IsoEnergy Holds C$70.9 Million Cash and a 33% DISA Uranium Stake

• IsoEnergy contributed 5 Utah uranium assets to DISA Uranium in a transaction that closed on August 19, 2026.
• IsoEnergy owns 33% of DISA Uranium following a concurrent US$105 million financing.
• The financing implies a pro forma fully diluted equity value of US$505 million for DISA Uranium.
• IsoEnergy has C$70.9 million in cash and equivalents and C$46.0 million in equity holdings.
• IsoEnergy's own programs include drilling at Hurricane and technical and economic studies at Wiluna. 

IsoEnergy (NYSE American: ISOU | TSX: ISO) has put its Utah uranium mines into a separate company and has a minority stake in it. The transaction to form DISA Uranium closed on August 19, 2026, and IsoEnergy owns 33% of the new company. IsoEnergy's own work programs include drilling at Hurricane, regional exploration in the Athabasca Basin, and technical and economic studies at Wiluna.

Utah Portfolio Moves Into DISA Uranium

IsoEnergy contributed its permitted, past-producing Utah Portfolio: the Tony M, Daneros, and Rim mines and the Sage Plain and Flatiron projects. Key state and operating permits are in place at the mines, along with existing surface and underground infrastructure. A concurrent US$105 million financing implies a pro forma fully diluted equity value of US$505 million for DISA Uranium, and management says outside investors in that financing, led by Tembo Capital, set the valuation. Management describes the structure as a disciplined use of IsoEnergy's financial and human resources across a portfolio with many projects. The financing proceeds include funds to advance the Utah assets, the remediation business, and consolidation opportunities, management says.

Chief Executive Officer of IsoEnergy, Philip Williams, explains where the Utah assets and their funding now sit: 

"And in this transaction, we end up putting those assets into a separate business that's funded. It's got its own balance sheet, its own team."

DISA Uranium runs those assets under its own management. Chief Executive Officer of DISA Uranium, Greyson Buckingham, leads that team, and its board includes IsoEnergy's chief executive. 

IsoEnergy's 33% Stake & Board Seats 

IsoEnergy's exposure to US production now comes through a minority holding. Its 33% interest covers the 5 Utah assets, remediation sites, and High-Pressure Slurry Ablation technology (a mechanical process that separates uranium-bearing particles from waste rock), which IsoEnergy groups under near-term production potential, subject to permitting. Management says IsoEnergy is the largest shareholder and has 2 seats on the board.

Plans for the Utah mines now come from DISA Uranium. The company is targeting an updated preliminary economic assessment (PEA) for Tony M by year-end 2026, with the technology's efficiencies built into the mine plan. Its plans also include a first pilot program at a US Nuclear Regulatory Commission-licensed site. 

Williams leaves open whether IsoEnergy will put more money into DISA Uranium's later funding rounds:

"Look, we're keeping that option open, and we'll see how it all plays out. Where and when the next rounds of capital are required is still being figured out. So, I would love to maintain our interest."

Management has given no date for DISA Uranium's next raise. 

Cash & Equity Holdings After the Transaction 

IsoEnergy has C$70.9 million in cash and equivalents, based on its public disclosure as of June 30, 2026, adjusted for its investment in DISA Uranium but not for transaction expenses. It also owns C$46.0 million in equity holdings at the September 28, 2026, market close, spread across NexGen Energy, Premier American Uranium, Atha Energy, Future Fuels, Orpheus Uranium, Purepoint Uranium, and Jaguar Uranium.

The balance sheet also includes C$5.7 million of convertible debentures at face value, convertible at C$17.32 per share and maturing December 6, 2027. On September 28, 2026, the share price was C$13.19, and the basic market capitalization was C$861.0 million. NexGen Energy owns 27.8% of IsoEnergy.

The C$46.0 million equity figure excludes the DISA Uranium stake, a separate 33% investment.

Hurricane Drilling at Larocque East

Hurricane, on the Larocque East project in Saskatchewan's Athabasca Basin, has an indicated resource of 48.6 million pounds (lb) of uranium oxide at 34.5%. It also has an inferred resource of 2.7 million lb at 2.2%, both with an effective date of July 8, 2022. The project lies about 40 kilometers northwest of the McClean Lake mill, with mineralization at about 325 meters (m) depth. 

Summer drilling ran to 10,159 m in 26 holes, up from a planned 8,000 m in 20 holes, for a year-to-date total of 16,963 m in 43 holes. Seventeen holes tested the L fault, and 6 tested the J and K faults. The program returned strongly elevated radioactivity, measured on drill core in counts per second, over 600 m of strike along the Hurricane South Trend. Of the 26 holes, 18 returned intervals at or above the 350 counts per second cut-off over 0.5 m, 13 reached 1,000 counts per second or more, and 3 exceeded 35,000 counts per second. Those 3 holes include the strongest radioactivity drilled to date on the South Trend.

Radioactivity measured on drill core indicates uranium content but may not match chemical assays. All summer samples are at SRC Geoanalytical Laboratories, and the assays and core observations will go into IsoEnergy's evaluation of 2027 drill targets. The geological interpretation around Hurricane is being updated using all 43 holes drilled in 2026.

Wiluna Studies in Western Australia

Wiluna, in Western Australia, has a historical estimate of 78.1 million lb of uranium oxide in the measured and indicated categories, prepared in accordance with the JORC Code. The estimate is not treated by IsoEnergy as a current mineral resource. A scoping study has been completed on the Lake Maitland deposit, and IsoEnergy proposes a central processing facility near Lake Maitland, with ore trucked in from satellite pits. The potential next steps listed for the project are converting the JORC resource to NI 43-101, drilling for a pilot plant, infill drilling, and converting the scoping study to a PEA. Japan Australia Uranium Pty and Itochu have the right to acquire a 35% interest in Lake Maitland for US$39.6 million.

What Comes Next 

Hurricane assays from the summer program are pending at IsoEnergy, and DISA Uranium is targeting the updated Tony M PEA by year-end 2026. Management says a restart decision on Tony M follows that study.

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