IsoEnergy (ISO) Q4 2025 earnings summary

Executive summary

• Advanced exploration and development of uranium assets in Canada, the US, and Australia, with a focus on the Larocque East Project (Hurricane deposit) and Tony M Mine.

• Completed significant financings, including a $57.5M bought deal and $25M private placement in early 2026, and a $51.2M bought deal in June 2025.

• Entered into a scheme to acquire Toro Energy, expanding the Australian portfolio, and completed the sale of non-core assets and royalties.

• Maintained strong liquidity with $135.1M in cash and $52.6M in marketable securities as of early 2026.

Financial highlights

• Net loss for 2025 was $1.1M, a significant improvement from a $42.1M loss in 2024, driven by gains on asset sales and lower impairment charges.

• Exploration and evaluation spending totaled $24.2M in 2025, with $18.5M in Canada, $4.9M in the US, and $0.8M in Australia.

• Adjusted working capital at year-end 2025 was $116.7M, up from $56.1M at year-end 2024.

• Cash and cash equivalents at year-end 2025 were $62.9M, up from $21.3M at year-end 2024.

• No revenue generated; the company remains in the exploration and development stage.

Outlook and guidance

• Fully funded for global exploration and pre-development activities through at least the end of 2026.

• Planned 2026 work includes completing the Tony M bulk sample program, advancing a PEA, and ongoing drilling at Larocque East and Dorado JV.

• Focus remains on de-risking key assets and evaluating production decisions based on uranium market conditions.