#Canada #Toronto #IsoEnergy #Purepoint #Uranium

IsoEnergy and Purepoint Uranium Form Joint Venture

IsoEnergy Ltd. and Purepoint Uranium Group Inc. proudly announce the successful formation of their joint venture, a strategic collaboration that consolidates 10 uranium exploration projects covering over 98,000 hectares in the eastern Athabasca Basin of Saskatchewan. This joint venture positions both companies to leverage their complementary strengths to unlock the potential of high-grade uranium assets in one of the world’s leading uranium-producing regions.

The new ownership structure allocates 60% to IsoEnergy and 40% to Purepoint, with the prospect of adjusting to an equitable 50/50 split via a put/call option mechanism. This feature allows IsoEnergy to transfer 10% of its stake to Purepoint in return for 4 million common shares. The put/call option will remain valid for six months following the establishment of the joint venture, promoting an adaptable and collaborative investment approach.

Within this joint venture, the combination of properties along the Larocque Trend, which is recognized for yielding significant uranium discoveries such as the renowned Hurricane Deposit, promises a robust exploration platform. Purepoint is designated to oversee operations during the exploration phase, while IsoEnergy will take the reins as prospects mature toward the development stages. Both companies anticipate launching work programs across their portfolio imminently.

IsoEnergy's CEO, Philip Williams, commented on the partnership, highlighting the dual focus on advancing key uranium projects while concentrating on IsoEnergy's core assets. "Partnering with Purepoint, which has extensive operational expertise in the Athabasca Basin, will ensure that these projects receive the focused attention and resources required to realize their full potential," he emphasized.

Chris Frostad, President and CEO of Purepoint, echoed this sentiment by stating, "Aligning ourselves with top industry players in the uranium sector confirms the value of our ventures, ensuring our most promising projects benefit from sustainable funding. This partnership strengthens our commitment to advance responsibly and effectively."

The joint venture signifies a significant stride forward for both companies, enabling them to drive progress in the uranium sector through shared expertise and resources. The partnership aligns with the growing demand for uranium, driven by the increasing importance of cleaner energy sources and nuclear power in the global energy mix. Additionally, both companies are equipped with a portfolio of uranium assets at various development stages, positioning them favorably amidst the rising prices of uranium.

In terms of shareholding, prior to the joint venture's establishment, IsoEnergy held 3,333,334 PTU Shares and the same amount in PTU Warrants, which represented approximately 5.81% and 10.98% of Purepoint's total shares respectively, on a non-diluted and partially diluted basis. Following the formation of the joint venture, IsoEnergy's stakes will rise to 7,333,334 PTU Shares, translating to around 11.94% non-diluted and 16.48% partially diluted ownership, assuming the anticipated exercise of the put/call option.

It's worth noting that while IsoEnergy currently lacks defined plans concerning these additional Purepoint securities, future acquisition or divestiture of holdings may be considered based on evolving market dynamics and other relevant factors.

In summary, the establishment of this joint venture between IsoEnergy and Purepoint Uranium represents a powerful collaboration aimed at capitalizing on the extensive uranium resources available in the Athabasca Basin. As work programs set to begin swiftly, the energy sector will watch closely as these two entities navigate the unfolding opportunities in uranium exploration.

About IsoEnergy Ltd.

IsoEnergy stands as a forefront player in the uranium industry, fully engaged in developing and advancing mineral resources within key mining jurisdictions across Canada, the U.S., and Australia. The company is particularly focused on the Larocque East project in Saskatchewan's Athabasca Basin, home to exceptional uranium deposits, while maintaining a portfolio of previously operational uranium and vanadium mines in Utah.

About Purepoint Uranium Group Inc.

Purepoint Uranium is a dedicated exploration company committed to advancing projects within the Athabasca Basin. The company actively collaborates with leaders in the industry, ensuring robust support and funding for the most promising uranium assets, thereby solidifying its reputation in one of the globe's most crucial uranium districts.