Mr. Philip Williams reports

ISOENERGY CONTINUES SYSTEMATIC DRILL TESTING AT FLATIRON, TARGETING GROWTH NEAR TONY M MINE, UTAH AND PROVIDES BULK SAMPLE UPDATE

IsoEnergy Ltd. has continued its U.S. exploration program, focused on advancing its uranium projects in southeastern Utah. The 2026 program will include the completion of seven additional surface rotary drill holes with core tails, totalling 11,000 feet on the Flatiron project, located in the Henry Mountains uranium district, approximately seven miles northwest of the company's past-producing Tony M uranium mine. Drill mobilization to the project is complete, and drilling is expected to begin shortly.

This program builds on three drill holes completed late in 2025 and represents the next phase of systematic drilling at Flatiron, targeting follow-up of historical regional exploration conducted by Plateau Resources in the early 1980s.

IsoEnergy staked the 370 lode claims that comprise the project in 2024, later adding two Utah state leases to bring the total land position to 8,800 total acres. The project is one of the largest contiguous land positions in the historical Henry Mountain district, where approximately 1.4 million pounds of U3O8 has been produced to date.

Strategically located along the projection of the trends of uranium mineralization from IsoEnergy's Tony M deposit and Energy Fuels' Bullfrog deposit, Flatiron benefits from a proven geological setting. Plateau Resources, the original developer of these deposits, previously conducted wide-spaced, district-scale drilling to identify uranium mineralization concealed beneath surface cover. These historic holes were drilled on centres of more than one mile, with two of the highest-priority results located within the current Flatiron claims. Before Plateau Resources could advance these targets, depressed uranium prices in the 1980s forced the closure of regional mines. IsoEnergy's drill program is the first to follow up on this work, positioning the company to unlock growth potential in the Henry Mountain district.

The target unit for the Flatron drilling is the lowest sandstone unit of the Salt Wash member of the Morrison formation. This is the primary uranium host unit across the Henry Mountain district. This distinct sandstone package contains a suitable amount of reductant material and the hydrogeologic setting for uranium mineralization of commercially viable grade. Low grades of vanadium are also expected to be encountered in the host unit. Three drill holes completed in the target area in late 2025 provided information on the interpreted location of the sandstone channel that is a potential mineralization control, which has been used to plan the 2026 drill holes.

Bulk sample update

The company has completed the mining component of the bulk sample at the Tony M mine, which was announced on Jan. 7, 2026. Working with Gen X Mining Contractors, the company mined approximately 2,100 tons of mineralized material without any injuries or lost time. The material is safely stored at Tony M. The bulk sample has allowed the company to test plans and procedures for operations, including health and safety, ground control, ventilation, drilling and blasting, and grade control. Various types and sizes of mining equipment and approaches to mining were tested, allowing the company to collect a significant amount of important data around mining rates, sequencing, equipment sizing, costs, dilution, grade control and operational procedures. These data will be analyzed over the coming months and are expected to be incorporated into a National Instrument 43-101 preliminary economic assessment. The PEA will provide details of the scope and economics of potential production, and the uranium price that will incentivize operations to begin. The company is in the final stage of consultant selection and expects to complete the PEA prior to year-end.

The company plans to deliver the material to Energy Fuels' White Mesa mill for processing; however, it is investigating undertaking a larger-scale ore sorting/upgrading program using the material prior to sending it to the mill. As disclosed in the company's Jan. 7, 2026, news release announcing the bulk sample program, both technologies had demonstrated encouraging results during 2025 small-scale testing: high-pressure slurry ablation showed the potential to recover more than 90 per cent of the uranium into roughly 25 per cent of the original mass while mineralized material sorting achieved over 90-per-cent recovery into roughly 50 per cent of the original mass for amenable material. If successful at larger scale, this has the potential to significantly reduce hauling and processing costs during possible future mine operations.

Philip Williams, chief executive officer and director, commented: "Restarting drilling at Flatiron and the completion of the Tony M bulk sample represent two important components of IsoEnergy's U.S. strategy. Our exploration program is focused on systematically building on decades of historical work to unlock the potential of the Henry Mountain district while the results from the bulk sample simultaneously aid in derisking Tony M for production. The data we are generating today will directly shape the economics of our PEA and our path to becoming a uranium producer and credit our team with having achieved all of this with zero lost-time incidents."

Qualified person statement

The scientific and technical information contained in this news release was reviewed and approved by Dr. Dan Brisbin, PGeo, IsoEnergy's vice-president, exploration, who is a qualified person (as defined in National Instrument 43-101 -- Standards of Disclosure for Mineral Projects).

For additional information with respect to the current mineral resource estimate for IsoEnergy's Tony M deposit, please refer to the technical report prepared in accordance with NI 43-101 entitled "Technical Report on the Tony M Project, Utah, USA," dated Sept. 9, 2022. This news release refers to properties other than those in which IsoEnergy has an interest, and the QP has been unable to verify that information. Mineralization on those other properties is not necessarily indicative of mineralization on IsoEnergy's properties.

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 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.

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