Reopening Of Underground-Initiating Comprehensive Work Program At Tony M Mine

TORONTO - IsoEnergy Ltd. reported on the reopening of the underground and comprehensive work program at the Tony M uranium mine in Utah. The Company made a strategic decision to reopen access to the underground with the goal of restarting uranium production operations in 2025. The main decline at Tony M was successfully reopened on July 26, 2024, and several initiatives are now underway in preparation for the comprehensive work program.

Successful Reopening of the Underground – The main decline at Tony M is now reopened with initial observations of underground conditions indicating that the main decline and underground equipment shops are in good condition. Rehabilitation in Progress – Tomcat Mining is carrying out the rehabilitation of the underground, which includes scaling, installation of ground support and ventilation systems. This work is expected to take 8 to 10 weeks depending on the ground conditions encountered. Underground and Surface Mapping Commencing Shortly – As sections of the underground are made safe for entry, it is expected that the exploration/geology team will enter the Mine and begin to map the orebody from underground. This work, which will include a LiDAR survey, which is expected to commence in 3 weeks and will take approximately 1 month to complete. Upcoming Technical / Economic Study – Following completion of the rehabilitation and mapping programs, the Company intends to complete a technical and economic study, establishing production rates, operating and capital costs.

CEO and Director Philip Williams said, "The reopening of underground at Tony M is an important step in restarting production and establishing IsoEnergy as a near-term uranium producer. Long-term uranium prices have nearly doubled, from $41/lb U3O8 to $79/lb U3O8, since we acquired the Tony M, Daneros and Rim Mines in Utah, and with the exceedingly positive global outlook for nuclear power we expect that trend to continue. We believe that proven producing assets in tier one jurisdictions, like Tony M, will be highly coveted by end users making this an ideal time to pursue a restart. We have assembled a first-rate team of operators and consultants, who I would like to thank for their tireless efforts in advancing the project to this point, and we look forward to updating all our stakeholders on our progress as we move forward."