The 2026 program will include the completion of seven additional surface rotary drill holes with core tails, totaling 11,000 feet on the Flatiron Project ("Flatiron" or the "Project"), located in the Henry Mountains uranium district, approximately seven miles northwest of the Company's past-producing Tony M uranium mine ("Tony M") (Figure 2). Drill mobilization to the project is complete and drilling is expected to begin shortly.

This program builds on three drill holes completed late in 2025 and represents the next phase of systematic drilling at Flatiron, targeting follow-up of historical regional exploration conducted by Plateau Resources in the early 1980s.

IsoEnergy staked the 370 lode claims that comprise the Project in 2024, later adding two Utah state leases to bring the total land position to 8,800 total acres. The Project is one of the largest contiguous land positions in the historical Henry Mountain District, where approximately 1.4 million lbs of U3O8 has been produced to date1.

Strategically located along the projection of the trends of uranium mineralization from IsoEnergy's Tony M deposit and Energy Fuels' Bullfrog deposit (Energy Fuels Inc. (NYSE American: UUUU; TSX: EFR), Flatiron benefits from a proven geological setting. Plateau Resources, the original developers of these deposits, previously conducted wide-spaced, district-scale drilling to identify uranium mineralization concealed beneath surface cover. These historic holes were drilled on centers of more than one-mile, with two of the highest-priority results located within the current Flatiron claims. (Figure 2). Before Plateau Resources could advance these targets, depressed uranium prices in the 1980s forced the closure of regional mines. IsoEnergy's drill program is the first to follow up on this work, positioning the Company to unlock growth potential in the Henry Mountain District.

The target unit for the Flatron drilling is the lowest sandstone unit of the Salt Wash Member of the Morrison Formation. This is the primary uranium host unit across the Henry Mountain district. This distinct sandstone package contains a suitable amount of reductant material and the hydrogeologic setting for uranium mineralization of commercially viable grade. Low grades of vanadium are also expected to be encountered in the host unit. Three drill holes completed in the target area in late 2025 provided information on the interpreted location of the sandstone channel that is a potential mineralization control which has been used to plan the 2026 drill holes.

Bulk Sample Update

The Company has completed the mining component of the bulk sample at the Tony M Mine, which was announced on January 7, 2026 (the "Bulk Sample"). Working with Gen X Mining Contractors, the Company mined ~2,100 tons of mineralized material (the "Material") without any injuries or lost time. The Material is safely stored at Tony M. The Bulk Sample has allowed the Company to successfully test plans and procedures for operations, including health and safety, ground control, ventilation, drilling and blasting, and grade control. Various types and sizes of mining equipment and approaches to mining were tested, allowing the Company to collect a significant amount of important data around mining rates, sequencing, equipment sizing, costs, dilution, grade control, and operational procedures.  This data will be analyzed over the coming months and is expected to be incorporated into an NI 43-101 Preliminary Economic Assessment (the "PEA"). The PEA will provide details of the scope and economics of potential production and the uranium price that will incentivize operations to begin. The Company is in the final stage of consultant selection and expects to complete the PEA prior to year end.

The Company plans to deliver the Material to Energy Fuels' White Mesa Mill (the "Mill") for processing; however, is investigating undertaking a larger-scale ore sorting/upgrading program using the Material prior to sending it to the Mill. As disclosed in the Company's January 7, 2026 news release announcing the Bulk Sample program, both technologies had demonstrated encouraging results during 2025 small-scale testing: high-pressure slurry ablation showed the potential to recover more than 90% of the uranium into roughly 25% of the original mass, while mineralized material sorting achieved over 90% recovery into roughly 50% of the original mass for amenable material. If successful at larger scale, this has the potential to significantly reduce hauling and processing costs during possible future mine operations.

Philip Williams, CEO and Director commented, "Restarting drilling at Flatiron and the completion of the Tony M Bulk Sample represent two important components of IsoEnergy's U.S. strategy. Our exploration program is focused on systematically building on decades of historical work to unlock the potential of the Henry Mountain District, while the results from the bulk sample simultaneously aid in de-risking Tony M for production. The data we are generating today will directly shape the economics of our PEA and our path to becoming a uranium producer and credit our team with having achieved all of this with zero lost-time incidents."