Mr. Tim Gabruch reports

ISOENERGY PROVIDES UPDATE ON WINTER RESULTS AND ANNOUNCES SUMMER EXPLORATION PLANS

IsoEnergy Ltd. has released an update on its winter exploration results and its summer 2022 exploration plans for its eastern Athabasca basin uranium properties.

Winter assay results and geophysical surveys update

Larocque East project

Chemical assays are summarized in the associated table for the final two drill holes, which intersected radioactivity over 500 counts per second (CPS) during the winter of 2022. At the Hurricane zone, LE22-115A targeted the unconformity 75 metres west of LE21-101 and intersected two m averaging 1 per cent triuranium octoxide (U3O8) between 335 m and 337 m, which includes a 0.5-metre subinterval averaging 3.3 per cent U3O8 from 335.5 to 336 m. Approximately 3.8 kilometres to the east-northeast, LE22-116 intersected 0.5 m averaging 0.4 per cent U3O8 from 282 m to 282.5 m. Neither result is considered to warrant direct follow-up at this time.

Hawk project

Electromagnetic surveying completed at Hawk during the winter of 2022 advanced the project to a drill-ready state. With multiple conductive responses mapped on each of six survey lines, the winter work generated a drill target inventory that exceeded IsoEnergy's expectations. The Hawk project contains over 10 km of prospective magnetic low zones hosting conductors with depths to the unconformity expected to be between 600 m and 750 m. The single historical drill hole completed within the project failed to intersect conductive basement, indicating that none of the prospective stratigraphy has been effectively tested. A first pass drilling campaign to follow up the 2022 results is planned for 2023.

Ranger project

As at Hawk, electromagnetic surveying completed at Ranger during winter 2022 advanced the project to a drill-ready state. The winter survey work mapped weakly to moderately conductive trends in two areas. The northwestern conductive trends are associated with magnetic breaks and are completely untested by drilling within the project. The southern conductive trends are associated with a magnetic break and the projection of the Bird Lake fault, a significant post-Athabasca structure which has a vertical offset of up to 80 m. The depth to the unconformity in the survey area is expected to between 230 and 300m. A first pass drilling campaign to follow up the 2022 results in planned for 2023.

Summer exploration plans

Highlights:

• Diamond drilling at Larocque East, Geiger and Trident totalling 7,000 m;
• Airborne geophysical surveying at Evergreen, Spruce, East Rim, Edge and Full Moon.

Tim Gabruch, president and chief executive officer, commented: "As we move towards an initial mineral resource estimate for Hurricane and plan the next stage of advancement on that project, we will continue to advance exploration on the eastern side of our Larocque East property and, in parallel, focus on additional properties in our high-quality exploration portfolio."

Andy Carmichael, vice-president of exploration, commented: "The second half of 2022 will see IsoEnergy explore eight projects spread throughout the eastern Athabasca region. We are excited to resume drilling at Larocque East and Geiger, and initial reconnaissance drilling at Trident will provide valuable geological information on this underexplored project, which is immediately adjacent to the Athabasca basin. Additionally, an extensive program of airborne surveying will move several of our early-stage projects toward drill-readiness."

Diamond drilling

Larocque East project

Drilling at Larocque East will comprise six drill holes totalling 2,000 m. The main objectives of the drilling are to continue exploring the Larocque Lake conductive trend and to assess the prospectivity of the Kernaghan trend. Drilling on the Larocque Lake trend will follow-up strongly anomalous geochemistry within two kilometres along strike of the Hurricane zone and test high-priority geophysical targets in the eastern portion of the project. On the Kernaghan trend, where historical drilling identified over 40 m of unconformity topography associated with anomalous geochemistry in the Athabasca sandstones, drilling will test for significant basement structures, which would warrant follow-up.

Geiger project

Eight holes totalling 3,000 m are planned at Geiger. Drilling will follow-up winter 2022 geophysical results in the Q23 and Q48 areas where electromagnetic (EM) surveying mapped more than 35 km of conductor strike. The objective of the summer 2022 Geiger drilling is to assess these areas for the presence of significant structures which would warrant additional follow-up. The depth to the unconformity in the two target areas is approximately 250 to 275 m.

Trident project

Drilling planned at Trident comprises eight drill holes totalling 2,000 m. Four target areas at Trident identified by IsoEnergy are characterized by the presence of electromagnetic (EM) conductors hosted within zones of low magnetic susceptibility, which are not covered by large water bodies. As at Larocque East and Geiger, the primary objective of drilling is to assess the target areas for the presence of favourable basement structures, which would warrant further exploration.

Airborne geophysical surveying

Xcalibur Multiphysics has been engaged to conduct multiparameter airborne geophysical surveying at IsoEnergy's early-stage Evergreen, Spruce, East Rim, Edge and Full Moon projects. The survey will employ Xcalibur's Falcon airborne gravity gradiometry system to acquire high-resolution gravity, magnetic and radiometric (spectrometry) datasets. Gravity and magnetic data will improve the property-wide understanding of basement geology and assist in the identification of potential alteration zones, while radiometry aims to locate anomalous radioactivity related to near-surface showings and radioactive boulder trains such as those that led to the discovery of several notable uranium deposits including Triple R and Key Lake. Survey work commenced on June 29 and is expected to be completed in mid-July.

The Larocque East property and the Hurricane zone

The 100-per-cent-owned Larocque East property consists of 33 mineral claims totalling 16,780 hectares. Two of the project's claims distal to the Hurricane zone are subject to a 2-per-cent net smelter returns royalty, of which 1 per cent may be bought back for $1-million at IsoEnergy's discretion. Larocque East is immediately adjacent to the north end of IsoEnergy's Geiger property and is 35 km northwest of Orano Canada's McClean Lake uranium mine and mill.

Along with other target areas, the Larocque East property covers a 15-kilometre-long northeast extension of the Larocque Lake conductor system; a trend of graphitic metasedimentary basement rocks that is associated with significant uranium mineralization at the Hurricane zone and, in several occurrences, on Cameco Corp. and Orano Canada Inc.'s neighbouring property to the southwest of Larocque East. The Hurricane zone was discovered in July, 2018, and was followed up with 29 drill holes in 2019, 48 drill holes in 2020, 16 drill holes in 2021 and five drill holes during winter, 2022. Dimensions are currently 375 m along-strike, up to 125 m wide and up to 12 m thick. The zone is open for expansion along-strike to the north and south on some sections. Mineralization is polymetallic and commonly straddles the subAthabasca unconformity 325 m below surface. The best intersection to date is 38.8 per cent U3O8 over 7.5 m in drill hole LE20-76. Drilling at Cameco Corp.'s Larocque Lake zone on the neighbouring property to the southwest has returned historical intersections of up to 29.9 per cent U3O8 over seven m in drill hole Q22-040. Like the nearby Geiger property, Larocque East is located adjacent to the Wollaston-Mudjatik transition zone -- a major crustal suture related to most of the uranium deposits in the eastern Athabasca basin. Importantly, the sandstone cover on the property is thin, ranging between 140 m and 450 m in previous drilling.

Qualified person statement

The scientific and technical information contained in this news release was prepared by Andy Carmichael, PGeo, IsoEnergy's vice-president of exploration, who is a qualified person (as defined in National Instrument (NI) 43-101 -- Standards of Disclosure for Mineral Projects). Mr. Carmichael has verified the data disclosed. All radioactivity measurements reported herein are total gamma from an RS-125 hand-held spectrometer. As mineralized drill holes at the Hurricane zone are oriented very steeply (negative 70 to negative 90 degrees) into a zone of mineralization that is interpreted to be horizontal, the true thickness of the intersections is expected to be greater than or equal to 90 per cent of the core lengths. This news release refers to properties other than those in which the company has an interest. Mineralization on those other properties is not necessarily indicative of mineralization on the company's properties. All chemical analyses are completed for the company by SRC Geoanalytical Laboratories in Saskatoon, Sask. For additional information regarding the company's Larocque East project, including its quality assurance and quality control procedures, please see the technical report dated effective May 15, 2019, on the company's profile on SEDAR.

About IsoEnergy Ltd.

IsoEnergy is a well-financed uranium exploration and development company with a portfolio of prospective projects in the eastern Athabasca basin in Saskatchewan, Canada. The company recently discovered the high-grade Hurricane zone of uranium mineralization on its 100-per-cent-owned Larocque East property in the eastern Athabasca basin. IsoEnergy is led by a board and management team with a record of success in uranium exploration, development and operations. The company was founded and is supported by the team at its major shareholder, NexGen Energy Ltd.

We seek Safe Harbor.