Mr. Philip Williams of IsoEnergy reports

ISOENERGY AND PUREPOINT URANIUM COMPLETE JOINT VENTURE

IsoEnergy Ltd. and Purepoint Uranium Group Inc. have successfully implemented of their previously announced joint venture (see press release dated Oct. 22, 2024), consolidating 10 uranium projects spanning over 98,000 hectares in the eastern Athabasca basin in Saskatchewan. This strategic collaboration strengthens both companies' efforts to advance high-potential uranium assets in one of the world's premier uranium-producing regions.

The joint venture establishes an initial ownership structure of 60 per cent by IsoEnergy and 40 per cent by Purepoint, with the option to adjust to a 50/50 split through the exercise of put/call options, pursuant to which 10 per cent of IsoEnergy's initial participation interest may be transferred to Purepoint in exchange for four million common shares of Purepoint. The put/call option is exercisable within six months of the joint venture's formation, with the exercise of one option resulting in the expiry of the other. Following completion of the put/call option period, IsoEnergy will hold a further option to purchase an additional 1-per-cent interest from Purepoint for $2-million, giving IsoEnergy a 51-per-cent participation interest and Purepoint a 49-per-cent participation interest. This option expires on the earlier of Feb. 28, 2026, or 60 days after a material uranium discovery. The ownership interests of each company are subject to standard dilution, with any participation interest that is reduced to 10 per cent or less being automatically exchanged for a 2-per-cent net smelter royalty on the joint venture properties.

The joint venture brings together a complementary portfolio of highly prospective properties strategically positioned along the Larocque trend, a region renowned for high-grade uranium discoveries such as IsoEnergy's Hurricane deposit. Subject to the terms of the joint venture agreement, Purepoint will serve as operator during the exploration phase while IsoEnergy will assume operational control as the projects advance to predevelopment stages. Work programs across the joint portfolio are expected to commence in the near future.

Philip Williams, chief executive officer and director of IsoEnergy, commented: "This partnership allows us to advance a promising portfolio of uranium projects while maintaining our focus on IsoEnergy's core development assets. By working alongside Purepoint, a highly experienced operator in the Athabasca basin, we ensure these projects receive the dedicated attention and resources needed to unlock their full potential."

Chris Frostad, president and chief executive officer of Purepoint, added: "Our strategy of partnering with the strongest players in the uranium sector ensures that our most prospective projects, like those within this joint venture, are supported by a secure and sustainable source of funding. This collaboration not only validates the potential of these assets but also aligns with our commitment to advance them responsibly and efficiently."

Early warning disclosure

In connection with the formation of the joint venture, IsoEnergy is deemed to have acquired beneficial ownership of the four million Purepoint shares issuable upon exercise of the put/call option pursuant to applicable Canadian securities laws. Prior to the implementation of the joint venture, IsoEnergy beneficially owned an aggregate of 3,333,334 Purepoint shares and 3,333,334 warrants, representing approximately 5.81 per cent of the issued and outstanding Purepoint shares on a non-diluted basis and approximately 10.98 per cent of the issued and outstanding Purepoint shares on a partially diluted basis, assuming the exercise of the Purepoint warrants held by IsoEnergy. Following implementation of the joint venture, IsoEnergy beneficially owns an aggregate of 7,333,334 Purepoint shares and 3,333,334 Purepoint warrants, assuming the exercise of the put/call option, representing approximately 11.94 per cent of the issued and outstanding Purepoint shares on a non-diluted basis and approximately 16.48 per cent of the issued and outstanding Purepoint shares on a partially diluted basis, assuming the exercise of the Purepoint warrants held by IsoEnergy.

While IsoEnergy currently has no plans or intentions with respect to the Purepoint securities, IsoEnergy may develop such plans or intentions in the future and, at such time, may from time to time acquire additional securities, dispose of some or all of the existing or additional securities or may continue to hold the Purepoint shares, Purepoint warrants or other securities of Purepoint based on market conditions, general economic and industry conditions, trading prices of Purepoint's securities, Purepoint's business, financial condition and prospects, and/or other relevant factors.

A copy of the early warning report to be filed by IsoEnergy will be available under Purepoint's profile on SEDAR+ or by contacting Graham du Preez, chief financial officer of IsoEnergy, at 306-373-6399. IsoEnergy's head office is located at 217 Queen St. W, Suite 401, Toronto, Ont., M5V 0R2.

Qualified person statement

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

For additional information with respect to the current mineral resource estimate for IsoEnergy's Hurricane deposit, please refer to the technical report prepared in accordance with NI 43-101 entitled "Technical Report on the Larocque East Project, Northern Saskatchewan, Canada," dated Aug. 4, 2022, available under IsoEnergy'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 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. These mines are currently on standby, ready for rapid restart as market conditions permit, positioning IsoEnergy as a near-term uranium producer.

About Purepoint Uranium Group Inc.

Purepoint Uranium Group is a focused explorer with a dynamic portfolio of advanced projects within the renowned Athabasca basin in Canada. The most prospective projects are actively operated on behalf of partnerships with industry leaders including Cameco Corp., Orano Canada Inc. and IsoEnergy.

Additionally, the company holds a promising VHMS (volcanic-hosted massive sulphide) project currently optioned to and strategically positioned adjacent to and on trend with Foran Corp.'s McIlvena Bay project. Through a robust and pro-active exploration strategy, Purepoint is solidifying its position as a leading explorer in one of the globe's most significant uranium districts.

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