Validating Hidden Uranium Potential in Canada's Central Mineral Belt

1. Azincourt Energy Corp. has a consulting relationship with Street Smart an affiliate of Streetwise Reports. Street Smart Clients pay a monthly consulting fee between US$8,000 and US$20,000.
2. As of the date of this article, officers and/or employees of Streetwise Reports LLC (including members of their household) own securities of Azincourt Energy Corp. 
3. James Guttman wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an employee. 
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Azincourt Energy Corp. (AAZ:TSX.V; AZURF:OTC) is making strategic moves in Canada's uranium sector with two advanced projects: the Snegamook Project in Newfoundland and Labrador's Central Mineral Belt and the East Preston Project in Saskatchewan's Athabasca Basin. The company's focus is on capitalizing on the growing global demand for uranium, driven by commitments from 31 countries to triple nuclear energy capacity by 2050.

Azincourt Energy's President, CEO, and Director, Alex Klenman, highlighted the significance of their projects during a recent call with Streetwise Reports, stating, "The Snegamook Project is particularly exciting because we're not starting from scratch. The single hardest part of the pure exploration process — discovery and confirmation of mineralization - has already been completed. The confirmation of uranium in multiple drill holes removes the single biggest risk for a greenfield explorer. We have lots of historical data to go through and validate, and this can help us potentially establish a preliminary resource estimate." 

"It should also be noted that the CMB experienced a lot of exploration activity in the last uranium bull market of 2006-08. There are some large uranium deposits in the area, and recently, some well-known companies like Atha Energy and Paladin Energy, among others, have established significant land positions. The area is positioned to become a significant uranium camp, and we're really pleased to be able to gain a foothold with Snegamook." 

The Snegamook Project covers 423 hectares and includes several proven uranium mineralization lenses. Historical work by Silver Spruce Resources from 2006 to 2008 revealed uranium-bearing brecciated and altered monzodiorite. "We're in the process of locating the original drill core," Klenman explained, "we can learn a lot through re-examination and re-sampling, which is really beneficial in understanding the nature of the mineralization there and the ultimate goal of establishing a compliant resource." 

Azincourt's strategy at the Snegamook Project includes the validation and expansion of historical drill data, a process that could fast-track the company toward a preliminary resource estimate. The company's focus on re-sampling and verifying historical drill core reflects its commitment to establishing a solid resource foundation, with the potential to significantly enhance the project's valuation. 

Technical Analyst Clive Maund concluded, "The chances of an upside breakout from the recent range are rapidly improving, and the stock is viewed as a buy here."

At East Preston, where Azincourt holds an 87% interest, the company has conducted significant exploration, including geophysical surveys and drilling. "East Preston is a really amazing project," Klenman noted.

"We've invested heavily in its development, and while the perfect drill hole has been elusive, the technical successes suggest strong potential. We have identified over 30 kilometers of conductive corridors and over 2,000 meters of hydrothermal alteration packages, which are favorable environments for uranium deposition. Within these, the results tell us that uranium-bearing fluids have been active, and most importantly, we have confirmed the presence of clays like dravite, illonite, and kalonite, which are well known to occur in close proximity to uranium deposits. If you're looking to make a new uranium discovery, this is exactly the type of technical data you want to see. There is no doubt East Preston is a very compelling exploration asset." 

Financially, Azincourt maintains a market cap of around US$5 million with approximately CDN$2 million in the bank. Klenman acknowledged, "2024 was quiet for us in terms of external marketing. We spent zero dollars, which was actually surprising to me, but we felt it was important to watch our treasury during what was a relatively off year for juniors. But we feel the time is right, particularly after the Snegamook acquisition, to begin to ramp up our marketing efforts again. The next leg up in the uranium sector is coming, and we need to make sure people are aware of who we are and what we're doing." 

Uranium Sector Outlook: Market Dynamics and Growth Potential

According to the Financial Review on January 5, the nuclear energy sector, particularly uranium, experienced a historic upswing. "Uranium prices have soared to 15-year highs," the report noted, citing the rising demand from technology giants like Google, Amazon, and Microsoft for nuclear power to support data centers. The price of uranium ended in 2024 around US$70 per pound and climbed above US$76 at the start of 2025.

The review highlighted that "governments worldwide are recognizing the vital role nuclear power plays in decarbonizing to reach climate goals," with 28 nations committing at COP28 to triple nuclear capacity by 2050. This increased demand has been met with supply constraints, exacerbated by geopolitical risks in major uranium-producing countries like Kazakhstan.

On January 23, Goehring and Rozencwajg reported a significant resurgence in nuclear power, emphasizing the role of small modular reactors (SMRs). "Microsoft recently announced a groundbreaking partnership with Constellation Energy to reopen the Three Mile Island Unit 1 reactor," showcasing the strategic importance of nuclear power for energy-intensive industries. The article noted that uranium demand estimates had increased by nearly 40 million pounds due to deferred plant closures and accelerated new-build plans.

However, the sector faced volatility on January 27, as reported by Excelsior Prosperity. Shad Marquitz noted that uranium stocks were "absolutely crushed," with the Sprott Uranium Miners ETF closing down by over 10%. This drop was partly attributed to Kazatomprom's improved 2025 production guidance. Marquitz observed, "While this improved production picture from Kazatomprom is a net negative for uranium prices, it doesn't fully explain the extreme price drops." He suggested that broader market disruptions, including declines in AI-related stocks, contributed to the sell-off.

Key Catalysts Driving Azincourt's Growth

Azincourt's near-term catalysts focus on advancing its uranium projects. "At Snegamook, we'll announce details of our initial groundwork program shortly," Klenman confirmed. "This initial work program will help us validate historical drill data, and we aim to follow it up with a drill program." 

The company is also considering potential acquisitions, as detailed in the Azincourt Investor Presentation. "We're always looking to expand our land holdings, especially near known mineralized zones," Klenman added. 

At East Preston, while drilling is paused, Azincourt may seek partnerships to advance exploration. "One strategy for East Preston might involve monetizing a portion of the project via option agreements, It's a large project (~20,000ha) that boasts a ton of advanced targeting data through extensive geophysics and drilling. There's a lot of potential there," Klenman said. The strategic location near major uranium players like NexGen Energy and Cameco could facilitate joint ventures or acquisitions. 

Highlighting the company's leadership, Klenman emphasized the role of VP of Exploration Trevor Perkins, saying, "Trevor has made some big discoveries in his career. Having someone with his track record leading our exploration efforts gives us a significant edge." 

As global uranium demand rises, Azincourt's projects offer strategic exposure to this critical clean energy resource. Klenman concluded, "We believe we're in the right place at the right time. With the groundwork we're laying now, Azincourt is positioned for significant growth in the uranium sector."

Independent Perspective on Azincourt Energy

Technical Analyst Clive Maund shared with Streetwise on February 6 that Azincourt Energy had been trading at an exceptionally low price following a prolonged bear market. However, Maund observed that the company had been "under accumulation for about six months with a significant preponderance of upside volume since September," indicating growing investor interest. 

He noted that the stock appeared to be "basing above a floor at 1 cent," with diminishing downside momentum and the 200-day moving average aligning closely with the current price. This convergence suggested improved prospects for an upward breakout. Maund concluded, "The chances of an upside breakout from the recent range are rapidly improving, and the stock is viewed as a Buy here."

Ownership and Share Structure

According to Refentiv, 0.12% of Azincourt is held by institutions and 0.81% is management and insiders. The rest is retail.

Azincurt Energy has a market cap of CA$3.93 million, 371.29 million free float shares, and a 52-week range of CA$0.0056 - CA$0.03.