Mr. Philip Williams of IsoEnergy reports

ISOENERGY EXERCISES PUT OPTION TO STRENGTHEN PARTNERSHIP WITH PUREPOINT

IsoEnergy Ltd. has exercised its put option under the terms of its joint venture with Purepoint Uranium Group Inc., as announced in a press release dated Dec. 19, 2024. With this strengthened partnership, both companies are now strategically positioned to collaboratively advance the exploration of 10 highly prospective uranium projects spanning over 98,000 hectares in the eastern Athabasca basin, renowned as one of the world's most prolific uranium districts.

The exercise of the put option establishes a balanced 50/50 ownership structure for the joint venture, with Purepoint acquiring 10 per cent of IsoEnergy's JV interest in exchange for four million shares, enhancing IsoEnergy's exposure to Purepoint's diverse portfolio and partnerships, including:

• Hook Lake joint venture: In partnership with Cameco and Orano, this project is strategically located on the western side of the Athabasca basin, along the same trend as Fission Uranium's Triple R and NexGen's Arrow deposits. Notably, the Spitfire discovery within this joint venture returned 10.3 per cent U3O8 (triuranium octoxide) over 10.0 metres.
• Smart Lake joint venture: In partnership with Cameco, this project is situated on the western side of the Athabasca basin, approximately 18 kilometres west-northwest of Hook Lake and 60 kilometres south-southwest of Orano's historic Cluff Lake mine. Drilling at Smart Lake intersected 15.4 metres of 147 parts per million uranium at just 200 metres below surface. Purepoint recently announced a $1.2-million drill program for this project.
• Denare West VHMS (volcanic-hosted massive sulphide) project: Optioned to Foran Mining, this project is strategically located in east-central Saskatchewan, adjacent to and along the same trend as Foran's flagship McIlvenna Bay project.

Philip Williams, chief executive officer of IsoEnergy, commented: "The transition to a 50/50 partnership aligns our interests and strengthens our collaboration as we advance some of the most promising uranium assets in the Athabasca basin. By increasing our equity position in Purepoint, IsoEnergy enhances its exposure to a diverse and strategically valuable portfolio, with a view to ensuring we are positioned to capitalize on their broader exploration successes. IsoEnergy's equity portfolio is now worth approximately $40-million, including positions in Nexgen Energy Ltd., Premier American Uranium Inc., Atha Energy Corp., Jaguar Uranium Corp., Future Fuels Inc. and Purepoint Uranium Group Inc."

Chris Frostad, president and chief executive officer of Purepoint, added: "IsoEnergy's decision to exercise their put option underscores the strength of our partnership and the potential of our joint venture projects. We believe that together, as equal partners, we are uniquely positioned to advance these high-value assets while leveraging the financial and operational strengths that come from our collaboration."

Under the terms of the put option, IsoEnergy will receive four million common shares of Purepoint in exchange for 10 per cent of IsoEnergy's interest in the joint venture, increasing IsoEnergy's ownership in Purepoint to 11.4 per cent. Following the exercise of the put option, IsoEnergy owns an aggregate of 7,333,334 Purepoint shares and 3,333,334 warrants to acquire Purepoint shares, representing approximately 11.41 per cent of the issued and outstanding Purepoint shares on a non-diluted basis and approximately 15.78 per cent of the issued and outstanding Purepoint shares on a partially diluted basis, assuming the exercise of the warrants held by IsoEnergy.

The joint venture remains a cornerstone of both companies' exploration strategies. This equal partnership ensures full alignment and a shared commitment to driving uranium discoveries across one of the world's most prolific uranium districts.

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 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.

Qualified person statement

The scientific and technical information contained in this news release relating to Purepoint was reviewed and approved by Scott Frostad BSc, MASc, PGeo, Purepoint's vice-president, exploration, who is the qualified person responsible for technical content of this release.

We seek Safe Harbor.