Uranium Explorer Uncovers Strategic Opportunity in Canada

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* Disclosure for the quote from the Clive Maund article published on March 19, 2025

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The quoted article represents the opinion and analysis of Mr. Maund, based on data available to him, at the time of writing. Mr. Maund's opinions are his own, and are not a recommendation or an offer to buy or sell securities. As trading and investing in any financial markets may involve serious risk of loss, Mr. Maund recommends that you consult with a qualified investment advisor, one licensed by appropriate regulatory agencies in your legal jurisdiction and do your own due diligence and research when making any kind of a transaction with financial ramifications. Although a qualified and experienced stock market analyst, Clive Maund is not a Registered Securities Advisor. Therefore Mr. Maund's opinions on the market and stocks cannot be  only be construed as a recommendation or solicitation to buy and sell securities.

Azincourt Energy Corp. (AAZ:TSX.V; AZURF:OTC) welcomed a major step forward for Canada's nuclear energy sector following the Canadian Nuclear Safety Commission's decision to approve Ontario Power Generation's (OPG) license to construct a BWRX-300 small modular reactor (SMR) at the Darlington Nuclear Generation Station in Clarington, Ontario — the first of up to four SMRs OPG plans to eventually build at the site. According to Natural Resources Canada, three of the 327-megawatt BWRX-300 SMRs will be capable of powering approximately 900,000 homes with zero-emissions electricity. The Darlington SMR will be the first of its kind built in any G7 country and could serve as a template for the construction of additional SMRs within Ontario and the rest of Canada.  

Azincourt President and CEO Alex Klenman described the decision as "a milestone not just for Canadian energy security, but also highlights the urgency for governments worldwide to find sustainable energy solutions that can replace fossil fuels while also meeting rapidly rising electricity demands." Klenman emphasized the role of uranium in this energy transition, pointing to Azincourt's two active exploration projects in Canada.

In parallel with federal support for SMR development, several Canadian provinces are beginning to re-evaluate longstanding uranium exploration policies. Nova Scotia recently passed legislation to lift its 45-year moratorium on uranium mining and exploration. Klenman noted, "If Canada continues to find new domestic uranium sources that can be mined safely and with the support of local communities and First Nations, it has a real chance to be a responsible and ethical world leader in nuclear energy innovation."

The company cited the International Energy Agency's forecast of a 4% annual increase in global electricity consumption through 2027, driven by factors such as AI adoption, data center expansion, and urbanization. At the international policy level, 31 countries have now signed the COP28 Declaration to Triple Nuclear Energy by 2050. The RBC report referenced by Azincourt suggests that Canada may need up to 85 SMRs to reach its net-zero targets.

Canada, currently the world's second-largest producer of uranium, has supported the SMR sector with significant public investment. This includes up to CA$74 million for SMR development in Saskatchewan and CA$304 million in funding to modernize the CANDU reactor, which uses Canadian-mined natural uranium and does not require enrichment.

Azincourt itself is focused on domestic uranium development through its Snegamook and East Preston projects. The company is currently exploring historical uranium zones at Snegamook, located in the Central Mineral Belt of Newfoundland and Labrador, and is furthering its multi-year drill campaign at the East Preston project in Saskatchewan's Athabasca Basin.

Uranium Sector Sees Mixed Signals Amid Shifting Fundamentals and Policy Moves

The uranium sector entered 2025 with a complex mix of optimism, volatility, and policy-driven developments that have affected both spot pricing and investor sentiment. According to the Nuclear Newswire on March 19, U.S. uranium production increased throughout 2024, reaching 375,401 pounds U₃O₈ in the fourth quarter, its highest level since 2018. This production surge followed years of dormancy and was spurred by a confluence of policy changes, including the enactment of a ban on Russian uranium and new government-backed enrichment initiatives.

The article noted that producers have responded to renewed interest in nuclear energy by reviving operations but remained cautious due to past cycles that failed to materialize into sustained growth. Companies have timed investments in new capacity based on signals from Washington, including tariff announcements and shifts in uranium sourcing policies. Despite the increase in domestic output, U.S. production remained modest when compared to global suppliers such as Kazakhstan, Canada, and Australia.

On March 31, FRC Analysts highlighted several reasons behind the year-over-year decline in uranium prices to US$64 per pound, a 26% drop from the previous year. One of the primary drivers identified was the hesitation by U.S. utilities, responsible for nearly 29% of global uranium demand, to enter new long-term contracts. This reluctance was attributed to trade uncertainties, particularly in light of evolving U.S. tariff policies and geopolitical tensions that could disrupt existing supply chains.

FRC also cited a pause in accumulation by the Sprott Physical Uranium Trust since November 2024, which they said likely contributed to a short-term liquidity reduction. Another potential moderating factor was the introduction of energy-efficient AI models, which may temper the rate of power consumption growth that had previously fueled optimism around nuclear energy demand. Additionally, ceasefire talks in Ukraine presented the possibility of relaxed sanctions on Russian uranium exports, raising concerns about potential supply increases.

Despite these short-term headwinds, FRC analysts pointed to structural support for uranium over the long term. They stated that "primary uranium production has been short of consumption for several years" and emphasized that prices remained below the US$80 threshold typically required to incentivize new mine development. The report also referenced a long-term price forecast of US$90 per pound, based on expectations that global demand would continue to outpace supply.

By April 13, Excelsior Prosperity's Shad Marquitz noted that uranium spot pricing had declined from its early 2024 highs above US$106 to approximately US$64.40. He emphasized that uranium's market structure was unique among commodities, with most transactions taking place via longer-term "term contracts" rather than through the spot market. These term contracts typically involve fixed pricing or negotiated bands and account for roughly 75% of global uranium sales.

Marquitz explained that uranium equities had exhibited exaggerated moves relative to changes in spot pricing. While uranium stocks had previously rallied sharply during pricing runs in 2021 and late 2023, many had also seen steep corrections as pricing fell through 2024 and into early 2025. He observed, "Ever since those high uranium prices have gradually dropped since February of 2024, the uranium equities have continued to outperform — but to the downside."

Technical Analyst Sees Breakout Potential for Azincourt Energy

*On March 19, Technical Analyst Clive Maund issued a favorable evaluation of Azincourt Energy Corp., citing the company's strategic presence in two of Canada's most uranium-rich regions. He described Azincourt as being "in a powerful breakout move" and assigned the stock an "Immediate Strong Buy" rating. Maund highlighted the East Preston Uranium Project in the Athabasca Basin and the Snegamook Uranium Project in Labrador as key assets, noting their proximity to established uranium discoveries as a positive indicator for the company's future exploration potential.

In his analysis, Maund emphasized that East Preston lies "very close to other big projects in the Athabasca Basin," which he called home to "the largest and highest grade uranium deposits in the world." He suggested that Azincourt's land position could support "significant discoveries," given its location near known high-grade deposits.

Maund also addressed the company's capital structure, acknowledging that the 374 million shares outstanding was a high figure but noted that "half the stock is owned by institutions, insiders, and family and friends," effectively reducing the public float. He added that the share count "has already been discounted by the market and factored in."

Regarding technical momentum, Maund pointed to a breakout on "a four-year record volume," suggesting the move could mark the beginning of a larger trend. He identified initial price targets of CA$0.10 and CA$0.15, with a potential longer-term breakout target between CA$0.35 and CA$0.40.

Poised at the Heart of Canada's Nuclear Revival

As per its most recent investor presentation, Azincourt Energy is positioning its two advanced uranium projects (Snegamook and East Preston) as key contributors to Canada's long-term nuclear energy strategy. The company's Snegamook Project, located in Newfoundland and Labrador's Central Mineral Belt, covers 423 hectares and contains four previously discovered uranium lenses with grades ranging from 225 to 771 ppm U₃O₈. Historical drilling at the site intersected uranium mineralization over significant widths, including one hole that returned an average of 206 ppm U₃O₈ over 73 meters. Azincourt plans to verify and expand this mineralization through an inaugural drill campaign and is actively digitizing historical data to inform its next steps.

The East Preston Project, in Saskatchewan's Athabasca Basin, spans over 20,000 hectares and lies near several high-grade uranium deposits. Azincourt holds approximately 87% ownership of the project and has invested more than US$10 million in exploration since 2018. The project has already confirmed multiple potentially uranium-bearing structures and has shown signs of hydrothermal alteration associated with high-grade uranium systems. The 2024 winter drill program extended known clay alteration zones, particularly kaolinite, and dravite, which have been identified as uranium pathfinders in other regional discoveries.

In light of increasing uranium demand, limited new supply, and a decade of underinvestment in uranium mining, Azincourt sees a strong strategic opportunity. The company emphasized that both projects are located within well-established, politically stable mining jurisdictions and near some of the world's most significant undeveloped uranium resources.

Azincourt's leadership team includes experienced exploration geologists and mining executives who have had direct involvement in past uranium discoveries. As government support and investor interest in clean nuclear energy continue to build, the company aims to leverage its assets and team experience to contribute meaningfully to Canada's nuclear resurgence.

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.

Azincourt 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.