Quarterly Report – Activities for Quarter Ended 30 September 2024

IsoEnergy Ltd. (TSX: ISO) (OTCQX: ISENF) (“IsoEnergy“) and Purepoint Uranium Group Inc. (TSXV: PTU) (OTCQB: PTUUF) (“Purepoint”) are pleased to announce that they have entered into a contribution agreement in connection with the creation of a joint venture (the “Joint Venture”) for the exploration and development of a portfolio of uranium properties in northern Saskatchewan’s Athabasca Basin. Both companies will contribute assets from their respective portfolios to the Joint Venture, which will consist of 10 projects covering more than 98,000 hectares in the east side of the Athabasca Basin and will leverage their respective expertise to capitalize on the significant potential of these properties.

Transaction Highlights

• Joint Venture Portfolio – The Joint Venture will be comprised of 10 projects within the eastern Athabasca Basin (Figure 1) including:
  • IsoEnergy’s Geiger, Thorburn Lake, Full Moon, Edge, Collins Bay Extension, North Thorburn, 2Z Lake, and Madison Projects.
  • Purepoint’s Turnor Lake and Red Willow Projects.
• Complementary and Prospective Ground Covering the Larocque Trend with Strong Discovery Potential – The Larocque Trend (“Larocque Trend”), is an important regional structure that hosts the world-class Hurricane deposit and other notable high-grade occurrences, including those on Cameco/Orano’s Dawn Lake joint venture. The trend extends onto the Turnor Lake and Full Moon Projects, positioning the Joint Venture along a proven corridor for uranium mineralization, where further discoveries could be expedited (Figure 2).
• Strategic Synergy and Strengthened Positioning through Equity Participation – IsoEnergy will subscribe for $1.0 million in concurrent equity financing of Purepoint. Through this equity stake, IsoEnergy will gain exposure to Purepoint’s other highly prospective exploration projects in the Athabasca Basin, including Hook Lake, which previously intersected an impressive 10 meters at 10.3% U₃O₈. In turn, Purepoint will benefit from IsoEnergy’s financial and technical support, enabling both companies to work collaboratively to accelerate project development and drive long-term success.
• Initial Ownership Structure and Operating Terms – IsoEnergy will initially hold a 60% interest in the Joint Venture, while Purepoint will hold a 40% interest. Each party has the option to adjust this ownership to 50/50 within six months through the exercise of mutually exclusive put/call options. Purepoint will serve as the operator during the exploration phase of the Joint Venture properties. Upon the advancement into the pre-development phase, IsoEnergy will assume operational control of the Joint Venture properties.

Philip Williams, CEO and Director of IsoEnergy, commented: “We are excited to announce formation of this Joint Venture with Purepoint and see many advantages for both companies. Together, the Joint Venture projects consolidate a large land position immediately to the east of the Larocque East project, which includes…