Energy Co. Intersects 15.4% Uranium 500 Meters East of Hurricane Deposit

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1. Ownership and Share Structure Information

Ownership percentages, named holders, share count, market capitalization, and the 52-week range for IsoEnergy were compiled from company public filings and investor materials, exchange notices, insider-trade reports (SEDI / equivalent), and third-party data providers. Figures are as of 2026-11-09 unless a source was dated earlier. Pie slices are normalized to 100% of basic shares outstanding; retail is the residual after disclosed institutions, management, insiders, and strategic holders. Warrant terms are current outstanding series only. Restructures are historical consolidations, splits, and symbol or name changes. Insider buying and selling covers open-market trades from the prior six months through 2026-11-09 and excludes option exercises. These are public-source estimates and can differ from a later official register.

IsoEnergy Ltd. (ISO:TSX; ISOU:NYSEAMERICAN) reported high-grade uranium assay results on November 5, 2026, from its 2026 summer exploration drilling program at the Larocque East project in Saskatchewan's eastern Athabasca Basin.

Results included an intercept of 15.4% U₃O₈ (triuranium octoxide) over 0.5 m (meters) in a drill hole approximately 500 m east of the existing Hurricane deposit. The assays confirmed previously reported radiometric results and identified additional high-grade mineralization both within the deposit's southern portion and along its eastern extension.

Key Investor Takeaways

Summer Drilling Assays

Results from IsoEnergy's completed 2026 summer exploration program at Larocque East confirmed high-grade uranium mineralization both within the southern portion of the existing Hurricane deposit and along strike to the east. The company reported mineralization in 18 of 26 summer drill holes across 550 m of strike on the Hurricane South Trend. The chemical assays also substantiated previously reported RS-125 spectrometer readings released in September 2026, according to the November 5 announcement. The company cautioned that reported drill-hole intervals do not represent true thicknesses, which have yet to be determined.

The most significant step-out result came from drill hole LE26-254, which intersected 4.17% U₃O₈ over 2.0 m, including 5.44% over 1.5 m and 15.4% over 0.5 m. The hole targeted the eastern L fault zone approximately 500 m beyond the existing Hurricane deposit footprint. Another hole, LE26-250, returned 3.86% U₃O₈ over 3.5 m, including 5.24% over 2.5 m and 13.8% over 0.5 m. This intersection was located 75 m east of LE26-248, which previously returned 4.21% U₃O₈ over 3.5 m, including 11.6% over 1.0 m. Additional mineralization was identified along the K fault zone, where LE26-260 intersected 1.03% U₃O₈ over 2.0 m, including 1.88% over 0.5 m. The hole was located approximately 45 m east of the existing deposit.

Within Hurricane's southern portion, LE26-273 returned 3.53% U₃O₈ over 3.0 m, including 5.02% over 2.0 m and 10.8% over 0.5 m. IsoEnergy said this intersection improved on uranium grades modeled for the southernmost portion of the deposit in its 2022 resource estimate. The result was located 11 m west of winter drill hole LE26-248, providing additional information about mineralization in this area.

Dan Brisbin, VP Geology at IsoEnergy, said the summer assays confirmed previously released radiometric results. He also noted that the LE26-248 and LE26-273 intersections improved on grades modeled in the 2022 resource estimate. Regarding the eastern extension, Brisbin said the 15.4% U₃O₈ result in LE26-254 highlighted the potential of the sparsely tested L fault zone projection, which the company is proposing to investigate further in 2027.

Hurricane Deposit and Project Infrastructure

The Larocque East project hosts the Hurricane deposit, which has a current mineral resource of:

The project is located approximately 40 km (kilometers) northwest of the McClean Lake mill and features relatively shallow mineralization at approximately 325 m depth. It is situated along the Larocque Trend, a regional geological structure that also hosts other notable high-grade uranium occurrences, including those associated with Cameco and Orano's Dawn Lake joint venture.

According to the company's November 5 announcement, the latest drilling identified mineralization beyond the existing Hurricane footprint along both the L and K fault zones. The results also identified higher-grade mineralization within a previously interpreted low-grade shell in the deposit's southern portion.

Uranium On the Rise

Uranium prices continued to reflect supply and demand conditions in the nuclear fuel market. According to Cameco Corp.'s (CCO:TSX; CCJ:NYSE) uranium price data, the October 30, 2026 spot-price indicator was US$91.55 per pound (lb) U₃O₈, while the long-term price indicator reached US$98/lb. These figures compared with December 2025 indicators of US$81.55/lb and US$86.50/lb, respectively.

The World Nuclear Association's October 2026 uranium market analysis reported that approximately 440 reactors, with combined capacity of about 405 gigawatts electric (GWe), require approximately 81,000 tonnes of uranium oxide concentrate annually.

Andrew Wong of RBC Capital reiterated a "Buy" rating and lowered the price target from CA$25 to CA$20. 

Uranium mine production supplied approximately 90% of utility requirements in 2024, with the balance coming from secondary sources, including inventories and recycled material.

The association also noted that most uranium transactions occur through longer-term contracts, generally spanning three to 15 years, rather than the spot market.

Longer-term demand projections also point to the need for additional uranium production. The OECD Nuclear Energy Agency and International Atomic Energy Agency's 2026 Red Book reported that, as of January 1, 2025, 418 commercial nuclear reactors were operating worldwide, with combined capacity of 378 GWe and annual uranium requirements of approximately 64,500 tonnes. Depending on nuclear capacity growth, the report projected annual requirements could reach between 84,800 and 143,900 tonnes by 2050. It also emphasized that converting identified uranium resources into production will require sustained investment, given typical uranium mine-development lead times of 15 to 20 years.

Financial and Corporate Updates

IsoEnergy reported Q3 2026 net income of approximately CA$6.5 million, compared with CA$287,876 in the same period of 2025. However, the result was primarily driven by a CA$24.5 million gain recognized from the August 2026 transaction involving the company's Utah assets and DISA Uranium. The gain was partially offset by a CA$10.0 million deferred income tax expense, according to the company's November 4, 2026 Management's Discussion and Analysis filed with the U.S. Securities and Exchange Commission.

For the nine months ended September 30, 2026, IsoEnergy reported a net loss of approximately CA$1.69 million, compared with net income of CA$3.51 million in the corresponding 2025 period. At the time, IsoEnergy had approximately CA$56.8 million in cash and cash equivalents and CA$95.5 million in adjusted working capital.

The company also announced two management appointments on October 13, 2026, naming Nathan Bridge as VP Exploration and moving Dan Brisbin from VP Exploration into the newly created role of VP Geology. Bridge previously served as VP Exploration at CanAlaska Uranium Ltd. (CVV:TSX.V; CVVUF:OTCMKTS; DH7:FSE) and held exploration management positions at Cameco. Brisbin will provide senior technical oversight across IsoEnergy's projects and lead global project generation and technical evaluation of new growth opportunities.

Analysts Reiterate 'Buy' Ratings on Company

Recent analyst coverage of the company, according to TipRanks, includes:

• On November 9, 2026, Andrew Wong of RBC Capital reiterated a "Buy" rating and lowered the price target from CA$25 to CA$20. 
• On November 6, 2026, Ralph Profiti of Stifel Nicolaus reiterated a "Buy" rating and a CA$27 price target.

Project Update and Next Steps

The 2026 summer program focused on the J, K, and L fault structures along the Hurricane South Trend. The latest assays provide additional evidence of uranium mineralization along the eastern extension of the L fault zone, including the high-grade intersection approximately 500 m beyond the existing deposit footprint.

IsoEnergy is proposing additional drilling in 2027 to investigate the sparsely tested eastern projection of the L fault zone. The company plans to incorporate geological and geophysical information gathered during the 2026 program into its interpretation of the structure and selection of future exploration targets, as outlined in its November 5 drilling announcement.

The results also provide additional information about the southern portion of Hurricane, where several intersections returned grades above those modeled in the 2022 resource estimate. Further drilling and geological interpretation will help determine the continuity and extent of mineralization in these areas.

Common Questions from Investors

What did IsoEnergy's November 2026 drilling results show?

The company confirmed uranium mineralization in 18 of 26 summer drill holes across 550 m of strike along the Hurricane South Trend. The strongest reported intersection was 15.4% U₃O₈ over 0.5 m in drill hole LE26-254, approximately 500 m east of the Hurricane deposit.

Where is the Larocque East project located?

Larocque East is located in Saskatchewan's eastern Athabasca Basin, approximately 40 km northwest of the McClean Lake mill.

What is the current mineral resource at Hurricane?

The deposit hosts an indicated resource of 48.6 Mlb U₃O₈ grading 34.5% and an inferred resource of 2.7 Mlb grading 2.2%.

What are the L and K fault zones?

The L and K fault zones are geological structures targeted by IsoEnergy's exploration drilling along the Hurricane South Trend. The company has identified uranium mineralization along both structures, including step-out intersections east of the existing deposit.

What comes next for IsoEnergy?

The company is proposing additional 2027 drilling to investigate the eastern projection of the L fault zone. It will also incorporate information from its 2026 exploration program into its geological interpretation and future exploration targets.

How do the November drilling results fit into IsoEnergy's strategy?

The results provide evidence of mineralization extending beyond Hurricane's existing footprint while also identifying higher-grade intersections within its southern portion. These findings support continued exploration of the Larocque East project and could help guide future resource expansion efforts.