Mr. Tim Gabruch of IsoEnergy reports

ISOENERGY ANNOUNCE THE SETTLEMENT OF A PORTION OF INTEREST PAYMENT IN SHARES AND DEPARTURE OF ANDY CARMICHAEL

IsoEnergy Ltd. has agreed to settle a portion of the interest payments due to Queen's Road Capital Investment Ltd. (QRC) as at Dec. 31, 2022, in common shares.

Pursuant to the unsecured convertible debenture dated Aug. 18, 2020, between Queen's Road and the company, as at Dec. 31, 2022, the company will owe Queen's Road interest in the amount of $255,000 (U.S.) of which $74,998.74 (U.S.) will be settled with the issuance of 34,246 common shares of the company, at a deemed price of $2.19 (U.S.). Pursuant to the unsecured convertible debenture dated Dec. 6, 2022, between Queen's Road and the company, as at Dec. 31, 2022, the company will owe Queen's Road interest in the amount of $27,760 (U.S.) of which $6,937.92 (U.S.) will be settled with the issuance of 3,168 common shares of the company at a deemed price of $2.19 (U.S.).

Under the terms of both the 2020 Queen's Road debenture and the 2022 Queen's Road debenture, the portion of the interest payable to Queen's Road equal to 2.5 per cent per annum is payable in shares at a price per share equal to the volume-weighted average trading price per share on the TSX Venture Exchange for the 20 consecutive trading days ending three trading days prior to the date such interest is due. The portion of the interest payable to Queen's Road on the 2020 Queen's Road debenture and the 2022 Queen's Road debenture equal to 6.0 per cent and 7.5 per cent per annum, respectively, is payable in cash. The issuance of the shares to Queen's Road is subject to TSX-V acceptance.

IsoEnergy also announces that Andy Carmichael, vice-president, exploration, has resigned from the company to pursue other interests, effective Dec. 31, 2022. Tim Gabruch, president and chief executive officer, commented: "On behalf of the company, I would like to thank Andy for all of his valuable contributions since the early days of IsoEnergy. His role through the discovery and advancement of the Hurricane deposit has, in particular, been an important one. We wish Andy all the very best in the future."

The company is well advanced in its search for the position's replacement.

About IsoEnergy Ltd.

IsoEnergy is a well-financed uranium exploration and development company with a portfolio of prospective projects in the infrastructure-rich eastern Athabasca basin in Saskatchewan, Canada. In 2018, the company discovered the high-grade Hurricane deposit on its 100-per-cent-owned Larocque East property in the eastern Athabasca basin. The Hurricane deposit is 100 per cent owned by IsoEnergy and is unencumbered from any royalties. IsoEnergy is led by a board and management team with a record of success in uranium exploration, development and operations. The company was founded and is supported by the team at its major shareholder, NexGen Energy Ltd.