Mr. Philip Williams reports

ISOENERGY REOPENS THE UNDERGROUND AND INITIATES COMPREHENSIVE WORK PROGRAM AT THE TONY M MINE IN UTAH

IsoEnergy Ltd. has provided an update on the reopening of the underground and comprehensive work program at the Tony M uranium mine in Utah. As announced in a press release on Feb. 29, 2024, the company made a strategic decision to reopen access to the underground with the goal of restarting uranium production operations in 2025. The main decline at Tony M was successfully reopened on July 26, 2024, and several initiatives are now under way in preparation for the comprehensive work program, as detailed as follows.

Highlights:

• Successful reopening of the underground: The main decline at Tony M is now reopened, with initial observations of underground conditions indicating that the main decline and underground equipment shops are in good condition.
• Rehabilitation in progress: Tomcat Mining is carrying out the rehabilitation of the underground, which includes scaling, installation of ground support and ventilation systems. This work is expected to take eight to 10 weeks depending on the ground conditions encountered.
• Top-tier consultants engaged: SRK Consulting Ltd., a leading international mining consulting firm, has been working with the company on the design and implementation of the ventilation plans. Call & Nicholas Inc., an international mining consulting firm that specializes in geological engineering, geotechnical engineering and hydrogeology, is working with the company on the design and implementation of the ground control plans.
• Underground and surface mapping commencing shortly: As sections of the underground are made safe for entry, it is expected that the exploration/geology team will enter the mine and begin to map the orebody from underground. This work, which will include a lidar survey, which is expected to commence in three weeks and will take approximately one month to complete.
• Coming technical/economic study: Following completion of the rehabilitation and mapping programs, the company intends to complete a technical and economic study, establishing production rates and operating and capital costs.

IsoEnergy chief executive officer and director Philip Williams stated: "The reopening of underground at Tony M is an important step in restarting production and establishing IsoEnergy as a near-term uranium producer. Long-term uranium prices have nearly doubled, from $41 per pound U3O8 [triuranium octoxide] to $79 per pound U3O8, since we acquired the Tony M, Daneros and Rim mines in Utah, and, with the exceedingly positive global outlook for nuclear power, we expect that trend to continue. We believe that proven producing assets in Tier 1 jurisdictions, like Tony M, will be highly coveted by end-users, making this an ideal time to pursue a restart. We have assembled a first-rate team of operators and consultants, who I would like to thank for their tireless efforts in advancing the project to this point, and we look forward to updating all our stakeholders on our progress as we move forward."

Tony M mine work program

Over the last year, the company has been working toward reopening the Tony M underground for access. Ensuring safe operations is paramount to the company. The company has engaged with the San Juan county mine rescue team as part of its plans. Site communications have been re-established; and electrical systems have been upgraded and refurbished where necessary, including the installation of at least one new generator that meets Tier 4 emission standards. Several new fans have been installed and will continue to be installed as part of the rehabilitation, along with the refurbishment of several of the existing fans. The company is using state-of-the-art radon monitoring.

The main portals were opened July 26, 2024, and Tomcat Mining has begun to assess ground conditions and work its way into the underground. While the company estimates eight to 10 weeks of rehabilitation work, this will be dependent on conditions encountered.

As sections of the underground are made safe for entry, it is expected that the exploration/geology team will enter the mine and begin to map out the orebody from underground. The company is also in the process of contracting a surveying company to complete a lidar survey of the complete underground at Tony M -- the first time any such survey has been completed at the mine. This will be an important tool in the future mine planning at Tony M.

IsoEnergy has guaranteed access to the White Mesa mill by way of a toll milling agreement with Energy Fuels, providing a significant advantage to the company. The White Messa Mill is the only operational conventional uranium mill in the United States with licensed capacity of over eight million pounds of U3O8 per year. The mill is within trucking distance to Tony M.

Staking

The Flatiron area was acquired by staking 370 claims and winning bids on two Utah state leases totalling an additional 8,680 acres. This represents a 440-per-cent increase in IsoEnergy's Henry Mountain land package that is centred on the Tony M mine.

About Tony M mine

The Tony M mine is located in eastern Garfield county, southeastern Utah, approximately 66 air miles (107 kilometres) west northwest of the town of Blanding and 215 miles (347 kilometres) south-southeast of Salt Lake City. The project is the site of the Tony M underground uranium mine that was developed by Plateau Resources, a subsidiary of Consumer Power Company, in the mid-1970s.

Uranium and vanadium mineralization at the Tony M mine is hosted in sandstone units of the Salt Wash member of the Jurassic-age Morrison Formation, one of the principal hosts for uranium deposits in the Colorado plateau region of Utah and Colorado.

Tony M has a current mineral resource estimate as shown in the attached table.

Qualified person statement

The scientific and technical information contained in this news release was reviewed and approved by Dean T. Wilton, PG, CPG, MAIG, a consultant of IsoEnergy, who is a qualified person (as defined in National Instrument 43-101, Standards of Disclosure for Mineral Projects).

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-term, medium-term 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 Inc. These mines are currently on standby, ready for rapid restart as market conditions permit, positioning IsoEnergy as a near-term uranium producer.

We seek Safe Harbor.