IsoEnergy : Annual Management’s Discussion and Analysis

ISOENERGY LTD.

MANAGEMENT'S DISCUSSION AND ANALYSIS For the Years Ended December 31, 2021 and 2020

Dated: February 17, 2022

ISOENERGY LTD.

For the years ended December 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 year ended December 31, 2021 and includes events up to the date of this MD&A. This discussion should be read in conjunction with the financial statements for the years ended December 31, 2021 and 2020 and the notes thereto (together, the "Annual Financial Statements") and other corporate filings, which are available under the Company's profile on SEDAR at www.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 43-101Standards 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 at www.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.

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ISOENERGY LTD.

For the years ended December 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 Toronto Stock Exchange Venture ("TSXV"). NexGen's common shares are listed and posted for trading on the Toronto Stock Exchange, NYSE American LLC and the Australian Stock Exchange. As of the date hereof, NexGen holds 50.5% 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

Area	Project	Hectares	Date	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*
	Carlson Creek	759	2016/20	Spun-out from NexGen/Staked	1% NSR and 10% CI(3)
	Madison	1,347	2016	Spun-out from NexGen	2% NSR*
	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	16,780	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	44,152	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	247,720
Nunavut	Mountain Lake(5)	5,625	2016	Staked	None
		253,345

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 an Option Agreement, see "Discussion of Operations - Corporate Activities in 2021".

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ISOENERGY LTD.

For the years ended December 31, 2021 and 2020

Figure 1 shows the location of the Company's properties in Saskatchewan. Figure 1 - Property Location Map

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ISOENERGY LTD.

For the years ended December 31, 2021 and 2020

OVERALL PERFORMANCE

General

In the year ended December 31, 2021 the company carried out exploration work on the Geiger, Collins Bay, and Larocque East properties as described below under "Discussion of Operations". The Company did not carry out a winter exploration program on the Larocque East property in the Athabasca Basin due to novel coronavirus ("COVID-19") concerns. 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 December 31, 2021, the Company had cash of $13,617,066 an accumulated deficit of $34,346,954 and working capital of $22,527,412.

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.

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 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.

92 Energy Agreement

On April 14, 2021 IsoEnergy closed a transaction based on a Heads of Agreement (the "Agreement") with 92 Energy Pty. Ltd. ("92 Energy") for 92 Energy to acquire a 100% interest in IsoEnergy's Clover, Gemini, and Tower uranium properties in Saskatchewan, Canada (the "Properties") in consideration for the issuance of common shares equivalent to 10,755,000 fully paid ordinary share or 16.25% of the issued capital of 92 Energy following the Initial Public Offering ("IPO"). The shares were issued at a price of A$0.20 and are in escrow for 12 months following the completion of the IPO. Additional consideration to IsoEnergy includes milestone cash payments of A$100,000 within 60 days of 92 Energy's IPO (which was received June 14, 2021), and an additional A$100,000 within 6 months of that date (which was received October 8,

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