Mr. Philip Williams of IsoEnergy reports

ISOENERGY AND CONSOLIDATED URANIUM COMPLETE MERGER CREATING A LEADING, DIVERSIFIED URANIUM COMPANY IN TIER ONE JURISDICTIONS

IsoEnergy Ltd. and Consolidated Uranium Inc. have successfully completed the previously announced arrangement whereby IsoEnergy has acquired all of the issued and outstanding common shares of Consolidated Uranium.

The arrangement results in IsoEnergy acquiring 100 per cent of the Consolidated Uranium shares not already held by IsoEnergy or its affiliates and Consolidated Uranium becoming a wholly owned subsidiary of IsoEnergy. Pursuant to the arrangement, Consolidated Uranium shareholders received 0.500 common share of IsoEnergy for each Consolidated Uranium share held. In aggregate, IsoEnergy issued approximately 52,164,727 million IsoEnergy shares under the arrangement.

In addition, each of the escrow release conditions in relation to IsoEnergy's previously announced marketed private placement offering of 8,134,500 subscription receipts for aggregate gross proceeds of $36,605,250 have been met. As a result, each outstanding subscription receipt has been converted into one common share of IsoEnergy and the net proceeds from the offering have been released from escrow. This investment was led by cornerstone investors including NexGen Energy Ltd., Mega Uranium Ltd., Energy Fuels Inc. and Sachem Cove Partners LLC. For additional information on the offering of subscription receipts, please refer to the news release of IsoEnergy dated Oct. 19, 2023.

Philip Williams, chief executive officer and director of IsoEnergy, commented: "The closing of the merger between IsoEnergy and Consolidated Uranium marks a significant milestone for IsoEnergy in cementing its position as a well-funded, globally significant, multiasset, multijurisdiction uranium developer and explorer. The company now ranks among the largest publicly traded uranium companies in the world, allowing for greater access to capital and trading liquidity, broader attractiveness among investors and utilities, as well as positioning the company strongly for continued growth through further M&A. With significant opportunities for advancement within the combined company's portfolio of assets, we look forward to unlocking value through exploration, particularly at Hurricane, progressing our U.S. assets toward a production-ready state, and advancing our Australian projects, all with uranium prices surpassing 16-year highs. Moreover, I extend my gratitude to the departing directors of Consolidated Uranium for their invaluable support and guidance during the past three years. We wish them well as they pursue further endeavours."

Tim Gabruch, president of IsoEnergy, commented: "At a time when sentiment and support for the nuclear sector is increasingly positive and the industry is poised for significant growth, the need for near-term uranium production and high-quality uranium discoveries is growing in importance each day. More than ever, these projects will be needed in stable geopolitical jurisdictions. This aligns with IsoEnergy as it combines assets with Consolidated Uranium, for a portfolio focused on Canada, the U.S. and Australia. Backstopped by its exceptional Hurricane deposit, bringing together the complementary assets of these two companies will position IsoEnergy to contribute to the world's growing uranium needs in a meaningful way. Additionally, we extend our appreciation to Trevor Thiele, outgoing director of IsoEnergy, for his years of service and impactful contributions to our company's success. We look forward to continuing to benefit from his support as a board member of our major shareholder, NexGen."

The Consolidated Uranium shares are expected to be delisted from the TSX Venture Exchange at market close on Dec. 8, 2023. IsoEnergy will cause Consolidated Uranium to apply to the relevant Canadian securities regulatory authorities to cease to be a reporting issuer under applicable Canadian securities laws.

Board of directors and management

As previously announced, IsoEnergy's board of directors now consists of six directors, including Richard Patricio as chair, Leigh Curyer as vice-chair, Chris McFadden, Peter Netupsky, Philip Williams and Mark Raguz.

The senior management team of IsoEnergy now includes Mr. Williams as chief executive officer, Mr. Gabruch as president, Graham du Preez as chief financial officer, Marty Tunney as chief operating officer, Darryl Clark as executive vice-president, exploration and development, Dan Brisbin as vice-president, exploration, and Jason Atkinson as vice-president, business development.

Full details of the merger and certain other matters are set out in the management information circular of Consolidated Uranium and can be found under Consolidated Uranium's issuer profile on SEDAR+. A copy of the early warning report of IsoEnergy in connection with its acquisition of the Consolidated Uranium shares will be filed under IsoEnergy's issuer profile on SEDAR+ and can be obtained by contacting IsoEnergy.

Additional information for former Consolidated Uranium shareholders

Pursuant to the merger, former Consolidated Uranium shareholders are entitled to receive 0.500 of an IsoEnergy share for each Consolidated Uranium share held. In order to receive IsoEnergy shares in exchange for Consolidated Uranium shares, former registered Consolidated Uranium shareholders must complete, sign, date and return (together with the certificate or direct registration system statement representing their Consolidated Uranium shares) the letter of transmittal that was mailed to them prior to closing of the merger. The letter of transmittal is also available under Consolidated Uranium's issuer profile on SEDAR+ and by contacting Computershare Investor Services Inc., the depositary for the transaction, by telephone toll-free in North America at 1-800-564-6253 or by e-mail at corporateactions@computershare.com.

For those former Consolidated Uranium shareholders whose Consolidated Uranium shares are registered in the name of a broker, investment dealer, bank, trust company, trust, or other intermediary or nominee, they should contact such nominee for assistance in depositing their Consolidated Uranium shares and should follow the instructions of such intermediary or nominee.

IsoEnergy grants options

IsoEnergy has granted, subject to the approval of the TSX Venture Exchange, 2,175,000 incentive stock options to certain directors, officers, employees and consultants of IsoEneregy. The options were granted on Dec. 5, 2023, have a term of five years, vest in three annual instalments commencing on the grant date and are exercisable at a price of $4.13 per IsoEnergy share.