IsoEnergy to Acquire Toro Energy, Strengthening a Top-Tier Uranium Portfolio in a Rising Market

Executive Summary

• IsoEnergy Ltd. entered into a scheme implementation deed to acquire 100 % of Toro Energy Ltd.’s issued ordinary shares, bringing the Wiluna Uranium Project into IsoEnergy’s portfolio.
• The transaction values Toro at an implied A$0.584 per share (≈79.7 % premium to last trade and 92.2 % premium to the 20‑day VWAP), representing a fully‑diluted equity value of roughly A$75 million (C$68.1 million).
• Post‑closing, IsoEnergy shareholders will own ~92.9 % and Toro shareholders ~7.1 % of the combined entity, creating a tier‑one uranium platform spanning Australia, Canada, and the United States.

Key Details

• Transaction Structure: Scheme of arrangement under Australia’s Corporations Act 2001; all Toro shares to be exchanged for IsoEnergy common shares at an exchange ratio of 0.036 ISO share per Toro share.
• Consideration & Premiums:
• A$0.584 per Toro share (based on C$14.73 ISO share price and AUD:CAD = 0.9078).
• 79.7 % premium to Toro’s last ASX trade of A$0.325 (Oct 10, 2025).
• 92.2 % premium to Toro’s 20‑day VWAP as of Oct 10, 2025.
• Equity Value: Approx. A$75.0 million (C$68.1 million) on a fully‑diluted basis.
• Share Ownership Post‑Transaction: IsoEnergy shareholders ~92.9 %; Toro shareholders ~7.1 % of the combined, fully‑diluted ISO share count (~62.4 million).
• Strategic Rationale:
• Adds Wiluna Uranium Project (Centipede‑Millipede, Lake Way, Lake Maitland) to IsoEnergy’s existing U.S., Canadian, and Australian assets.
• Pro forma resources: 55.2 Mlb U₃O₈ M&I + 4.9 Mlb Inferred (NI 43‑101); 78.1 Mlb M&I + 34.6 Mlb Inferred (JORC). Historical resources add another ~154 Mlb M&I and 88 Mlb Inferred.
• Enhances exposure to top uranium jurisdictions, strengthens balance sheet for future growth, and positions the combined group to benefit from rising nuclear demand.
• Conditions to Closing:
• Approval by >50 % of Toro shareholders voting and ≥75 % of total votes cast.
• Court sanction of the scheme.
• No adverse change in Western Australian uranium policy; all regulatory approvals (Foreign Investment Review Board, ASX, TSX, NYSE) obtained.
• Independent expert opinion confirming the scheme is in Toro shareholders’ best interests.
• Timetable: Shareholder meeting expected early 2026; anticipated closing in H1 2026, subject to satisfaction of all conditions.
• Advisors:
• IsoEnergy – Financial: SCP Resource Finance LP; Legal (Canada): Cassels Brock & Blackwell LLP; Legal (Australia): Hamilton Locke; Legal (U.S.): Paul, Weiss, Rifkind, Wharton & Garrison LLP.
• Toro – Financial: Canaccord Genuity; Legal: Cardinals Lawyers and Consultants.

Notable Quotes

• Philip Williams, CEO & Director, IsoEnergy: “The acquisition of Toro Energy marks another important step in advancing IsoEnergy's strategy to build a globally diversified, development‑ready uranium platform…”.
• Richard Homsany, Executive Chairman, Toro: “This Transaction creates significant value for our shareholders, representing a material premium… and provides exposure to a larger, leading uranium company listed on the TSX and NYSE.”