Isoenergy Ltd. · TSX:ISO
Isoenergy — Investor Presentation (December 2025)
38 slides from Isoenergy's investor presentation, December 2025
Slide 1: A Leading, Diversified Uranium Company in Tier One Jurisdictions
A Leading, Diversified Uranium Company in Tier One Jurisdictions Toro Energy Acquisition: Strengthening a Top-Tier Uranium Portfolio in a Rising Market December 2025 www.isoenergy.ca NYSE American: ISOU | TSX: ISO
Slide 2: Disclaimer
Disclaimer Cautionary Note Regarding Forward-looking Information Such forward-looking information is based on numerous assumptions, including among others, assumptions regarding completion of the Transaction, including receipt of required shareholder, regulatory, court and stock exchange approvals,
Slide 3: Disclaimer
Disclaimer Cautionary Note Regarding Forward-looking Information included in the announcement of 24 September 2024, and that all material assumptions and technical parameters underpinning the estimates in the previous announcement continue to apply and have not materially changed. Market and Industr
Slide 4: Unparalleled Global Uranium Portfolio
Unparalleled Global Uranium Portfolio U.S. Canada Western Australia5 Australia Utah – Ranked #113 Saskatchewan – Ranked #73 Wiluna Uranium Project Queensland 69.1Mlbs Ind., 4.5Mlbs Inf. Tony M Mine1 Larocque East – Hurricane4 Milo2 6.6Mlbs Ind. @ 0.28% , 48.6Mlbs Ind., @ 34.5% Dawson Hinkler Deposit
Slide 5: Company Snapshot
Company Snapshot Share Price Performance - TSX Pro Forma Capitalization $25.00 1,400,000 Share Price1 (Local $) C$12.56 A$0.49 C$12.56 Volume Price 1,200,000 $20.00 Basic Shares Outstanding (M) 54.8 120.3 59.2 1,000,000 FDITM Shares Outstanding (M) 56.8 128.4 61.2 $15.00 800,000 Basic Market Cap (C$
Slide 6: Pro-Forma Portfolio
Pro-Forma Portfolio1 Provides near, medium and long-term leverage to rising uranium prices Call Options Exploration Development Near Term Production Potential1 Subject To Permitting Coles Hill, Virginia Athabasca Assets, Saskatchewan Hurricane, Tony M, Matoush, Saskatchewan Australia Assets, Daneros
Slide 7: Near Term Production Potential
Near Term Production Potential Portfolio of permitted past-producing mines
Slide 8: IsoEnergy's Utah Operations
IsoEnergy’s Utah Operations Building on a legacy of production with modern exploration and toll milling agreements in place Historical mines in prolific uranium districts Tony M Mine Previously in production during prior period of strong uranium prices Mineral Resources – Effective Date September
Slide 9: Advancing Tony M Mine Towards Potential Restart
Advancing Tony M Mine Towards Potential Restart Potential production decision anticipated, following results from ongoing technical and economic evaluations 2025 drilling underway, 15,000 ft at Flatiron to follow up on historical potential See Cautionary Note Regarding Forward-looking Informatio
Slide 10: Development Pipeline
Development Pipeline Robust pipeline of projects, including the world’s highest-grade published Indicated uranium resource in Canada’s Athabasca Basin and acquisition of Toro Energy
Slide 11: Eastern Athabasca – Prime Location
Eastern Athabasca – Prime Location Cigar Lake Mine Depletion – Cigar Lake, which is processed at the McClean Lake Mill, is expected to produce ~18m lbs per annum to 2034 dropping to ~7m in 2035 and ~1m in 2036. Scarcity of Known Resources to Replace Cigar Lake – Few projects match Hurricane’s co
Slide 12: Hurricane – One of the World's Highest-Grade Published Indicated Uranium Resources
Hurricane – One of the World’s Highest-Grade Published Indicated Uranium Resources Grade – Very high-grade mineralization over widths and thicknesses seen at major deposits – up to 12m thick x 125m wide Depth – Shallow relative depth of 325m with no water cover at surface Infrastructure – Loca
Slide 13: Hurricane – Exploration Upside
Hurricane – Exploration Upside Strong Radioactivity Intersected Along Hurricane Trends, Confirming Structural Continuity and Expansion Potential 2025 drilling significantly expanded mineralized footprint, with multiple uranium intersections along the Hurricane Main and South trends1 LE25-207 int
Slide 14: Toro Energy Acquisition – Transaction Rationale
Toro Energy Acquisition – Transaction Rationale Strengthening a Tier One Uranium Portfolio • Acquisition of Toro Energy includes the flagship Wiluna Uranium Project in Western Australia, a scoping-level uranium-vanadium project comprising the Centipede- Millipede, Lake Way, and Lake Maitland deposit
Slide 15: The Strategic Case for Australian Uranium Mining
The Strategic Case for Australian Uranium Mining Australia has the world’s largest share of uranium resources and is the 4th largest producing country in the world1 2023 Identified Recoverable Uranium Resources by Country (Blbs U O ) 3 8 1 Australia 28% Mine and concentrator Nabarlek Deposit of pros
Slide 16: Western Australia Mining Snapshot
Western Australia Mining Snapshot Home to Significant Uranium Resources “We’re continuing to work with industry around what their expectations and what the future potential for these things are. We are conscious of the fact that there are companies who have mining Ranked 17th / 822 ~A$2.5bn3 2024 Gl
Slide 17: Wiluna Uranium Project
Wiluna Uranium Project Overview & Strategic Positioning2 Location: 30km to the south of Wiluna in Western Australia’s northern goldfields Uranium Deposits: 100%-owned project consist of three uranium deposits hosting one of the largest undeveloped uranium resources in Australia1 Project Econom
Slide 18: Wiluna Uranium Project
Wiluna Uranium Project Technical Overview and Next Steps2 Resource Base: Multiple groundwater carbonate associated deposits amenable to open-pit mining and alkaline leach processing Depth: Shallow open pit to ̴10m Processing strategy: Central processing facility near Lake Maitland with satelli
Slide 19: Call Options and Exploration Pipeline
Call Options and Exploration Pipeline Largest uranium resource in the United States and high potential exploration across Canada and Australia
Slide 20: Call Options – Coles Hill
Call Options – Potential Future Development Projects Coles Hill – One of U.S.’ Largest Undeveloped Uranium Deposits Coles Hill Historical Mineral Resource Estimate (North and South)1 Virginia’s “Data Center Alley” is the world's largest and most active Tons Grade Metal data hub, doubling power deman
Slide 21: Call Options – Matoush and Australian Projects
Call Options – Potential Future Development Projects Matoush One of the Highest Grade Historical Indicated Uranium Resources Outside of the Athabasca Basin QUEBEC, CANADA Matoush Historical Expenditure – ~C$120M Matoush Historical Mineral Resource Estimate1 Grade Metal Tons (m) Quebec ranks highly a
Slide 22: High-Potential Exploration in Canada
High-Potential Exploration in Canada Advancing Exploration Pipeline Across the Eastern Athabasca Basin Developing Drill Targets on Additional Highly Ranked Projects – 16 Properties Totaling 166,190ha Hawk – Over 15 km of prospective strike, with drilling intersecting key elements of unconformity
Slide 23: Equity Holdings
Equity Holdings ~$52.8 million in value created from non-core assets2 TSX-V: PUR TSX-V: SASK TSX-V: PTU TSX-V: FTUR Private Market Cap: $64.6M1 Market Cap: $180.4M1 Market Cap: $39.2M1 Market Cap: $71.2M1 Equity Holding: $16.7M2 Equity Holding: $3.5M2 Equity Holding: $6.5M2 Equity Holding: $4.9M2 Eq
Slide 24: Proven Sector Leaders
Proven Sector Leaders Richard Patricio Leigh Curyer Chris McFadden Peter Netupsky Phil Williams Mark Raguz Chairman Vice Chairman Director Director CEO & Director Director +20 years +20 years +20 years +20 years +20 years +18 years Co-Founder of NexGen Co-Founder and CEO Chairman and Co- VP Corp Dev
Slide 25: Upcoming Potential Catalysts
Upcoming Potential Catalysts Larocque East Winter Drilling and Basin-Wide Exploration – 5,200 m winter drill program planned to follow up on strongly elevated radioactivity and geochemistry along strike of Hurricane and the Larocque Trend. Additional drilling through Purepoint JV to advance the Nova
Slide 26: Appendix
Appendix \soEnergy | S77 toroenergy
Slide 27: Anticipated Benefits to Shareholders
Anticipated Benefits to Shareholders Immediate and significant premium of 79.7% to last close and 91.9% to the 20-day VWAP1 Secures Wiluna Uranium Project, positioned for potential development, pending alignment of government policy with uranium Exposure to a larger, more diversified portfolio
Slide 28: Transaction Summary
Transaction Summary1 IsoEnergy and Toro Energy have entered into a scheme implementation deed (SID) pursuant to which IsoEnergy has agreed to acquire all of the issued and outstanding fully paid ordinary shares of TOE (Toro Shares) (other than those held by or on behalf of IsoEnergy) by way of a s
Slide 29: Indicative Timeline
Indicative Timeline Execution of this deed and announcement October 13, 2025 Scheme Booklet provided to ASIC for review Mid December 2025 – early January 2026 First Court Date February 1, 2026 Scheme Booklet sent to Shareholders February 1, 2026 Scheme Meeting March 1, 2026 Second Court Date March 1
Slide 30: Current Mineral Resources
Current Mineral Resources IsoEnergy1,2 Current NI 43-101 Indicated Inferred M&I+I Tonnage Grade Contained Tonnage Grade Contained Tonnage Grade Contained (Mt) (%) (Mlbs) (Mt) (%) (Mlbs) (Mt) (%) (Mlbs) Larocque 0.1 34.55% 48.6 0.1 2.26% 2.7 0.1 19.70% 51.3 Tony M 1.1 0.28% 6.6 0.4 0.27% 2.2 1.4 0.28
Slide 31: Tony M – Large-Scale, Developed and Permitted
Tony M – Large-Scale, Developed and Permitted 1Mlb of historical production up to 2008 Infrastructure 18 miles (29 km) of underground development 2 parallel declines extending 10,200 ft Power generation station, fuel storage facility, ore bays, maintenance building, offices, dry facilities and
Slide 32: Daneros – Acquired by Denison in 2011 for A$57m
Daneros – Acquired by Denison in 2011 for A$57m Infrastructure ~1Mlb of historical production up to 2013 2.8 miles (4.5 km) of underground development 5 declines on property Modular trailer, generator, equipment storage and maintenance buildings Historical Work Significant drilling occurred
Slide 33: Rim – High Vanadium-to-Uranium Ratio at 9:1
Rim – High Vanadium-to-Uranium Ratio at 9:1 Infrastructure 2.7 miles (4.3 km) of underground development 2 portals with a head frame, hoist house, maintenance building and water tank Historical Work ~1,100 holes drilled from surface and underground (rotary and core) for ~325,000 ft 15 holes
Slide 34: Fully Permitted for Operations
Fully Permitted for Operations Plan of Mine Air Water Well Discharge AQ Permit Stream Conditional SPCC SWPPP Mine / Property Operations Permit Permit Rights Permits Permit to Construct Alteration Use Permit Plan Permit BLM UDOGM (NESHAP) UDWR UDWR UDEQ UDAQ UDWR County UDEQ UDEQ Tony M ✓ ✓ ✓ ✓ ✓ ✓ ✓
Slide 35: Compelling Value Proposition
Compelling Value Proposition $8,729 $4,993 Market Capitalization $3,506 $3,383 (C$M)1 $1,504 $744 $730 $726 $645 Primary Stock Exchange Listings NYSE NYSE/TSX TSX/ASX NYSE/TSX ASX NYSE/TSX NASDAQ NYSE/TSX ASX Past Production with Restart Potential High Grade Portfolio (+1% U3O8)
Slide 36: Additional Disclaimers
Additional Disclaimers Historical Estimates mineral resource. IsoEnergy Historical Estimates – Disclaimers for Slide 3, 7, 9, 21, 23, 27, 32 and 33 For Matoush, as disclosed in the above noted press release, the historical estimate was prepared by RPA using block u3o8 grades within a wireframe model
Slide 37: Additional Disclaimers
Additional Disclaimers ASX Disclosure Mr Andrew consents to the inclusion in this release of the matters based on his information in the form and context in which it appears. The information in this presentation relating to the historical or foreign estimates of IsoEnergy is extracted from Toro’s an
Slide 38: www.isoenergy.ca
info@isoenergy.ca 1-833-572-2333 @IsoEnergyLtd www.isoenergy.ca