Board of Directors

Vancouver, BC, November 5, 2020 – IsoEnergy Ltd. (“IsoEnergy” or the “Company”) (TSXV: ISO; OTCQX: ISENF) is pleased to report new intersections of strong radioactivity from the now completed summer drilling program at the Hurricane zone, which has successfully expanded the mineralized footprint to the south. The Hurricane zone is a recent discovery of high-grade uranium mineralization on the Company’s 100% owned Larocque East property (the “Property”) in the Eastern Athabasca Basin of Saskatchewan (Figure 1).

Highlights:

• South Extension drill hole LE20-76 intersected 7.5m of uranium mineralization (>500 CPS), including 3.5m of continuous off-scale mineralization (>65,000 CPS) – see Figure 2
• Most southerly drilled hole LE20-77 intersected 8.0m of uranium mineralization (>500 CPS), including 1.0m of mineralization (>10,000 CPS)
• Assays pending for 11 mineralized drill holes, which are anticipated to be released over the next 4 weeks
• Planning is underway for a winter (Jan-Mar) 2021 drilling program
• Company is well funded with $11.8M in the treasury

Note: Radioactivity is total gamma counts per second (CPS) from drill core measured with an RS-125 hand-held spectrometer (RS-125).

Craig Parry, Chief Executive Officer commented: “With the completion of our summer drilling program, we have satisfied our main objective with outstanding results and expanded the zone of intense mineralization at Hurricane to the south. We’ve more than doubled its width on 3 of 4 sections, which is material with respect to resource estimations. This is a tremendous outcome for the Company, and I’d like to acknowledge the great work of our Technical team and exploration contractors.”

Steve Blower, Vice President of Exploration commented: “With 3.5m of off-scale radioactivity, I’m looking forward to the receipt of assays from drill hole LE20-76. I’m also very encouraged that the southernmost drill hole completed by IsoEnergy to date, LE20-77, with 8.0m of uranium mineralization including 1.0 m greater than 10,000 cps, suggests the zone has potential to grow to the south. This will undoubtedly be a high priority focus in the 2021 winter drilling program.”

Summer Drilling Summary

The summer drilling program was expanded to 24 holes and focused on extending the high-grade western side of the zone and evaluated additional targets on the eastern side of the zone (Figure 3). Expansion of the high-grade footprint to the south was highly successful with the Company reporting some of the best intersections to date including:

• LE20-64: 5.0m @ 48.8% U₃0₈ including 4.0m @ 57.5% U₃0₈
• LE20-62: 4.5m @ 6.2% U₃0₈ including 2.5m @ 11.1% U₃0₈
• LE20-57: 10.0m @ 11.7% U₃0₈ including 2.5m @ 46.0% U₃0₈
• LE20-54: 9.0m @ 12.8% U₃0₈ and 3.9% Ni including 4.0m @ 27.1% U₃0₈ and 5.2% Ni

Assay results for 11 of the 24 drill holes have already been released and the remaining assays (11 mineralized drill holes) are expected to be released over the next 4 weeks. The Company anticipates that a winter drilling program will commence in early 2021.

LE20-76 (Section 4435E)

Designed to infill a 17m gap on section 4435E between drill holes LE20-64 and LE20-62, drill hole LE20-76 intersected an upper 6.5m long interval of weak sandstone hosted uranium mineralization (>500 CPS) from 312.5 to 319.0m. It then intersected a lower 7.5m interval of intense uranium mineralization that straddles the sub-Athabasca unconformity from 322.5 to 330.0m. This intensely mineralized interval includes 3.5m of continuous off-scale mineralization from 324.0 to 327.5m. Figure 2 is a core photo of the mineralization. Figures 3 and 4 show the location of the drill hole in plan and section view, respectively.

LE20-77 (Section 4460E)

Drill hole LE20-77 is IsoEnergy’s most southerly drill hole completed to date at the Hurricane zone (Figures 3 and 5). It intersected 8.0m of uranium mineralization (>500CPS) at the sub-Athabasca unconformity from 322.5 to 330.5m. The intersection includes two subintervals of more intense mineralization. The first subinterval is 2.5m >5,000CPS from 324.0 to 326.5m, and the second is 1.0m >10,000CPS from 329.0 to 330.0m.

Other Drill Holes

Drill hole LE20-74 intersected a 5.0m interval of weak uranium mineralization (>500CPS) on section 4460E. The other two drill holes, LE20-73 and 75A, were completed on the south side of section 4510E. LE20-73A intersected 5.5m of weak uranium mineralization (>500CPS), while LE20-75A was not significantly mineralized.

Next Steps

The summer drilling program is now complete. All remaining samples have been shipped to the analytical laboratory in Saskatoon. Chemical assay results will continue to be received periodically, with the final batches expected in 3-4 weeks. Budgets and plans for 2021 activities at Larocque East are being finalized and will be announced in due course.

The Larocque East Property and the Hurricane Zone

The 100% owned Larocque East property consists of 31 mineral claims totaling 15,878ha that are not encumbered by any royalties or other interests. Larocque East is immediately adjacent to the north end of IsoEnergy’s Geiger property and is 35km northwest of Orano Canada’s McClean Lake uranium mine and mill.

Along with other target areas, the Property covers a 15-kilometre-long northeast extension of the Larocque Lake conductor system; a trend of graphitic metasedimentary basement rocks that is associated with significant uranium mineralization at the Hurricane zone, and in several occurrences on Cameco Corp. and Orano Canada Inc.’s neighbouring property to the southwest of Larocque East. The Hurricane zone was discovered in July 2018 and was followed up with 29 drill holes in 2019 and an additional 48 drill holes in 2020. Dimensions are currently 575m along-strike, up to 75m wide, and up to 11m thick. The zone is open for expansion along-strike to the east and to the north and south on some sections. Mineralization is polymetallic and commonly straddles the sub-Athabasca unconformity 320 m below surface. The best intersection to date is 33.9% U₃O₈ over 8.5m in drill hole LE20-34. Drilling at Cameco Corp.’s Larocque Lake zone on the neighbouring property to the southwest has returned historical intersections of up to 29.9% U₃O₈ over 7.0m in drill hole Q22-040. Like the nearby Geiger property, Larocque East is located adjacent to the Wollaston-Mudjatik transition zone - a major crustal suture related to most of the uranium deposits in the eastern Athabasca Basin. Importantly, the sandstone cover on the Property is thin, ranging between 140m and 330m in previous drilling.

Table 1 – Summer 2020 Drilling Program Results

Notes:

1. Radioactivity is total gamma from drill core measured with an RS-125 hand-held spectrometer
2. Measurements of total gamma on drill core are an indication of uranium content, but may not correlate with chemical assays
3. Radioactivity and chemical assays previously disclosed
4. Radioactivity previously disclosed
5. Off-scale radioactivity is defined as exceeding 65,536 cps, the maximum measurable by an RS-125 spectrometer
6. LE20-58C1 is a wedged off-cut from LE20-58 at 200m

Figure 1 – Larocque East Property Map

Figure 2 – Core Photo of Mineralization in Drill Hole LE20-76

Figure 3 – Hurricane Zone Drill Hole Location Map

Figure 4 – Vertical Cross-Section 4435E (Drill Hole LE20-76)

Figure 5 – Vertical Cross-Section 4460E (Drill Hole LE20-77)

Qualified Person Statement

The scientific and technical information contained in this news release was prepared by Andy Carmichael, P.Geo., IsoEnergy’s Senior Geologist, who is a “Qualified Person” (as defined in NI 43-101 – Standards of Disclosure for Mineral Projects). Mr. Carmichael has verified the data disclosed. All radioactivity measurements reported herein are total gamma from an RS-125 hand-held spectrometer. As mineralized drill holes at the Hurricane zone are oriented very steeply (-70 to -90 degrees) into a zone of mineralization that is interpreted to be horizontal, the true thickness of the intersections is expected to be greater than or equal to 90% of the core lengths. This news release refers to properties other than those in which the Company has an interest. Mineralization on those other properties is not necessarily indicative of mineralization on the Company’s properties. All chemical analyses are completed for the Company by SRC Geoanalytical Laboratories in Saskatoon, SK. For additional information regarding the Company’s Larocque East Project, including its quality assurance and quality control procedures, please see the Technical Report dated effective May 15, 2019, on the Company’s profile at www.sedar.com.

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

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Forward-Looking Information

The information contained herein contains “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and “forward-looking information” within the meaning of applicable Canadian securities legislation. “Forward-looking information” includes, but is not limited to, statements with respect to the activities, events or developments that the Company expects or anticipates will or may occur in the future, including, without limitation, planned exploration activities. Generally, but not always, forward-looking information and statements can be identified by the use of words such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or “believes” or the negative connotation thereof or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved” or the negative connotation thereof.

Such forward-looking information and statements are based on numerous assumptions, including among others, that the results of planned exploration activities are as anticipated, the price of uranium, the anticipated cost of planned exploration activities, that general business and economic conditions will not change in a material adverse manner, that financing will be available if and when needed and on reasonable terms, that third party contractors, equipment and supplies and governmental and other approvals required to conduct the Company’s planned exploration activities will be available on reasonable terms and in a timely manner. Although the assumptions made by the Company in providing forward-looking information or making forward-looking statements are considered reasonable by management at the time, there can be no assurance that such assumptions will prove to be accurate.

Forward-looking information and statements also involve known and unknown risks and uncertainties and other factors, which may cause actual events or results in future periods to differ materially from any projections of future events or results expressed or implied by such forward-looking information or statements, including, among others: negative operating cash flow and dependence on third party financing, uncertainty of additional financing, no known mineral reserves or resources, the limited operating history of the Company, the influence of a large shareholder,  alternative sources of energy and uranium prices, aboriginal title and consultation issues, reliance on key management and other personnel, actual results of exploration activities being different than anticipated, changes in exploration programs based upon results, availability of third party contractors, availability of equipment and supplies, failure of equipment to operate as anticipated; accidents, effects of weather and other natural phenomena and other risks associated with the mineral exploration industry, environmental risks, changes in laws and regulations, community relations and delays in obtaining governmental or other approvals.

Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in the forward-looking information or implied by forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking information and statements will prove to be accurate, as actual results and future events could differ materially from those anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking statements or information. The Company undertakes no obligation to update or reissue forward-looking information as a result of new information or events except as required by applicable securities laws