Mr. Philip Williams reports

ISOENERGY COMMENCES PLANNED 30-HOLE SUMMER EXPLORATION PROGRAM IN THE ATHABASCA BASIN

IsoEnergy Ltd. has commenced the summer exploration program on its eastern Athabasca basin uranium properties. The program encompasses a total of 30 diamond drill holes for 9,825 metres of drilling on the Larocque East and East Rim projects to follow up positive results from the winter exploration program.

Highlights:

• Larocque East project:
  • 27 diamond drill holes for 8,775 metres following up on positive alteration results within target area A and initial drill testing of new targets identified in target areas B, C and D;
  • An eastward extension to the ambient noise tomography (ANT) survey is in progress intended to refine exploration target areas along the Larocque East conductor trend.
• East Rim project:
  • Three reconnaissance exploration diamond drill holes for 1,050 metres targeting coincident geophysical anomalies located on the eastern edge of the Athabasca basin only approximately 45 kilometres east of the McArthur mine.
• Additional work is being planned to develop a pipeline of exploration targets on earlier-stage projects, including helicopter and drone radiometric and magnetic surveys, and ground ANT surveys on the Cable, Evergreen, Rapid River, 2Z and Madison projects.

Philip Williams, chief executive officer, commented: "We are excited to commence this extensive summer drill program at the Larocque East project aimed at discovering new pods of mineralization along strike of the Hurricane deposit. With its ultrahigh grades, the Hurricane deposit has a very small and discrete geological and geochemical footprint that was elusive to previous owners. Combining our deep understanding of the characteristics of drill holes proximal to Hurricane-style mineralization and results from our extensive ANT survey along the prospective conductor corridor, we have generated multiple high-priority target areas which will be extensively drill tested during this summer program. At the same time, we continue to undertake work programs, including drilling, on our highly prospective exploration projects within our large eastern Athabasca exploration package."

Larocque East project

Following the success of the winter drill program (see news release dated April 25, 2024), exploration drilling has been proposed to further test the significant sandstone and basement structures and spatially associated clay alteration halos that have been intersected in target area A. The ANT geophysical survey technique has been successful at identifying significant hydrothermal alteration in the sandstone cover sequences that are spatially associated with the Hurricane deposit and exploration target area A. The summer drill program will initially follow up encouraging drill results in target area A, and will also test targets B, C and D. Drilling plans for target area D are expected to evolve as the ANT velocity models are interpreted from the newly acquired ANT data and subsequently integrated with previous exploration data over 10 km of the prospective conductor corridor.

East Rim project

The project is situated 45 kilometres east-southeast of the McArthur River mine in the southeastern portion of the Athabasca basin. The project is highly prospective for shallow basement-hosted uranium mineralization as it is located along the southeastern edge of the Athabasca basin in an area that not received significant prior exploration. Target depths are relatively shallow as sandstone thickness ranges between zero and 260 metres. The three electromagnetic profiles were surveyed in an area of interest where strong conductivity mapped by 2023 versatile time-domain electromagnetic survey, density lows mapped by 2022 Falcon gravity surveys, and brittle structure and clay alteration logged in historic diamond drill holes all occur within an underexplored magnetic-low corridor. The summer exploration drill program (three drill holes for 1,050 metres) at the East Rim project will focus on testing the targets identified during the winter 2024 exploration program (see news release dated April 25, 2024).

Other projects

Additional work is being planned for the summer of 2024 to develop a pipeline of exploration targets on earlier-stage, projects including helicopter and drone radiometric and magnetic surveys, and ground ANT surveys on the Cable, Evergreen, Rapid River, 2Z and Madison projects. Surveys on additional projects are being considered.

On May 29, 2024, the company entered into a definitive share purchase agreement with Critical Path Minerals Corp. to acquire the Bulyea River project located on the northern edge of the Athabasca basin. The project is host to very high uranium in lake sediment within a strong airborne radiometric anomaly and represents a shallow basement-hosted target. IsoEnergy's 2024 exploration efforts are expected to be focused on airborne geophysics and data compilation in preparation for ground geophysics and drilling in 2025. Closing of the Bulyea River acquisition is subject to applicable regulatory approvals, including, but not limited to, approval of the TSX Venture Exchange, and the satisfaction of certain other closing conditions customary in transactions of this nature.

Qualified person statement

The scientific and technical information contained in this news release was reviewed and approved by Dr. Darryl Clark, PGeo, IsoEnergy's executive vice-president, exploration and development, who is a qualified person (as defined in National Instrument 43-101 -- Standards of Disclosure for Mineral Projects).

For additional information regarding the company's Larocque East project, including its quality assurance and quality control procedures applied to the exploration work described in this news release, please see the technical report titled "Technical Report on the Larocque East Project, Northern Saskatchewan, Canada" dated Aug. 4, 2022, on the company's profile on SEDAR+.

About IsoEnergy Ltd.

IsoEnergy is a leading, globally diversified uranium company with substantial current and historical mineral resources in top uranium mining jurisdictions of Canada, the United States, Australia and Argentina at varying stages of development, providing near-, medium- and long-term leverage to rising uranium prices. IsoEnergy is currently advancing its Larocque East project in Canada's Athabasca basin, which is home to the Hurricane deposit, boasting the world's highest-grade indicated uranium mineral resource.

We seek Safe Harbor.