IsoEnergy Closes Toro Energy Acquisition, Gains Wiluna Uranium Project

IsoEnergy Ltd. has completed its acquisition of Toro Energy Limited through a scheme of arrangement under Australia's Corporations Act 2001. The transaction was implemented on June 25, 2026, following Toro shareholder approval on June 9 and Federal Court approval on June 15, and became effective on June 16. Under the scheme, IsoEnergy acquired all Toro shares it did not already own. Eligible Toro shareholders received 0.036 IsoEnergy common shares for each Toro share held, resulting in the issuance of approximately 4.36 million IsoEnergy shares. Toro shares were suspended from trading on the Australian Securities Exchange (ASX) on June 16 and are expected to be removed from the exchange's official list on or about June 26, 2026.

Company Overview

IsoEnergy Ltd. (NYSE American: ISOU | TSX: ISO) is a globally diversified uranium company with current and historical mineral resources in Canada, the US and Australia at varying stages of development. The company is advancing its Larocque East Project in Canada's Athabasca Basin, home to the Hurricane deposit, which the company describes as holding 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 Inc., currently on standby for potential restart.

Transaction Completion

IsoEnergy Ltd. has completed its previously announced acquisition of Toro Energy Limited by way of a scheme of arrangement under Australia's Corporations Act 2001. Pursuant to the Scheme, IsoEnergy has acquired all of the issued and outstanding ordinary shares of Toro that it did not already own. The Scheme was implemented on June 25, 2026, following approval by Toro shareholders on June 9, 2026, and approval by the Federal Court of Australia on June 15, 2026, with the Scheme becoming effective on June 16, 2026, per the June 25, 2026, press release.

Under the terms of the Scheme, eligible participating Toro shareholders received 0.036 of a common share of IsoEnergy for each Toro share held on the Scheme record date, resulting in the issuance of approximately 4,359,568 IsoEnergy common shares to former eligible Toro shareholders. Toro shares were suspended from trading on the Australian Securities Exchange (ASX) as of the close of trading on June 16, 2026, and are targeted for removal from the ASX official list on or about June 26, 2026.

Chief Executive Officer and Director of IsoEnergy Ltd., Philip Williams, commented on the transaction: 

"The completion of the Toro acquisition marks another important step in advancing IsoEnergy's strategy to build a globally diversified, development-ready uranium platform. The addition of the Wiluna Uranium Project expands and diversifies our development pipeline, complementing our flagship Hurricane project in the Athabasca Basin. With growing support for nuclear energy and increasingly constructive policy and market conditions for uranium development in Australia, we believe this Transaction positions IsoEnergy to benefit from multiple avenues of future growth. We are pleased to welcome Toro shareholders to IsoEnergy and look forward to advancing the combined portfolio."

Next Steps

Toro is scheduled to be removed from the official ASX list on or about June 26, 2026. No additional milestones were disclosed in connection with this announcement. Additional information on the Transaction is available in IsoEnergy's press releases dated October 12, 2025 and June 10, 2026.