Uranium Explorer Cuts 19-Meter Interval at Labrador Deposit, Eyes Maiden Resource

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1. Disclosure for the quote from the Stewart Thomson article published on October 22, 2026

1. Azincourt Energy Corp. has paid Street Smart (an affiliate of Streetwise Reports) a fee of US$3,500 for the preparation of an independent technical research report, published on October 22, 2026.
2. Author Certification and Compensation: Stewart Thomson was retained and compensated as an independent contractor by Street Smart for writing this article. Mr. Thomson is a retired Canadian financial advisor who has passed the Canadian Securities Course as well as additional technical analysis courses that were mandated by his former employer and approved by Ontario regulatory bodies. Mr. Thomson is not an investment advisor. He does not know the financial situation or risk tolerance of any reader. For the past 15 years, he has been editing and writing numerous financial newsletters that have a strong focus on charts. 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. Mr. Thomson owns no securities in Azincourt Energy Corp.,  and he has no direct financial relationship with the company.

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.'s twin of a 2008 hole at the Snegamook uranium deposit in Labrador cut a 19.0-meter downhole interval grading 0.03% eU₃O₈, close to the 20-meter downhole interval reported in the historical hole.
• Four holes totaling 1,069 meters are complete, and the 2026 program is now expected to total about 1,800 meters in six to seven holes.
• The new drilling grades are preliminary radiometric equivalents. Laboratory assays are expected early in 2027.
• The drilling is meant to help assess whether enough verified data exists for a possible maiden NI 43-101 resource estimate at Snegamook, which has no current or historical resource.
• The CanAm Stocks and Options newsletter said the company "trades for about the cost of three modest drill programs."
• AI-driven demand for nuclear power is lifting uranium prices, and the World Nuclear Association's Reference Scenario expects reactor requirements to more than double by 2040.

A drill hole twinning 2008 drilling at Azincourt Energy Corp.'s (AAZ:TSX.V; AZURF:OTCQB; A0U0:FSE) Snegamook uranium deposit in Labrador cut a 19-meter mineralized downhole interval, close to the downhole interval reported in the original historical hole, according to an October 22 release. Snegamook is part of the company's Harrier project in Labrador's Central Mineral Belt.

Hole SN0048, drilled 2 meters from historical hole SN-08-24, returned 19.0 meters grading 0.03% eU₃O₈, including two short intervals at 0.05% eU₃O₈, within a broader 31.6-meter zone of elevated radioactivity. Historical sampling of SN-08-24 had indicated 0.05% U₃O₈ over 20.0 meters. Mineralization occurred as fracture coatings and disseminations within healed breccias.

The grades are preliminary radiometric equivalents calculated from downhole gamma measurements, not laboratory assays. Samples from all holes have been collected for analysis at ACTLabs in Ontario, with results expected early in 2027. All intervals are downhole lengths, and true widths have not been determined.

The second hole in the release, SN0047, was drilled 35 meters up-dip of historical hole SN-08-06 to test the mineralized horizon there. It intersected several small zones of elevated radioactivity over 29.5 meters, with a best of 0.8 meters at 0.03% eU3O8. Because the mineralization showed up on the gamma survey but was hard to see in the core, the company said the hole may have been a near miss.

With four holes and 1,069 meters now complete, Azincourt expects the 2026 program to total about 1,800 meters in six to seven holes, down from about 2,000 meters, because of a later-than-expected start in late September.

The drilling, along with a review of historical core and work by an independent Qualified Person, is meant to help the company assess whether it has enough verified data for a possible maiden NI 43-101 resource estimate. No current or historical mineral resource has been established for Snegamook.

"The results demonstrate the thick mineralized horizon and variable nature of the grades," Vice President of Exploration Trevor Perkins said.

"Each additional hole advances our understanding of Snegamook and helps us sharpen our exploration plans," Chief Executive Officer Mark Tommasi said. "Through drilling, laboratory assays, and historical core review, we are building the geological foundation to guide the next phase of exploration and assess the potential for a future mineral resource estimate."

The new holes follow the program's first two, reported on October 14. Hole SN0045, which twinned historical hole SN-08-06, hit elevated radioactivity over 30 meters, including 0.07% eU₃O₈ over 0.6 meters with a 0.2-meter section at 0.14%. Hole SN0046, drilled from the same pad to test deeper, intersected a 25-meter zone with highlights up to 0.05% eU₃O₈ over 0.5 meters.

Historical hole SN-08-06 returned 0.97% U₃O₈ over 0.5 meters, the best interval from 2007 and 2008 drilling at Snegamook, and a 10-centimeter check sample from that core returned 2.71% U₃O₈ in 2025.

Technical analyst Stewart Thomson rated Azincourt a Speculative Buy.¹

The company cautions that the selective check sample is not representative of the historical interval or the deposit. Seventeen historical holes intersected a 20- to 50-meter-wide uranium-bearing zone about 1.3 kilometers southeast of the neighboring Two Time deposit. A 2008 historical estimate for Two Time reported 2.33 million pounds of U₃O₈ indicated and 3.73 million pounds inferred. That estimate is historical, has not been verified by Azincourt, and is not a current resource at Snegamook.

Earlier this month, Azincourt reported completing a summer prospecting program at Harrier, an approximately 13,000-hectare project, and found two new uranium showings, bringing the property's total to 16. Assays from that work are pending. The company also holds the East Preston uranium project in Saskatchewan's Athabasca Basin.

¹Technical analyst Stewart Thomson called Azincourt an aggressive play on a uranium sector he believes is moving from cyclical recovery to "structural re-rating." In an October 22 review of the stock, he noted it "sits at a 52-week low despite four positive catalysts in six weeks," which he called "a clear mispricing for patient capital." The first two holes at the Snegamook deposit in Labrador hit zones of elevated radioactivity, and Thomson wrote that "a positive result could likely re-rate the stock by a multiple of its current valuation."

He said the Sprott Physical Uranium Trust is in a significant monthly uptrend with a major stochastic buy signal. The Sprott Junior Uranium Miners ETF (URNJ) has fallen into what he considers a US$12 to US$18 value buy zone, and its MACD is the most oversold in the chart's history. He noted that Azincourt's own chart shows a long-term double bottom.

"The stock tripled the last time it was at this price area with similar volume," Thomson wrote. "History doesn't repeat, but the technical setup suggests it could rhyme." The stock's on-balance volume, a measure of buying and selling pressure, "has surged to life-of-chart highs, suggesting the price will follow."

Thomson rated Azincourt a Speculative Buy. With the stock at CA$0.03 on October 20, he set resistance zones for taking profits at CA$0.09 in the short term, CA$0.12 in the medium term, and CA$0.15 in the long term. He cautioned that more financing could dilute shareholders at the company's market cap of about CA$5 million and that grades from the early drill results are still uncertain.

In an October 15 commentary, the CanAm Stocks and Options newsletter argued that Azincourt is cheap relative to the work it has underway across three Canadian uranium projects. With no resource yet at Snegamook, the newsletter valued the company on what it would cost to replicate its exploration, concluding that "the entire company trades for about the cost of three modest drill programs."

The newsletter said the first Snegamook holes, reported October 14, confirmed the deposit's geometry and extended the zone down dip, though the first twin hole returned radiometric grades well below the historical interval. However, the preliminary probe readings and the historical laboratory assays aren't directly comparable, and assays from the new holes are still pending, with results expected early in 2027. The newsletter also pointed to the company's East Preston project in Saskatchewan's Athabasca Basin as added upside, noting that a joint venture partner could help advance the project without diluting shareholders.

CanAm, which said it and its affiliates hold or trade the stock, flagged dilution, thin trading, and the company's need for ongoing financing as key risks, calling Azincourt suited to "a small position sized for speculative exploration."

"Attention has arrived; conviction has not yet," the newsletter wrote.