ISOENERGY LTD.

MANAGEMENT'S DISCUSSION AND ANALYSIS For the Three Months Ended March 31, 2022 and 2021

Dated: May 3, 2022

ISOENERGY LTD.

For the three months ended March 31, 2021 and 2020

GENERAL

This management's discussion and analysis ("MD&A") is management's interpretation of the results and financial condition of IsoEnergy Ltd. ("IsoEnergy" or the "Company") for the three months ended March 31, 2022 and includes events up to the date of this MD&A. This discussion should be read in conjunction with the unaudited financial statements for the three months ended March 31, 2022 and 2021 and the notes thereto (together, the "Interim Financial Statements") and other corporate filings, including the annual financial statements for the years ended December 31, 2021 and 2020 (the "Annual Financial Statements"), all of which are available under the Company's profile on SEDAR atwww.sedar.com.All dollar figures stated herein are expressed in Canadian dollars, unless otherwise specified. This MD&A contains forward-looking information. Please see "Note Regarding Forward-Looking Information" for a discussion of the risks, uncertainties and assumptions used to develop the Company's forward-looking information.

Technical Disclosure

All scientific and technical information in this MD&A has been reviewed and approved by Mr. Andy Carmichael, P.Geo., IsoEnergy's Vice-President, Exploration. Mr. Carmichael is a qualified person for the purposes of National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101"). Mr. Carmichael has verified the sampling, analytical, and test data underlying the information or opinions contained herein by reviewing original data certificates or reviewing the data collection protocols.

For additional information regarding the Company's Radio, Thorburn Lake and Larocque East projects, including its quality assurance and quality control procedures, please see the technical reports entitled "Technical Report for the Radio Project, Northern Saskatchewan" dated effective August 19, 2016, "Technical Report for the Thorburn Lake Project, Northern Saskatchewan" dated effective September 26, 2016, and "Technical Report for the Larocque East Project, Northern Saskatchewan" dated effective May 15, 2019, in each case, on the Company's profile atwww.sedar.com.

The historical mineral resource estimate at the Mountain Lake project referred to below, was reported in the technical report entitled "Mountain Lake Property, Nunavut" and dated February 15, 2005. This resource is a historical estimate and a qualified person has not done sufficient work to classify the historical estimate as a current mineral resource estimate. As a result, the historical estimate is not being treated as a current mineral resource. However, the Company believes that the historical estimate is relevant and reliable, as it was prepared by a "qualified person" (as defined in NI 43-101) with significant experience with the project, using methods that were standard in the industry.

The historical estimate was prepared with the polygonal method using only intervals greater than 0.1% U3O8 with a vertical thickness of at least 1.0 metre. Polygon sides were determined by drawing lines perpendicular to, and one half the distance to each adjacent drill hole. Estimated uranium was then obtained by multiplying the polygon areas by their thickness, a specific gravity of 2.5, and the grade of the drill hole interval. The mineral resource was classified as inferred.

In order to upgrade or verify the historical estimate as a current mineral resource estimate, the Company anticipates that it will need to incorporate the drilling data collected by Triex Minerals Corp. and Pitchstone Exploration Ltd. between 2006 and 2008. There are no more recent estimates available to the Company.

Historical drilling results at Geiger, Hawk and Ranger discussed herein are derived from historical reports and have not been independently verified by IsoEnergy. The historical work and reports were completed in accordance with contemporary industry standards and are considered sufficiently reliable for qualitative evaluation.

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ISOENERGY LTD.

For the three months ended March 31, 2021 and 2020

BACKGROUND

Overview

IsoEnergy was incorporated on February 2, 2016 under the Business Corporations Act (British Columbia) as a wholly-owned subsidiary of NexGen Energy Ltd. ("NexGen") to acquire certain exploration assets of NexGen. NexGen is a Canadian based uranium exploration company focused on the advancement of its Rook 1 Project in the Athabasca Basin, Saskatchewan. On October 19, 2016, IsoEnergy was listed on the TSX Venture Exchange ("TSXV"). NexGen's common shares are listed and posted for trading on the Toronto Stock Exchange, New York Stock Exchange and the Australian Stock exchange. As of the date hereof, NexGen holds 50.1% of the outstanding IsoEnergy common shares.

The principal business activity of IsoEnergy is the acquisition and exploration of uranium mineral properties, principally in the Athabasca Basin of Saskatchewan. IsoEnergy's uranium mineral properties are summarized in Table 1 below.

Table 1 - Summary of Uranium Mineral Properties

Date

Area

Project

Hectares

Acquisition Type

Encumbrances

Acquired

Saskatchewan

Radio

805

2016

Spun-out from NexGen

2% NSR(1)

Thorburn Lake

2,802

2016

Spun-out from NexGen

1% NSR and 10% CI(2)

2Z

354

2016

Spun-out from NexGen

2% NSR(1)

Carlson Creek

759

2016/20

Spun-out from NexGen/Staked

1% NSR and 10% CI(2)

Madison

1,347

2016

Spun-out from NexGen

2% NSR(1)

North Thorburn

1,708

2016

Purchased

None

Geiger

13,861

2017/18/20

Purchased

NPI applies to some claims(3)

East Rim

30,594

2017/20/21

Staked

None

Full Moon

11,107

2017/20

Staked

None

Whitewater

7,833

2018

Staked

None

Larocque East

16,782

2018-2021

Purchased/Staked

(4)

Whitewater East

1,147

2018

Staked

None

Edge

6,515

2019/20

Staked

None

Collins Bay Extension

9,337

2019/20

Staked

None

Cable

44,425

2020

Staked

None

Evergreen

33,516

2020

Staked

None

Hawk

5,961

2020

Staked

None

Eagle

5,887

2020

Staked

None

Horizon

15,748

2020

Staked

None

Larocque West

509

2020

Staked

None

Ranger

15,619

2020

Staked

None

Spruce

4,836

2020

Staked

None

Trident

16,169

2020/21

Staked

None

Sparrow

374

2020

Staked

None

subtotal

247,996

Nunavut

Mountain Lake(5)

6,853

2016

Staked

None

254,849

  • (1) 2% Net Smelter Royalty ("NSR") on minerals other than diamonds, plus a 2% Gross Overriding Royalty on diamond.

  • (2) 1% NSR plus a 10% Carried Interest ("CI"). The CI can be converted to an additional 1% NSR at the Holder's option.

  • (3) Sliding scale Net Profits Interest ("NPI") ranging between 0% and 20% applies to a 7.5% interest in certain claims.

  • (4) 2% NSR on MC00013747 and MC00013560; can be reduced to 1% for $1,000,000.

  • (5) Subject to the Mountain Lake Option Agreement, see "Discussion of Operations - Corporate Activities in 2021".

2

ISOENERGY LTD.

For the three months ended March 31, 2021 and 2020

Figure 1 shows the location of the Company's properties in Saskatchewan.

Figure 1 - Property Location Map

3

ISOENERGY LTD.

For the three months ended March 31, 2021 and 2020

OVERALL PERFORMANCE

General

In the three months ended March 31, 2022, the Company carried out a winter exploration program on its Larocque East, Geiger, Ranger and Hawk properties in the Athabasca Basin, consisting of 12,147 metres of drilling and several geophysical surveys. See "Discussion of Operations" for future plans.

As an exploration stage company, IsoEnergy does not have revenues and is expected to generate operating losses. As at March 31, 2022, the Company had cash of $10,655,266, an accumulated deficit of $43,822,635 and working capital of $17,598,490.

Industry and Economic Factors that May Affect the Business

The business of mining for minerals involves a high degree of risk. IsoEnergy is an exploration company and is subject to risks and challenges similar to companies in a comparable stage and industry. These risks include, but are not limited to, the challenges of securing adequate capital, exploration, development and operational risks inherent in the mining industry; changes in government policies and regulations; the ability to obtain the necessary permitting; as well as global economic and uranium price volatility; all of which are uncertain.

As with other companies involved with mineral exploration, the Company is subject to cost inflation on exploration drilling activities and the Company may experience difficulty and / or delays in securing goods (including spare parts) and services from time-to-time.

The underlying value of the Company's exploration and evaluation assets is dependent upon the existence and economic recovery of mineral reserves and is subject to, but not limited to, the risks and challenges identified above. Changes in future conditions could require material write-downs of the carrying value of the Company's exploration and evaluation assets.

In particular, the Company does not generate revenue. As a result, IsoEnergy continues to be dependent on third party financing to continue exploration activities on the Company's properties. Accordingly, the Company's future performance will be most affected by its access to financing, whether debt, equity or other means. Access to such financing, in turn, is affected by general economic conditions, the price of uranium, exploration risks and the other factors described in the section entitled "Risk Factors" included below.

DISCUSSION OF OPERATIONS Corporate Activities in 2022

Stock options

In the three months ended March 31, 2022, the Company issued 847,500 common shares on the exercise of stock options for proceeds of $467,960.

Corporate Activities in 2021

In the year ended December 31, 2021, the Company was focused primarily on exploration activities at the Larocque East, Geiger, and Collins Bay Extension properties in the Eastern Athabasca as discussed below. Small scale exploration programs were conducted at 2Z, Sparrow, and Larocque West. Additionally, property extensions were acquired at the Trident, East Rim, and Larocque East properties. In 2021, a total of 6,680 hectares of mineral tenure in the Eastern Athabasca has been added to the Company's exploration property portfolio through staking and purchase.

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Isoenergy Ltd. published this content on 04 May 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 04 May 2022 16:10:03 UTC.