Azincourt Uranium Company Presentation

1

2

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

3URANIUM INVESTMENT HIGHLIGHTSDEVELOPMENT PLAY: Macusani Project, South East Peru NI 43-101 Resource with High Growth Potential Shallow Depth, Heap Leachable (low production cost) Low exploration and Acquisition Cost Favorable Jurisdiction Major Buyouts Suggest Strong Leverage Regional Consolidation Plans

EXPLORATION PLAY: PLN Project, Athabasca Basin, Saskatchewan Top global region for high-grade uranium Year 2 Exploration program underway –Targeting Geophysics and Drilling 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.

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

5 Global Demand For Electricity to

grow

76% by 2030

Nuclear Reactors Worldwide:

434 Operating Worldwide

72 Under Construction

173 Planned

309 Additional Proposals

Today’s Uranium Supply Crunch:

85% of demand met by mining

15% from secondary sources

*Source: World Nuclear Association, April 1, 2014

Around The World: The Rise Of Nuclear Energy by 2030

ELECTRICITY: GROWING DEMAND

6 THE ATHABASCA BASINA World-Class Uranium Mining District

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

Production History: Uranium mining and production for 40+ years

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

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

7OUR PARTNER AT PATTERSON LAKE NORTH (PLN)

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

- The Fission technical team has made two major discoveries in the Athabasca Basin and will operate the exploration programs

- Ross McElroy, the company’s Chief Geologist, President and COO, has been instrumental in four of the last nine major discoveries in the Basin and is the winner of PDAC 2014 Explorer of the Year award

8PATTERSON 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

9NORTH 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 PLANS

- DC Resistivity Survey Underway- Generate drill targets for testing this

Fall and Winter 2015

9

10PLN CENTRAL & SOUTH YEAR 1 RESULTSNEW 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- 2000 m in 7 holes- Conductor Targets confirmed

11A1 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 AND SOUTH YEAR 1 DRILLING

12DC RESISTIVITY

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

DRILL EXISTING & NEW TARGETS

- Test targets from previous work- A1 system to NW based on geochem- Hodge Lake B Conductor- Summer & Winter

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

PLN CENTRAL AND SOUTH YEAR 2 PLANS

13PROGRAM TIMING

Summer/Fall 2014: DC Resistivity Surveys Broach and North Grids, on-going

Drilling of land-based targets this summer/fall

 Winter 2014/15: Drilling of prioritized land and lake-based targets  Possible EM surveys to refine and enhance targets, but minimal

$ 3 Million Year 2 commitment at PLN – primarily for drilling

1

2

3

4

Proposed Plan for Year 2:

14MACUSANI & MUÑANI PROJECT LOCATION

15AZINCOURT/MINERGIA MACUSANI PROJECTS

- >$12M spent on exploration (2006-2011) with no active exploration for last 2 years

- 5 separate deposits (NI 43-101 compliant resources updated May, 2014)

- ~32 M lbs contained U3O8 at ~300 ppm (180 ppm cutoff)

- Exploration upside for existing resource expansion and on additional targets

- Fracture-controlled and disseminated U+6 mineralization in rhyolite ignimbrite host

- Excellent leach characteristics using dilute acid (YEL/Solex and others)

16AZINCOURT MINERGIA PLANS

Macusani Project- Restart active exploration after 2 year hiatus

- Community Agreements- Environmental Permitting- Resource Expansion Drilling- Refine Untested Targets and Drilling

- Commence Macusani Processing Work- Compile & Critique historical work- Consider Leach testing improvements- Determine Potential Project Economics

Muñani Project- Volcanic & sandstone-hosted U occurrences- Restart active exploration

- Community Agreements- Target Prioritization and Refinement

17PERUVIAN CONSOLIDATION PLANS

Letter of Intent (LOI) with Macusani Yellowcake (YEL)

- YEL to acquire Minergia

- AAZ receives 68.35 M shares in YEL

- Joint Board & Management

- Emerging District with over 95 M lbs contained U3O8

- Due Diligence underway

18CONSOLIDATION of EMERGING URANIUM DISTRICT• Combined company will control one of the

largest undeveloped uranium projects in the world

• Located on the Macusani Plateau, Puno, Southern Peru: combined concessions will cover over 949 km2

• District offers exceptional exploration prospects, in addition to co-development potential

• Excellent Infrastructure:

– Readily available supply of labour, water & power

– Transport (major highway runs past properties)

– Plentiful supply of sulphuric acid

• Good government and community relations

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

20THANKS

AZINCOURT URANIUM INC.Azincourt Uranium Inc. is a Canadian public exploration stage company based in Vancouver, B.C. The Company’s principal asset is an option to earn up to a 50% interest in Fission Uranium Corp.’s Patterson Lake North project in the Athabasca Basin in Saskatchewan.

For more information please visit our web site:www.azincourturanium.com