Azincourt Energy Hits Broad Zones of Elevated Radioactivity in First Snegamook Holes

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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.

Key Investor Takeaways

• Azincourt Energy’s first two drill holes at the Snegamook uranium deposit in Labrador hit broad zones of elevated radioactivity, 30 meters in the first hole and 25 meters in the second.
• The best highlighted interval was 0.14% eU₃O₈ over 0.2 meter. These are radiometric estimates, and assays are expected early next year.
• The first hole, SN0045, was drilled to twin historical hole SN-08-06, which returned the best mineralized interval from past drilling at Snegamook.
• The program is now expected to total about 2,000 meters in six to seven holes, which will help Azincourt assess the potential for a future resource estimate.
• Snegamook has no current or historical mineral resource, and the historical data have not been verified.

Snegamook Lights Up in Azincourt's First New Holes

Azincourt Energy Corp. (AAZ:TSX.V; AZURF:OTCQB; A0U0:FSE) has confirmed uranium mineralization at its Snegamook deposit in Labrador with its first two drill holes there. The results come nearly two decades after the deposit was first drilled. Both holes hit broad zones of elevated radioactivity, 30 meters in the first and 25 meters in the second, according to an October 14 release.

"The numbers are in line with a lot of what you see [in] other deposits in the area," CEO Mark Tommasi told Streetwise Reports. "These are really good numbers."

The company completed 540 meters in the two holes at Snegamook, part of its Harrier project in Labrador's Central Mineral Belt. The best interval was 0.14% eU₃O₈ over 0.2 meter.

The grades are radiometric estimates from downhole probes, and assays to confirm them are expected early next year. Tommasi said the results shouldn't be judged against the Athabasca Basin in Saskatchewan, which is known for exceptionally high grades.

Following Up Snegamook's Top Historical Hit

The first hole, SN0045, was drilled 1.5 meters from historical hole SN-08-06 to twin it. That historical hole had returned 0.97% U₃O₈ over 0.5 meter, the best interval from past drilling at Snegamook. A 10-centimeter check sample Azincourt took from its core in 2025 returned 2.71% U₃O₈. That sample was selective and isn’t representative of the historical interval or of the deposit as a whole.

SN0045 reached 269 meters and hit multiple radioactive zones over 30 meters, from 94.1 to 124.9 meters, in brecciated monzodiorite gneiss. Highlights included 0.07% eU₃O₈ over 0.6 meter, including 0.14% over 0.2 meter, and 0.03% eU₃O₈ over 0.6 meter.

The second hole, SN0046, was drilled from the same pad at a steeper angle to test the zone down dip. It reached 271 meters and hit a 25-meter radioactive zone from 187 to 211.6 meters. Highlights included 0.05% eU₃O₈ over 0.5 meter and 0.03% eU₃O₈ over 0.3 meter. The release said all intervals are drill hole lengths, not true widths.

"This program has confirmed the mineralizing system and setting of the Snegamook uranium deposit," said Trevor Perkins, vice president of exploration. The results "demonstrate the small footprint and variability of the high-grade veins within this style of deposit" and are comparable with grades at nearby deposits such as Two Time and Anna Lake, he said.

The program started in late September, later than planned, and is now expected to total about 2,000 meters in six to seven holes. Samples from all holes will be assayed at ACTLabs in Ancaster, Ontario.

Laying the Groundwork at Snegamook

Snegamook was first drilled in 2007 and 2008, about 1.3 kilometers southeast of the Two Time uranium deposit. Seventeen historical holes cut a 20- to 50-meter-wide zone of uranium-bearing, altered monzodiorite, a setting Azincourt says is similar to Two Time's. Silver Spruce Resources (SSE:TSX.V) prepared a preliminary resource estimate in 2008, but it was never finalized or filed. Snegamook has no current or historical mineral resource, and Azincourt has not verified the historical data.

This year’s program will help determine whether the drilling and historical data can support a future resource estimate. Azincourt is rehabilitating the historical core at the Kanairiktok storage facility, bringing in an independent Qualified Person, and twinning selected holes.

"Our focus is on building a reliable geological dataset through drilling and historical core review to guide the next stages of exploration and assess the potential for a future mineral resource estimate," Tommasi said in the release.

Crews are working from the Florence Lake Exploration Camp, about 170 kilometers north of Goose Bay.

Labrador's Uranium Belt Waits for Its First Mine

The Central Mineral Belt hosts numerous uranium deposits and has drawn renewed exploration as interest in a secure uranium supply grows, but it has never produced uranium. Paladin Energy Ltd.'s (PDN:TSX; PDN:ASX) Michelin project, made up of six deposits, holds a reported 127.7 million pounds of U₃O₈, according to Paladin's 2026 annual report.

The historical Moran Lake C deposits are reported to hold 9.3 million pounds of U₃O₈, and Anna Lake 4.9 million pounds. Two Time, Snegamook’s nearest neighbor, was reported in 2008 to hold an indicated resource of 2.33 million pounds of U₃O₈ and an inferred resource of 3.73 million pounds. Those are historical estimates, and Azincourt is not treating them as current mineral resources. The company said it has not verified these third-party figures and that they don’t necessarily reflect mineralization at Harrier.

Azincourt also holds the East Preston uranium project in Saskatchewan's Athabasca Basin.

A High-Risk Bet on a Strategic Fuel

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

Newell said the gap between uranium supply and demand is a key catalyst for the sector. Years of underinvestment have held back production while reactor demand stays steady, pushing utilities to lock in longer-term supply at higher prices. As inventories shrink, he said, new discoveries and advanced exploration projects in politically stable regions could become more valuable, which may open the door for junior explorers.

He called Azincourt a high-risk exploration company that could benefit substantially if uranium market conditions keep improving.

"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.

The AI Power Rush Meets a Uranium Shortfall

Nuclear power is in the middle of a global revival. About 440 reactors in 31 countries supplied roughly 9% of the world's electricity in 2025, and about 80 more are under construction, according to the World Nuclear Association. Another 120 or so are planned, and more than 300 are proposed. The association is pushing to triple global nuclear capacity by 2050.

Artificial intelligence is adding a new source of demand. Data centers used about 415 terawatt-hours of electricity in 2024, and that is set to more than double to about 945 terawatt-hours by 2030, with AI as the main driver, the International Energy Agency said. Nuclear will supply about as much new power to data centers as natural gas through 2035, especially in the U.S., China, and Japan, the agency said.

Mine supply has not kept pace. Years of underinvestment, long permitting timelines, and shrinking secondary supplies have left the market short, and Sprott Asset Management expects the deficit to widen over the coming decade, Mining.com reported. Higher prices "will be required to incentivize restarts and greenfield developments," Sprott said.

Prices have climbed. Uranium ended September at about US$89.63 a pound on the spot market and US$96.50 under long-term contracts, the price utilities pay to lock in supply, according to Cameco Corp. (CCO:TSX; CCJ:NYSE), which averages month-end prices from UxC and TradeTech.

That backdrop favors explorers in politically stable regions such as Labrador's Central Mineral Belt, where interest in a secure uranium supply has brought renewed exploration.

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$6.71 million. Its 52-week range is CA$0.03–CA$0.15 per share.

Common Questions from Investors

What did Azincourt find? Its first two holes at Snegamook hit 30-meter and 25-meter zones of elevated radioactivity. Highlights included 0.07% eU₃O₈ over 0.6 meter, including 0.14% over 0.2 meter, and 0.05% eU₃O₈ over 0.5 meter.

Are these assay results? No. They are radiometric equivalent grades from downhole probes. Samples from all holes will be assayed at ACTLabs, with results expected early next year.

Does Snegamook have a resource estimate? No. A 2008 preliminary estimate was never finalized or filed. Azincourt is drilling, twinning historical holes, and reviewing old core to assess a possible maiden resource estimate.

What happens next? Azincourt plans four to five more holes, for about 2,000 meters in total, and will engage an independent Qualified Person to review the core.