IsoEnergy Identifies New Fault Zone at Hurricane as Utah Bulk Sample & Australian Acquisition Near Completion

• IsoEnergy (TSX: ISO | NYSE American: ISOU) completed a 17-hole, 6,804-metre winter drill program at the Larocque East project in Saskatchewan, intersecting 30,050 counts per second over one metre in a newly identified L Fault Zone along the Hurricane South Trend, with mineralisation confirmed up to 540 metres east of the known deposit footprint; assay results are pending
• The Hurricane deposit holds an Indicated Mineral Resource Estimate of 48.6 million pounds uranium trioxide at 34.5% - the world's highest-grade published Indicated uranium resource - situated approximately 40 kilometres northwest of the operating McClean Lake mill at a depth of approximately 325 metres
• A 2,000-tonne bulk sample is underway at the Tony M mine in Utah, designed to generate operating cost data and test beneficiation techniques including High-Pressure Slurry Ablation (HPSA), which demonstrated greater than 90% uranium recovery at approximately 25% of original ore mass in prior testwork; a production restart decision has not been made
• The pending acquisition of Toro Energy, expected to close in early April 2026, adds the Wiluna Uranium Project in Western Australia carrying 69.1 million pounds uranium trioxide in Measured & Indicated resources, with Japan Australia Uranium and Itochu holding the right to acquire a 35% interest in the Lake Maitland deposit for US$39.6 million
• Pro forma cash stands at C$143.8 million, with NexGen Energy  holding a 29.9% ownership stake; eight analysts cover the stock, all with Buy ratings and price targets ranging from C$18.00 to C$28.25 against a share price of C$14.79 as of April 6, 2026

IsoEnergy Reports New Fault Zone Intercept at Hurricane as Utah Bulk Sample Nears Completion

IsoEnergy (TSX: ISO | NYSE American: ISOU) released results from its 2026 winter drill program at the Larocque East project in Saskatchewan on April 7, 2026. The program comprised 17 holes totalling 6,804 metres, targeting resource expansion along the Hurricane deposit's North and South Trends as well as greenfield targets up to three kilometres east along the Larocque Trend. The headline result came from drill hole LE26-248, which returned an average radioactivity reading of 30,050 counts per second over one metre - with off-scale peak readings beyond 65,500 counts per second - intersected in the L Fault Zone, a structure within the South Trend that had not previously been the primary focus of exploration at the deposit.

Vice President of Exploration at IsoEnergy, Dr. Dan Brisbin, stated in the press release that the results are being used to reinterpret the fault controls along the South Trend and indicate potential for additional mineralisation in areas that remain underexplored. Step-out holes confirmed mineralisation up to 540 metres east of the known deposit footprint. Assay results from all 17 holes have been submitted to the Saskatchewan Research Council Geoanalytical Laboratory and are pending, with follow-up summer drilling being planned. The Hurricane deposit carries an Indicated Mineral Resource Estimate (MRE) of 48.6 million pounds uranium trioxide at a grade of 34.5%, and an Inferred MRE of 2.7 million pounds uranium trioxide at 2.2%, as defined by the NI 43-101 Technical Report effective July 8, 2022.

Chief Executive Officer & Director of IsoEnergy, Phil Williams, commented:

"The team delivered an expanded program, safely and efficiently, producing some of the most encouraging results we've seen along the South Trend and demonstrating the scale of the opportunity in this underexplored corridor."

The deposit sits at approximately 325 metres depth with no water cover at surface, roughly 40 kilometres northwest of the operating McClean Lake mill.

Tony M Bulk Sample Program

In Utah's Henry Mountains district, IsoEnergy is currently conducting a 2,000-tonne bulk sample at its Tony M mine, with ore being transported to Energy Fuels' White Mesa Mill - the only operating conventional uranium mill in the US - for processing under a toll milling arrangement. The program is expected to complete in April 2026.

Chief Executive Officer & Director of IsoEnergy, Phil Williams, described the program's purpose:

"The first thing is costs around mining, trucking and processing. We know they're quite low comparatively - because the infrastructure is already there." The Tony M mine last operated during the 2007-2008 period and retains its surface and underground infrastructure.

The bulk sample also serves as a larger-scale test of beneficiation techniques evaluated in prior testwork. High-Pressure Slurry Ablation (HPSA) has demonstrated uranium recovery above 90% at approximately 25% of original ore mass in prior testing. Ore sorting has shown greater than 90% recovery into approximately 50% of original mass for amenable material. A completed Enhanced Evaporation Study confirmed that Landshark evaporators can eliminate the need for additional evaporation-pond capacity.

Chief Executive Officer & Director of IsoEnergy, Phil Williams, noted:

"If those results hold at larger scale, the implications for project economics could be significant."

The Tony M MRE, effective September 9, 2022, stands at 1,185,000 Indicated short tons grading 0.28% uranium trioxide containing 6.6 million pounds, plus 404,000 Inferred short tons grading 0.27% uranium trioxide containing 2.2 million pounds. Existing state and federal operating permits across the Utah portfolio are estimated to represent three to five years and more than US$1 million per mine in avoided development cost relative to a greenfield permitting process. A production restart decision has not been made and will follow completion of technical and economic evaluations, including results from the bulk sample program.

Toro Energy Acquisition

In October 2025, IsoEnergy announced an agreement to acquire Toro Energy, an Australian uranium company, with the transaction expected to close in early April 2026. The acquisition adds the Wiluna Uranium Project in Western Australia to IsoEnergy's portfolio. Wiluna consists of several shallow, near-surface uranium deposits - meaning the ore sits close to the ground surface, which generally makes mining less complex and costly than deep underground operations. The project holds 69.1 million pounds of uranium trioxide in Measured & Indicated resources - categories that reflect a relatively higher degree of geological confidence based on drilling data - plus a further 4.5 million pounds in Inferred resources, which are based on less data and carry more uncertainty. A preliminary economic study, known as a scoping study, has already been completed on the key Lake Maitland deposit within the project.

A pre-existing commercial agreement adds a degree of third-party validation to the project: Japan Australia Uranium and Itochu - a major Japanese trading company - already hold the right to purchase a 35% stake in the Lake Maitland deposit for US$39.6 million.

Chief Executive Officer & Director of IsoEnergy, Phil Williams, described the rationale for the deal in a recent Crux Investor interview:

"We think Toro is an overlooked project for a whole host of different reasons, but that together the two companies can really drive that project forward."

Following the close of the transaction, planned next steps include converting the project's existing Australian resource estimate - reported under the JORC Code, Australia's standard for mineral resource reporting - into the NI 43-101 format required under Canadian securities regulations, conducting additional infill drilling to increase resource confidence, and advancing the scoping study to a more detailed Preliminary Economic Assessment. No decision to develop or mine the Wiluna project has been made.

IsoEnergy also holds a 50/50 joint venture with Purepoint Uranium, a uranium exploration company, covering 98,000 hectares - roughly the size of a large Canadian province district - along the Larocque Trend in Saskatchewan's Athabasca Basin, with Purepoint acting as the operator of day-to-day exploration activity. In a joint venture, two companies pool land or resources and share both the costs and any future rewards. In the joint venture's first funded drill program, the Dorado project's Nova discovery returned laboratory assay results of 8.1% uranium trioxide over 0.4 metres of drill core, within a broader interval of 2.1 metres averaging 1.6% uranium trioxide - grades that are considered high relative to most uranium deposits globally. These results represent early-stage exploration findings and do not yet constitute a formal resource estimate.

Market Context & Company Position

The uranium spot price fell to US$63 per pound in early April 2025 and recovered to a year-to-date high of US$101.41 per pound on January 29, 2026, before settling to US$84.55 per pound as of the week ending April 7, 2026. The long-term uranium contract price reached US$90 per pound in the first quarter of 2026. The World Nuclear Association (WNA) 2025 World Nuclear Fuel Report projects reactor uranium requirements rising from 175 million pounds uranium trioxide in 2024 to 391 million pounds by 2040 under its Reference Scenario - a 124% increase - while total identified supply covers approximately 46% of that 2040 demand figure.

Chief Executive Officer & Director of IsoEnergy, Phil Williams,referenced the executive order on Section 232 uranium tariffs in the Crux Investor interview as a potential factor in utility contracting behaviour:

"Anything that creates future uncertainty around pricing and access to materials might bring that demand forward."

As of April 6, 2026, IsoEnergy's share price stood at C$14.79. Pro forma cash stands at C$143.8 million, with an equity portfolio valued at approximately C$49.7 million. NexGen Energy holds a 29.9% ownership stake following a January 2026 C$25 million private placement. Eight sell-side analysts cover the stock, all carrying Buy ratings, with price targets ranging from C$18.00 (TD Securities, analyst Craig Hutchison) to C$28.25 (Red Cloud Securities, analyst David Talbot).

Outlook

Assay results from the 17-hole Hurricane winter program are pending and are expected to inform the design of the 2026 summer drill program. The L Fault Zone identified in the current program represents a new area of focus within the South Trend, with the company stating that further drilling will be required to define its geometry and continuity along strike. No updated resource estimate has been announced in connection with the 2026 winter results.

At Tony M, processing of the bulk sample at White Mesa Mill is expected to generate operating cost data and beneficiation results that will feed into a formal restart economic assessment. The company has not indicated a timeline for a production decision and has stated that market conditions will be a factor alongside technical and economic findings. In Western Australia, initial work programs at Wiluna following the close of the Toro Energy acquisition are expected to be outlined following completion of that transaction.

Chief Executive Officer & Director of IsoEnergy, Phil Williams summarised the company's position:

"Right now we're moving things ahead at a moderate pace - the pace that makes sense for the projects in the environment that we're in. But we do have the ability to turn the notch up a little bit in the right environment."

Three concurrent work programs across three jurisdictions are active in the first half of 2026, with results from each expected to inform capital allocation decisions in the second half of the year.