Toro Energy (TOE) M&A announcement summary

Deal rationale and strategic fit

• Acquisition creates a top-tier uranium portfolio with significant resource expansion and diversification across Canada, the U.S., and Australia, enhancing near-term production potential in stable, mining-friendly jurisdictions.

• Adds the Wiluna Uranium Project, one of Australia's largest undeveloped uranium resources, to the portfolio and strengthens exposure to tier-one uranium jurisdictions.

• Positions the combined group to capitalize on rising global nuclear demand, with uranium demand projected to rise ~30% by 2030 and more than double by 2040.

• Enhances ability to pursue value-accretive growth and M&A opportunities.

Financial terms and conditions

• Toro shareholders receive 0.036 IsoEnergy shares per Toro share, implying A$0.585 per Toro share.

• Implied fully-diluted equity value of C$68.1M (A$75 million) for Toro.

• Represents a 79.7% premium to Toro's last close and 92.2% to its 20-day VWAP as of October 10, 2025.

• Post-transaction, IsoEnergy and Toro shareholders will own approximately 92.9% and 7.1% of the combined company, respectively.

Synergies and expected cost savings

• Larger platform expected to provide greater access to capital, liquidity, and research coverage.

• Enhanced scale and asset diversification de-risk near-term production and support accelerated development.

• Synergies anticipated from combining Utah uranium assets and optimizing operations, as well as combining exploration and development assets across key jurisdictions.