Azincourt announced that it has entered into a mineral property purchase and sale agreement, dated effective October 18, 2023 with Atlantis Battery Metals Corp. ("Atlantis"), pursuant to which the Company will acquire additional ground adjacent to the Company's Big Hill Lithium Project, located in southwestern Newfoundland, Canada (the "Acquisition"). With year-round access, this project gives Azincourt the ability to be active throughout the year.

All of the known target areas have potential for spodumene-bearing pegmatites near the marginal areas of the Burgeo Granite Intrusive Suite, including gold mineralization like Marathon Gold's Valentine Lake deposit located north of the Hermitage Flexure. A recommended next phase exploration program (Phase I) would include any and all of the following: (a) additional helicopter supported prospecting, mapping, and sampling, (b) rapid analytical field analyses (portable XRF/spectrometer), and a Phase II program consisting of (c) till sampling for spodumene where cover masks the bedrock, (d) high-resolution drone-based geophysics including, but not limited to, radiometric and lidar surveys, (e) a high-resolution drone photographic survey, and (f) targeted trenching where lithium-bearing pegmatites are verified, followed by a Phase II limited diamond drill program (1,500 meters). Based on the Newfoundland mineral occurrence database, W, Mo, Pb, F, Zn, Cu, Au, Ag, Sn, Ba, Bi, and U mineralization is common throughout the project region and may also be conducive for LCT pegmatite formation.

The discovery of spodumene- bearing pegmatites at the Kraken prospect opens the potential of more widespread lithium pegmatite mineralization throughout the area. Similar structural controls are recognized within the global tectonic boundary stretching from the Carolina Tin-Spodumene Belt, through Avalonia in Nova Scotia, to Newfoundland, and then on to Laurentia (Leinster) on the east side of the Atlantic Ocean. At the Big Hill Lithium Project numerous granite dykes can be seen cutting the Burgeo granite.

Coarse-grained pegmatite dykes greater than 2 meters wide and 20 meters long occur south of the property and are anticipated to be present on the Big Hill exploration licences. Recent preliminary prospecting at Big Hill has identified four known target areas, based on extrapolation of bedrock geology, structural disaggregation of stratigraphic blocks, and apparent folding and late shear faulting. Similar structural elements are observed in the Kraken Lithium Pegmatite field although host rocks differ.

Certain important factors that could cause actual results, performance or achievements to differ materially from those in the forward-looking statements are highlighted in the "Risks and Uncertainties" in the Company's management discussion and analysis for the fiscal year ended September 30, 2022, dated January 30, 2023, and also include the risks that the Acquisition does not complete as contemplated, or at all; that the Company does not complete any further acquisitions; that the Company does not carry out exploration activities in respect of its mineral project as planned (or at all); and that the Company may not be able to carry out its business plans as expected.