Azincourt Energy TSXV:AAZ Stock Report

Insufficient new directors

No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 1 experienced director. 2 highly experienced directors. President, CEO, Secretary & Director Alex Klenman was the last director to join the board, commencing their role in 2018. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model.

Azincourt Energy Corp. announced that it has received CAD 5.101 million in funding

Azincourt Energy Corp. Completes Drill Program at the East Preston Uranium Project

Azincourt Energy Corp. announced that the Winter 2022 exploration program at the East Preston uranium project, located in the western Athabasca Basin, Saskatchewan, Canada, has been completed. Drilling for the 2022 winter season at the East Preston Project commenced on January 24th. Despite a stretch of extreme cold weather and related logistics and mechanical challenges, and the subsequent rapid onset of warm weather, a total 5,004.5 meters was completed in 19 drill holes over eight weeks duration. Drilling was focused on the G-, K-, and H-Zones with prior progress reported in news releases dated February 14th, 2022, March 1st, 2022, and March 16th, 2022. Packing up and demobilizing of the drill equipment and camp is underway with decommissioning of the road expected to be completed in early April. A total of 420 samples were collected throughout the program and sent to the Geoanalytical Laboratory at the Saskatchewan Research Council in Saskatoon, Saskatchewan for analysis. Complete assay results, expected to be received beginning in late April and into June, will be reported once received, reviewed, and verified by the Company’s QP. With the discovery of at least 1,700 meters of extensive hydrothermal alteration and elevated radioactivity, the Company considers the results of this program to be highly significant. Major uranium discoveries in the Athabasca Basin such as McArthur River, Key Lake, and Millennium were primarily made by drill testing strong alteration zones related to conductor features. Establishing the presence of strong alteration zones at East Preston is a significant step forward in identifying the key areas along the conductor trends where more attention is required. Many holes were drilled significantly deeper than initially planned to get through alteration and structure intersected, and additional holes were drilled to follow up key results. Nine drill holes were completed on the northeast trending G-Zone (Figure 2). Extensive hydrothermal alteration and evidence of east-west cross-cutting structures have been intersected along the southern portion of the zone, highlighted in holes EP0030 and EP0037 with intervals of hydrothermal hematite alteration and extensive evidence for a steep east-west fault cross-cutting the main northeast trending structure and graphitic lithologies. An evaluation of the structural data and geochemistry will be undertaken to aid in planning for additional follow-up drilling and evaluation of this area in the next drill program. On the north-south trending K-Zone (Figure 2), six holes were completed, while one hole was lost in a sand filled fault zone at the north end of the zone. Drilling on the K-Zone also intersected extensive hydrothermal hematite alteration, indicating this alteration zone is at least 1,200 meters long. Extensive zones of hydrothermal hematite were intersected in all holes, with clay alteration also being present. A zone of localized elevated radioactivity more than 10 times background values was identified in EP0035 from both handheld scintillometers and a downhole gamma probe (Azincourt Energy news release dated March 1st, 2022). Samples from this zone have been sent to the lab to evaluate the significance of the elevated radioactivity in this area.

Azincourt Energy Corp. Provide San Update on the Ongoing 2022 Exploration Program at the East Preston Uranium Project, in the Western Athabasca Basin

AZINCOURT ENERGY CORP. provided an update on the ongoing 2022 exploration program at the East Preston uranium project, located in the western Athabasca Basin, Saskatchewan, Canada. Drilling at the East Preston Project commenced on January 24th, and to date, 3,208 meters has been completed in 13 drill holes. Despite a period of extreme cold weather and its associated problems, two drill rigs are operational on the project. Ten drill holes are complete, one was abandoned, and two are in progress on the G- and K- Zones. Initial progress was reported in a previous press release dated February 14th, 2022. Drilling continues on the northeast trending G-Zone where eight holes have been completed and one hole is in progress. Extensive alteration and evidence of east-west cross-cutting structures have been intersected along the southern portion of the zone. EP0030 shows the best alteration on the G-Zone, with an extensive interval of hydrothermal hematite alteration and significant evidence for a steep east-west fault cross-cutting the main northeast trending structure and graphitic lithologies. Additional drilling will be undertaken to evaluate the significance of this alteration and associated cross cutting structure. On the north-south trending K-Zone, two holes have been completed and one is in progress, with one hole lost in a sand filled fault zone at the north end of the zone. Drilling on the K-Zone has intersected extensive hydrothermal hematite alteration in all holes, indicating this alteration zone is at least 800 meters long. Drill hole EP0035 intersected an extensive zone of hydrothermal hematite more than 100 meters thick. Within this zone localized elevated radioactivity identified from both hand-held scintillometers and a downhole gamma probe was also encountered. Analysis of samples from this zone will be sent to the lab to evaluate the significance of the elevated radioactivity in this area. Additional drilling is underway to evaluate the significance of this alteration zone and to follow-up the elevated radioactivity identified. The Company considers the drilling results to date to be significant, as major uranium discoveries in the Athabasca Basin such as McArthur River, Key Lake, and Millennium were primarily the result of drill testing of strong alteration zones related to conductor features. The identification of strong alteration zones is an important and meaningful step in locating key areas along the conductor trends where more attention is required. As a consequence of the promising developments many holes have been drilled considerably deeper (to get through alteration and structure intersected) than initially planned and additional holes are being drilled to follow up key results. This means that while the planned overall meterage is expected to be achieved, fewer total holes may be completed and not all zones targeted for this program may be evaluated. The first shipment of core samples from the current drill program is scheduled to be delivered later this week to the SRC Geoanalytical Lab in Saskatoon. The Company expects to receive full suite assay results in early April. Results will be reported once received, reviewed, and verified.

Azincourt Energy Corp. Provides Update on Drilling Progress at the East Preston Uranium Project

AZINCOURT ENERGY CORP. provided an update on the 2022 exploration program at the East Preston uranium project, located in the western Athabasca Basin, Saskatchewan, Canada. Drilling at the East Preston Project commenced on January 24th, and to date, 1,334 meters has been completed in 6 drill holes. After some initial startup delays due to the extreme cold weather, two drill rigs are now operational on the project. Four drill holes are complete and two are in progress on the G-Zone. One drill rig is being moved to the K-Zone. See figure 2 for corresponding locations. The 73 km winter road to access the property and the camp facilities are complete. Accurate Industries is maintaining the winter access road and facilitating transport of fuel and supplies to camp for the duration of the program. Discovery Mining Services is maintaining and managing the exploration camp at Snoop Lake for the duration of the program. FullForce Drilling Ltd. is providing two diamond drill rigs and conducting the drilling program, which is expected to continue until mid to late March. Significant snowfall and blowing snow have resulted in extra time and effort being put in to maintaining the access roads to ensure safe and consistent accessibility. The primary target area for the 2022 program continues to be the conductive corridors from the A-Zone through to the G-Zone (A-G Trend) and the K-Zone through to the H and Q-Zones (K-H-Q Trend) (Figures 1 and 2). The selection of these trends is based on a compilation of results from the 2018 through 2020 ground-based EM and gravity surveys, property wide VTEM and magnetic surveys, and the 2019 through 2021 drill programs, the 2020 HLEM survey indicates multiple prospective conductors and structuralcomplexity along these corridors. The 2019-2021 drilling programs on the A-G Trend confirmed that geophysical conductors comprise structurally disrupted zones that are host to accumulations of graphite, sulphides, and carbonates. Anomalous radioactivity has been demonstrated to exist within these structurally disrupted conductor zones. The 2022 drilling program will target similar structurally disrupted zones prioritized on the presence and strength of corresponding electromagnetic, magnetic and gravity geophysical anomalies. Permits are in place to complete all the planned work through the winter of 2022. Azincourt Energy continues to be engaged in regular meetings with the Clearwater River Dene Nation and other rights holders to ensure that concerns of the local communities are addressed. Azincourt looks forward to a continued close working relationship with CRDN and other rights holders to ensure that any potential impacts and concerns are addressed and that the communities can benefit from activities in the area through support of local business, employment opportunities, and sponsorship of select community programs and initiatives. Several members of the Clearwater River Dene Nation are directly employed on site or provide support and services to keep the camp and program running.