Azincourt Energy Signs LOI to Option Peruvian Projects to Oberon Uranium Corp

AZINCOURT ENERGY SIGNS LOI TO OPTION PERUVIAN

PROJECTS TO OBERON URANIUM CORP

Vancouver B.C., April 7, 2022 - AZINCOURT ENERGY CORP. (“ Azincourt” or the

“Company”; TSX.V: AAZ, OTCQB: AZURF) is pleased to announce it has signed a non-binding

letter of intent (“LOI”), dated April 4, 2022, with Oberon Uranium Corp. (“Oberon”), an arms-length

party, for a proposed transaction wherein Oberon would be granted an option to acquire the Escalera

Group, a 100%-owned series of uranium-lithium exploration projects (collectively, the “Projects”),

located in southern Peru.

Under the terms of the LOI, Oberon has 90 days to conduct due dilige nce on the Projects, following

which Oberon has the right to negot iate an option to acquire 100% in terest in the Projects from the

Company by completing the following proposed payments and expenditures:

 $25,000 cash and 100,000 shares of Oberon upon signing a definitive agreement;

 $25,000 cash, 250,000 shares and $50,000 in work expenditures on or before the 12

month anniversary of the definitive agreement;

 $50,000 cash, 250,000 shares and $200,000 in work expenditures on or before the 24

month anniversary of the definitive agreement;

 $50,000 cash, 250,000 shares and $250,000 in work expenditures on or before the 36

month anniversary of the definitive agreement; and

 $100,000 cash, 250,000 shares and $500,000 in work expenditures on or before the

48 month anniversary of the definitive agreement;

For a total commitment of $250,000, 1,100,000 shares and $1,000,000 in work expenditures. During

the term of the option, Oberon will be responsibl e for all costs and expenses associated with

maintaining the Projects in good standing, including any required regulatory filings and maintenance

fees.

Completion of the transaction with Oberon is subj ect to a number of cond itions, including, but not

limited to, completion of due diligence, negotiation of definitive terms and documentation in respect

of the transaction, and the receipt of any required regulatory approvals, including the approval of the

TSX Venture Exchange. The transaction cannot be completed until these c onditions are satisfied.

Any securities issued in connection with the transaction will be subject to a four-month-and-one-day

statutory hold period from the time of issuance.

About Oberon Uranium Corp

Oberon Uranium Corp is a private uranium compa ny which has the option to acquire 100% of the

Lucky Boy uranium project, a past producing uranium mine located in Arizona, USA. Oberon also

owns 100% of the Element 92 uranium project, which consists of approximately 6,000 hectares in the

prolific Athabasca region of northern Saskatchewan, Canada.

About Azincourt Energy Corp.

Azincourt Energy is a Canadian-based resource co mpany specializing in the strategic acquisition,

exploration, and development of alternative energy/fuel projects, including uranium, lithium, and

other critical clean energy elements. The Company is currently active at its majority-owned joint

venture East Preston uranium project, and it’s recently acquired Hatchet Lake uranium project, both

located in the Athabasca Basin, Saskatchewan, Canada, and the Escalera Group uranium-lithium

project, located on the Picotani Plateau in southeastern Peru.

ON BEHALF OF THE BOARD OF AZINCOURT ENERGY CORP.

“Alex Klenman”

Alex Klenman, President & CEO

Neither the TSX Venture Exchange nor its regulation services provider (as that term is defined in the

policies of the TSX Venture Exchange) accepts res ponsibility for the adequacy or accuracy of this

release.

This press release includes “forward-looking statements”, including forecasts, estimates, expectations

and objectives for future operations that are subject to a number of assumptions, risks and

uncertainties, many of which are beyond the control of Azincourt. Investors are cautioned that any

such statements are not guarantees of future performance and that actual results or developments may

differ materially from those projected in the forw ard-looking statements. Such forward-looking

information represents management ’s best judgment based on inform ation currently available. No

forward-looking statement can be guaranteed, and actual future results may vary materially.

For further information please contact:

Alex Klenman, President & CEO

Tel: 604-638-8063

[email protected]

Azincourt Energy Corp.

1430 – 800 West Pender Street

Vancouver, BC V6C 2V6

www.azincourtenergy.com