Mr. Philip Williams reports

ISOENERGY ANNOUNCES UPSIZE IN BOUGHT DEAL PRIVATE PLACEMENT TO $20 MILLION

IsoEnergy Ltd. has entered into an amended agreement with Eight Capital, as co-lead underwriter and joint book runner on behalf a syndicate of underwriters, including Haywood Securities Inc., as co-lead underwriter and joint book runner, pursuant to which the underwriters will now purchase for resale, on a bought-deal basis, 3.2 million federal flow-through common (FT) shares of the company (the premium FT shares) at an offer price of $6.25 per premium FT share, for aggregate gross proceeds of $20-million.

The company has granted the underwriters an option to purchase for resale up to an additional 15 per cent of the premium FT shares at the issue price. The overallotment option will be exercisable in whole or in part, up to 48 hours prior to the closing date of the offering.

The proceeds from the issuance of the premium FT shares are expected to be used to incur eligible Canadian exploration expenses (CEE) as defined in the Income Tax Act (ITA) that will qualify as flow-through critical mineral mining expenditures as defined in the ITA, after the closing date and on or prior to Dec. 31, 2025, in the aggregate amount of not less than the total amount of the gross proceeds raised from the issuance of premium FT shares. IsoEnergy will renounce the CEE (on a pro rata basis) to the applicable subscriber of premium FT shares with an effective date of no later than Dec. 31, 2024, in accordance with the ITA. The proceeds from the offering are expected to be used for exploration of the company's Athabasca basin portfolio, including the Larocque East project and Hawk project, and for exploration of the company's Quebec properties.

The offering is scheduled to close on or about Feb. 9, 2024, and is subject to certain conditions, including, but not limited to, the receipt of all necessary regulatory and other approvals, including the approval of the TSX Venture Exchange. The premium FT shares issued pursuant to the offering will be subject to a hold period of four months and one day from the closing date of the offering.

In connection with the offering, the underwriters will receive a cash commission equal to 6 per cent of the gross proceeds of the offering.

About IsoEnergy Ltd.

IsoEnergy is a leading, globally diversified uranium company with substantial current and historical mineral resources in top uranium mining jurisdictions of Canada, the United States, Australia and Argentina 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 Inc. These mines are currently on standby, ready for rapid restart as market conditions permit, positioning IsoEnergy as a near-term uranium producer.

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