Mr. Philip Williams reports

ISOENERGY ADVANCES U.S. URANIUM MINES TOWARD POTENTIAL PRODUCTION

IsoEnergy Ltd. has commenced key work programs at its Tony M mine, one of its three fully permitted uranium mines in the United States, intended to support a potential near-term restart decision that could establish the company as one of a select group of U.S. uranium producers. The company has initiated several work programs at the Tony M mine that are expected to optimize operational readiness and reduce future production costs while maintaining strategic flexibility to potentially restart operations quickly as market conditions continue to improve. With all required permits in place, fully developed infrastructure, and a toll milling agreement with Energy Fuels Inc. at the nearby and fully operational White Mesa mill, the company is well positioned to bring Tony M as well as the Rim and Daneros mines back into production on an accelerated timeline.

Highlights:

• Technical studies under way at Tony M mine focused on optimizing mine operations, reducing costs and accelerating restart timelines, including:
  • Ore sorting and high-pressure slurry ablation (HPSA) testing -- bulk pilot programs launched to evaluate high-efficiency material processing and reduce haulage and operating costs;
  • Enhanced evaporation study -- aims to reduce capital costs and accelerate dewatering by increasing evaporation rates at existing pond infrastructure;
• All major mining permits in place across Tony M, Daneros and Rim mines, providing a significant regulatory advantage and flexibility to restart quickly;
• Toll milling agreement with Energy Fuels at the nearby, fully operational White Mesa mill;
• Strong tailwinds from U.S. nuclear policy believed to underscore the strategic importance of domestic uranium production;
• Potential production decision anticipated in 2025, following results from continuing technical and economic evaluations.

Philip Williams, chief executive officer and director of IsoEnergy, commented: "Momentum is accelerating across the U.S. nuclear industry, yet a significant gap remains between domestic uranium supply and growing demand. We believe IsoEnergy is uniquely positioned to help close this gap with a portfolio of past-producing uranium mines and a large-scale development project in the United States. Leading the way is the Tony M mine in Utah, a past producer that was reopened and rehabilitated in 2024. With all key operating permits in place and a toll milling agreement secured with the White Mesa mill, Tony M is the most advanced and derisked uranium asset in our U.S. portfolio. As we move forward, our focus is on optimizing project economics through a series of technical studies. These efforts will inform a potential production decision, targeted for later this year, aligning IsoEnergy's near-, mid- and long-term strategy with the urgent need for secure, domestic uranium supply."

Advancing operational readiness at Tony M mine

The 2025 work program at Tony M includes advancing ore-sorting and enhanced evaporation studies as well as evaluating multiple mining methods to optimize future production scenarios. The company is also preparing for technical and economic assessments that could form the basis for a restart plan. Importantly, Tony M has been fully rehabilitated, and IsoEnergy holds a toll milling agreement with Energy Fuels at the nearby White Mesa mill, which is fully operational. This is expected to position IsoEnergy to bring product to market far more quickly.

Ore-sorting study

IsoEnergy has engaged Steinert Group, a global leader in separation technology, to test sensor-based ore sorting on mineralized material from the Tony M mine. Bulk pilot testing using a Steinert KSS sensor sorter is scheduled to begin late June. This technology uses a combination of 3-D, colour, induction and X-ray sensors to identify and separate target material, with the potential to:

• Reduce haulage costs by concentrating mineralization and lowering transport volumes to the White Mesa mill;
• Improve mining productivity by reducing waste and enhancing ore advance rates;
• Minimize dilution through more precise material handling.

The company continues to evaluate mining methods, including the use of three-drum slushers, to safely recover ore left in pillars from historical operations.

HPSA testing

In parallel, IsoEnergy is testing mineralized material from Tony M at Disa Technologies using its patented HPSA process. HPSA uses high-pressure slurry streams to separate uranium coatings from sand grains, offering similar potential benefits to ore sorting in improving process efficiency and reducing costs.

Enhanced evaporation study

IsoEnergy is working with RWI Enhanced Evaporation to evaluate the use of Landshark evaporators on the Tony M evaporation pond. Preliminary results suggest that enhanced evaporation could eliminate the need for constructing additional pond capacity, reducing future dewatering timelines and associated costs for the later stages of mining.

Key permits in place

Three of IsoEnergy's U.S. uranium mines in Utah are fully permitted, providing a strong foundation for a swift potential restart and accelerated production timelines:

• Tony M mine:
  • Large-mine notice of intention (NOI) from the State of Utah;
  • Approved plan of operations (POO) with accompanying environmental assessment (EA) and finding of no significant impact (FONSI) for mining on BLM-managed (Bureau of Land Management) land;
  • Title V operating air permit, allowing active ventilation and emissions compliance;
• Daneros mine:
  • Small-mine NOI, with an approved POO modification to expand surface disturbance and transition to large-mine status;
  • EA and FONSI completed for proposed expansion on BLM land;
• Rim mine:
  • Large-mine NOI and an approved POO, also supported by completed EA and FONSI.

Together, these permits provide IsoEnergy with a significant regulatory advantage, allowing for potential rapid reactivation of operations in response to improving uranium market conditions and anticipated strategic policy shifts favouring domestic nuclear fuel supply.

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 and Australia 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.

IsoEnergy also holds a portfolio of permitted past-producing, conventional uranium and vanadium mines in Utah with a toll milling arrangement in place with Energy Fuels. These mines are currently on standby, ready for rapid restart as market conditions permit, positioning IsoEnergy as a near-term uranium producer.

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