Accelerating Utah Uranium Mine Restart: IsoEnergy's Preparations at Tony M Mine

• IsoEnergy has commenced comprehensive technical studies at its fully permitted Tony M Mine in Utah, including ore sorting and high-pressure slurry ablation testing to optimize operations and reduce production costs ahead of a potential restart decision anticipated in 2025.
• The company holds all major mining permits across three Utah uranium mines (Tony M, Daneros, and Rim), providing significant regulatory advantages and flexibility to restart operations quickly in response to improving market conditions.
• IsoEnergy has secured a toll milling agreement with Energy Fuels Inc. at the nearby White Mesa Mill, the only fully licensed and operating conventional uranium mill in the United States with capacity exceeding 8 million pounds of U₃O₈ annually.
• Technical work programs focus on advanced processing methods including sensor-based ore sorting technology and enhanced evaporation systems that could substantially reduce haulage costs, improve mining productivity, and accelerate dewatering timelines.
• The company is strategically positioned to capitalize on the growing gap between domestic uranium supply and demand, supported by favorable U.S. nuclear policy developments that underscore the strategic importance of domestic uranium production.

IsoEnergy Ltd. (TSX: ISO) operates as a leading, globally diversified uranium company with substantial mineral resources across premier uranium mining jurisdictions in Canada, the United States, and Australia. Beyond its flagship Larocque East project in Canada's Athabasca basin, which hosts the world's highest-grade indicated uranium mineral resource at the Hurricane deposit, IsoEnergy maintains a portfolio of fully permitted, past-producing uranium mines in Utah positioned for rapid restart.

Accelerating Operational Readiness at Tony M Mine

The company's 2025 work program at Tony M represents a comprehensive approach to optimizing future production scenarios through advanced technical studies and mining method evaluations. The mine, which was fully rehabilitated in 2024, serves as IsoEnergy's most advanced U.S. asset with complete permitting and processing agreements already secured.

Philip Williams, CEO and Director of IsoEnergy, emphasized the strategic timing of these initiatives:

"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."

The technical studies encompass multiple innovative approaches designed to enhance operational efficiency and reduce costs. The ore sorting program, conducted in partnership with Steinert Group, utilizes advanced sensor technology combining 3D, color, induction, and x-ray sensors to identify and separate target material. This technology offers potential benefits including reduced haulage costs through mineralization concentration, improved mining productivity by reducing waste, and minimized dilution through more precise material handling.

Simultaneously, IsoEnergy is testing High-Pressure Slurry Ablation (HPSA) technology at Disa Technologies, which uses high-pressure slurry streams to separate uranium coatings from sand grains. This process offers similar efficiency improvements to ore sorting while potentially reducing overall processing costs.

Infrastructure & Processing Capabilities

A critical component of IsoEnergy's restart strategy involves optimizing existing infrastructure to reduce capital requirements and accelerate timelines. The Enhanced Evaporation Study, conducted with RWI Enhanced Evaporation, evaluates Landshark evaporators for the Tony M evaporation pond. Preliminary results suggest this technology could eliminate the need for constructing additional pond capacity, significantly reducing future dewatering timelines and associated costs for later mining stages.

The strategic importance of IsoEnergy's toll milling agreement with Energy Fuels Inc. at the White Mesa Mill cannot be overstated.

As Williams noted: "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 de-risked uranium asset in our U.S. portfolio."

White Mesa represents the only fully licensed and operating conventional uranium mill in the United States, with licensed capacity exceeding 8 million pounds of U₃O₈ per year. This partnership eliminates the need for IsoEnergy to construct its own processing facility, significantly reducing capital requirements and enabling faster market entry.

Comprehensive Permitting

IsoEnergy's three Utah uranium mines benefit from complete permitting packages that provide substantial regulatory advantages over competitors:

• The Tony M Mine holds a Large Mine Notice of Intention from the State of Utah, an approved Plan of Operations with accompanying Environmental Assessment and Finding of No Significant Impact for BLM-managed land, and a Title V Operating Air Permit for active ventilation and emissions compliance.
• The Daneros Mine maintains a Small Mine NOI with an approved POO modification to expand surface disturbance and transition to Large Mine status.
• Rim Mine holds a Large Mine NOI and approved POO, both supported by completed Environmental Assessments and Findings of No Significant Impact.

This comprehensive permitting framework positions IsoEnergy for potential rapid operational reactivation. As Williams explained:

"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."

Investment Implications & Outlook

For investors, IsoEnergy's Utah uranium portfolio represents a relatively de-risked entry point into domestic uranium production. The combination of complete permitting, existing infrastructure, secured processing agreements, and ongoing technical optimization studies positions the company to potentially achieve production status more rapidly than greenfield competitors.

The anticipated production decision in 2025, following completion of ongoing technical and economic evaluations, provides investors with a clear timeline for potential value realization. The company's strategic positioning to capitalize on the growing domestic uranium supply gap, supported by favorable policy developments, creates multiple catalysts for value creation.

Williams concluded: "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."

This underscores management's focus on creating a sustainable, strategically important business that addresses critical national energy security needs while generating value for shareholders. The convergence of technical readiness, regulatory approval, infrastructure access, and favorable market dynamics positions IsoEnergy's Utah operations as a potentially significant contributor to domestic uranium supply restoration in the coming years.