IsoEnergy: Summer Drilling Campaign at Larocque Off to a Great Start

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Though the uranium market started 2026 with sizeable gains in January (the spot advanced +23% reach $101.55 per lb by January 30), shortly thereafter the spot price drifted lower and has since consolidated around the ~$85 per lb level. This is the level where we remain to this day. Though off the January highs, the current level still represents a gain of +18% since last year (July 16, 2025). That said, mirroring the post-January uranium price correction, equities followed lower. Today, very few from our mid-cap North-American focused watchlist have posted positive 12-month performance. One of the few we highlight is IsoEnergy (ISO) which posted a return of +39% since July 16, 2025. In the midst of an 8,000m Athabasca Basin summer drilling program, we take the time to review the company's recent developments on the corporate front.

Last month, IsoEnergy announced the start of its summer, 8,000m diamond drill campaign at Larocque East in the eastern Athabasca Basin. The summer campaign will focus on following-up from high-grade results achieved along the Hurricane South Trend during the 5,200m winter 2026 campaign. The Hurricane South Trend is a compelling exploration trend with mineralization intersected in multiple holes over a 500m strike length to the east of the Hurricane deposit. Recall that drilling along the Hurricane South Trend this past winter yielded several high grade intercepts highlighted by:

• LE26-248: 4.21% U3O8 over 3.5m including 11.61% U3O8 over 1.0m

• LE26-234: 2.75% U3O8 over 0.5m

• LE26-243: 1.75% U3O8 over 0.5m

The assays from the winter program (as released on May 12, 2026) confirmed the previously reported radioactivity thus validating the uranium mineralization along the Hurricane South Trend. The upcoming summer drilling campaign is designed to test the South Trend along strike east of LE26-248 and LE21-107, both of which intersected high grade mineralization along the J-L fault corridor. Additionally, airborne MobileMT surveys and ground field work to investigate anomalies identified during 2024 RAMP helicopter-borne radiometric surveys, are planned to develop drill targets on four prospective early-stage projects, as well as the western portion of Larocque East.

As announced on July 8, initial results from the summer campaign at the Hurricane South Trend included assay results from an initial 4 of the 20 planned holes. All 4 holes intersected uranium mineralization with the highlight being LE26-250 which returned 4.21% U3O8 over 3.5m, including 11.61% U3O8 over 1.0m. This particular drill hole successfully intersected the L Fault Zone extrapolated from LE26-248. LE26-250 was drilled 75m east of the high-grade winter 2026 intercept in LE26-248. Additionally:

• LE26-251 tested the J Fault approximately 45m to the east of LE21-107, which intersected 6.5m averaging 20.4% U3O8 from 325.5m to 332.0m, including 3.5m averaging 34.5% U3O8 from 327.5m to 331.0m.

• LE26-252 was drilled 30m east of LE26-234 which intersected 1.00% U3O8 over 1.5m (332.0m to 333.5m), including 2.75% U3O8 over 0.5m (332.0m to 332.5 m).

• LE26-253 intersected the unconformity 11m south of LE26-249 and 44m east of LE21-103.

Approximately 2,100m of drilling had been drilled across the four completed holes with two in which were in progress prior to the temporary suspension due to nearby wildfire. Drilling has resumed, the company remains on track to complete the ~8,000m, 20-hole summer program as initially planned.

HURRICANE SOUTH TREND

The Hurricane South Trend is a compelling exploration trend with mineralization intersected in multiple holes over a 500 m strike length to the east of the Hurricane deposit. Winter 2026 drilling tested the South Trend in the low-grade zone of the deposit and along strike to the east, building on previous drilling during which mineralization was intersected near the unconformity in drill holes LE25-207, LE25-210, LE21-101 and LE22-115A. Recently received assay results confirmed high-grade mineralization within the newly reinterpreted L Fault Zone, including 4.21% U3O8 over 3.5m in LE26-248, demonstrating strong potential to expand mineralization beyond the current resource footprint. Summer 2026 drilling will follow up along this trend, focusing on step-outs from LE26-248 and the along-strike extension to the east. Potential for high grade mineralization like the 20.4% U3O8 intersected over 6.5m in 2021 drill hole LE21-107 will also be tested along the J-K fault zone within the broader South Trend east of the deposit.

ADDITIONAL ATHABASCA BASIN TARGETS & LAND EXPANSION

IsoEnergy has 14 prospective early-stage projects in the eastern Athabasca Basin on which a pipeline of drill targets is being developed. Summer work is planned across four of these early-stage projects, as well as the western portion of Larocque East. Airborne MobileMT surveys are planned for the Trident, Ranger and western Larocque East projects, complementing MobileMT surveys previously completed on the East Rim and Evergreen projects.

Of note, IsoEnergy recently expanded and consolidated its land position along prospective corridors in the eastern Athabasca Basin, staking approximately 61,830 hectares across 32 claims (below). In addition, the company has optioned the Larocque West Extension claims from GEM Oil Inc., comprising approximately 31,293 hectares across 20 claims.

HURRICANE DEPOSIT - THE HIGHEST GRADE URANIUM RESOURCE IN THE WORLD

Recall that since the Hurricane discovery hole was drilled in July 2018, subsequent high grade assay results have culminated with a maiden resource at a world best 34.5% U3O8 for a significant ~49.0M lbs in the Indicated category. The asset itself is wholly owned by IsoEnergy. As opposed to the Arrow deposit (Nexgen Energy) or the Triple R deposit (Paladin Energy), Hurricane is located in the eastern portion of the Athabasca Basin which is already well endowed with current infrastructure and a multitude of uranium mines and mills. Note that the McClean Lake mill is located just ~35km from the deposit.

TORO ENERGY ACQUISITION COMPLETED

On June 25 IsoEnergy announced the completion of its acquisition of Toro Energy Limited (TOE:ASX) by way of a scheme of arrangement under Australia’s Corporations Act 2001. Recall that under the terms of the scheme, eligible participating Toro shareholders were to receive 0.036 of a common share of IsoEnergy. When initially announced last October, the implied fully-diluted in-the-money equity value of the transaction equated to approximately A$75.0M (or C$68.1M). With the acquisition now closed, the addition of the Wiluna Uranium Project expands and diversifies the development pipeline, complementing the flagship Hurricane project in the Athabasca Basin. Located in Western Australia, the Wiluna Uranium Project (comprising the Centipede-Millipede, Lake Way and Lake Maitland deposits) is a scoping-level project which currently hosts a NI43-101 compliant resource of 55.2M lbs U3O8 in the Measured & Indicated category, along with 4.9M lbs U3O8 in the Inferred category.

RESTART DECISION COMING FOR TONY M

Though development in 2026 has been dominated by work undertaken in the Athabasca Basin, isoEnergy did initiate a bulk sample program earlier this year at the wholly-owned Tony M uranium mine, located in Utah. The program involves the extraction of up to 2,000 tons of mineralized material which will then be transported and processed at Energy Fuels' (UUUU) nearby White Mesa Mill. Upon completion of the Bulk Sample, the company expects to evaluate the results alongside ongoing optimization studies to determine next steps, which may include advancing detailed mine planning, finalizing restart sequencing, and assessing the timing of a potential production decision. With a current resource estimate including 6.6M lbs in the Indicated category (1.185M tons grading 0.28% eU3O8) along with 2.2M lbs in the Inferred category (0.404M tons grading 0.27% eU3O8), the Tony M mine represents one of the very few fully permitted, past-producing conventional uranium mines in the United States.

CONCLUSION & VALUATION

Despite the post-January market correction in the uranium spot price we highlight two key points:

• The more representative term price (where utilities transact) remains at $97 per lb which is a figure higher than the $95 per lb high from the last cycle twenty years ago.

• The 12-month, +39% price performance from ISO shows that despite a tough current environment, the market is rewarding exploration/development companies advancing a diversified asset base with a well capitalized treasury.

Ultimately, we highlight that IsoEnergy's winter drilling campaign was successful in identifying additional mineral fault strands across the width of the Hurricane South Trend, highlighting a broader and more prospective corridor than previously interpreted, with potential for additional zones within underexplored areas. We're glad to see the 8,000m follow-up campaign commencing with encouraging initial results. Given an upsized C$57.5M financing earlier this year, the company maintains a healthy ~C$125M in treasury.

We maintain our 1.0x target NAV multiple which leads to a price objective of C$18.00 per share (rounded). This implies 37% upside from the most recent close on the TSX (July 16). ISO shares currently trade at 0.73x discount to NAV.