Azincourt Energy Updates Sylvia Lake Uranium Project Acquisition

Azincourt Energy Corp has announced an update on its efforts to acquire the High-Grade Sylvia Lake Uranium Project in Labrador. The project, located approximately 100 kilometers northwest of Happy Valley-Goose Bay, Labrador, within the Central Mineral Belt, is now subject to a revised agreement that will see Azincourt Energy Corp acquire a 100% interest in the project.

Under the terms of the new agreement, Azincourt Energy Corp will pay a total of $662,000 to the Optionor and $12,000 to the underlying owner of the project. Additionally, the company will issue 1,760,000 common shares to the underlying owner and commit to spending $250,000 on exploration activities. The transaction is subject to the completion of these financial and share obligations, as well as the incurrence of the required exploration expenditures.

Azincourt Energy Corp has already completed the initial cash payment and share issuances as part of the agreement. The company is also required to issue 1,143,000 common shares to a third party finder, which will be released in tranches over a period of 36 months. The first tranche of 324,000 shares will be issued upon closing, with 444,000 shares to be issued upon the twelve-month anniversary, and the remaining 375,000 shares to be issued upon the twenty-four-month anniversary.

Azincourt Energy Corp CEO, Mark Tommasi, stated, "We are pleased to have reached this agreement with the Optionor and the underlying owner. The Sylvia Lake Uranium Project represents a significant opportunity for us to expand our portfolio in Labrador's Central Mineral Belt. We are committed to advancing this project and contributing to the exploration and development of critical mineral resources."

The project covers approximately 6,725 hectares and is situated within a region known for its mineral wealth. Azincourt Energy Corp is a Canadian-based resource company with a focus on 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.

The transaction is subject to the approval of the TSX Venture Exchange, which has already been obtained. All securities issued in connection with the transaction will be subject to a four-month-and-one-day statutory hold period. The finder's fee shares will be subject to an escrow agreement, with restrictions on transfer until the shares are released in stages over a period of 36 months.

Azincourt Energy Corp's commitment to the Sylvia Lake Uranium Project underscores its ongoing efforts to expand its presence in the uranium sector and contribute to the exploration and development of critical mineral resources. The company remains focused on advancing this project and contributing to the broader exploration and development landscape in Labrador.