Initially, innovative seismic data acquisition techniques are planned to be trialed to map the location of the critical sandstone channels at both the regional and mine scales. IsoEnergy will acquire nearly 8 kilometers of new seismic data across four properties. Although these sandstone channels are discreet in comparison to the other sedimentary units within the Colorado Plateau, seismic reflection is expected to detect the scour horizons at the base of the channels and indicate the most permeable areas.

If the framework of the sandstone channels can be identified through an interpretation of the data collected during the seismic survey, a significant reduction in the expenditure of surface exploration drilling will be realized. To further narrow down the surface drilling targets within the sandstone channels, IsoEnergy expects to trial multiple electric geophysical surface survey methods. These will include EM and IP surveys over areas of known uranium mineralization.

The goal of these survey methods is to identify, along the margins of the extensive sandstone channels, areas that are relatively richer in carbonaceous matter and or disseminated sulfides. Superimposing these electrical surface surveys on the channels identified by the seismic work, is expected to provide the ultimate filtering of areas and facilitate a more surgical use of surface drilling, potentially shortening the time and cost to make a discovery. Additionally, the above geophysical work is anticipated to be complemented by an extensive sedimentological study of each project area to elucidate the local geological framework of the deposits.

This work will begin on the surface by identifying the local trends of paleo deposition of the host units and assist in planning the initial geophysical surface surveys. At the Tony M Mine, this work will continue into the existing underground workings (over 18 miles of existing infrastructure). All the accessible areas will be mapped in detail and sampled for uranium and vanadium content.

This is expected to provide much needed clarification for the local controls of mineralization at the Tony M mine and provide IsoEnergy with an advanced knowledge of geological ore controls that will benefit mine planning and grade control when mining resumes. The Company believes this will derisk the initial mining operations and help maintain the desired grade of production. The combination of identifying the sandstone channel conduits with the seismic data, locating the areas of favourable for accumulation of reductants with electric surface surveys, and applying the site-specific sedimentological framework is expected to further delineate drilling targets without the need for the traditional pattern drilling technique.

The successful application of these techniques could significantly reduce the cost and environmental impact of uranium and vanadium exploration and development of future projects in the Colorado Plateau. This initial work program is expected to be completed by late summer 2024, including the interpretation of the new geophysical acquisition techniques. Using these results, IsoEnergy plans to develop precise surface drilling targets that have been derived from this work program.