Azincourt Energy options Sylvia Lake uranium project

Vancouver, British Columbia--(Newsfile Corp. - August 4, 2026) - AZINCOURT ENERGY CORP. (TSXV: AAZ) (OTCQB: AZURF) ("Azincourt" or the "Company") is pleased to announce that it has entered into a definitive property option agreement with a private company (the "Optionor") that is arm's-length to the Company, pursuant to which Azincourt has been granted the option to acquire a one-hundred percent interest in two mineral claim block licences located in Labrador's Central Mineral Belt in the Province of Newfoundland and Labrador, commonly known as the Sylvia Lake Uranium Project ("Sylvia Lake" or the "Project").

The Project is located approximately 100 kilometres northwest of Happy Valley-Goose Bay, Labrador, within the Central Mineral Belt ("CMB"). Sylvia Lake is situated along the southern margin of the CMB, between the Michelin uranium deposit and the Madsen trend, and represents a known uranium showing hosted in felsic volcanic rocks of the Sylvia Lake Formation.

The Project consists of two mineral licences, #040160M and #040178M, covering approximately 6,725 hectares.

The CMB hosts several uranium deposits and showings, including the Michelin uranium deposit, the Moran Lake C Deposit and the Anna Lake Deposit. These known occurrences demonstrate the uranium endowment of the belt and provide geological context for continued exploration in the region. Mineralization hosted on nearby or regional properties is not necessarily indicative of mineralization that may be hosted on the Sylvia Lake Project.

Project Highlights

Highlights of the Sylvia Lake Project include:

High-grade uranium confirmed at surface, including reported historical grab samples of up to 2.72% U₃O₈, along with additional reported results of 0.98% U₃O₈ and 0.62% U₃O₈;

Historical trenching reported uranium mineralization, including 2.0 metres grading 0.243% U₃O₈ in Trench SY-1, 4.0 metres grading 0.131% U₃O₈ in Trench SY-2, and 1.0 metre grading 0.015% U₃O₈ in Trench SY-3;

Historical drilling completed in 2007 intersected the mineralized horizon in each hole drilled, with reported results including 0.30 metres grading 0.237% U₃O₈, 0.54 metres grading 0.043% U₃O₈ and 0.34 metres grading 0.027% U₃O₈;

Mineralization is interpreted to be structurally controlled and associated with hematization, shearing and fracture development, with visible autunite reported along fracture surfaces;

Historical drilling and surface work define a south-dipping mineralized sheet interpreted to have approximately 70 metres of strike length and approximately 27 metres of down-dip extent, with mineralization remaining open along strike and at depth; and

The showing is located within approximately 300 metres of the intersection of multi-kilometre-scale structures identified in magnetic data and is associated with a coherent gravity-high anomaly.

Figure 1: Sylvia Lake Project location within Labrador's Central Mineral Belt, showing nearby uranium occurrences and interpreted regional structural trends.

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Technical Overview

The Sylvia Lake showing is a structurally controlled uranium occurrence hosted in felsic volcanic rocks of the Sylvia Lake Formation. Mineralization is associated with hematization, shearing and fracture development, with visible autunite reported along fracture surfaces.

Historical work completed by Shell Canada in the 1970s identified uranium mineralization through trenching. Reported results from historical trenching include 2.0 metres grading 0.243% U₃O₈ in Trench SY-1, 4.0 metres grading 0.131% U₃O₈ in Trench SY-2, and 1.0 metre grading 0.015% U₃O₈ in Trench SY-3.

In 2007, prospecting successfully relocated historical trenches and drill collars. Re-sampling and reconnaissance mapping confirmed the geological setting and tenor of mineralization, with grab samples reportedly returning up to 2.72% U₃O₈, together with additional reported results of 0.98% U₃O₈ and 0.62% U₃O₈. The Company cautions that grab samples are selective in nature and may not be representative of mineralization across the Project.

Also in 2007, 402 metres of diamond drilling were completed. The drilling reportedly intersected the mineralized horizon in each hole drilled, confirming the continuity of mineralization between surface exposures and subsurface intersections. Reported drill results include 0.30 metres grading 0.237% U₃O₈, 0.54 metres grading 0.043% U₃O₈, and 0.34 metres grading 0.027% U₃O₈.

Historical drilling and surface data together define a continuous, south-dipping mineralized sheet hosted within felsic volcaniclastic rocks adjacent to a chloritic phyllite unit. The mineralized zone is interpreted to have been traced over approximately 70 metres of strike length and approximately 27 metres down dip and remains open along strike and at depth.

Exploration Thesis

The broader exploration thesis at Sylvia Lake is based on structural control. The known mineralization occurs within a structural corridor interpreted from historical work and modern geophysical datasets. The showing lies within approximately 300 metres of the intersection of multi-kilometre-scale structures identified in magnetic data and is associated with a coherent gravity-high anomaly.

The Company believes future exploration should focus on structural intersections, flexures and dilation zones where increased permeability may support the development of thicker or higher-grade zones of uranium mineralization.

Potential future work may include compilation and verification of historical data, detailed radiometric surveying, geological mapping, prospecting, geochemical sampling and targeted drilling to test the known mineralized structure and priority structural targets along strike and down dip.

Management Commentary

"Sylvia Lake gives Azincourt exposure to a known uranium occurrence with high-grade surface results, historical trenching and limited drilling that has demonstrated continuity within a defined structural setting," said C. Trevor Perkins, P.Geo., Vice President, Exploration. "The next phase of work should focus on refining the structural model and identifying areas where thickness and grade may increase, particularly around interpreted structural intersections and dilation zones."

"We have been looking to strengthen Azincourt's uranium portfolio with opportunities that offer both known mineralization and meaningful exploration upside," said Mark Tommasi, CEO of Azincourt. "Sylvia Lake provides that combination. 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."

Option Terms

Pursuant to the terms of the Option, and subject to TSX Venture Exchange approval, the Company may acquire a one-hundred percent interest in the Project by paying aggregate cash consideration of $12,000, issuing an aggregate of 15,000,000 common shares and incurring aggregate exploration expenditures of $250,000 on the Project, as follows:

All securities issued in connection with the Option will be subject to a four-month-and-one-day statutory hold period. A finder's fee totaling 1,395,000 common shares is payable by the Company to an arm's-length third party in connection with the Option, of which 526,667 shares are payable upon closing of the Option, 493,333 shares are payable upon completion of the share issuance owing on the twelve-month anniversary, and 375,000 shares are payable upon completion of the share issuance owing on the twenty-four-month anniversary. The Option remains subject to the approval of the TSX Venture Exchange (the "Exchange").

Private Placement

The Company also announces its intention to complete a non-brokered private placement of up to 8,888,888 flow-through units of the Company (the "FT Units") at a price of $0.045 per FT Unit for gross proceeds of up to approximately $400,000, and up to 4,444,444 non-flow-through units of the Company (the "NFT Units") at a price of $0.045 per NFT Unit for gross proceeds of up to approximately $200,000, for aggregate gross proceeds of up to approximately $600,000 (the "Offering").

Each FT Unit will consist of one common share in the capital of the Company issued as a "flow-through share" within the meaning of the Income Tax Act (Canada) and one-half of one transferable common share purchase warrant. Each NFT Unit will consist of one common share in the capital of the Company and one-half of one transferable common share purchase warrant. Each whole warrant will entitle the holder thereof to acquire one additional common share of the Company at an exercise price of $0.07 for a period of 24 months from the date of issuance.

The gross proceeds from the issuance of the FT Units will be used to incur eligible Canadian exploration expenses that are intended to qualify as "flow-through mining expenditures" as those terms are defined in the Income Tax Act (Canada). The proceeds from the issuance of the NFT Units will be used for general and administrative expenses and general working capital purposes.

Proceeds of the Offering will not be used for payments to non-arm's length parties of the Company nor for any payment relating to persons conducting investor relations activities.

The Company may pay finder's fees to eligible arm's-length finders in connection with the Offering, subject to compliance with applicable securities laws and the policies of the TSX Venture Exchange. Any finder's fees payable may consist of cash, finder warrants or a combination thereof, as permitted by the TSX Venture Exchange.

All securities issued in connection with the Offering, including any securities issued or issuable as finder's fees, will be subject to a statutory hold period of four months and one day in accordance with applicable securities laws. The Offering remains subject to the approval of the TSX Venture Exchange.

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

Investor Relations and Digital Marketing Engagements

The Company also announces that it has entered into an investor relations advisory services agreement dated August 1, 2026 (the "Vectis Agreement") with Vectis Capital Inc. ("Vectis"), an investor relations advisory firm headquartered in Windsor, Ontario. Pursuant to the Vectis Agreement, Vectis will provide investor relations advisory services to Azincourt, including, but not limited to, increasing exposure through private trading groups, social media and influencer communities, implementing tagged article awareness strategies, and online digital marketing.

Azincourt has agreed to pay a fee of US$150,000 to Vectis (the "Vectis Fee"), payable in cash in advance of Vectis commencing its services, subject to acceptance by the TSX Venture Exchange. The term of the Vectis Agreement is three months following TSX Venture Exchange acceptance.

Tyler Troup, Managing Director of Vectis, will lead the engagement. Mr. Troup has more than 17 years of experience in investor relations and has worked with emerging growth companies listed on multiple exchanges in several jurisdictions.

Azincourt will not issue any securities to Vectis as compensation for its services. Vectis and its principal, Tyler Troup, are at arm's length to Azincourt and, to the knowledge of Azincourt, do not beneficially own, directly or indirectly, any securities of Azincourt. Vectis is not engaged in market-making activities.

The Company has also entered into a services agreement dated August 4, 2026 with Fairfax Partners Inc. ("Fairfax") pursuant to which Fairfax will provide digital marketing and investor communications services in connection with a dedicated Sunrise Investor campaign. The services are expected to include a campaign landing page on the Sunrise Investor platform, long-form interview features, newsletter placements to the Sunrise Investor subscriber base, campaign setup and management across approved distribution channels, and monthly performance reporting.

The initial term of the Fairfax engagement is six months, unless terminated earlier in accordance with its terms. The fee for the initial six-month campaign is CAD$20,000, plus applicable taxes. The agreement also provides that the aggregate amount payable for all Momentum IR or Sunrise Investor activity, including the initial campaign fee, may not exceed CAD$100,000 in any calendar year. This amount is not a minimum commitment and no additional services may be provided unless approved by the Company in writing.

No services under the Fairfax engagement will commence, and no campaign content will be published, until the Company confirms that the required public disclosure and TSX Venture Exchange filing or acceptance process has been completed to the extent required. All Company-related content remains subject to the Company's prior written approval and any required sponsorship and compensation disclosures will be included in published campaign materials.

Fairfax will be compensated in cash only. The Company will not issue any securities to Fairfax as compensation for its services. Fairfax is at arm's length to the Company and, to the knowledge of the Company, Fairfax does not beneficially own, directly or indirectly, any securities of the Company, nor does Fairfax hold any right to acquire any securities of the Company. Fairfax is located at Suite #1504, 1221 Bidwell Street, Vancouver, British Columbia, V6G 0B1. Fairfax's contact is Daniel Southan-Dwyer, President and Founder, email: connect@fairfax.partners .

Qualified Person

The technical information in this news release has been prepared in accordance with the Canadian regulatory requirements set out in National Instrument 43-101 and reviewed and approved on behalf of the Company by C. Trevor Perkins, P.Geo., Vice President, Exploration of Azincourt Energy, and a Qualified Person as defined by National Instrument 43-101.

Historical Information

The historical exploration results referenced in this news release are historical in nature. The Company has not yet independently verified all historical sampling, trenching and drilling results. The Company believes the historical results are relevant for exploration purposes and intends to use them to guide future exploration work on the Project. Grab samples are selective by nature and may not be representative of mineralization across the Project.

Information regarding nearby or regional uranium deposits and occurrences, including Michelin, Moran Lake C and Anna Lake, has been obtained from publicly available sources. Mineralization hosted on nearby or regional properties is not necessarily indicative of mineralization that may be hosted on the Sylvia Lake Project.

Gillman, T.L., 2008; 2008 (Sixth Year) Assessment Report of Prospecting, Ground Geophysics, and Geological Reconnaissance/Mapping on Licenses 09387M, 09388M, 09389M, and 09391M, Bruce River Property, NTS13K/07 and 13K/10, Central Labrador; Newfoundland and Labrador Geological Survey, Assessment File 13K-0316.

McKenzie, W.L., 1977; Central Mineral Belt Project Report on Exploration, 1977, NTS 13K/7; Newfoundland and Labrador Geological Survey, Assessment File 13K-0155.

About Azincourt Energy Corp.

Azincourt is a Canadian-based resource company specializing in the strategic acquisition, exploration and development of alternative energy and critical mineral projects, including uranium and lithium. The Company is currently active at its East Preston uranium project located in the Athabasca Basin, Saskatchewan, and is building a portfolio of uranium exploration opportunities in Labrador's Central Mineral Belt.

ON BEHALF OF THE BOARD OF AZINCOURT ENERGY CORP.

"Mark Tommasi" Mark Tommasi, CEO

For further information please contact:

Mark Tommasi, CEO Tel: (236)-229-2030 fair@azincourtenergy.myir.ai

Azincourt Energy Corp. Suite 1012-1030 West Georgia St. Vancouver, BC V6E2Y3 www.azincourtenergy.com

Cautionary Statement Regarding Forward-Looking Statements

Neither the TSX Venture Exchange nor its Regulation Services Provider, as that term is defined in the policies of the TSX Venture Exchange, accepts responsibility for the adequacy or accuracy of this release.

Certain statements and information contained in this news release constitute "forward-looking statements" or "forward-looking information" within the meaning of applicable Canadian securities laws. Forward-looking statements and forward-looking information are generally identifiable by use of forward-looking terminology such as "may," "will," "should," "could," "expects," "plans," "intends," "anticipates," "believes," "estimates," "targets," "potential," "proposed," "future," "continues," or similar words, expressions or variations thereof, or statements that certain actions, events or results "may," "could," "would," "might" or "will" occur, be taken, be achieved or be completed. Forward-looking statements and forward-looking information in this news release include, but are not limited to, statements regarding: receipt of TSX Venture Exchange approval or acceptance for the Option, the Offering, the Vectis Agreement and the Fairfax engagement; the Company's ability to complete the acquisition of an interest in the Project; the Company's ability to complete the Offering on the terms announced or at all; the proposed use of proceeds from the Offering; the proposed commencement and scope of services under the Vectis Agreement and Fairfax engagement; the prospectivity of the Project; the Company's proposed exploration plans; the potential for future exploration to identify thicker or higher-grade zones of uranium mineralization; the Company's expectations regarding the geological setting, structural controls and exploration upside of the Project; and the Company's plans to advance a portfolio of uranium exploration opportunities in Labrador's Central Mineral Belt.

Forward-looking statements and forward-looking information are based on the assumptions, beliefs, expectations and opinions of management as of the date of this news release, including assumptions regarding: the Company's ability to obtain all necessary regulatory approvals and acceptances, including approval or acceptance of the TSX Venture Exchange; the Company's ability to complete the Option and the Offering on the terms currently contemplated; the Company's ability to obtain TSX Venture Exchange acceptance of the Vectis Agreement and Fairfax engagement and commence the contemplated investor relations and digital marketing services; the availability of financing, personnel, equipment and services required to carry out future exploration work; the accuracy and reliability of historical exploration results and publicly available information; the geological interpretation of the Project; the continued validity of the Company's exploration model; commodity prices; general business, market and economic conditions; and the Company's ability to comply with applicable regulatory requirements.

Forward-looking statements and forward-looking information are subject to a variety of known and unknown risks, uncertainties and other factors that could cause actual events or results to differ materially from those expressed or implied by the forward-looking statements and forward-looking information contained herein. Such risks and uncertainties include, without limitation: the risk that TSX Venture Exchange approval or acceptance may not be obtained; the risk that the Option may not be completed or maintained in good standing; the risk that the Offering may not be completed on the terms announced or at all; the risk that the Vectis Agreement or Fairfax engagement may not receive TSX Venture Exchange acceptance or that the contemplated services may not be completed as proposed; the need for additional capital and the risk that such funds may not be available on acceptable terms or at all; the speculative nature of mineral exploration; the early-stage nature of the Company's properties; the risk that historical results may not be verified or repeated; the risk that future exploration may not identify additional mineralization; the risk that geological interpretations may change as additional information becomes available; changes in commodity prices; changes in market conditions; regulatory risks; environmental risks; the availability of equipment, personnel and contractors; permitting and access risks; and the risk that future work programs may not be completed within expected time frames or at all.

Although the Company believes that the assumptions and expectations reflected in such forward-looking statements and forward-looking information are reasonable, there can be no assurance that such statements or information will prove to be accurate. Readers should not place undue reliance on forward-looking statements or forward-looking information. The forward-looking statements and forward-looking information contained in this news release are made as of the date hereof, and, except as required by applicable securities laws, the Company does not undertake any obligation to update or revise any forward-looking statements or forward-looking information, whether as a result of new information, future events or otherwise.

THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

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Newsfile Corp.

August 4, 2026 - 2:00 PM PDT

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