IsoEnergy (ISO) M&A announcement summary

Deal rationale and strategic fit

• Acquisition expands near-term U.S. uranium production capacity with a combined portfolio of permitted, past-producing mines and development projects in the Western U.S.

• Secures ownership of the Shootaring Canyon Mill, one of only three licensed, permitted, and constructed conventional uranium mills in the U.S., and provides access to White Mesa Mill for processing flexibility.

• Combines complementary assets, notably Tony M Mine and Shootaring Mill, located just 4 miles apart, enabling operational synergies.

• Positions the company as a leading multi-asset uranium producer in top jurisdictions globally, including the U.S. and Canada, and aligns with strategy to capitalize on rising uranium demand and prices.

• Enhances company’s ranking among U.S. uranium peers, providing shareholders exposure to a diversified portfolio and meaningful growth in mineral endowment.

Financial terms and conditions

• 100% acquisition of Anfield via share exchange: 0.031 IsoEnergy shares per Anfield share, valuing Anfield at CAD 126.8 million fully diluted and implying a 32.1% premium based on 20-day VWAP.

• IsoEnergy shareholders will own 83.8% and Anfield shareholders 16.2% of the combined entity on a fully-diluted basis.

• IsoEnergy will provide a C$6 million bridge loan to Anfield at 15% annual interest, maturing April 1, 2025, and an indemnity for up to US$3 million.

• Premiums for Anfield shareholders range from 32%-37% depending on pricing.

• Both companies require shareholder approval (66 2/3% for Anfield, simple majority for IsoEnergy), and customary court and regulatory approvals.

Synergies and expected cost savings

• Operational synergies expected from integrating adjacent projects, shared infrastructure, and reduced ore transportation costs, with Tony M to Shootaring only 4 miles apart.

• Significant cost savings in ore transport: Tony M to Shootaring is 4 miles vs. 125 miles to White Mesa, at $0.30/ton-mile.

• Potential for shared engineering, permitting, and operating teams across Utah assets, reducing G&A costs per pound and diversifying risk.

• Enhanced operational flexibility and cost savings from proximity of assets and dual mill access.

• Enhanced trading liquidity, stronger balance sheet, and broader research coverage for shareholders.