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Drilling High Grade Uranium in Canada’s Athabasca Basin

IsoEnergy.ca TSX-‐V: ISO OTCQX: ISENF June 2019

Disclaimer

Informa5on Contained In This Presenta5on

This presenta4on is a summary descrip4on of IsoEnergy Ltd. (“IsoEnergy” or the “Company”) and its business and does not purport to be complete. This presenta4on is not, and in no circumstances is it to be construed as, a prospectus, an adver4sement, or a public offering of securi4es. No securi4es regulatory authority or similar authority has reviewed or in any way passed upon the document or the merits of the Company’s securi4es and any representa4on to the contrary is an offence.

Except where otherwise indicated, the informa4on contained in this presenta4on has been prepared by IsoEnergy and there is no representa4on or warranty by IsoEnergy or any other person as to the accuracy or completeness of the informa4on set forth herein. Except as otherwise stated, informa4on included in this presenta4on is given as of the date hereof. The delivery of this presenta4on shall not imply that the informa4on herein is correct as of any date aNer the date hereof.

This presenta4on shall not cons4tute an offer to sell or a solicita4on of any offer to buy any securi4es, nor shall there be any sale of any securi4es in any jurisdic4on in which such offer, solicita4on or sale would be unlawful. The securi4es referenced herein have not been, nor will they be, registered under the United States Securi4es Act of 1933, as amended (the “U.S. Securi5es Act”), and such securi4es may not be offered or sold within the United States absent registra4on under the U.S. Securi4es Act or an applicable exemp4on from the registra4on requirements thereunder.

All dollar amounts referenced herein, unless otherwise indicated, are expressed in Canadian dollars.

Cau5onary Note Regarding Forward-‐looking Informa5on

The informa4on contained herein contains “forward-‐looking statements” within the meaning of the United States Private Securi4es Li4ga4on Reform Act of 1995 and “forward-‐looking informa4on” within the meaning of applicable Canadian securi4es legisla4on. “Forward-‐looking informa1on” includes, but is not limited to, statements with respect to the ac1vi1es, events or developments that the Company expects or an1cipates will or may occur in the future, including, without limita1on, planned explora1on ac1vi1es and comple1on of the acquisi1on of the Property. Generally, but not always, forward-‐looking informa1on and statements can be iden1fied by the use of words such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “es1mates”, “forecasts”, “intends”, “an1cipates”, or “believes” or the nega1ve connota1on thereof or varia1ons of such words and phrases or state that certain ac1ons, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved” or the nega1ve connota1on thereof. Such forward-‐looking informa1on and statements are based on numerous assump1ons, including among others, that the results of planned explora1on ac1vi1es are as an1cipated, the price of uranium, the an1cipated cost of planned explora1on ac1vi1es, that general business and economic condi1ons will not change in a material adverse manner, that financing will be available if and when needed and on reasonable terms, and that third party contractors, equipment and supplies and governmental and other approvals required to conduct the Company’s planned explora1on ac1vi1es will be available on reasonable terms and in a 1mely manner. Although the assump1ons made by the Company in providing forward-‐looking informa1on or making forward-‐looking statements are considered reasonable by management at the 1me, there can be no assurance that such assump1ons will prove to be accurate.

Forward-‐looking informa1on and statements also involve known and unknown risks and uncertain1es and other factors, which may cause actual events or results in future periods to differ materially from any projec1ons of future events or results expressed or implied by such forward-‐looking informa1on or statements, including, among others: nega1ve opera1ng cash flow and dependence on third party financing, uncertainty of addi1onal financing, no known mineral reserves or resources, the limited opera1ng history of the Company, the influence of a large shareholder, alterna1ve sources of energy and uranium prices, aboriginal 1tle and consulta1on issues, reliance on key management and other personnel, actual results of explora1on ac1vi1es being different than an1cipated, changes in explora1on programs based upon results, availability of third party contractors, availability of equipment and supplies, failure of equipment to operate as an1cipated; accidents, effects of weather and other natural phenomena and other risks associated with the mineral explora1on industry, environmental risks, changes in laws and regula1ons, community rela1ons and delays in obtaining governmental or other approvals. Although the Company has aMempted to iden1fy important factors that could cause actual results to differ materially from those contained in the forward-‐looking informa1on or implied by forward-‐looking informa1on, there may be other factors that cause results not to be as an1cipated, es1mated or intended. There can be no assurance that forward-‐looking informa1on and statements will prove to be accurate, as actual results and future events could differ materially from those an1cipated, es1mated or intended. Accordingly, readers should not place undue reliance on forward-‐looking statements or informa1on. The Company undertakes no obliga1on to update or reissue forward-‐looking informa1on as a result of new informa1on or events except as required by applicable securi1es laws.

Technical Informa5on

All of the scien4fic and technical informa4on in this presenta4on has been reviewed and approved by Mr. Steve Blower, P.Geo., Vice President – Explora4on & Development for IsoEnergy. Mr. Blower has verified the sampling, analy4cal, and test data underlying the informa4on or opinions contained herein by reviewing original data cer4ficates and monitoring all of the data collec4on protocols. Mr. Blower is a qualified person for the purposes of Na4onal Instrument 43-‐101 – Standards of Disclosure for Mineral Projects (“NI 43-‐101”).

For addi4onal informa4on regarding the Company’s Radio project please refer to the Technical Report en4tled “Technical Report for the Radio Project, Northern Saskatchewan” dated effec4ve August 19, 2016 prepared by Tim Maunula, available under IsoEnergy’s profile on www.sedar.com. Mr. Maunula is a “qualified person” under NI 43-‐101,

For addi4onal informa4on regarding the Company’s Thorburn Lake project please refer to the Technical Report en4tled “Technical Report for the Thorburn Lake Project, Northern Saskatchewan” dated effec4ve September 26, 2016 prepared by Tim Maunula, available under IsoEnergy’s profile on www.sedar.com. Mr. Maunula is a “qualified person” under NI 43-‐101.

IsoEnergy.ca 2 TSXV: ISO OTCQX: ISENF

Hurricane Zone Drilling


Drilling High Grade Uranium !  11 of 12 drill holes in expanded winter 2019

program intersected significant uranium mineraliza4on

!  2019 Highlights:

!  LE19-‐02: 3.5m @ 10.4% U3O8

!  LE19-‐03: 3.0m @ 2.7% U3O8, 2.3% Ni and 0.1% Co

!  LE19-‐06: 4.0m @ 3.8% U3O8

!  LE19-‐09: 4.5m @ 4.2% U3O8, 1.1% Ni and 0.8% Co, including 2.0m of 6.8% U3O8, 1.9% Ni and 1.3% Co

!  LE19-‐12: 8.5m @ 3.2% U3O8, 2.1% Ni and 0.2% Co

!  Follow-‐up drilling to start in June 2019

LE19-‐09 Assay Results 4.5m @ 4.2% U3O8 (325-‐329.5 m)

2.0m @ 6.8% U3O8 (327.0-‐329.0 m)

“Results of the winter drill program at the Hurricane Zone, in our view, represent the most interes5ng and promising uranium explora5on results we’ve seen from a new discovery in any jurisdic5on in some 5me.” Colin Healey, Research Analyst -‐ Haywood Securi5es

Team

Athabasca Basin

Strong technical focus and background – all full-‐4me employees are geologists, with a track record of uranium explora4on success

Timing Take advantage of asset availability and low acquisi4on costs ahead of an expected improving uranium price environment

Leveraging Strengths Use our capabili4es in capital markets and explora4on to posi4on the company as the partner and investment vehicle of choice

Size of the Prize, Cost of the Test, Chance of Success Uranium explora4on in the Athabasca Basin checks all three boxes.

Start with the area most prospec4ve for quality/high grade/high margin mines and which is also the best mining jurisdic4on on the planet


Our Approach

!  IsoEnergy founded and backed by the team behind NexGen Energy.

!  NexGen currently holds the largest undeveloped uranium deposit in the Athabasca Basin with the Arrow Deposit (Indicated Mineral Resource of 256.6 M lbs of U3O8 contained within 2.89 M tonnes grading 4.03% U3O8, and an Inferred Mineral Resource of 91.7 M lbs of U3O8 contained within 4.84 M tonnes grading 0.86% U3O8)*.

!  NexGen Energy is a suppor4ve shareholder with C$90 million cash on hand.

!  NexGen share price has increased 740% in past 4 years.

Explora5on and discovery of Uranium in the Athabasca Basin has the poten5al to deliver strong shareholder returns!

*For details of the Rook I Project including the quality assurance program and quality control measures applied and key assump4ons, parameters and methods used to es4mate the mineral resource set forth above please refer to the technical report en4tled “Technical Report on the Rook 1 Property, Saskatchewan, Canada” dated effec4ve March 31, 2017 (the “Rook 1 Technical Report”) prepared by Mark B. Mathisen and David Ross, each of whom is a “qualified person” under NI 43-‐101. The Rook I Technical Report is available for review under the Company’s profile on SEDAR at www.sedar.com.

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2013 2014 2015 2016 2017

NexGen Energy Share Price and Events

NexGen Energy discovers

mineraliza5on at the Arrow zone

Arrow Maiden Resource Es5mate released

showing 201.9 million lbs U3O8

U3O8 Spot begins to rise from $18/

lb

Kazatomprom announces 10%

produc5on cut for 2017

Kazatomprom announces 20%

produc5on cut over next 3 years

Cameco announces 10 month closure of McArthur River mine beginning

2018


Why Exploration in the Athabasca?

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60%

2 Year Spot vs Equity Performance

Spot Price (UXXc1) Global X Uranium ETF (URA)

!  Spot price now up $5/lb or 26% from April 2018 low of $20.25 to $25.50

!  Over the past 3 years equi4es have been strongly correlated with the spot price

!  Major divergence has emerged

!  Equity correc4on to the upside is inevitable

!  Addi4onal gains to come from end of year contrac4ng which will put further upward pressure on uranium price

Spot prices rising strongly and supply demand dynamics are in place to drive Uranium prices upwards

As of December 31, 2018


Uranium Market Divergence

Simple Strategy in the Home of High-‐Grade Uranium 1.  Punng our foot on as much of the eastern Athabasca as possible.

2.  Drill around mineralized intercepts that were found but never adequately followed up post 2011.

3.  Drill for basement hosted mineraliza4on in an area that is highly prospec4ve but has never been effec4vely explored for this style of deposit – i.e. most of the eastern Athabasca Basin.

High quality porlolio: !  Larocque East and Geiger, newly acquired from Cameco with a new discovery

of high grade uranium at the Hurricane Zone

!  Thorburn Lake 7km east of the Cigar Lake Mine. Several drill holes have hit uranium mineraliza4on. Numerous target areas remain.

!  Radio located 2km east of and along strike of the Roughrider deposit, which Rio Tinto acquired for $587M in February 2012.

!  North Thorburn located 12km northeast of and along strike of the Cigar Lake mine, hosts a number of high priority targets.


Eastern Athabasca Portfolio

Hurricane Zone

Hurricane Zone Discovery IsoEnergy.ca 8 TSXV: ISO OTCQX: ISENF

Larocque East: First Follow-‐up Drill Program Expands the Hurricane Zone Discovery !  100% owned by ISO, acquired in May, 2018

!  Discovery hole drilled July 2018: 8.5m @ 1.26% U3O8, including 2.5m @ 3.58% U3O8, and including a subinterval of off-‐scale radioac4vity* of 1m @ 6.45% U3O8.

!  First follow-‐up drilling program was expanded and is now complete with 11 of 12 drill holes intersec4ng significant uranium mineraliza4on.

!  2019 Highlights:

!  LE19-‐02: 3.5m @ 10.4% U3O8 !  LE19-‐03: 3.0m @ 2.7% U3O8, 2.3% Ni and 0.1% Co !  LE19-‐06: 4.0m @ 3.8% U3O8 !  LE19-‐09: 4.5m @ 4.2% U3O8, 1.1% Ni and 0.8% Co, including 2.0m of 6.8%

U3O8, 1.9% Ni and 1.3% Co !  LE19-‐12: 8.5m @ 3.2% U3O8, 2.1% Ni and 0.2% Co

!  Hurricane zone is shallow, only 330 metres below surface.

!  Numerous other prospec4ve targets exist on the property, including several kilometres of underexplored conductors immediately east of the Hurricane zone.


New Discovery – Larocque East

*>15,000 cps on an SRAT SPP2 scin4llometer (the “SPP2”)


Larocque East - Winter 2019

Key Features of a Significant Discovery !  High grade mineraliza4on over widths and

thicknesses seen at major deposits i.e. 5m thick x 40m wide

!  Known uranium mineraliza4on extends over 1km of strike length

!  Tenor and volume of altera4on in the sandstone and basement is strong

!  Elevated uranium geochemistry extends to the top of the sandstone

!  Mineraliza4on occurs on a major basement tapping fault system that has caused a ridge in the sub-‐Athabasca unconformity

!  Rela4vely shallow depth of 330m below surface

!  40km from Orano’s McClean Lake mill

!  No lake or water cover

!  New low-‐cost mining techniques emerging for unconformity hosted uranium deposits



2019 Winter Drilling Results Hole-‐ID From (m) To (m) Length (m) Radioactivity1,2 (CPS) Chemical Assays Location U3O8 (%) Ni (%) Co (%) LE19-‐023 316.5 320.0 3.5 >1,000 0.2 0.1 0.2 Section 4560E

and 326.5 330.0 3.5 >1,000 10.4 0.8 0.0 incl. 328.5 330.0 1.5 >20,000 23.6 1.6 0.0 incl. 329.0 329.5 0.5 >50,000 38.2 1.5 0.1

LE19-‐033 324.0 324.5 0.5 >1,000 0.2 0.1 0.0 Section 4560E and 326.5 329.5 3.0 >1,000 2.7 2.3 0.0 incl. 328.5 329.5 1.0 >5,000 7.6 6.6 0.1 incl. 329.0 329.5 0.5 >20,000 13.3 11.8 0.1

LE19-‐043 329.0 329.5 0.5 >1,000 0.1 0.0 0.0 Section 4560E 333.0 333.5 0.5 >1,000 0.4 0.2 0.0 LE19-‐053 No significantly elevated radioactivity Section 4560E LE19-‐063 328.0 330.0 2.0 >1,000 0.4 0.1 0.1 Section 4585E

and 332.0 336.0 4.0 >5,000 3.8 1.1 0.0 incl. 333.5 335.5 2.0 >10,000 5.5 0.7 0.0 incl. 333.5 334.0 0.5 >20,000 13.7 1.2 0.0

LE19-‐073 325.0 331.0 6.0 >1,000 0.4 0.8 1.4 Section 4585E incl. 328.0 328.5 0.5 >5,000 1.0 4.9 9.3

LE19-‐083 326.5 327.0 0.5 >1,000 0.4 0.1 0.1 Section 4535E and 333.0 336.5 3.5 >1,000 0.8 1.5 0.4 incl. 335.5 336.0 0.5 >10,000 3.7 8.3 1.3

LE19-‐093 325.0 329.5 4.5 >1,000 4.2 1.1 0.8 Section 4535E incl. 327.0 329.0 2.0 >20,000 6.8 1.9 1.3

LE19-‐103 331.5 333.0 1.5 >1,000 0.6 1.7 1.9 Section 4535E LE19-‐113 333.0 333.5 0.5 >5,000 2.1 0.1 0.1 Section 4485E LE19-‐124 320.5 329.0 8.5 >1,000 3.2 2.1 0.2 Section 4485E

incl. 326.0 327.0 1.0 >20,000 14.3 1.1 0.0 and incl. 328.5 329.0 0.5 >20,000 12.8 15.0 0.4 LE19-‐134 320.0 320.5 0.5 >1,000 0.2 0.0 0.0 Section 4635E

and 321.5 324.0 2.5 >1,000 0.6 0.2 0.5 incl. 322.5 323.0 0.5 >10,000 1.6 0.4 1.1

Notes: 1. Radioactivity is total gamma from drill core measured with an RS-‐125 hand-‐held spectrometer. 2. Measurements of total gamma cps on drill core are an indication of uranium content, but may not correlate with chemical assays.

3. Radioactivity and chemical assays previously disclosed. 4. Radioactivity previously disclosed.



LE19-‐02 !  Substan4al uranium mineraliza4on was intersected in LE19-‐02,

demonstra4ng good con4nuity on sec4on.

!  Mineraliza4on includes a 3.5m long zone of stronger uranium mineraliza4on that straddles the sub-‐Athabasca unconformity and averages 10.4% U3O8.

!  Within the lower interval is a 1.5m long subinterval of strong radioac4vity from 328.5-‐330.0m that averages 23.6% U3O8. Within the 1.5m subinterval is a 0.5m long zone of dark grey to black semi-‐massive uranium mineraliza4on that contains 38.2% U3O8.

LE19-‐03 !  LE19-‐03 intersected two intervals of significant uranium

mineraliza4on, demonstra4ng substan4al across-‐strike width for the zone (38m)

!  Includes a 3.0m intersec4on immediately above the sub-‐Athabasca unconformity that correlates with the main intersec4ons in drill holes LE18-‐01A and LE19-‐02 and averages 2.7% U3O8 over 3.0 m. This includes a 0.5m interval of strong radioac4vity at the base of the intersec4on that contains 13.3% U3O8 and 11.8% Ni

Sec5on 4560E (Discovery Sec5on)



LE19-‐12 !  Completed 75m along-‐strike to the west of the discovery sec4on of the

Hurricane zone

!  The drill hole intersected an 8.5m interval of pitchblende uranium mineraliza4on that averages 3.2% U3O8, 2.1% Ni and 0.2% Co including a 1.0m sec4on that averages 14.3% U3O8 and 1.1% Ni, plus another 0.5m sec4on that averages 12.8% U3O8, 15.0% Ni and 0.4% Co.

!  Zone remains open along strike to the west to the property boundary and on sec4on to the south

Sec5on 4485E (LE19-‐12)


Larocque East - Summer 2019 Plans

Summer Drilling Plans !  Explora4on Vectors

!  Mineraliza4on is open along-‐strike in both direc4ons, and historical drill hole KER-‐07 is mineralized,

!  Sandstone altera4on is increasing toward the east,

!  Sandstone trace element geochemistry is strong in easternmost drill hole LE19-‐13,

!  Sandstone illite anomaly con4nues east beyond historical drill hole KER-‐07,

!  Preliminary DC-‐Resis4vity geophysical results support the premise that historical drill hole KER-‐07 was drilled too far to the south.

Preliminary DC-‐Resis4vity Results 100mASL (Upper Basement)

Drilling Will Evaluate ~1km of Eastern Along-‐strike Extension with 12-‐13 Drill Holes Targe5ng Both Basement

and Unconformity Hosted Mineraliza5on


Larocque East - Summer 2019 Plans

Summer Drilling Plans !  Drilling is expected to begin in late June

!  16 drill holes, 6,700m of core drilling planned

!  Primary objec5ve:

!  Evaluate eastern strike extension with up to 13 drill holes

!  Will be accomplished with a series of 2-‐3 drill hole fences spaced 100-‐200m apart

!  Will cover up to 900m of addi4onal strike length

!  Secondary objec5ve:

!  Evaluate the current drilling pauern for the presence of thicker and higher grade mineraliza4on with up to three drill holes


Larocque East - Summer 2019 Plans Discovery Sec4on Easternmost Sec4on

Strong Sandstone Geochemistry

Increasing Sandstone Altera4on

Moving East

Drilling will Evaluate Gaps in the Current Drilling Papern for Thicker and Higher-‐Grade Mineraliza5on

Hurricane Zone is Open for Expansion, Plus 5 Other High Priority Walk-‐up Drill Targets and Many Kilometres of Underexplored Conductors are Present


Other Targets – Larocque East

Other High Priority Properties IsoEnergy.ca 18 TSXV: ISO OTCQX: ISENF

!  Newly expanded in March 2018 with the Dawn North acquisi4on

!  A total of ~135 kilometres of graphi4c conductors

!  Several mineralized intersec4ons are present on the property including high grade basement mineraliza4on up to 2.74% U3O8 over 1.2 m in drill hole HL-‐50

!  Numerous underexplored por4ons of conductors

!  Poten4al for a completely undrilled 4 km conductor on the east side of the property

!  Recently completed a 9 hole drilling program Jan-‐Mar 2018

8 High Priority Walk-‐up Drill Targets IsoEnergy.ca 19 TSXV: ISO OTCQX: ISENF

Drill-Ready Targets - Geiger

!  Located 2km east of Rio Tinto’s Roughrider uranium deposit (acquired for $587m by Rio Tinto via the acquisi4on of Hathor Explora4on in 2012)

!  Now 100% owned by IsoEnergy !  Unconformity depth is shallow: ~150m

!  Within 6 km of the McClean Lake uranium mill

!  Property hosts what is believed to be the metasedimentary corridor and structure associated with the Roughrider deposit

!  Numerous other uranium deposits in the area including Dawn Lake, Midwest and the newly discovered Huskie zone 1.6 km from Radio

!  ISO completed 23 drill holes totalling 8,859 metres in 2016 and 2017

5 High Priority Walk-‐up Drill Targets

Drill-Ready Targets - Radio


!  Prior to discovery of Arrow this was NexGen’s highest priority property

!  Unconformity depth is shallow (less than 300 m) !  Cigar Lake, Thorburn Lake and Sand Lake uranium deposits are all within 7 km

!  Cigar Lake Mine haul road runs through the property

!  2011 drilling intersected 0.43% U3O8 over 0.6 metres

!  ISO has completed 7,100 metres of drilling in 16 drill holes in 2016 and 2017

!  Targets in the area of previous drilling remain

!  New geophysical survey completed in late 2017 on southwest half of the property, which is essen4ally unexplored

!  Several new drill targets have been generated.

7 High Priority Walk-‐up Drill Targets

Drill-Ready Targets – Thorburn Lake


!  Historical inferred mineral resource of 8.2 million lbs. U3O8 with an average grade of 0.23%

!  High grade mineraliza4on is locally present, with drill intersec4ons returning up to 5.19% U3O8 over 0.9m

!  Located in the Hornby Bay basin in Nunavut, acquired by staking

!  190 historic drill holes totaling 22,000m prior to 2005 on project

!  30 addi4onal drill holes by Triex Minerals and Pitchstone Explora4on between 2005 and 2008

!  Shallow, sandstone hosted uranium mineraliza4on 1,300m long by 320m wide with thickness ranging from 1.0 to 6.5m

!  Shallow-‐dipping (5-‐10˚) tabular zone of strata-‐bound mineraliza4on that extends from the top of the bedrock (10-‐30m below surface) down to 180 metres below surface at its deepest point

Leveraging the Team’s Knowledge to Create Shareholder Value at Low Cost

Mountain Lake Opportunistic Acquisition


Work Program Overview and News Flow

Drilling

Larocque East Hurricane zone drilling results – Completed Hurricane zone assay results – Completed Larocque East summer drilling plans – Completed Larocque East summer drilling begins – Planned Hurricane zone drilling results -‐ Planned

Q1 2019 Q1/2 2019 Q2 2019 Q2 2019 Q2/3 2019

Geophysics

Larocque East Ground DC-‐Resis4vity Results – Planned

East Rim and Full Moon: Airborne EM Results – Planned

Q2 2019 Q3 2019

Other $5.5M bought-‐deal financing – Completed Con4nue to aggressively pursue acquisi4on and staking opportuni4es

Q4 2018 Stay Tuned


Work Program and News Flow

Share Structure1

Issued & Outstanding Shares 68,363,868

Stock Op4ons 6,320,000

Warrants 2,953,774

Fully Diluted Shares 77,637,642

Cash on hand ~C$4.2 Million

1 Year Stock Chart | TSXV: ISO

1.  Share structure and cash as at March 31, 2019 IsoEnergy.ca 24 TSXV: ISO OTCQX: ISENF

Capital Structure


Management

Craig Parry Director, President & CEO

₋  Ex-‐Rio Tinto, Oxiana, G-‐Resources, Tigers Realm Group and EMR Capital

₋  Led geology and resources for Rio Tinto’s Kintyre uranium project and advised on sale to Cameco

₋  Co—founder and former head of Business Development for Tigers Realm Group

₋  Former founder and CEO of Tigers Realm Coal

₋  Co-‐founder and former Senior Advisor of EMR Capital

₋  Founding and former Director of NexGen Energy Ltd.

Steve Blower VP, Explora7on

₋  Professional Geologist, M.Sc.

₋  +20 years in the minerals industry, including explora4on, mine geology and resource es4ma4on

₋  +10 years of Athabasca Basin uranium explora4on. Most recently as VP – Explora4on for Denison Mines

₋  Led the team that added 75M lbs of U3O8 to Denison’s mineral resource at Gryphon and Phoenix deposits

₋  Formerly President and CEO of Pitchstone Explora4on Ltd. un4l its sale to Fission Energy

Janine Richardson Chief Financial Officer

₋  Chartered Professional Account

₋  +30 years experience in accoun4ng prac4ce including CFO and financial controller roles with corporates and the big-‐four accoun4ng firms

₋  CFO of NxGold Ltd.

₋  Former CFO of Hillsborough Ltd., former Senior Finance Specialist of Rio Alto Mining and former Director, Group Accoun4ng with Placer Dome Inc.

₋  Former Audit Manager with E&Y

Andy Carmichael Senior Geologist

₋  Professional Geologist with +15 years in mineral explora4on, including +11 years in uranium explora4on in the Athabasca Basin, Hornby Bay Basin, Colorado Plateau and Namibia

₋  Previously worked on the Triple-‐R, Phoenix, Gryphon and J-‐Zone uranium deposits


Board of Directors

Leigh Curyer Chairman

₋  Chartered Accountant with +20 years experience and former CFO of Southern Cross Resources (now Uranium One)

₋  President and CEO of NexGen Energy Ltd.

Trevor Thiele Director

₋  Chartered accountant with +30 years experience in capital markets including CFO of major Australian Agribusiness (Elders and Viterra)

Richard Patricio Director

₋  Lawyer with +15 years capital market experience

₋  President and CEO of Mega Uranium Ltd.

₋  Former CEO of Pinetree Capital

Chris McFadden Director

₋  Chairman of NexGen Energy Ltd.

₋  President and CEO of NxGold Ltd.

₋  Layer with +20 years experience in explora4on and mining

₋  Former Commercial General Manager and Head of Legal for Tigers Realm Group and Tigers Realm Coal

₋  Former Commercial General Manager for Rio Tinto

IsoEnergy Ltd Investor Highlights

1.   The only junior drilling a new high-‐grade uranium discovery in the prolific Athabasca Basin at the early stage of an emerging bull market

2.   The team -‐ responsible for or involved in the discovery of three uranium deposits and +400Mlb of U3O8

3.   Tightly held with NexGen at 53% and strategic investors at 25% = huge leverage to discovery and drill results

4.   Investors gain access to high impact explora5on targets in the prolific Eastern Athabasca Basin -‐ home to McArthur River and Cigar Lake opera5ng mines


Investor Highlights

Craig Parry – Chief Execu4ve Officer Email: [email protected] Direct: +1.778.379.3211

Kin Communica5ons Email: [email protected] Direct: +1.604.684.6730

Management

Investor Relations


Contact Information

Investor Rela5ons Europe: Swiss Resource Capital AG Jochen Staiger info@resource-‐capital.ch www.resource-‐capital.ch

Appendix Uranium Market Update

CATALYSTS FOR NEXT URANIUM BULL MARKET HAVE EMERGED


2015 Total Cost Curve (US$/lb)

Current spot price US$/lb

Spot price at start 2016 US$/lb

Source: BMO Capital Markets

At risk of closure

Produc4on Suspended *Not mine specific, but 20% of Kazatomprom being curtailed

** * * *

** In care and maintenance

!  At current spot price all global produc5on is loss making on an all-‐in sustaining cost (AISC) basis !  Drama5c supply cuts are now happening

Supply Side


Curtailment and mine closures have started to happen

!  Major uranium miners have suspended produc4on including: !  Cameco – Shutdown of US assets, Rabbit Lake and now McArthur River/Key Lake !  Kazatomprom – the world’s largest U producer cut produc4on by 10% in 2017 and 20% un4l 2021 !  Paladin – Langer Heinrich to go on care and maintenance !  ERA – Released mine closure plan for Ranger with produc4on from processing plant to cease in 2020

!  Much of world’s produc4on is at risk in current price environment

!  Kazatomprom IPO in November 2018 !  Rio Tinto/ERA produc4on declining !  All producers coming off long term contracts !  Closure of several Africa opera4ons owned by other companies is likely in the near term

!  By our es4mates 30% of supply is now coming out of the market !  These produc4on cuts are not likely to return to the market un4l the spot prices reach ~$70 or long-‐term contracts reach $60/lb !  30% of u4lity demand is uncovered by supply contracts by 2020 !  U4li4es must pay more to secure supply going forward

Supply Side


Major Disrup5ons

Cameco and Kazatomprom con5nue produc5on curtailments !  Cameco’s McArthur River/Key Lake mine to remain suspended un4l

higher spot and long-‐term prices are seen. Combined with the closure of Rabbit Lake and their U.S. opera4ons this represents >20 Mlbs U3O8 per year (13% of global mined produc4on)

!  Kazatomprom – 20% reduced produc4on remains in effect

Spot Market !  Cameco recently stated it is s4ll to buy 10Mlbs of U3O8 in the spot

market in 2019 to meet deliveries

!  New investment vehicle “Yellow Cake Fund” will use its US$200mil IPO proceeds to purchase 8 Mlbs U3O8 from Kazatomprom with the op4on to purchase an addi4onal $100mil each year for 9 years, and another 900,000 lbs from the spot market in 2018

!  Uranium Trading Corp to sequester another 2 Mlbs U3O8 from the spot market

!  Financial players emerging as source of buying as happened in 2005/6/7

Cumula5ve Supply Cuts 2016 -‐ 2020

Market Moving into Undersupply


Supply/Demand Balance


drilling high grade uranium in canada’s athabasca basin€¦ · drilling high grade uranium in...

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