THE HARRIER PROJECT

Azincourt Energy’s advanced Harrier Uranium Project (“the Project”) totals 49,400 hectares of known uranium occurrences, with grades up to 7.48% U3O8 strategically located in Canada’s highly prospective Central Mineral Belt, Newfoundland & Labrador.
The Project is proximal to numerous large-scale uranium deposits including one of the world’s largest undeveloped uranium resources, Paladin Energy’s Michelin Deposit (Measured and Indicated resource of 82.2Mlb U3O8), as well as Atha Energy’s Moran Lake and Anna Lake deposits.
Previous exploration has identified 12+ zones of uranium mineralization at the Harrier Project, which is immediately adjacent to Azincourt’s Snegamook Uranium Deposit (discovered 2008, acquired by Azincourt February 2025).

Overview: Harrier Project Uranium Mineralization

Fish Hawk North Prospect: High-grade assay results, including 5.08% and 3.09% U3O8, have been returned. The prospect was discovered when an airborne radiometric anomaly was being investigated in 2006.
Brook Prospect: Assay results up to 4.86% U3O8 were returned from rock samples in 2007 when investigating an area with low level airborne radiometric anomalies and anomalous uranium in lake sediment samples.
Moran Heights Prospect: In 2024 high-grade samples of 7.2% (boulder) and 7.48% U3O8 (outcrop) were obtained. In addition, historical results include an outcrop sample that assayed 5.83% U3O8.
Boiteau Prospect: Discovered in 2008 when boulder samples returned very high grades, including 1.49% U3O8 and 1.10% U3O8.
Minisinakwa Prospect: Explored between 2006 and 2008. High-grade rock samples were collected from uranium rich boulders, with assays including 3.48% U3O8, 2.66% U3O8, 2.56% U3O8 and 1.75% U3O8.
Anomaly 7 Prospect: First discovered in the 1970s. Mineralization has been mapped over 3.5km of strike. In 2024 an outcrop sample returned 1.71% U3O8. In addition, historical rock samples have returned assays up to 2.12% U3O8.
Anomaly 17 Prospect: Discovered in the 1970s when rock samples assaying up to 1.26% U3O8 were returned approximately 6km west-northwest of the Anomaly 7 Prospect. Only limited follow-up has been completed, and no drilling has ever been undertaken.
Fish Hawk South Prospect: Discovered in 2006 following investigation of airborne radiometric anomalies. Mineralization has been traced at surface over 430m with assays up to 1.49% U3O8 in rock sampling.
Firestone Prospect: Mapped over 600m x 250m before it is concealed by cover. Rock assays up to 1.31% U3O8 have been returned.

During airborne radiometric anomalies conducted in 2024 by the previous owners of the land package, high grade uranium was identified at three of these anomalies, namely:

The Goshawk Prospect: Located 4.5 km east of the Boiteau Prospect, along a 1.25 km long radiometric anomaly. A float sample returned 3.68% U3O8 and 1.21% Pb.
The Falcon Prospect is located 6 km south-southwest of the Boiteau Prospect, along a 700 m long airborne radiometric anomaly. A collected sample of float material returned 0.33% U3O8.
The Two Time East Prospect is an outcrop along a 1.2 km long airborne radiometric anomaly approximately 3 km north of the Fish Hawk North Prospect and 5 km east of Azincourt’s Snegamook Uranium Deposit. A sample from this outcrop returned a value of 0.36% U3O8.

Azincourt is currently compiling additional details of historical drilling and recent groundwork at the 12 zones and will provide a more detailed technical summary in the near term.

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The Snegamook Uranium Deposit:

The Snegamook Uranium Deposit comprises four lenses of uranium mineralization over a strike length of 300 metres and to a vertical depth of 200 metres, located 3 km along strike to the southeast of the Two Time Zone deposit (Indicated and Inferred resource of 5.55 Mlb U₃O₈, June 2008).
The uranium lenses are shallow dipping (15 to 20 degrees west) and vary in width from 5 metres to 53 metres with grades ranging from 225 to 771 ppm U₃O₈, and remain open to the North and at depth.
Additional mineralized lenses were also found on strike to the south of the deposit.^{1}
Individual one-metre sample values range from 50 to 1,110 ppm U₃O₈, with the widest section (drill hole SN-08-8) averaging 206 ppm U₃O₈ over 73m. 
Two drill holes (SN-08-18 and SN-08-20) tested a radon gas anomaly 500 meters to the south of Snegamook. They intersected nine meters (210 to 219 m) of 552 ppm U₃O₈ and five meters (191 to 196 m) of 224 ppm U₃O₈.
Higher grade zones, 11% U₃O₈ over 3 m and 0.11% U₃O₈ over 2 m, were located within zone in SN-08-18.

No exploration work has been conducted at Snegamook since 2008. Azincourt is currently in the process of digitizing and examining historical data and drill core to embark on its maiden drill campaign.

History: Central Mineral Belt & The Harrier Project

Initial exploration of Labrador’s Central Mineral Belt (1951-1978) resulted in the discovery of several major uranium deposits and many smaller prospects 3. Due to the collapse of the uranium market in the early 1980s, the area lay dormant until the mid-2000s, when the recovery of uranium prices led to district-wide staking and new exploration. However despite this recent uptick in exploration activity and many discoveries in the Central Mineral Belt, it remains largely under-explored ^4.
The Harrier Uranium Project and the Snegamook Deposit are located near several large scale uranium discoveries including the Moran, Kitts, and Jacques Lake deposits and the advanced Michelin Project (owned by Paladin Energy), one of the largest undeveloped uranium resources in the world, with six deposits totaling 127.7 M lbs O3U8. The largest of these deposits is the Michelin Deposit, a total Mineral Resource of 92 Mlb uranium (82.2 Mlb Measured and Indicated).

Previous Exploration at the Snegamook Deposit

Silver Spruce Resources began exploration work on the land claim containing both the Two Time Zone and the Snegamook Zone in early 2006, and continued to explore the property through to July 2008.
Exploration on the property commenced in June 2006 with an airborne radiometric and magnetic survey, and follow-up prospecting to investigate the radiometric anomalies identified. Over 2,300 soil samples, 47 stream sediment samples and 289 detailed lake sediment samples were collected in 2007. In addition, Silver Spruce carried out a RadonEx survey consisting of over 3,100 stations which outlined a number of anomalous areas. Geological mapping in 2007 was completed over the highest radiometric anomalies. Trenching was carried out in late 2006 and 2007 ^5.
No work has been conducted on the Snegamook Project since 2008. Azincourt’s initial focus is on the compilation of all historic exploration data on the Project, followed by the design and implementation of an initial drill campaign to verify and expand the historical mineralization.

1: https://silverspruceresources.com/news/news-releases/silver-spruce-discovers-new-uranium-zone-on-snegamook-property/).
2: https://www.gov.nl.ca/iet/files/mines-geoscience-publications-openfiles-of-lab-1684-of-lab-1684.pdf)
3: https://www.findnewfoundlandlabrador.com/files/2017/03/Uranium-in-Labrador-Jan-2012.pdf)
4: https://www.sciencedirect.com/science/article/pii/S037567422200053X).
5: Sundance Geological Ltd, 2015: https://www.sec.gov/Archives/edgar/data/1287121/000128712115000027/techreport.htm).

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Overview: Harrier Project Uranium Mineralization

The Snegamook Uranium Deposit: