US$89.50 per pound on September 29, about 9% higher than a year earlier and just under the six-month peak of US$90.60, Trading Economics data show. In January, spot prices crossed US$100 for the first time in two years, reaching US$100.25 on January 28, TradeTech reported. Long-term contract prices, which reflect what utilities typically pay, have stayed near record territory. TradeTech's benchmark reached a high of US$97 per pound on July 1. TradeTech President Treva Klingbiel said, "Utilities recognize that there has been a fundamental shift in support for nuclear power." Cameco Corp.'s (CCO:TSX; CCJ:NYSE) month-end benchmarks, calculated as averages of UxC and TradeTech prices, showed spot uranium at US$89.68 and long-term contracts at US$96.50 at the end of August, the company reported.

Supply remains a key constraint. Kazatomprom (NATKY:OTCMKTS; KAP:LSE), the world's largest uranium producer, increased output by 9% in the first half and maintained its 2026 production forecast of 27,500 to 29,000 tonnes. However, delays at its TQZ sulfuric acid plant are affecting a key input for its mining process, Trading Economics noted. Cameco's first-half production declined 5% after May flooding damaged a bridge along the main supply route to its McArthur River and Key Lake operations in northern Saskatchewan, World Nuclear News reported.

Demand projections point higher. The latest joint "Red Book" from the International Atomic Energy Agency and the Nuclear Energy Agency, released September 14, estimates annual uranium needs could rise from roughly 64,500 tonnes today to between 84,800 and 143,900 tonnes by 2050 under its low- and high-growth cases, Mining Weekly reported. The agencies said known resources can meet projected demand, while cautioning that developing a new mine takes 15 to 20 years. They said "adequate and sustained uranium prices supported by long-term contracts are therefore critical" to bring additional supply to market.

A Leveraged Bet on a Uranium Bull Market

¹"Uranium is no longer considered a speculative corner of the energy market. It is increasingly viewed as a strategic fuel," John Newell of John Newell & Associates wrote in a February 9 review of Azincourt Energy.

Newell pointed to a widening gap between uranium supply and demand as an important catalyst for the sector. Years of underinvestment have constrained production while reactor demand remains steady, prompting utilities to secure longer-term supplies at higher prices. As inventories shrink, he said, new discoveries and more advanced exploration projects in politically stable regions may take on greater importance, opening potential opportunities for junior companies.

He characterized Azincourt as a high-risk exploration company that could benefit substantially if uranium market conditions continue to improve.

"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," Newell wrote. The shares have since traded around CA$0.04.

Ownership and Share Structure²

Management and insiders own 10%, institutions hold 30%, and the rest is retail.

Azincourt has 167.48 million shares outstanding, and its market cap is CA$5.87 million. Its 52-week range is CA$0.03–CA$0.15 per share.

Key Investor Takeaways

• Under CEO Mark Tommasi, who took over in March, Azincourt has made Labrador's Central Mineral Belt its priority, drawn by historical drilling, available core, and the chance to advance known mineralization.
• Tommasi said the Central Mineral Belt is underexplored because investment stalled amid regulatory uncertainty in the late 2000s, followed by a long uranium market slump after the 2011 Fukushima disaster.
• The Snegamook deposit hit uranium in 17 holes in 2007 and 2008, but never received a filed resource estimate. A recent check sample from the historical core graded 2.71% U₃O₈ over 10 centimeters, which Tommasi cautioned isn't representative of a mining width.
• Drilling is underway on a program of about 2,000 meters in six to seven holes at Snegamook.
• Azincourt revised its option to acquire the high-grade Sylvia Lake project in September, shifting the consideration toward cash and away from shares.
• Spot uranium traded near US$89.50 per pound on September 29, near six-month highs, and TradeTech's long-term price indicator hit a record US$97 in July.
• John Newell rated Azincourt a Speculative Buy in February.¹
• Tommasi said investors should judge the company on "disciplined execution, responsible capital allocation and the quality of the technical information we generate."

Common Questions from Investors

Why did Azincourt shift its focus to Labrador? Tommasi sees the Central Mineral Belt, which he described as "the second district-scale uranium area in Canada," as a compelling opportunity to deploy exploration capital. Snegamook offers historical drilling, available core, and known mineralization that has seen little modern exploration.

What is the significance of the Snegamook deposit? Historical drilling found uranium in 17 holes within a large altered system, and the mineralization is still open in places. The work stopped before a resource estimate was filed. The drill program now underway is designed to confirm the historical results and test the extent of mineralization, which the company says may support its evaluation of a potential future resource estimate.

What else is in Azincourt's portfolio? Azincourt holds the Harrier project, which surrounds Snegamook and now covers about 13,000 hectares with more than a dozen mineralized zones. It also holds an option on the high-grade Sylvia Lake project in Labrador and a majority interest in the East Preston project in the Athabasca Basin. Tommasi said the company will direct its funds based on technical merit rather than advancing every property at the same pace.

How is the uranium market? Spot uranium traded near US$89.50 per pound on September 29, near six-month highs, after topping US$100 in January. Long-term contract prices have held near records. The latest joint International Atomic Energy Agency and Nuclear Energy Agency "Red Book" projects rising demand but warns that new mines take 15 to 20 years to develop.

What do analysts say? In a February 9 review, John Newell of John Newell & Associates rated Azincourt a Speculative Buy for investors seeking "leveraged exposure to a sustained uranium bull market." He cautioned that value creation depends on execution, drilling results, and market conditions.¹

What are the main risks? Tommasi said the principal uncertainty is geological, because historical results and isolated high-grade samples don't establish continuity, scale, or economic viability. Surface and grab samples are selective and may not reflect broader grades. The company also faces the usual risks of remote exploration and will need to raise more money as its programs advance.