Azincourt Energy Completes Acquisition of an Option on the Harrier Uranium Project

Vancouver, British Columbia--(Newsfile Corp. - June 11, 2025) - AZINCOURT ENERGY CORP. (TSXV: AAZ) (OTCQB: AZURF) ("Azincourt" or the "Company") announces, further to its news release dated April 29, 2025, that the Company has completed its previously announced transaction pursuant to which the Company entered into an assignment and amendment agreement (the "Assignment and Amendment Agreement") with Koba Resources Limited ("Koba"), Uranidor Resources Limited ("Uranidor"), a wholly-owned subsidiary of Koba, and Dean Fraser, pursuant to which Koba has assigned its option (the "Harrier Option") to acquire a 100% interest in and to the mineral claims comprising the Harrier Uranium Project (the "Harrier Project"), located within the Central Mineral Belt, Labrador, Canada. Further, the Company has completed its previously announced transaction pursuant to which the Company entered into a property option agreement (the "Staked Option Agreement") with Koba and Uranidor, pursuant to which the Company has been granted an option (the "Staked Option") to acquire a 100% interest in and to certain mineral claims nearby the Harrier Project and located within the Central Mineral Belt, Labrador, Canada (the "Staked Claims").

As part of the grant of each of the Harrier Option and the Staked Option, the Company wishes to clarify and update certain transaction terms and terms relating to finder's fees to be paid in connection with such transactions.

Harrier Option

The Company and Dean Fraser have signed an addendum to the Assignment and Amendment Agreement, pursuant to which the parties clarified the adjustment mechanism calculation with respect to future share issuances relating to the Harrier Option. Accordingly, the adjustment mechanism calculation now provides that the number of common shares issuable with respect to each such issuance is subject to adjustment in the event that the 20-day volume weighted average closing price of the common shares on the TSX Venture Exchange (the "TSXV") prior to the date of each such issuance exceeds $0.025 (as opposed to $0.02), pursuant to which such number of common shares shall be reduced and calculated as follows: applicable aggregate dollar amount set forth in the Assignment and Amendment Agreement divided by the 20-day volume weighted average closing price of the common shares on the TSXV prior to the date of such issuance. In the event the 20-day volume weighted average closing price of the common shares on the TSXV prior to the date of such issuance is below $0.025 (as opposed to $0.02), the Company shall make an additional cash payment calculated as follows: respective number of common shares issuable multiplied by $0.025 (as opposed to $0.02), and then subtracted by the respective number of common shares issuable multiplied by the 20-day volume weighted average closing price of the common shares on the TSXV prior to the date of the respective issuance.