IsoEnergy begins bulk sample program at Tony M

Executive Summary

• IsoEnergy Ltd. has initiated a bulk sample program at its 100%-owned Tony M uranium mine in Utah, a critical step toward evaluating a potential production restart of the permitted, past-producing mine.
• The program involves extracting up to 2,000 tons of mineralized material over 12–14 weeks using contract mining services, with material processed via a toll milling agreement at Energy Fuels’ White Mesa mill.
• The initiative aims to generate real-world technical, operational, and economic data to derisk the restart, validate cost structures, and inform final mine planning and commercial production assumptions.

Key Details

• Bulk Sample Scope: Extraction of up to 2,000 tons of mineralized material.
• Timeline: Program commenced late December 2025 and is expected to last 12–14 weeks.
• Mining Contractor: GenX Mining Contractors LLC (Spring Creek, Nev.) providing contract mining services.
• Processing: Mineralized material transported to Energy Fuels Inc.’s White Mesa mill in Utah for processing under an existing toll milling agreement.
• Strategic Objectives:
  • Generate real-world mining, processing, and cost data to support a potential production restart decision.
  • Derisk mining methods and cost structure under operating conditions.
  • Establish actual contract mining costs and validate economic model assumptions.
  • Refine mineral material control strategies to minimize dilution and maximize delivered grade.
  • Test trial ventilation, ground control, and underground operating procedures.
• 2025 Operational Progress & Derisking Initiatives:
  • Royalty Reduction: Reduced uranium production royalty on Utah Trust Lands Administration lease from 8% to 3%.
  • High-Pressure Slurry Ablation: Testing demonstrated potential to recover >90% of uranium into ~25% of the original mass.
  • Mineralized Material Sorting: Testwork completed in October achieved >90% recovery into ~50% of the original mass for sortable material.
  • Evaporation Study: Enhanced evaporation study using Landshark evaporators eliminates need for evaporation pond expansion, reducing permitting timelines and capital requirements.
• Asset Context: Tony M is a fully permitted, past-producing conventional uranium mine in the U.S., offering a rare opportunity for restart without costly new mill construction or major permitting initiatives.

Notable Quotes

• Philip Williams, CEO and Director: "The bulk sample at Tony M is a major milestone in advancing one of the few restart-ready uranium mines in the United States. This program is designed to generate the real-world data we need to evaluate a potential full-scale production restart under current market conditions. With permitting, infrastructure and toll milling already in place, Tony M has the potential to be among the next conventional uranium mines in the U.S. to return to production as demand for secure domestic supply continues to grow."