IsoEnergy Advances Larocque Trend Exploration & Readies for Anfield Acquisition

• IsoEnergy completed a 13,015m summer drill program at Larocque East, exceeding the original 9,825m budget and identifying two new high-priority zones.
• Drilling confirmed the prospectivity for additional mineralization regionally and adjacent to the high-grade Hurricane uranium deposit.
• A follow-up winter drilling is planned starting January 2025 to further explore the Larocque Trend.
• IsoEnergy entered a definitive agreement to acquire Anfield Energy, enhancing its U.S. uranium production potential.
• Shareholders will vote on the Anfield acquisition on December 3, 2024. The IsoEnergy Board unanimously recommends shareholders vote in favor. Completion of the transaction is subject to shareholder approvals from both companies, court and regulatory approvals, and other customary conditions.

IsoEnergy Ltd. (TSX:ISO) is a leading uranium company with diversified assets across top mining jurisdictions including Canada, the U.S. and Australia. With substantial mineral resources at varying stages from exploration to near-term production, IsoEnergy provides robust exposure to strengthening uranium fundamentals.

The company's flagship Larocque East project in Saskatchewan's prolific Athabasca Basin is headlined by the Hurricane zone, the highest-grade indicated uranium resource globally. Additionally, IsoEnergy's U.S. conventional uranium-vanadium mines are permitted, built and ready for rapid restart when market conditions allow.

Larocque East Summer Drilling Expands Potential

In the summer of 2024, IsoEnergy completed an expanded 30-hole, 13,015m drill program at Larocque East, well above the initial 9,825m plan. The program successfully tested multiple targets generated by 2023-2024 geophysical surveys along 9km of the fertile Larocque Trend, which hosts Hurricane and other notable deposits.

Drilling confirmed the project's potential for additional uranium mineralization on a regional scale. Two new high-priority areas were identified - Area D and E - along with prospective extensions in the Hurricane East area adjacent to the existing deposit.

Result Details

At Area E, located 8km east of Hurricane, elevated radioactivity was intersected including 2.0m of 495 ppm U and 3,410 cps in hole LE24-192. Area D, situated 8km east of Hurricane, also returned encouraging results with 3.5m of 26.2 ppm U and 257 cps in hole LE24-174. In the Hurricane East area within 600m of the deposit, hole LE24-188 cut 2.1m at 1,847 cps, underscoring the potential for resource growth proximal to Hurricane, where mineralization remains open.

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While only 33% of geochemical assays have been received so far, the company views initial results as highly encouraging, featuring strong hydrothermal alteration and geochemistry commonly associated with Athabasca-style uranium systems.

“Our summer drill results at Larocque East are highly encouraging. The structural disruption, bleaching, desilicification and clay alteration intersected within and adjacent to the ANT velocity anomalies are all hallmarks of Athabasca uranium deposits. The significantly anomalous radioactivity and sandstone uranium geochemistry are indicative of the fertility of these alteration zones; and several kilometres of strike length along graphitic-pyritic conductor corridors east of the Hurricane Deposit provide ample exploration space for potential additional discoveries along the Hurricane trend.” - Dr. Dan Brisbin, IsoEnergy Vice President Exploration

The company is integrating the summer results with extensive project datasets to generate priority targets for a substantial follow-up drill campaign slated to begin in January 2025. The winter program will focus on Areas D, E, Hurricane East and test additional geophysical anomalies.

Anfield Acquisition to Boost U.S. Production Profile

In a significant corporate development, IsoEnergy entered a definitive agreement on October 1, 2024 to acquire Anfield Energy Inc., an emerging U.S. uranium-vanadium developer, by way of a court-approved plan of arrangement.

Upon completion of the transaction, IsoEnergy shareholders are expected to own approximately 83.8% of the combined company with former Anfield shareholders owning the remaining 16.2% on a fully diluted basis.

The acquisition would elevate IsoEnergy's U.S. production potential by contributing a pipeline of near-term assets in Utah and Colorado. Anfield's key projects include the Shootaring Canyon uranium mill and a portfolio of conventional mines amenable to low-cost, rapid restart.

Transaction Rationale

Transaction Rationale highlighted by IsoEnergy are as follows:

• Expanded U.S. Uranium Production: The combined asset base would provide substantial production optionality in the near, medium and long term.
• Operational Synergies: Shootaring Canyon mill is one of only three permitted conventional uranium mills in the U.S. The mill's proximity to IsoEnergy's mines is expected to reduce transportation costs and boost operating flexibility.
• Uranium Market Upside Capture: Recent industry support for nuclear energy is seen driving uranium prices higher in step with the company's expanding U.S. production profile.
• Strengthened Capital Markets Presence: The combined company should benefit from greater scale, liquidity and investor appeal to support ongoing growth.

Completion of the transaction is subject to shareholder approvals from both companies, court and regulatory approvals, and other customary conditions. IsoEnergy shareholders will vote on the share issuance related to the acquisition at a special meeting on December 3, 2024.

The IsoEnergy Board of Directors unanimously recommends shareholders vote in favor of the share issuance resolution. The company has mailed a management information circular to shareholders in advance of the meeting.

Conclusion

The acquisition of Anfield Energy and impressive exploration results from Larocque East combine to reinforce IsoEnergy's status as a leading uranium company.

With an expanded, highly prospective exploration pipeline feeding into one of the world's highest grade uranium resources at Hurricane, IsoEnergy provides robust exposure to uranium discovery and resource growth potential.

The Anfield transaction, upon completion, would position the company to capitalize on growing demand for domestic U.S. uranium supply. The deal builds on IsoEnergy's sector-leading portfolio by contributing near-term production capabilities with exceptional operational synergies.

Taken together, IsoEnergy appears well positioned to capture uranium market upside. Investors should track ongoing developments including Larocque East winter drill results and progress towards closing the Anfield acquisition as potential catalysts for the stock.

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_References:

1. _{IsoEnergy Ltd (November 6, 2024). News Release. IsoEnergy Summer Drilling Intersects Multiple Areas of Radioactivity Highlighting the Prospectivity of the Larocque Trend. Retrieved from: https://www.isoenergy.ca/news-media/isoenergy-summer-drilling-intersects-multiple-areas-of-radioactivity-highlighting-the-prospectivity-of-the-larocque-trend}