IsoEnergy Forms DISA Uranium, Contributes Utah Portfolio for 33% Stake

• IsoEnergy Ltd. will contribute its Utah uranium mine portfolio comprising the Tony M Mine, Daneros Mine, Rim Mine, Sage Plain Project, and Flatiron Project to DISA Uranium Corporation in exchange for 1,677,350 shares of Common Stock.
• DISA Uranium has received US$105 million in financing commitments from a consortium including Tembo Capital, BHP Ventures, Galvanise Climate Solutions and others. IsoEnergy will participate for US$33 million. The implied pro forma fully diluted equity value is approximately US$505 million.
• IsoEnergy will own approximately 33% of DISA Uranium on a fully diluted basis as its single largest shareholder, with 2 board designees: expected Chairman Richard Patricio and IsoEnergy Chief Executive Officer (CEO) Philip Williams.
• DISA Uranium pairs the Utah Portfolio with DISA's patented High-Pressure Slurry Ablation (HPSA) technology. Testing at Tony M Mine showed potential for approximately 4x grade uplift, 78% volume reduction, and approximately 88% uranium recovery.
• The Transaction and Financing are targeted to close in August 2026, subject to the completion of a DISA non-uranium business spin-out, the Financing close, and the receipt of regulatory approvals.

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 currently on standby and ready for rapid restart as market conditions permit.

Transaction Structure

IsoEnergy Ltd. has entered into a definitive agreement with DISA Technologies, Inc. to create DISA Uranium Corporation, a new US-focused uranium company. IsoEnergy will contribute its Utah Portfolio to DISA Uranium in exchange for 1,677,350 shares of Common Stock. DISA Uranium has received commitments for a concurrent US$105 million private placement financing from a consortium of strategic investors including Tembo Capital, BHP Ventures, Galvanise Climate Solutions, Valour Equity Partners, Evok Innovations, Halliburton Labs, and Veriten. IsoEnergy has agreed to participate in the US$33 million financing, per the August 4, 2026 press release.

Based on the financing commitments received, DISA Uranium's implied pro forma fully diluted equity value is approximately US$505 million. IsoEnergy will own approximately 33% of DISA Uranium on a fully diluted basis and will be its single largest shareholder. The Board of Directors of IsoEnergy unanimously approved the Transaction after consultation with its financial and legal advisors.

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

"The creation of DISA Uranium marks an important step in advancing IsoEnergy's strategy of building a globally diversified, development-ready uranium platform. By contributing our permitted, past-producing Utah asset base and pairing it with DISA's proprietary HPSA technology, we believe we can enhance project economics, expand the universe of viable conventional uranium resources, and ultimately support domestic processing infrastructure. At a time when the United States is placing renewed emphasis on nuclear energy, energy security, and the reshoring of its nuclear fuel supply chain, we believe this partnership is both timely and highly differentiated. For IsoEnergy and its shareholders, it unlocks value in our U.S. portfolio, while retaining direct, meaningful exposure to the growth of a unique platform designed to help reshape domestic uranium production."

HPSA Technology & Remediation Platform

DISA's patented, modular HPSA processing technology uses high-velocity slurry streams to generate particle-on-particle collisions, causing material to fracture along natural mineral grain boundaries. The technology mechanically separates target minerals from host material, upgrading feed by concentrating valuable minerals into a smaller volume for downstream transportation and processing. Preliminary testing at the Tony M Mine demonstrated the potential for approximately 4x grade uplift, 78% reduction in material volumes requiring transportation, and approximately 88% uranium recovery.

DISA Uranium holds the only US Nuclear Regulatory Commission (NRC) Source Materials License authorising uranium recovery from legacy mine waste across multiple sites, positioning the Company to remediate abandoned uranium mine (AUM) sites across the western United States while recovering uranium and vanadium. The Company states there are more than 15,000 sites associated with abandoned mine waste and over 4,200 defence-related uranium mines. 

Chief Executive Officer of DISA Uranium, Greyson Buckingham, commented: 

"DISA Uranium was built on a straightforward idea: much of the uranium this country needs is already out of the ground, sitting in waste piles across the West. Remediating those abandoned mine sites and recovering the uranium and vanadium they hold is the core of our business, and the reason we hold the only NRC license of its kind. IsoEnergy's Utah Portfolio extends that platform - HPSA is designed to make those conventional assets meaningfully more economic by upgrading feedstock at the mine site and reducing what has to be transported and processed. Together, recovered legacy material and a scaled conventional resource base give us the feedstock to bring to life a new domestic uranium recycling and processing facility, the missing link in rebuilding an independent American nuclear fuel supply. With the support of this investor group, DISA Uranium is positioned to move quickly."

Utah Portfolio & Future Processing Infrastructure

The Utah Portfolio contributed by IsoEnergy comprises the Tony M Mine, Daneros Mine, Rim Mine, Sage Plain Project, and Flatiron Project, all of which are permitted, past-producing conventional uranium mines. IsoEnergy's experienced Utah operations team will transition to DISA Uranium with the Utah Portfolio.

The Company states that over time, the combined resource base from the Utah Portfolio and the AUM remediation pipeline may provide the scale to support development of a centralised uranium recycling and processing facility, which the Company describes as what would be the first new conventional uranium mill constructed in the United States in more than 4 decades.

Transaction Conditions &  Advisors

Closing of the Transaction is conditional upon completion of a spin-out of DISA's non-uranium and vanadium mineral processing business into a separate entity (DISA Tech, Inc.), closing of the Financing, receipt of all necessary regulatory approvals, and other customary conditions. The Transaction and Financing are targeted to close in August 2026.

TD Securities Inc. is acting as financial advisor to IsoEnergy, with Cassels Brock & Blackwell LLP and Parr Brown Gee & Loveless acting as legal counsel. Stifel is acting as financial advisor to DISA, with Wilson Sonsini Goodrich & Rosati, P.C. acting as legal counsel.

Next Steps

The Transaction and Financing are targeted to close in August 2026, subject to satisfaction of all closing conditions including the DISA spin-out, Financing close, and receipt of regulatory approvals. Upon closing, IsoEnergy will hold approximately 33% of DISA Uranium on a fully diluted basis.

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