azincourt uranium presentation december 2014

604 – 638 – 8063 www.azincourturanium.com

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This presentation does not constitute or form part of any offer for sale or solicitation of any offer to buy or subscribe for any securities in Azincourt Uranium Inc. nor shall it or any part of it form the basis of or be relied on in connection with or act as any inducement to enter into any contract or commitment whatsoever. No reliance may be placed for any purpose whatsoever on the information or opinions contained in this presentation or on any other document or oral statement or on the completeness accuracy or fairness of any such information and/or opinions. No undertaking, representation, warranty or other assurance express or implied is made or given by or on behalf of Azincourt Uranium Inc. or any of their directors, employees or advisors, as to the accuracy or completeness of the information or opinions contained in this presentation and, save in the case of fraud, no responsibility or liability is accepted by any of them for any such information or opinions or for any errors, omissions, misstatements, negligence or otherwise contained or referred to in this presentation. The contents of this presentation have not been approved by an authorized person.

DISCLAIMER


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3URANIUM INVESTMENT HIGHLIGHTS

EXPLORATION PLAY: PLN Project, Athabasca Basin, Saskatchewan

• Top global region for high-grade uranium• Year 2 Exploration Summer program completed - Targeting Geophysics & Drilling• Anomalous Uranium mineralization intersected in drilling – follow-up planned• Three distinct Target Areas to be drill tested in Year 2 Winter Program• Shallow depth, high-grade PLS uranium discovery adjacent to the south• Industry-leading Operator (Fission 3.0 Corp.):

• 2 major discoveries in 3 years• Chief Geo, Ross McElroy instrumental in 4 of last 9 major discoveries • Announced as winner of PDAC 2014 explorer of the year award.

CONTINUED GROWTH: Project and Company Reviews on-going

• Focus on Quality projects and uranium destinations using global uranium expertise


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4 PEOPLEIan Stalker - Chairman and Director• Over 30 years experience in mining development and operations in Europe, Africa and Australia• Former CEO of UraMin Inc. – acquired by AREVA in August 2007 for US$2.5 billion• Former Vice President of Gold Fields Ltd., the fourth largest gold producer in the world at that time.

Ted O’Connor – President and CEO• Over 22 years experience in the Exploration Industry including 20 years with Cameco Corporation• Former Director, Corporate Development & Manager of Exploration New Business and Global Exploration

focused on acquisitions, new projects and strategic alliances

Dev Randhawa – Director• CEO and Chairman of Fission Uranium Corp. and Fission 3.0 Corp• Founded and grew Strathmore Minerals

Juan Vegarra – Director• CEO & Chairman of Vena Resources an advanced, multi-commodity junior explorer focused in Peru• Former Microsoft executive


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5Global Demand For Electricity to

grow

76% by 2030

Nuclear Reactors Worldwide:

437 Operating Worldwide70 Under Construction

179 Planned308 Additional Proposals

Today’s Uranium Supply Crunch:

85% of demand met by mining15% from secondary sources

U3O8 RequirementsCurrent Demand 171.3 M lbs

Reference Demand 270 M lbs by 2030

*Source: World Nuclear Association, December 1, 2014

Around The World: The Rise Of Nuclear Energy by 2030

ELECTRICITY: GROWING DEMAND


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6URANIUM PRICE & UNCOVERED DEMAND

Utilities contract 2-4 years ahead


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7 THE ATHABASCA BASINA World-Class Uranium Mining District

World-Class District:The largest, highest grade uranium deposits in the world. Grades 10 to 100 times world average.

Production History: Uranium mining and production for 40+ years

Stable Political Climate:Pro-mining attitudes and policies on federal and provincial government levels

Infrastructure: Easy access to power, water, roads and air


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8OUR PARTNER & PARTNERSHIP AT PLN

- High-grade, shallow depth discovery at Patterson Lake South (PLS)

- Fission technical team has 2 major discoveries in the Athabasca and is operator. Ross McElroy, Fission 3.0 Chief Geologist, President and COO, instrumental in four of the last nine major discoveries in the Basin and is the winner of PDAC 2014 Explorer of the Year award

- Azincourt (O’Connor and Stalker) has technical & management oversight for programs, target testing and budgets


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9PATTERSON LAKE NORTH (PLN)

- Western Athabasca Basin

- 100% Fission Uranium, staked in 2004 (27,000 ha)

- 5.7 km north of Patterson Lake South (PLS)

- Fission spent ~$4.7M on prior exploration at PLN

- Azincourt has a staged Option to earn-in up to 50% over 4 years

- Currently in Year 2 with Azincourt funding $3M to date


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10NORTH PLN YEAR 1 RESULTS & YEAR 2 PLANS

VTEM Max SURVEY RESULTS

- Previously unknown 8.5 km long N-S conductor system

- Confirm NNW trending basement conductor system

IFG MT Ground Follow-up- 3 discreet conductors dipping west

YEAR 2 WORK

- DC Resistivity Survey Completed- Generating drill targets for testing this

Winter 2015

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11PLN CENTRAL & SOUTH YEAR 1 RESULTS2014 GROUND SURVEYS

Central Project Area- SMLTEM Ground Survey

- 20 km Grid- Conductor & structure- Metasediments- NW trend

Southern Project Area- SMLTEM Ground Survey

- 10.5 km over 2 lines- Sub-parallel trend to PLS

- Radon in lake water & sediment sampling of southern lakes

DIAMOND DRILL PROGRAM W2014- 2000 m in 7 holes- Conductor Targets confirmed


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12A1 CONDUCTOR- 4 holes completed to depth - Similar lithology/structure &

alteration to PLS - Remains highly prospective- Requires additional drilling

A1B CONDUCTOR- 2 holes lost in overburden- Conductor not tested- Remains highly prospective

A3 CONDUCTOR- 1 hole to basement- Intense basement clay/chlorite

alteration- Remains highly prospective

PLN CENTRAL YEAR 1 DRILLING


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13DC RESISTIVITY SURVEYS

- North Grid and Broach Grid on known conductor systems to generate drill targets

- Surveys completed

DRILL EXISTING & NEW TARGETS

- Testing targets from previous work- A1 system to NW based on geochem

tested in Summer 2014- Hodge Lake B Conductor - Winter

- New target testing- North Grid in Winter- Broach Lake Grid in Winter

PLN - YEAR 2 PLANS


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14PLN YEAR 2 SUMMER DRILL RESULTSA1 CONDUCTOR SYSTEM- Followed graphitic structural system NW- Structure. Alteration, highly anomalous trace

element signature (B, Ni, Zn, Co, etc)- Uranium mineralization and radioactivity –

proving prospectivity- Follow up planned Winter 2015

A4 CONDUCTOR SYSTEM- Unconformity > 300 m deeper than A1

Conductor = Large fault offset likely- Anomalous trace element signature in

basement rocks form initial drill hole- Follow up planned


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PLN14-019 Highlights- Pelitic basement rocks- 16m wide graphitic structure with

sulphides & anomalous trace elements- Favourable clay alteration & brecciation- 7.5m wide anomalous radioactivity and

uranium mineralization (0.045 % U3O8)- Follow up up-dip towards unconformity

intersected fault system- A1 Conductor system proven to be fertile

and all PLN conductors remain highly prospective

PLN YEAR 2 DRILL RESULTS


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16Core Photos

PLN YEAR 2 DRILL RESULTS


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17 PLN YEAR 2 WINTER DRILL TARGETS

DRILLING START EXPECTED – JANUARY 2015

N CONDUCTOR SYSTEM- 3 Distinct west dipping conductors- Initial drill testing planned – Winter 2015

A1-A4 CONDUCTOR SYSTEM- Follow up uranium mineralization and large

unconformity offset - Winter 2015

BROACH LAKE CONDUCTOR SYSTEM- Shallow conductor system with prospective

regional flexure (in red) with orientation and style analogous to PLS system 5 km to the south


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18PROGRAM TIMING

Summer/Fall 2014: DC Resistivity Surveys Broach and North Grids - completed

Drilling of land-based targets this summer – completed

Winter 2015: Drilling of Broach & N Conductor targets & follow up A1 success Possible EM surveys to refine and enhance targets, but minimal

$ 3 M Year 2 commitment at PLN – primarily for drilling$1.5M already spent with $1.5M remaining for Year 2.At end of Year 2 Azincourt will hold 20% interest in PLN

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Plan for Year 2:


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19 CAPITAL STRUCTURE

Shares Issued & Outstanding 49,473,088

Options 3,445,082

Warrants @ $0.15

Warrants @ $0.40

5,152,000

3,406,328

Fully Diluted 61,476,498

• AAZ Market Cap = ~$2 million post-share distribution related to Peru transaction• Macusani Yellowcake shares distributed = ~$4 to 5 million = Value returned to

shareholders in spite of weakest uranium market in years

azincourt uranium presentation december 2014

Investor Relations

uranium year

chairman of fission

uranium destinations

uranium mining andproduction

behalf of azincourt

global uranium expertise

highestgrade uranium

pls uranium discovery