Wiluna

Overview

Highlights

• The Wiluna Project is a 100%-owned uranium-vanadium project located approximately 30 km south of Wiluna in Western Australia's Northern Goldfields and comprises the Lake Maitland, Lake Way, and Centipede-Millipede deposits.
• The Wiluna Project hosts Historical Mineral Resources of 73.6 million pounds U₃O₈, including 69.1 million pounds U₃O₈ in the Measured and Indicated categories and 4.5 million pounds U₃O₈ in the Inferred category.
• The Lake Maitland deposit is the subject of a Scoping Study that demonstrated the potential viability of a standalone uranium-vanadium development project.
•  The Project also contains a significant vanadium inventory, with 89.3 million pounds V₂O₅ defined within the Wiluna Project Mineral Resource Estimate.

Historical Mineral Resources for Wiluna Uranium Project at 100ppm U₃O₈ cutoffs (Sept 24, 2024):

1. This estimate is a “historical estimate” as defined under NI 43-101. A Qualified Person has not done sufficient work to classify the historical estimate as current mineral resources and IsoEnergy is treating the historical estimate as current mineral resources.

Reported by Toro Energy in an ASX announcement entitled “Significant Expansion of Stated Resources at Lake Maitland and the Wiluna Uranium Project,” dated September 24, 2025.

As disclosed in the above-noted ASX announcements, the Mineral Resource Estimate was prepared by the Competent Persons in accordance with the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code 2012). The estimate incorporates the Centipede-Millipede, Lake Way, Lake Maitland, Dawson Hinkler and Nowthanna deposits and is based on work completed by Dr. Greg Shirtliff and Mr. Daniel Guibal of Condor Geostat Services Pty Ltd. Mr. Guibal was responsible for the Mineral Resource Estimate and Dr. Shirtliff was responsible for the integrity of the data supplied for the estimation. The Mineral Resource Estimate has not been updated since it was last reported, and IsoEnergy is not aware of any new information or data that materially affects the estimate. All material assumptions and technical parameters underpinning the estimate continue to apply and have not materially changed. An updated Mineral Resource Estimate incorporating additional drilling and any subsequent technical work would be required to verify the historical estimate as a current mineral resource.

Geology

The Wiluna Project comprises the Lake Maitland, Centipede-Millipede and Lake Way uranium deposits located in Western Australia's Northern Goldfields. These are calcrete uranium deposits and are characterized by near-surface, relatively flat-lying and continuous mineralization that supports open pit mining methods.

The Project has been the subject of extensive resource estimation, metallurgical testing, pilot plant design and development studies. Ongoing technical work has evaluated opportunities to optimize future development through the potential integration of resources from the Lake Maitland, Centipede-Millipede and Lake Way deposits.

Exploration Potential

The Wiluna Uranium Project has benefited from extensive technical work, including resource definition drilling, metallurgical studies, pilot plant design and development planning across the Lake Maitland, Lake Way, Centipede-Millipede and Dawson Hinkler deposits.

A Mineral Resource Estimate completed by Toro Energy expanded the Wiluna Project inventory to 73.6 million pounds U₃O₈ and 89.3 million pounds V?O?, while the Dawson Hinkler deposit increased by 115% to 20.3 million pounds U₃O₈. Additional work evaluated opportunities to integrate multiple deposits into a broader development scenario and optimize future production pathways.

Following its acquisition of Toro Energy, IsoEnergy is advancing work on an updated Mineral Resource Estimate for the Wiluna Uranium Project as it evaluates the potential to further enhance and consolidate the project's resource base.