Onsite with IsoEnergy - Underground in the Tony M Uranium Mine

• IsoEnergy acquired the Tony M mine in Utah as part of a package of three fully permitted past-producing mines in 2021.
• The company has completed underground refurbishment and rehabilitation work since late July.
• IsoEnergy aims to produce around 250,000 pounds of uranium in the first year, with potential to reach over 1 million pounds annually.
• The Tony M mine has 8.8 million pounds of uranium at 0.28% grade (indicated and inferred) and 18 miles of tunnels.
• IsoEnergy is working on engineering plans and 3D mapping to optimize mining efficiency and expects to have results in Q1 of the following year.

Reviving Uranium Production in Utah's Prolific Mining District

IsoEnergy Ltd. is positioning itself as a key player in the resurgence of uranium production in the United States, with its flagship Tony M mine in Utah leading the charge. As global demand for clean energy sources grows and nuclear power gains renewed attention, IsoEnergy's strategic acquisitions and development plans offer investors a compelling opportunity to participate in the uranium market's potential upswing.

Visiting the Tony M Mine

Acquisition & Resource Base

In 2021, IsoEnergy completed a transformative acquisition from Energy Fuels, securing a package of three fully permitted past-producing mines. The crown jewel of this acquisition is the Tony M mine, located in Utah's historically prolific uranium mining district. The mine boasts a substantial resource base, with approximately 8.8 million pounds of uranium at a grade of 0.28% in the indicated and inferred categories.

Marty Tunney, President of IsoEnergy, provides insight into the acquisition:

"We got this in 2021, when the transaction actually closed. It was in the works for quite some time. We bought this from Energy Fuels as part of a package of three fully permitted past-producing mines."

This strategic move has given IsoEnergy a significant foothold in a region known for its uranium production potential, with the added advantage of existing infrastructure and permitting in place.

Development Progress & Production Outlook

Since acquiring the Tony M mine, IsoEnergy has made substantial progress in moving towards production. The company initiated underground work in late July, focusing on refurbishment and rehabilitation of the existing mine workings. This preparatory phase is crucial for ensuring safe and efficient operations when full-scale mining commences.

Tunney elaborates on the company's approach:

"The guys are in there just making sure that it's a safe place to work. So as you saw earlier, the guys are bolting up the back and knocking down the loose. And following that, we'll get the exploration team in there mapping things out and doing a 3D image of the ore body and make sure that syncs up with what we think we've got from a resource standpoint."

Production Targets & Expansion Potential

IsoEnergy's production plans for the Tony M mine are ambitious yet grounded in historical context. The company anticipates reaching an initial production rate of approximately 250,000 pounds of uranium per year. However, management sees potential for significant growth beyond this initial target.

Tunney outlines the company's vision:

"We're probably looking in the first year, my guess is the 250,000 pounds a year mark. And from there, we're really looking at multiples of that, within a reasonable timeframe."

The Tony M mine's extensive network of 18 miles of tunnels provides ample opportunity for expansion. Historical production data from previous operators, including Denison Mines in the early 2000s, supports the potential for higher production rates. IsoEnergy believes that with proper planning and execution, annual production could potentially exceed 1 million pounds across its Utah assets.

Technical Expertise & Operational Efficiency

IsoEnergy has assembled a team of experienced professionals to drive the project forward. The company recently hired a director of US operations and engineering with over 20 years of experience, including management of one of North America's largest gold mines. This addition to the team brings valuable expertise in large-scale mining operations and engineering.

The company is leveraging modern technology to enhance operational efficiency. The use of handheld XRF (X-ray fluorescence) devices allows for real-time analysis of uranium and vanadium grades at the mine face. This technology enables more precise ore control and potentially reduces dilution, ultimately improving the overall economics of the operation.

Exploration Upside & Resource Expansion

While the existing resource base at Tony M is substantial, IsoEnergy sees significant potential for expansion. The company has initiated a comprehensive exploration program to better understand the full extent of mineralization within and around the mine.

Tunney explains the approach:

"We do also reach out to some additional exploration groups to help us out when we get into that, because we don't necessarily need to keep those full numbers of staff on site."

The exploration team, led by Dr. Daryll Clark, is tasked with not only expanding the resource at Tony M but also evaluating other prospective areas within IsoEnergy's land package. This dual focus on near-mine exploration and regional targets provides multiple avenues for resource growth and potential production increases.

Strategic Partnership with Energy Fuels

A key advantage for IsoEnergy is its strategic relationship with Energy Fuels, the previous owner of the Tony M mine and operator of the White Mesa Mill. This partnership provides IsoEnergy with a clear path to process its ore, a critical factor in bringing a uranium project into production.

Tunney highlights the importance of this relationship:

"Mark's a good friend of ours. He's a very strong supporter. We like Mark a lot. We work closely with them. You know, they help us out here a lot. We lean on them for advice."

The ability to process ore at the White Mesa Mill eliminates the need for IsoEnergy to construct its own processing facility, significantly reducing capital requirements and shortening the timeline to production.

Regulatory Environment & Local Support

Operating in Utah provides IsoEnergy with a stable and supportive regulatory environment. The state has a long history of uranium mining and maintains a pro-development stance towards responsible resource extraction.

Tunney emphasizes this advantage:

"I've worked in a lot of places around the world and I'll tell you the political situation here and the regulatory regime is phenomenal, very supportive. Everyone wants to see this go, they want to see it open, and they want Utah to be back where they were before historically as one of the top-producing uranium jurisdictions in the world."

This favorable regulatory climate reduces permitting risks and potentially accelerates the timeline for bringing the Tony M mine into production.

Financial Position & Capital Allocation

IsoEnergy maintains a strong financial position, with access to capital to fund its development plans. The company's treasury provides flexibility to advance the Tony M mine towards production while simultaneously pursuing exploration and potential acquisitions.

Tunney notes the strategic advantages of the company's financial strength:

"We've got access to capital. We do have a strong treasury right now. We get into production. And once we get into production, we're going to start to see, I think, other opportunities present themselves to us so we can take advantage of our producer status, our access to capital and go from there."

This financial flexibility allows IsoEnergy to pursue a balanced approach of near-term production and longer-term growth initiatives.

Timeline & Milestones

IsoEnergy is working towards several key milestones in the near term:

• Completion of underground rehabilitation and safety upgrades at the Tony M mine.
• Finalization of 3D mapping and engineering studies to optimize mine design.
• Release of updated production plans and economic projections, expected in Q1 of the following year.
• Commencement of ore production and delivery to the White Mesa Mill.

The company's ability to meet these milestones will be crucial in demonstrating its execution capabilities and advancing towards commercial production.

The Investment Thesis for IsoEnergy

• Near-term production potential: IsoEnergy is poised to become one of the few new uranium producers in the United States, with initial production targeted at 250,000 pounds per year.
• Substantial resource base: The Tony M mine's 8.8 million pounds of uranium provides a solid foundation for long-term production.
• Expansion potential: With 18 miles of underground workings and regional exploration targets, there is significant potential to increase resources and production rates.
• Strategic partnership: The relationship with Energy Fuels provides a clear path to ore processing, reducing capital requirements and time to production.
• Strong financial position: Access to capital allows for aggressive development and potential acquisitions.
• Experienced management team: Recent additions bring valuable expertise in large-scale mining operations.
• Favorable jurisdiction: Utah's supportive regulatory environment reduces permitting risks.
• Leverage to uranium price: As a near-term producer, IsoEnergy offers investors direct exposure to potential increases in uranium prices.
• Technological advantage: Use of modern exploration and mining techniques may enhance operational efficiency and profitability.

IsoEnergy represents a compelling investment opportunity in the uranium sector, offering exposure to near-term production potential in a favorable jurisdiction. The company's Tony M mine in Utah provides a solid foundation for growth, with substantial existing resources and significant exploration upside. IsoEnergy's strategic partnership with Energy Fuels, strong financial position, and experienced management team position it well to capitalize on the anticipated resurgence in uranium demand.

As the global push for clean energy intensifies and nuclear power gains renewed attention, IsoEnergy stands to benefit from its status as a potential near-term uranium producer in the United States. The company's ability to execute on its development plans and meet production targets will be crucial in realizing its full potential and delivering value to shareholders.

Investors should closely monitor IsoEnergy's progress towards production, particularly the release of updated engineering studies and production plans expected in early 2025. These milestones will provide critical insights into the economic viability of the Tony M mine and the company's potential to scale up production in the coming years.