NOT FOR DISTIRBUTION TO UNITED STATES NEWSWIRE SERVCES OR DISSEMINATION IN THE UNITED STATES

Vancouver, BC, December 2, 2020 – IsoEnergy Ltd. (TSX.V: ISO) (“IsoEnergy” or the “Company”) is pleased to announce that the Company has entered into an agreement with Haywood Securities Inc. (the “Underwriter”) for a bought deal private placement financing (the “Offering”) wherein the Underwriter has agreed to purchase 2,027,027 flow-through common shares of the company (the “FT Shares”) at a price of C$1.48 per FT Share for aggregate gross proceeds of C$3,000,000. The FT Shares will qualify as “flow-through shares” as defined in the Income Tax Act (Canada).

In addition, the Company has granted the Underwriter an option (the “Underwriter’s Option”) to purchase up to an additional number of FT Shares (the “Additional FT Shares”) equal to 15% of the FT Shares sold pursuant to the Offering, at a price per Additional FT Share equal to the Issue Price, by providing notice to the Company at any time up to 48 hours prior to the Closing Date (as defined herein).

The gross proceeds received by the Company from the sale of the FT Shares will be used to incur Canadian exploration expenses that are “flow-through mining expenditures” (as such terms are defined in the Income Tax Act (Canada)) on the Company’s properties in Saskatchewan (the “Qualifying Expenditures”). The Qualifying Expenditures will be renounced to the subscribers with an effective date no later than December 31, 2020, in the aggregate amount of not less than the total amount of the gross proceeds raised from the issue of FT Shares.

The closing of the Offering is anticipated to occur on or about December 22, 2020 (the “Closing Date”) and is subject to certain conditions including, but not limited to, the receipt of all necessary regulatory approvals, including the acceptance of the TSX Venture Exchange.

The FT Shares will be offered by way of a private placement pursuant to exemptions from the prospectus requirements to residents of all of the provinces of Canada and such other jurisdictions as may be agreed to by the Company and the Underwriter.

All securities issued under the Offering will be subject to a statutory hold period in Canada expiring four months and one day from the date of issuance.

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

About IsoEnergy

IsoEnergy is a well-funded uranium exploration and development company with a portfolio of prospective projects in the eastern Athabasca Basin in Saskatchewan, Canada. The Company recently discovered the high-grade Hurricane Zone of uranium mineralization on its 100% owned Larocque East property in the Eastern Athabasca Basin. IsoEnergy is led by a Board and Management team with a track record of success in uranium exploration, development and operations. The Company was founded and is supported by the team at its major shareholder, NexGen Energy Ltd.

Craig Parry
Chief Executive Officer
IsoEnergy Ltd.
+1 778 379 3211
cparry@isoenergy.ca
www.isoenergy.ca

Investor Relations
Kin Communications
+1 604 684 6730
iso@kincommunications.com
www.isoenergy.ca

Neither the TSX Venture Exchange nor its Regulations Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward-Looking Information

This news release contains forward-looking information, which involves known and unknown risks, uncertainties and other factors that may cause actual events to differ materially from current expectation. Important factors - including the availability of funds, the results of financing efforts, the completion of due diligence and the results of exploration activities - that could cause actual results to differ materially from the Company's expectations are disclosed in the Company's documents filed from time to time on SEDAR (see www.sedar.com). Forward-looking statements in this news release include, but are not limited to, statements regarding completion of the Offering, the anticipated Closing Date and the use of proceeds from the Offering. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this news release. The Company disclaims any intention or obligation, except to the extent required by law, to update or revise any forward-looking statements, whether as a result of new information, events or otherwise.