IsoEnergy to Acquire Toro Energy, Strengthening a Top-Tier Uranium Portfolio in a Rising Market
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IsoEnergy to Acquire Toro Energy,
Strengthening a Top-Tier Uranium Portfolio in a Rising Market
Toronto, ON – October 12, 2025 | Perth, Western Australia – October 13, 2025 – IsoEnergy Ltd. (“IsoEnergy”)
(NYSE American: ISOU; TSX: ISO) and Toro Energy Ltd . (“Toro”) (ASX: TOE) are pleased to announce that they
have entered into a scheme implementation deed (the “SID”) pursuant to which, among other things, IsoEnergy
has agreed to acquire all of the issued and outstanding ordinary shares of Toro (the “Toro Shares”)1 by way of a
scheme of arrangement under Australia’s Corporations Act 2001 (Cth) (the “ Transaction” or the “ Scheme”),
subject to the satisfaction of various conditions . Toro owns 100% of the Wiluna Uranium Project, located 30km
south of the town of Wiluna in the northern goldfields of Western Australia (“Wiluna Uranium Project”).
On implementation of the Transaction, the two companies will combine to strengthen IsoEnergy’s development
pipeline by adding Toro’s high-quality, scoping-stage Wiluna Uranium Project in Western Australia to IsoEnergy’s
existing portfolio, which includes past -producing U.S. mines, the ultra -high-grade Hurricane deposit in Canada’s
Athabasca Basin and a diversified suite of development and exploration assets across Canada, the U.S. and
Australia. Toro shareholders will gain exposure to a larger, more diversified portfolio of high-quality uranium
exploration, development and near-term production assets in tier-one jurisdictions in an enlarged, liquid vehicle
while retaining direct exposure to the Wiluna Uranium Project and all other Toro assets.
Under the terms of the Transaction, Toro shareholders will receive 0.036 of a common share of IsoEnergy (each
whole share, an “ISO Share”) for each Toro Share held on the Scheme record date (the “Exchange Ratio”). Existing
shareholders of IsoEnergy and Toro will own approximately 92.9% and 7.1% on a fully-diluted in-the-money basis,
respectively, of the outstanding ISO Shares upon implementation of the Transaction.2
The Exchange Ratio implies consideration of A$0.584 per Toro Share, representing:3
• a 79.7% premium to the last traded price on the ASX of A$0.325 per Toro Share, on October 10, 2025; and
• a 92.2% premium to Toro’s 20-day volume weighted average price (“VWAP ”) on the ASX as at October 10,
2025.
The implied fully-diluted in-the-money equity value of the Transaction is equal to approximately A$75.0million
(C$68.1million).4
Strategic Rationale
• Tier One Uranium Portfolio – The combination of IsoEnergy’s past-producing U.S. mines, the ultra-high-grade
Hurricane deposit in Canada’s Athabasca Basin, and multiple development/exploration assets across Canada,
the U.S. and Australia with Toro’s flagship Wiluna Uranium Project in Western Australia , creates a
development-ready platform with significant near -term production potential in stable, mining-friendly
1 Other than those held by or on behalf of members of the IsoEnergy Group.
2 Based on a pro-forma fully diluted in-the-money shares outstanding of 62,423,144 of the combined entity.
3 Based on the closing price of the ISO Shares over all Canadian exchanges on October 10, 2025 of C$14.73 and an AUD:CAD
exchange rate of 0.9078.
4 Based on a Toro’s fully diluted in-the-money shares outstanding of 128,406,848. The implied value is not fixed and
depends on the price at which ISO Shares trade.
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jurisdictions. The Wiluna Uranium Project—comprising the Centipede-Millipede, Lake Way and Lake Maitland
deposits—is a s coping-level project with mineral resources that complement IsoEnergy’s development
pipeline.
• Significantly Expands and Diversifies Uranium Resource Base – The pro forma company (“Merged Group ”)
will hold current NI 43-101 compliant resources of 55.2 Mlbs U3O8 M&I and 4.9 Mlbs U3O8 Inferred5, and JORC
2012 and 2004 compliant resources of 78.1 Mlbs U3O8 M&I and 34.6 U3O8 Mlbs Inferred6 (please see the table
on page 26 of this announcement for the breakdown of the JORC 2012 and 2004 compliant resources) . The
Merged Group will also hold historical resources of 154.3 Mlbs U3O8 M&I and 88.2 Mlbs U3O8 Inferred,
establishing a robust and geographically diversified resource base7.8
Cautionary statement: The pro forma M erged Group resources include foreign and historical estimates
reported by IsoEnergy. These estimates are not reported in accordance with the JORC Code. A competent
person has not done sufficient work to classify the historical estimates or foreign estimates as M ineral
Resources or Ore Reserves in accordance with the JORC Code. It is uncertain that following evaluation and/or
further exploration work that the historical estimates or foreign estimates will be able to be reported as
Mineral Resources or Ore Reserves in accordance with the JORC Code.
• Strengthens Merged Group’s Exposure to Top Uranium Jurisdiction s – Wiluna will become IsoEnergy’s
flagship Australian project. Australia ranks #1 globally for uranium resources and was a Top -5 producer in
2024, supported by strong infrastructure and mining institutions 9 . Western Australia hosts significant
undeveloped uranium projects, including Kintyre and Yeelirrie (Cameco) and Mulga Rock (Deep Yellow). Toro
5 For additional information on the current resources for the Tony M Mine and Larocque East Project see the Tony M Technical
Report and the Larocque East Technical Report, respectively. See Disclaimer on IsoEnergy Mineral Resource Estimates below
for additional details.
6 Based on updated mineral resource estimates for the Wiluna Uranium Project Deposits of Lake Maitland announced by Toro
on September 24, 2024 and Centipede-Millipede and Lake Way announced by Toro on March 7, 2024, the Dawson Hinkler
Satellite Deposit announced by Toro on May 2, 2024, the Nowthanna Deposit announced by Toro on February 1, 2016 and
the Theseus Project, announced by Toro on December 5, 2012, prepared in accordance with JORC Code 2012, except Theseus
which is in accordance with JORC Code 2004. Information contained in this announcement in connection with the Theseus
Project was prepared and first disclosed under the JORC Code 2004. It has not been updated since to comply with the JORC
Code 2012 on the basis that the information has not materially changed since it was last reported. The JORC Table 1 relevant
to all of the Toro resource estimates can be found in Toro’s ASX announcement of September 24, 2024 (titled “Significant
Expansion Stated Lake Maitland Uranium Resource” , except for Theseus, which is found in Toro’s ASX announcement of
December 5, 2012 (titled “Maiden Inferred Uranium Resource for Toro’s Theseus Deposit” ). For the purposes of ASX Listing
Rule 5.23, Toro confirms that it is not aware of any new information or data that materially affects the information included
in those original announcements, and that all material assumptions and technical parameters underpinning the estimates in
the original announcements continue to apply and have not materially changed.
7 These mineral resources are considered to be “historical estimates” as defined under National Instrument 43 -101 -
Standards of Disclosure for Mineral Projects (“ NI 43-101”). A Qualified Person has not done sufficient work to classify the
historical estimates as current mineral resources or mineral reserves and IsoEnergy is not treating the historical estimates as
current mineral resources. See Disclaimer on Mineral Resource Estimates below for additional details.
8 Refer to the Pro forma Mineral Resources disclaimer on page 10.
9 World Nuclear Association - https://world-nuclear.org/information-library/nuclear-fuel-cycle/uranium-resources/supply-
of-uranium
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shareholders will have exposure to I soEnergy’s significant near-term production potential in stable, mining
friendly jurisdictions in Canada and parts of the U.S.
• Well-Timed to Capitalize on Strong Nuclear Market Momentum – The World Nuclear Association’s 2025 Fuel
Report projects uranium demand to rise ~30% by 2030 and to more than double by 2040. A strengthened
resource base and diversified jurisdictional exposure is expected to position IsoEnergy to benefit from rapidly
tightening supply/demand outlook.
• Well Placed to Pursue Value Accretive Growth Opportunities – The Merged Group will have significant
balance sheet strength and access to capital markets to fund the Merged Group’s portfolio including Toro’s
existing projects.
Philip Williams, CEO and Director of IsoEnergy, commented , “The acquisition of Toro Energy marks another
important step in advancing IsoEnergy’s strategy to build a globally diversified, development -ready uranium
platform. The Wiluna Uranium Project strengthens our portfolio with a large, previously permitted asset in a top-
tier jurisdiction at a time when global nuclear demand is accelerating. This transaction positions IsoEnergy to
deliver meaningful scale, optionality, and sustained value creation for shareholders. We look forward to
welcoming the Toro team, who have done an admirable job stewarding the company and its projects through
often challenging markets, to IsoEnergy and advancing the project together.”
Richard Homsany, Executive Chairman of Toro, commented, “ This Transaction creates significant value for our
shareholders, representing a material premium for Toro shareholders of 79.7% to Toro’s last traded price and
92.2% to Toro’s 20 day VWAP. It also provides Toro shareholders the opportunity to be part of a larger, leading
uranium company listed on the TSX and NYSE. Toro shareholders will have exposure to a diverse uranium portfolio
that has strong growth potential and is located in favourable regulatory jurisdictions, and the ability to attract
enhanced access to funding including for the Wiluna Uranium Project.
The Toro team will benefit from the significant financial strength of ISO and looks forward to working together on
the successful development of the Wiluna Uranium Project for all stakeholders.”
Anticipated Benefits to IsoEnergy shareholders
• Secures Wiluna Uranium Project, positioned for potential development, pending alignment of government
policy with uranium production in Western Australia
• Strengthens ranking among the Australian uranium players, on the basis of potential production capacity,
advanced mining assets and resource exposure
• Addition of large scale mineral resource at the scoping study stage with an exploration portfolio hosting
additional uranium resources
• Opportunity for re -rating through de-risking near -term potential production and enhancing scale and asset
diversification across key jurisdictions in the U.S., Canada and Australia
• Creation of a larger platform with greater scale for M&A, access to capital and liquidity
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Anticipated Benefits to Toro shareholders
• Immediate and significant premium of 79.7% to last close and 92.2% based on the respective 20-day VWAPs
of both companies, ending on October 10, 202510
• Exposure to a larger, more diversified portfolio of high -quality uranium exploration, development and near -
term production assets in tier-one jurisdictions of U.S. and Canada
• Entry into the Athabasca Basin, a leading uranium jurisdiction, with the high-grade Hurricane deposit
• Upside from an accelerated path to potential production as well as from synergies with IsoEnergy’s other Utah
uranium assets
• Toro shareholders will be exposed to geographic project locations within the Merged Group outside of
Western Australia including favourable uranium regulatory jurisdictions such as Canada and parts of the U.S.
• Continued exposure to Toro’s Wiluna Uranium Project through holding of approximately 7.1 % of the
outstanding fully diluted in-the-money ISO Shares on closing of the Transaction11
• A Merged Group backed by corporate and institutional investors of IsoEnergy , including NexGen Energy Ltd.,
Energy Fuels Inc., Mega Uranium Ltd. and uranium ETFs
• Increased scale expected to provide greater access to capital for project development and on potentially more
favourable terms, increased trading liquidity, wider research coverage and greater scale for M&A
Toro IBC Recommendations and Major Shareholders Intentions
Following receipt of an initial, confidential non-binding indicative offer from IsoEnergy, the Toro Board of Directors
(the “Toro Board”) established an independent board committee (“Toro IBC”), comprising Richard Homsany and
Michel Marier, to consider the proposal. The Toro Board formed the Toro IBC since Richard Patricio (a Toro non -
executive director) is also the Chair of the Board of Directors of IsoEnergy.
The Toro IBC, and the Board of Directors of IsoEnergy ( with Mr. Patricio abstaining from voting) have each
unanimously approved the SID. A copy of the SID is included at Annexure A of this announcement.
The Toro IBC unanimously recommends that Toro shareholders vote in favour of the Scheme in the absence of a
superior proposal and subject to the independent expert's report concluding that the Scheme is in the best
interests of Toro shareholders (other than IsoEnergy ). Subject to the same qualifications, each member of the
Toro IBC intends to vote , or procure the voting of, all Toro Shares held or controlled by them in favour of the
Scheme. As at the date of this announcement, the Toro IBC collectively has a relevant interest in 1.8% of the Toro
Shares on issue.
Substantial shareholder Mega Uranium Ltd. (together with its associate Mega Redport Pty Ltd) (representing
15,226,256 Toro Shares, being 12.7% of all Toro Shares) have provided Toro with a voting intention statement
that they each intend to vote in favour of the Scheme, subject to no superior proposal emerging a nd the
independent expert concluding (and continuing to conclude) that the Scheme is in the best interests of Toro
shareholders (other than IsoEnergy).12
10 Based on the closing price of the ISO Shares on the TSX of $14.73, a closing price of A$0.325 of Toro Shares on the ASX
and an AUD:CAD exchange rate of 0.9078 on October 10, 2025 and a 20-day VWAP for the period ending October 10, 2025
of Toro Shares on the ASX of A$0.304
11 Based on a pro-forma fully diluted in-the-money shares outstanding of 62,423,144 of the combined entity
12 Mega Uranium Ltd and Mega Redport Pty Ltd have each consented to the inclusion of this voting intention statement in
this document.
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As at the date of this announcement IsoEnergy holds 6,000,000 Toro Shares (approximately 4.99% of Toro shares
on issue at the date of this announcement).
Conditions to completion of the Scheme
Implementation of the Scheme is subject to various conditions, including (among others):
• Approval of Toro shareholders in relation to the Scheme (including approval of more than 50% of the number
of Toro shareholders voting and at least 75% of the total votes cast);
• Court approval in relation to the Scheme;
• No formal changes in Western Australian uranium policy to permit uranium mining and/or mining or
development of all or any part of the Wiluna Uranium Project;
• All Toro unquoted options having lapsed, been exercised, or cancelled;
• Certain regulatory approvals, including Foreign Investment Review Board of Australia, the Australian
Securities Exchange (“ASX”), the Toronto Stock Exchange (the “TSX”) and the NYSE American LLC (“NYSE”);
• An independent expert concluding (and continuing to conclude) that the Scheme is in the best interests of
Toro shareholders (other than IsoEnergy); and
• No material adverse change or prescribed occurrences (each as defined in the SID) occurring in relation to
either IsoEnergy or Toro and no regulatory restraints.
The SID provides for customary deal protection provisions with respect to Toro, including “no shop” as well as “no
talk” and “no due diligence” restrictions (subject to customary exceptions to enable the Toro IBC to comply with
its fiduciary and statutory duties) , notification obligations and a matching right regime in the event any superior
proposal is received by Toro. In addition, the SID provides that, under certain circumstances, IsoEnergy or Toro
would be entitled to a break fee which, should either become payable, is approximately A$700,000.13
Following implementation of the Transaction, the ISO Shares will continue trading on the TSX and NYSE and Toro
will be removed from the official list of ASX. If determined appropriate in the future, IsoEnergy may apply for
admission to the official list of ASX, and quotation of the ISO Shares on ASX . Any such listing, if pursued, will be
subject to IsoEnergy complying with the rules and policies of the ASX in force at such time. IsoEnergy cautions that
no decision has been made to apply for an ASX listing, and that it is not a condition of the Transaction that such a
listing be pursued. Approximately 54.7 million ISO Shares are currently outstanding on a non-diluted basis and
approximately 58.0 million ISO Shares are currently outstanding on a fully-diluted basis. Upon implementation of
the Transaction (assuming no additional issuances of ISO Shares or Toro Shares), there will be approximately 59.2
million ISO Shares outstanding on a non-diluted basis and approximately 62.4 million ISO Shares outstanding on a
fully-diluted basis.
Toro option holders who validly exercise their Toro options and are issued Toro Shares prior to the Scheme record
date will be entitled to participate in the Scheme. Toro and IsoEnergy propose to enter into option cancellation
deeds with holders of unquoted Toro options (all of which are “out -of-the-money” as at the date of this
announcement) pursuant to which the options will, subject to (among other things) the Scheme being approved
and becoming effective, be cancelled for a cash payment and/or ISO share issuance 14 based on a form of Black-
Scholes valuation methodology.
13 Equivalent to approximately C$635,000, based on an AUD:CAD exchange rate of 0.9078.
14 Implied price of the ISO share issuance to be subject approval of the TSX
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Furthermore, Toro must ensure that all unvested Toro performance rights automatically vest in accordance with
their terms upon the Scheme becoming e ffective and must procure that prior to the Scheme record date, each
Toro performance right is converted, such that the relevant Toro performance rights holders are entitled to
participate in the Scheme.
Timetable
Shareholders of Toro will be asked to approve the Scheme at a shareholder meeting which is expected to be held
in early 2026.
Full particulars of the Scheme will be provided to Toro shareholders in the Scheme Booklet which will include the
Independent Expert Report, the reasons for the Independent Toro Directors' recommendation and an explanatory
statement in respect of the Scheme.
It is expected that the Scheme Booklet will be dispatched to Toro shareholders in early 2026. Toro shareholders
are not required to take any action at this stage in relation to the Scheme. It is expected that the Transaction will
close in first half of 2026, subject to satisfaction of all conditions, including receipt of all necessary approvals.
Advisors
SCP Resource Finance LP is acting as financial advisor to IsoEnergy. Cassels Brock & Blackwell LLP is acting as
Canadian legal advisor, Hamilton Locke is acting as Australian legal a dvisor and Paul, Weiss, Rifkind, Wharton &
Garrison LLP as US legal advisor to IsoEnergy.
Canaccord Genuity is acting as financial advisor to Toro. Cardinals Lawyers and Consultants is acting as legal
advisor to Toro.
Qualified Person Statement
The scientific and technical information contained in this news release with respect to IsoEnergy was reviewed
and approved Dr. Dan Brisbin, P.Geo., IsoEnergy’s Vice President, Exploration, who is a “Qualified Person” (as
defined in NI 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”)).
Each of the mineral resource estimates in respect of IsoEnergy contained in this news release , except for the
Larocque East project and the Tony M mine, are considered to be “historical estimates” as defined under NI 43 -
101 and are not considered to be current. See “Disclaimer on Historical Mineral Resource Estimates” for additional
details.
See “ Disclaimer on IsoEnergy Mineral Resource Estimates” and Disclaimer on IsoEnergy Historical Mineral
Resource Estimates” below for additional details.
The scientific and technical information contained in this news release with respect to Toro was prepared by Dr.
Greg Shirtliff, Geology Manager of Toro, who is a Member of the Australian Institute of Mining and Metallurgy
and “Competent Person” as defined Joint Ore Reserves Committee (JORC) 2012 Australasian Code for Reporting
of Exploration Results, Mineral Resources and Ore Reserves . Mr Shirtliff consents to the inclusion in this release
of the matters based on that information in the form and context in which it appears.
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About IsoEnergy
IsoEnergy (NYSE American: ISOU; TSX: ISO) is a leading, globally diversified uranium company with substantial
current and historical mineral resources in top uranium mining jurisdictions of Canada, the U.S. and Australia at
varying stages of development, providing near-, medium- and long-term leverage to rising uranium prices.
IsoEnergy is currently advancing its Larocque East project in Canada’s Athabasca basin, which is home to the
Hurricane deposit, boasting 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 with a toll milling
arrangement in place with Energy Fuels. These mines are currently on standby, ready for rapid restart as market
conditions permit, positioning IsoEnergy as a near-term uranium producer.
About Toro Energy
Toro Energy Limited (ASX:TOE ) is an ASX listed uranium development and exploration company with projects in
Western Australia. Toro is committed to building an energy metals business with the flagship Wiluna Uranium
Project as the centrepiece. The Wiluna Uranium Project consists of the Centipede-Millipede, Lake Maitland and
Lake Way uranium deposits 30km to the south of the town of Wiluna in Western Australia’s northern goldfields.
Toro is committed to safe and sustainable uranium production and has health, safety, environment and
community policies in place to underpin this commitment.
Further Information & Investor Relations Inquiries
IsoEnergy Ltd. Toro Energy Ltd.
Philip Williams Richard Homsany
CEO and Director Executive Chairman
Email: [email protected] Email: [email protected]
Phone: 1-833-572-2333 Phone: +61 8 9214 2100
Website: www.isoenergy.ca Website: https://www.toroenergy.com.au/
No securities regulatory authority has either approved or disapproved of the contents of this news release.
Cautionary Statement Regarding Forward-Looking Information
This press release contains “forward -looking statements” within the meaning of the United States Private Securities Litigation Reform Act
of 1995 and “forward- looking information” within the meaning of applicable Canadian securities legislation (collectively, referred to as
“forward-looking information”). Generally, forward -looking information can be identified by the use of forward- looking terminology such
as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does
not anticipate”, or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”,
“might” or “will be taken”, “occur” or “be achieved”. The forward-looking information includes statements with respect to the
consummation and timing of the Transaction; receipt and timing of approval of Toro shareholders with respect to the Transaction; the
anticipated benefits of the Transaction to the parties and their respective shareholders; the expected receipt of court, regulatory and other
consents and approvals relating to the Transaction; the expected ownership interest of IsoEnergy shareholders and Toro shareholders in the
Merged Group; anticipated strategic and growth opportunities for the Merged Group; the succe ssful integration of the businesses of
IsoEnergy and Toro; the prospects of each companies’ respective projects, including mineral resources estimates and mineralization of each
project; the potential for, success of and anticipated timing of commencement of future commercial production at the companie s’
properties, including expectations with respect to any permitting, development or other work that may be required to bring any of the
projects into development or production; increased demand for nuclear po wer and uranium and the expected impact on the price of
uranium; and any other activities, events or developments that the companies expect or anticipate will or may occur in the future.
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Forward-looking statements are necessarily based upon a number of assumptions that, while considered reasonable by management at the
time, are inherently subject to business, market and economic risks, uncertainties and contingencies that may cause actual results,
performance or achievements to be materially different from those expressed or implied by forward-looking statements. Such assumptions
include, but are not limited to, assumptions that IsoEnergy and Toro will complete the Transaction in accordance with, and on the timeline
contemplated by the terms and conditions of the relevant agreements; that the parties will receive the required shareholder, regulatory,
court and stock exchange approvals and will satisfy, in a timely manner, the other conditions to the closing of the Transaction; the accuracy
of management’s assessment of the effects of the successful completion of the Transaction and that the anticipated benefits o f the
Transaction will be realized; the anticipated mineralization of IsoEnergy’s and Toro’s projects being consistent with expectations and the
potential benefits from such projects and any upside from such projects; the price of uranium; that general business and economic conditions
will not change in a materially adverse manner; that financing will be available if and when needed and on reasonable terms; and that third
party contractors, equipment and supplies and go vernmental and other approvals required to conduct the Merged Group’s planned
activities will be available on reasonable terms and in a timely manner. Although each of IsoEnergy and Toro have attempted to identify
important factors that could cause actual results to differ materially from those contained in forward- looking information, there may be
other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove
to be accurate, as actual results and future events could differ materially from those ant icipated in such statements. Accordingly, readers
should not place undue reliance on forward-looking information.
Such statements represent the current views of IsoEnergy and Toro with respect to future events and are necessarily based upon a number
of assumptions and estimates that, while considered reasonable by IsoEnergy and Toro , are inherently subject to significant business,
economic, competitive, political and social risks, contingencies and uncertainties. Risks and uncertainties include, but are not limited to the
following: the inability of IsoEnergy and Toro to complete the Transaction; a material adverse change in the timing of and the terms and
conditions upon which the Transaction is completed; the inability to satisfy or waive all conditions to closing the Transacti on; the failure to
obtain shareholder, regulatory, court or stock exchange approvals in connection with the Transaction; the inability of the Merged Group to
realize the benefits anticipated from the Transaction and the timing to realize such benefits; the inability of the consolidated entity to realize
the benefits anticipated from the Arrangeme nt and the timing to realize such benefits, including the exploration and drilling targets
described herein; unanticipated changes in market price for ISO Shares and/or Toro Shares; changes to IsoEnergy’s and/or Toro’s current
and future business plans and the strategic alternatives available thereto; growth prospects and outlook of Toro’s business; regulatory
determinations and delays; stock market conditions generally; demand, supply and pricing for uranium; and general economic and political
conditions in Canada, the United States and other jurisdictions where the applicable party conducts business. Other factors which could
materially affect such forward-looking information are described with respect to IsoEnergy in IsoEnergy’s annual information form in respect
of the year ended December 31, 2024 and other filings with the securities regulators which are available under IsoEnergy’s profile on SEDAR+
at www.sedarplus.ca and on EDGAR at www.sec.gov and with respect to Toro at www.asx.com.au. IsoEnergy and Toro do not undertake
to update any forward-looking information, except in accordance with applicable securities laws.
Disclaimer on IsoEnergy Mineral Resource Estimates
For additional information regarding IsoEnergy’s Tony M Mine, including the current mineral resource estimate, please refer to the Technical
Report entitled “Technical Report on the Tony M Mine, Utah, USA – Report for NI 43-101” dated effective September 9, 2022 authored by
Mr. Mark B. Mathisen, C.P.G. of SLR Consulting (Canada) Ltd. (the “ Tony M Technical Report ”), available under IsoEnergy’s profile on
www.sedarplus.ca. Mr. Mathisen is a “qualified person” under NI 43-101.
For additional information regarding IsoEnergy’s Larocque East Project, including the current mineral resource estimate, please refer to the
Technical Report entitled “ Larocque East project, including the mineral resource estimate, please refer to the Technical Report entitled
“Technical Report on the Larocque East Project, Northern Saskatchewan, Canada” dated effective July 8, 2022, authored by Mr. Mark B.
Mathisen, C.P.G. of SLR Consulting (Canada) Ltd. (the “ Larocque East Technical Report ”), available under IsoEnergy’s profile on
www.sedarplus.ca. Mr. Mathisen is a “qualified person” under NI 43-101.
Disclaimer on IsoEnergy Historical Mineral Resource Estimates
Each of the mineral resource estimates, except for the Larocque East Project and Tony M, contained in this presentation are considered to
be “historical estimates” as defined under NI 43-101, and have been sourced as follows:
• Daneros Mine: Reported by Energy Fuels Inc. in a technical report entitled “Updated Report on the Daneros Mine Project, San Juan
County, Utah, U.S.A.”, prepared by Douglas C. Peters, C. P. G., of Peters Geosciences, dated March 2, 2018;
• Sage Plain Project: Reported by Energy Fuels Inc. in a technical report entitled “Updated Technical Report on Sage Plain Project
(Including the Calliham Mine)”, prepared by Douglas C. Peters, CPG of Peters Geosciences, dated March 18, 2015;