Azincourt Energy has amended its property option agreement to acquire a one-hundred percent interest in the Sylvia Lake Uranium Project in Labrador, completing its initial cash payment and share issuances following approval from the TSX Venture Exchange.

The revised agreement requires Azincourt to pay aggregate cash consideration of $12,000 to the underlying owner and $662,000 to the optionor, issue 1,760,000 common shares to the underlying owner, and incur $250,000 in exploration expenditures across a twenty-four-month period.

The project encompasses approximately 6,725 hectares across two mineral licences situated approximately 100 kilometres northwest of Happy Valley-Goose Bay, along the southern margin of Labrador's Central Mineral Belt between the Michelin uranium deposit and the Madsen trend.

Azincourt previously announced the option agreement on August 4, 2026. Under the updated terms, the company completed the initial grant obligations by issuing 1,760,000 common shares and paying $174,000 in cash. All securities issued for the transaction are subject to a four-month-and-one-day statutory hold period.

Future funding commitments require Azincourt to incur $50,000 in exploration expenditures and make a $250,000 cash payment within twelve months of closing, followed by a further $200,000 in exploration expenditures and a $250,000 cash payment within twenty-four months.

In connection with the amended terms, the company revised a finders' fee payable to a third party. The arrangement involves issuing 1,143,000 common shares across three tranches, starting with 324,000 shares at closing. Those finders' fee shares are subject to an escrow agreement requiring TSX Venture Exchange approval for transfers, with ten percent released at closing and the remainder unlocked in six equal tranches every six months over a thirty-six-month period.

The acquisition adds to the company's broader exploration footprint in the region, which includes the Harrier Project and the Snegamook Uranium Deposit within the Central Mineral Belt.

Read the full announcement: Azincourt Energy Provides Update on Option to Acquire High-Grade Sylvia Lake Uranium Project in Labrador