On October 12, 2025, IsoEnergy Ltd. and Toro Energy Ltd. have entered into a scheme implementation deed under which IsoEnergy will acquire all issued and outstanding Toro shares by way of a scheme of arrangement under Australia’s Corporations Act 2001, subject to customary conditions. The transaction values Toro at approximately A$75.0 million (C$68.1 million), with Toro shareholders to receive 0.036 IsoEnergy shares for each Toro share held, representing a 79.7% premium to Toro’s last traded price and a 92.2% premium to its 20-day VWAP as at October 10, 2025. Upon completion, IsoEnergy shareholders will own about 92.9% and Toro shareholders 7.1% of the combined entity on a fully diluted in-the-money basis. The acquisition will add Toro’s 100%-owned Wiluna Uranium Project in Western Australia to IsoEnergy’s portfolio, significantly expanding and diversifying its uranium resource base across Canada, the U.S., and Australia. The merged group will hold NI 43-101 and JORC compliant resources, as well as historical resources, establishing a robust, geographically diversified platform positioned to benefit from rising global uranium demand. The scheme is subject to Toro shareholder and court approvals, regulatory clearances, and other conditions, with closing expected in the first half of 2026.

SCP Resource Finance LP is IsoEnergy’s financial advisor, with Cassels Brock & Blackwell LLP, Hamilton Locke, and Paul, Weiss, Rifkind, Wharton & Garrison LLP as legal advisors. Canaccord Genuity advises Toro, with Cardinals Lawyers and Consultants as legal advisor. The break fee is A$700,000 (C$635,000).