Core Viewpoint - IsoEnergy Ltd. has successfully completed a bought deal financing and a non-brokered private placement, raising a total of C$25,000,005 through the issuance of 1,666,667 common shares at C$15.00 per share to NexGen Energy Ltd. [1][2] Group 1: Financing Details - The proceeds from the Concurrent Private Placement will be utilized for the continued development and exploration of the Company's mineral properties, as well as for general corporate purposes [2] - The Concurrent Private Placement allows NexGen to maintain its ownership interest in IsoEnergy at approximately 30% post-offering [3] - The shares issued are subject to a statutory hold period of four months and one day following the closing of the Concurrent Private Placement, with no commissions or fees payable [3] Group 2: Company Overview - IsoEnergy is a globally diversified uranium company with significant mineral resources in Canada, the U.S., and Australia, providing leverage to rising uranium prices [6] - The Company is advancing its Larocque East project in Canada's Athabasca basin, which contains the world's highest-grade indicated uranium mineral resource [6] - IsoEnergy also holds a portfolio of permitted past-producing uranium and vanadium mines in Utah, which are on standby for rapid restart as market conditions improve [6]

Core Viewpoint - IsoEnergy Ltd. has successfully closed a bought deal financing, raising C$57,501,150 through the sale of 3,833,410 common shares at C$15.00 per share, which includes the full exercise of the over-allotment option [1] Group 1: Financing Details - The offering was led by a syndicate of underwriters including Stifel Canada, Canaccord Genuity Corp., and Jett Capital Advisors, LLC [1] - Proceeds from the offering will be utilized for the continued development and exploration of the company's mineral properties, as well as for general corporate purposes [2] Group 2: Company Overview - IsoEnergy is a globally diversified uranium company with significant mineral resources in Canada, the U.S., and Australia, providing leverage to rising uranium prices [4] - The company is advancing its Larocque East project in Canada's Athabasca basin, which contains the world's highest-grade indicated uranium mineral resource [4] - IsoEnergy also holds a portfolio of permitted past-producing uranium and vanadium mines in Utah, which are on standby for rapid restart as market conditions improve [4]

Core Viewpoint - IsoEnergy Ltd. has announced a bought deal offering of 3,333,400 common shares at C$15.00 per share, aiming to raise gross proceeds of C$50,001,000 to fund development and exploration of its mineral properties [1][5]. Group 1: Offering Details - The underwriters have an over-allotment option to purchase an additional 500,010 common shares, which could raise an additional C$7,500,150, bringing total gross proceeds to C$57,501,150 if fully exercised [2]. - The offering will be conducted via a prospectus supplement in Canada (excluding Quebec) and the U.S. on a private placement basis [3]. - The offering is scheduled to close on or about January 27, 2026, subject to necessary approvals [6]. Group 2: Concurrent Private Placement - IsoEnergy plans a non-brokered private placement of up to 1,666,666 common shares at C$15.00 per share with NexGen Energy Ltd., aiming for gross proceeds of approximately C$25,000,000 [4]. - This placement is intended to maintain NexGen's ownership interest in IsoEnergy at approximately 30% post-offering [4]. Group 3: Use of Proceeds - Proceeds from both the offering and the concurrent private placement are expected to fund the continued development and exploration of the company's mineral properties, as well as general corporate purposes [5]. Group 4: Company Overview - IsoEnergy is a leading uranium company with significant mineral resources in Canada, the U.S., and Australia, providing leverage to rising uranium prices [8]. - The company is advancing its Larocque East project in Canada's Athabasca basin, which contains the world's highest-grade indicated uranium mineral resource [8]. - IsoEnergy also holds a portfolio of permitted past-producing uranium and vanadium mines in Utah, ready for rapid restart as market conditions allow [9].

Core Viewpoint - IsoEnergy Ltd. is initiating a bulk sample program at its Tony M uranium mine in Utah to gather essential data for a potential production restart, capitalizing on the increasing demand for domestic uranium supply in the U.S. [1][3] Group 1: Bulk Sample Program Details - The bulk sample program will extract up to 2,000 tons of mineralized material over a 12-14 week period, starting in late December 2025, using contract mining services from GenX Mining Contractors, LLC [2][3] - The extracted material will be processed at the White Mesa Mill in Utah, owned by Energy Fuels Inc., which eliminates the need for new mill construction and reduces capital intensity [8][9] Group 2: Strategic Importance - IsoEnergy views the Tony M mine as a unique opportunity to advance a fully permitted uranium mine towards restart without extensive new construction or permitting, aligning with U.S. federal initiatives to enhance energy security [3][6] - The bulk sample is a critical step in defining the scope and economics of a future production plan, which may include detailed mine planning and assessing the timing of a potential production decision [4][6] Group 3: Recent Initiatives and Economic Profile - In 2025, IsoEnergy reduced the uranium production royalty on the Utah Trust Lands Administration lease from 8% to 3%, and conducted tests that demonstrated over 90% recovery of uranium from mineralized material [9] - Enhanced evaporation studies have shown that Landshark evaporators can eliminate the need for evaporation-pond expansion, thus reducing permitting timelines and capital requirements [9] Group 4: Mineral Resource Estimates - The current mineral resource estimate for the Tony M mine includes 1,185,000 short tons of indicated resources at a grade of 0.28% eU3O8, containing approximately 6,606,000 pounds of eU3O8 [11]

Core Viewpoint - IsoEnergy Ltd. has acquired a significant stake in Premier American Uranium Inc. (PUR) through the purchase of 2,135,760 common shares and warrants, reflecting a strategic move to enhance its equity exposure in a favorable uranium market environment [1][2]. Group 1: Transaction Details - IsoEnergy issued 100,000 common shares at a deemed price of $11.58 per share, totaling an aggregate consideration of $1,158,000 for the acquisition of PUR shares and warrants [1]. - Prior to the transaction, IsoEnergy held 4,245,841 PUR common shares and warrants, representing approximately 6.27% of PUR's outstanding shares on a non-diluted basis [2]. - After the transaction, IsoEnergy's ownership increased to 6,381,601 PUR common shares and warrants, equating to approximately 9.42% of PUR's outstanding shares on a non-diluted basis [3]. Group 2: Strategic Rationale - The CEO of IsoEnergy highlighted the company's strong track record in value creation through disciplined mergers and acquisitions, particularly in the context of a strengthening uranium price environment and favorable conditions in the nuclear sector, especially in the U.S. [2]. - IsoEnergy's investment in PUR is viewed as timely, given the current market dynamics and the potential for growth in the nuclear energy sector [2]. Group 3: Company Overview - IsoEnergy is a globally diversified uranium company with substantial mineral resources in key mining jurisdictions, including Canada, the U.S., and Australia, providing leverage to rising uranium prices [6]. - The company is advancing its Larocque East project in Canada's Athabasca basin, which contains the world's highest-grade indicated uranium mineral resource [6]. - IsoEnergy also possesses a portfolio of permitted past-producing uranium and vanadium mines in Utah, which are positioned for rapid restart as market conditions improve [7].

Company Performance - IsoEnergy has significantly underperformed the broader market and its peers over the last 12 months, with a stock gain of only 4% compared to an 11% rally in the S&P 500 and Cameco [1] Market Context - The performance of IsoEnergy is contrasted with the overall market trends, highlighting a lack of competitiveness in the current investment landscape [1]

Core Insights - IsoEnergy Ltd. has provided an update on its summer drill programs at the Larocque East and Hawk projects, reporting significant uranium geochemistry results from both winter and summer drilling campaigns [1][2][3] Larocque East Project - Summer drilling at Larocque East totaled 9,561 meters in 22 holes, bringing the year-to-date total to 15,597 meters in 39 drill holes [1] - Drilling successfully tested potential resource expansion areas and greenfield exploration targets along the Larocque Trend, returning strongly anomalous radioactivity and uranium geochemistry [1][2] - Notable intersections include LE25-194, which intersected 0.872% U3O8 over 0.5 meters, and LE25-207, which returned 1.61% U3O8 over 0.5 meters [1][2][3] - The winter drill hole LE25-202, located 2.8 km east of the Hurricane deposit, returned the strongest uranium intersection to date outside the Hurricane area, with 1.05% U3O8 over 0.5 meters [2][3] Hawk Project - The Hawk project involved four drill holes totaling 3,593 meters, with encouraging geological features intersected, including graphitic gneisses and faults [1][2][3] - HK25-13 and HK25-16 intersected prospective geological elements, while HK25-14 encountered significant structural disruption [2][3] - The project is still in early-stage exploration, with further geochemical data pending [2][3] Upcoming Plans - The company plans to conduct winter drilling at Larocque East, anticipating 5,200 meters in 13 holes, integrating summer exploration results to finalize 2026 drill targets [2][3] - Additional work is planned for 2026, including geophysical surveys at the Evergreen, East Rim, Ranger, Trident, and Hawk projects [2][3] Management Update - IsoEnergy has strengthened its management team with the appointment of Ms. Misty Urbatsch as Vice President, Strategy and Commercial, who brings extensive uranium exploration and marketing experience [2][3]

Financial Performance - The company reported a comprehensive income of CAD 17.13 million for the three months ended September 30, 2025, compared to CAD 3.65 million for the same period in 2024, an increase of 369.5%[3] - Loss from operations for the nine months ended September 30, 2025, was CAD 286,207, a significant improvement from a loss of CAD 5.38 million in the same period of 2024[3] - For the nine months ended September 30, 2025, the company recorded a loss of CAD 6,629,986, while for the same period in 2024, the loss was CAD 3,506,221[8] - The company recognized a deferred tax recovery of CAD 4,131,951 for the three months ended September 30, 2025, compared to a deferred tax expense of CAD 1,607,555 for the same period in 2024[101] Assets and Liabilities - Total assets increased to CAD 430.55 million as of September 30, 2025, up from CAD 340.84 million at December 31, 2024, representing a growth of 26.3%[2] - Total liabilities decreased to CAD 18.38 million from CAD 37.67 million, a reduction of 51.2%[2] - The company reported a total equity of CAD 412.17 million, up from CAD 303.16 million, representing a growth of 36.0%[2] - Current assets in Canada increased to CAD 132,417,462 from CAD 59,282,638, reflecting a growth of approximately 123.5%[145] Cash and Cash Equivalents - Cash and cash equivalents rose significantly to CAD 72.16 million, compared to CAD 21.29 million at the end of 2024, marking an increase of 238.5%[2] - IsoEnergy's cash and cash equivalents at the end of the period were CAD 72,158,305, a decrease from CAD 35,755,245 at the end of the previous year[8] Share Capital and Financing - Share capital increased to CAD 458.80 million as of September 30, 2025, up from CAD 362.94 million at the end of 2024, an increase of 26.4%[2] - The company issued 1,333,825 shares in flow-through share financing, raising CAD 20,007,375[8] - The company issued 5,121,500 common shares at a price of $10.00 per share for gross proceeds of $51,215,000 in a bought deal financing[108] - The company issued 1,333,825 flow-through common shares at a price of $15.00 per share for gross proceeds of $20,007,375 on February 28, 2025[108] Exploration and Evaluation Assets - Exploration and evaluation assets increased to CAD 277.59 million, up from CAD 262.29 million, reflecting a growth of 5.8%[2] - IsoEnergy's exploration and evaluation asset additions totaled CAD 18,051,751 for the nine months ended September 30, 2025[8] - The acquisition costs for exploration and evaluation assets decreased to CAD 193,507,650 as of September 30, 2025, from CAD 197,635,680 at the end of 2024[67] Marketable Securities and Investments - The company recorded a fair value gain on marketable securities of CAD 14.79 million for the three months ended September 30, 2025[3] - As of September 30, 2025, the carrying value of marketable securities was CAD 57,377,568, consisting of various common shares and warrants[50] - The company received CAD 1,060,000 in common shares of Purepoint Uranium in exchange for 10% of its interest in the Purepoint Joint Venture during the nine months ended September 30, 2025[148] Operational Expenditures - For the three months ended September 30, 2025, total general and administrative expenditure was CAD 4,365,905, compared to CAD 4,827,239 for the same period in 2024, indicating a decrease of approximately 9.6%[146] - Share-based compensation for the nine months ended September 30, 2025, was CAD 5,190,658, up from CAD 4,234,813 in the same period of 2024, representing an increase of approximately 22.6%[146] Joint Ventures and Acquisitions - The Company holds a 50% interest in a joint venture with Purepoint Uranium, which includes a portfolio of exploration and evaluation assets in Saskatchewan[18] - The Company has proposed to acquire Toro Energy Limited, which owns 100% of the Wiluna uranium project in Australia[45] - Under the acquisition terms, Toro Energy shareholders will receive 0.036 of an IsoEnergy common share for each Toro Energy share[46] Debt and Interest Expenses - IsoEnergy entered into an agreement for a US$6 million private placement of unsecured convertible debentures with a coupon of 8.5% per annum[77] - IsoEnergy incurred interest expense of CAD 30,357 and CAD 238,297 on the 2020 Debentures for the three and nine months ended September 30, 2025, respectively[80] - The fair value of the 2020 Debentures decreased by CAD 1,284,998 during the nine months ended September 30, 2025[90] Environmental and Retirement Obligations - Environmental bonds posted increased to CAD 3,078,221 as of September 30, 2025, from CAD 2,725,220 at the end of 2024[74] - The estimated undiscounted amount of asset retirement obligations as of September 30, 2025, is CAD 2,460,092, up from CAD 2,369,440 at the end of 2024[75] Foreign Exchange and Risk Management - The Company is exposed to foreign exchange risk, with a 5% change in the Australian dollar potentially impacting financial results by CAD 115,967[141] - A 5% change in the US dollar exchange rate could result in a net increase or decrease of CAD 527,586 in the Company's US dollar-based financial instruments[139]

Core Viewpoint - IsoEnergy Ltd. has agreed to acquire Toro Energy Ltd. through a scheme of arrangement, enhancing its uranium project portfolio with Toro's Wiluna Uranium Project, which is located in a top-tier jurisdiction in Australia [1][2][9]. Company Overview - IsoEnergy is a globally diversified uranium company with significant mineral resources in Canada, the U.S., and Australia, focusing on development-ready projects [28][29]. - Toro Energy is an ASX-listed uranium development and exploration company, with its flagship Wiluna Uranium Project consisting of multiple uranium deposits [30]. Transaction Details - IsoEnergy will acquire all issued and outstanding shares of Toro, with Toro shareholders receiving 0.036 IsoEnergy shares for each Toro share, implying a value of A$0.584 per Toro share [3][10]. - The total equity value of the transaction is approximately A$75 million (C$68.1 million) [3]. Strategic Rationale - The acquisition will strengthen IsoEnergy's development pipeline by adding Toro's Wiluna Uranium Project, which is at the scoping stage, to its existing portfolio [2][9]. - Toro shareholders will benefit from exposure to a larger, diversified portfolio of uranium assets in stable jurisdictions, enhancing their investment value [2][10]. Resource Base Expansion - The combined entity will hold a pro forma mineral resource estimate of 133.4 million pounds U3O8 measured and indicated (M&I) and 39.4 million pounds inferred, significantly increasing the resource base [47]. - The merger will create a robust and geographically diversified resource base, with IsoEnergy's existing projects complemented by Toro's assets [10][47]. Market Context - The transaction is well-timed to capitalize on the projected increase in uranium demand, with expectations of a 30% rise by 2030 and more than doubling by 2040 [10]. - IsoEnergy aims to leverage its strengthened resource base to benefit from the tightening supply/demand outlook in the nuclear market [10]. Shareholder Benefits - Toro shareholders will receive a significant premium of 79.7% to the last traded price and 92.2% to the 20-day volume-weighted average price (VWAP) [10][11]. - The merger is expected to provide Toro shareholders with enhanced access to capital and liquidity, as well as a diversified portfolio of high-quality uranium assets [10][11].

Core Insights - IsoEnergy Ltd. is recognized as a leading uranium company with significant mineral resources in key mining jurisdictions including Canada, the United States, and Australia [1] - The company recently announced substantial uranium findings from its joint venture Dorado Project in Saskatchewan's Athabasca Basin, covering over 98,000 hectares of exploration ground [2] - IsoEnergy has launched a 2025 US exploration program in southeast Utah, initiating a 15,000-foot drilling program at Flatiron, which follows historical exploration efforts from the 1980s [3] - CEO Philip Williams highlighted the importance of advancing past-producing mines while also pursuing new exploration targets in the United States [4] Company Developments - The joint venture with Purepoint Uranium Group at the Dorado Project signifies a strategic move to enhance uranium exploration capabilities [2] - The 2025 exploration program in Utah represents a new phase for IsoEnergy, focusing on previously unexplored areas that have potential for significant uranium deposits [3] - The company's commitment to both production and exploration reflects a balanced approach to growth in the uranium sector [4]