IsoEnergy Ltd. announced its strategic decision to reopen access to the underground at the company?s Tony M uranium mine in the first half of 2024 (H1-2024), with the goal of restarting uranium production operations in 2025, should market conditions continue as expected. The decision to advance Tony M is underpinned by rising uranium prices, the climate of increasing support and demand for nuclear energy, and the recent announcement by Energy Fuels Inc. (EFR) to restart its uranium circuit at the White Mesa Mill (the Mill), with whom IsoEnergy has a toll milling agreement. Tony M, along with the company?s Daneros and Rim projects, is one of three past-producing, fully-permitted, uranium mines in Utah owned by IsoEnergy, and is a large-scale, fully-developed and permitted underground mine that previously produced nearly one million pounds of U3O8 during two different periods of operation, from 1979-1984 and from 2007-2008.

Tony M Mine Work Program: The Company is continuing to advance plans to reopen the underground mine workings in preparation for a potential restart of Tony M. This work program includes updating mine ventilation and escape plans, maintenance of the existing ventilation fans and power infrastructure, surveying of the underground mine workings, rehabilitation of mine workings and ground support as needed, and upgrading and/or replacement of utilities. Rehabilitation of the underground is expected to take place during H1-2024, followed by planned geologic mapping and sampling alongside mine planning ahead of anticipated completion of the Study. The Company currently expects to utilize contract mining initially.

In addition to the 18 miles of underground development, including multiple production headings, the Mine has complete surface infrastructure in place. IsoEnergy continues to work with RME Consulting, a leading international, technical underground mining ventilation and refrigeration design firm, to oversee the design and implementation of the ventilation plan and Call & Nicholas Inc., an international mining consulting firm that specializes in geological engineering, geotechnical engineering, and hydrogeology, to assess the mine's ground conditions. IsoEnergy has guaranteed access to the White Mesa Mill by way of a toll milling agreement with Energy Fuels, providing a significant advantage to the Company.

The Mill is the only operational conventional uranium mill in the U.S. with licensed capacity of over 8Mlbs of UO per year. The Mill is within trucking distance to Tony M. It is an important distinction worth noting that a toll milling agreement and the selling of ore to EFR/White Mesa are very different, with toll milling allowing IsoEnergy to participate in the upside of the uranium price.