IsoEnergy Initiates Bulk Sample Program at the Tony M Uranium Mine in Utah, a Key Step Toward a Potential Restart Decision
IsoEnergy Initiates Bulk Sample Program at the Tony M Uranium Mine in Utah,
a Key Step Toward a Potential Restart Decision
Toronto, ON, January 7, 2026 – IsoEnergy Ltd. (“IsoEnergy” or the “Company”) (NYSE American:
ISOU; TSX: ISO) is pleased to announce a bulk sample program (the “ Bulk Sample”) at its 100%-
owned Tony M uranium mine in Utah (“Tony M” or the “Mine”). The Bulk Sample is designed to
collect key technical, operational, and economic data required as one of the steps to support a
potential production restart decision at one of the few fully permitted, past -producing
conventional uranium mines in the United States.
The Bulk Sample program will involve the extraction of up to 2,000 tons of mineralized material
over a 12–14-week period (which commenced late December 2025) and will be executed using
contract mining services provided by GenX Mining Contractors, LLC of Spring Creek , Nevada.
Mineralized material recovered during the program will be transported to the White Mesa Mill in
Utah, owned by Energy Fuels Inc., for processing.
With U.S. utilities increasingly focused on securing domestic uranium supply and limited near -
term production capacity available, IsoEnergy believes Tony M represents a rare opportunity to
advance a permitted, infrastructure -ready uranium mine toward poten tial restart without the
need for costly and timely mill construction/refurbishment or major permitting initiatives. The
Bulk Sample is a critical step in defining the scope and economics of a future production plan at
Tony M. This work aligns with U.S. federal initiatives focused on rebuilding domestic nuclear fuel
supply chains and enhancing energy security through increased domestic uranium production.
Upon completion of the Bulk Sample, IsoEnergy expects to evaluate the results alongside ongoing
optimization studies to determine next steps, which may include advancing detailed mine
planning, finalizing restart sequencing, and assessing the timing of a p otential production
decision.
Highlights
• Bulk Sample Designed as a Decision Gate Toward Potential Restart
o Low-risk, limited -scope program structured to generate real -world mining,
processing, and cost data required to evaluate a potential restart decision.
o Results expected to inform mine planning, sequencing, and commercial
production assumptions.
• De-Risking Mining Methods and Cost Structure Under Operating Conditions
o Establishes actual contract mining costs and validates assumptions used in
economic models.
o Refines mineral material- control strategies to minimize dilution and maximize
delivered grade, including testing dilution-control techniques in a production-style
environment.
• Processing Pathway Established Through Existing Toll Milling Agreement
o Mineralized material to be processed at the White Mesa Mill, eliminating the need
for new mill construction and materially reducing capital intensity and execution
risk.
o Enables IsoEnergy to focus capital and effort on mine restart and optimization
rather than downstream infrastructure.
• Production-Ready Underground Systems and Execution Tested
o Trials ventilation, ground-control, and underground operating procedures ahead
of full-scale mining.
Philip Williams, CEO and Director of IsoEnergy, commented, “ The Bulk Sample at Tony M is a
major milestone in advancing one of the few restart -ready uranium mines in the United States.
This program is designed to generate the real -w orld da t a w e n eed t o e v alua t e a p ot en tial full
scale production restart under current market conditions. With permitting, infrastructure, and
toll milling already in place, Tony M has the potential to be among the next conventional uranium
mines in the U.S. to return to productio n as demand for secure domestic supply continues to
grow.”
Figure 1: Scooptram mucking underground at the Tony M Mine
Figure 2: Haul truck in the Tony M Mine
Progress on Tony M Mine Work Programs
During 2025, IsoEnergy advanced a series of initiatives designed to strengthen the operating and
economic profile of Tony M including, reducing the uranium production royalty on the Utah Trust
Lands Administration (SITLA) lease from 8% to 3%, High -Pressure Slurry Ablation testing , which
has demonstrated the potential to recover more than 90% of the uranium into roughly 25% of
the original mass and mineralized material- sorting testwork completed in October which
achieved over 90% recovery into roughly 50% of the original mass for material amenable to
sorting. In parallel, an enhanced evaporation study has shown that Landshark evaporators
eliminate the need for evaporation -pond expansion and reduc e both permitting timelines and
capital requirements. Together, these work programs support the Company’s strategy of
systematically de-risking Tony M and improving the economic framework for a future production
decision.
About Tony M Mine
The Tony M Mine is located in eastern Garfield County, southeastern Utah, approximately 66 air
miles (107 kilometers) west northwest of the town of Blanding and 215 miles (347 kilometers)
south-southeast of Salt Lake City. The project is the site of the Tony M underground uranium mine
that was developed by Plateau Resources, a subsidiary of Consumer Power Company, in the mid-
1970s.
Uranium and vanadium mineralization at the Tony M mine is hosted in sandstone units of the Salt
Wash Member of the Jurassic age Morrison Formation, one of the principal hosts for uranium
deposits in the Colorado Plateau region of Utah and Colorado.
Tony M has the following current mineral resource estimate:
Table 1: Summary of Mineral Resources – Effective Date September 9, 2022
Classification
Tons
(short tons)
Grade
(% eU3O8)
Contained Metal
(lbs. eU3O8)
Indicated 1,185,000 0.28 6,606,000
Inferred 404,000 0.27 2,218,000
Notes:
1. Reported in the Technical Report on the Tony M Project, Utah, USA Report for NI 43-101,
prepared for Consolidated Uranium Inc. by SLR International Corporation; Mark B.
Mathisen, Qualified Person, Effective Date September 9, 2022.
2. CIM (2014) definitions were followed for all Mineral Resource categories.
3. Uranium Mineral Resources are estimated at a cut-off grade of 0.14% U3O8.
4. The cut-off grade is calculated using a metal price of $65/lb U3O8.
5. No minimum mining width was used in determining Mineral Resources.
6. Mineral Resources are based on a tonnage factor of 15 ft3/ton (Bulk density 0.0667
ton/ft3 or 2.14 t/m3).
7. Mineral Resources are not Mineral Reserves and do not have demonstrated economic
viability.
8. Past production (1979-2008) has been removed from the Mineral Resource.
9. Totals may not add due to rounding.
10. Mineral Resources are 100% attributable to IsoEnergy and are in situ.
Qualified Person Statement
The scientific and technical information contained in this news release was reviewed and
approved by Dean T. Wilton: PG, CPG, MAIG, a consultant of IsoEnergy who is a “Qualified Person”
(as defined in National Instrument 43-101 - Standards of Disclosure for Mineral Projects).
About IsoEnergy Ltd.
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 mi neral 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 .
For further information, please contact:
Philip Williams
CEO and Director
1-833-572-2333
X: @IsoEnergyLtd
www.isoenergy.ca
Cautionary Statement Regarding Forward-Looking Information
This press release contains “forward -looking information” within the meaning of applicable
Canadian securities legislation and “forward- looking statements” within the meaning of U.S.
securities laws (collectively, “forward -looking statements”). Generally, forward-looking
statements 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”. These forward- looking statements may relate to details of the Bulk
Sample program and planned processing activities and the results thereof; expectations with
respect to any potential restart decision with respect to the Company’s US projects and the
anticipated timing thereof; permitting, development or other work that may be required to bring
any of the projects into development or production; the completion of planned technical studies
and the expected results thereof; expectations regarding completion of technical and economic
assessments; expectations regarding the Company’s enhanced U.S. market presence;
expectations regarding the Company’s engagement with institutional and retail investors;
increased demand for and interest in nuclear power and uranium; potential changes in US nuclear
policy; and any other activities, events or developments that the Company expects or anticipates
will or may occur in the future.
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 the results of
planned exploration and development activities are as anticipated; assumptions that the results
of planned technical work programs and technical and economic assessments are as anticipated;
the anticipated mineralization of IsoEnergy’s projects being consistent with expectations and the
potential benefits from such projects and any upside from such projects; the price of uranium;
assumptions regarding uranium market conditions and policy shifts; 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 governmental and other approvals required to conduct the
Company’s planned activities will be available on reasonable terms and in a timely manner.
Although IsoEnergy has attempted to identify important factors that could cause actual results to
differ materially from those contained in forward-looking statements, there may be other factors
that cause results not to be as anticipated, estimated or intended. There can be no assurance that
such statements will prove to be accurate, as actual results and future events could differ
materially from those anticipated in such statements. Accordingly, readers should not place undue
reliance on forward-looking statements.
Such statements represent the current views of IsoEnergy with respect to future events and are
necessarily based upon a number of assumptions and estimates that, while considered reasonable
by IsoEnergy, 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: negative operating cash flow and dependence on third party financing;
uncertainty of additional financing; no known mineral reserves; aboriginal title and consultation
issues; reliance on key management and other personnel; actual results of technical work
programs and technical and economic assessments being different than anticipated; changes in
development and production plans based upon results; availability of third party contractors;
availability of equipment and supplies; failure of equipment to operate as anticipated; accidents,
effects of weather and other natural phenomena; other environmental risks; changes in laws and
regulations; regulatory determinations and delays; stock market conditions generally; demand,
supply and pricing for uranium; other risks associated with the mineral exploration industry; and
general economic and political conditions i n Canada, the United States and other jurisdictions
where the Company conducts business. Other factors which could materially affect such forward-
looking statements are described in the risk factors in IsoEnergy’s most recent annual
management’s discussion and analysis and annual information form and IsoEnergy’s other filings
with securities regulators which are available under the Company’s profile on SEDAR+ at
www.sedarplus.ca and on EDGAR at www.sec.gov. IsoEnergy does not undertake to update any
forward-looking statements, except in accordance with applicable securities laws.
Cautionary Note to United States Investors Regarding Presentation of Mineral Resource
Estimates
The mineral resource estimates included in this press release have been prepared in accordance
with the requirements of the securities laws in effect in Canada, which differ in certain material
respects from the disclosure requirements promulgated by the U .S. Securities and Exchange
Commission (the “SEC”). Accordingly, information contained in this press release may not be
comparable to similar information made public by U.S. companies reporting pursuant to SEC
disclosure requirements.