IsoEnergy and DISA to Form DISA Uranium, Advancing U.S. Uranium Recovery and Processing Platform

IsoEnergy Ltd. and DISA Technologies, Inc. have entered into a definitive agreement to jointly establish DISA Uranium™ Corporation, building a technology-driven U.S. uranium production, processing, and remediation platform. The platform will combine conventional uranium mining assets, uranium recovery operations, and DISA's proprietary High-Pressure Slurry Ablation processing technology (HPSA™) to serve U.S. domestic nuclear fuel supply needs.

Under the agreement, IsoEnergy will transfer its portfolio of licensed and previously producing uranium mine projects located in Utah, U.S., to DISA Uranium, including the Tony M Mine, Daneros Mine, Rim Mine, Sage Plain Project, and Flatiron Project. In consideration, IsoEnergy will receive common shares of DISA Uranium. Upon completion of the transaction, IsoEnergy is expected to hold approximately 33% of DISA Uranium on a fully diluted basis and become its largest single shareholder.

Concurrent with the transaction, DISA Uranium has secured US$105 million in private placement financing commitments from investors including multiple institutions in the mining, energy, and technology sectors. IsoEnergy has also agreed to participate in the financing with an investment of US$33 million. The proceeds are expected to be used to advance conventional uranium mine development, support remediation and recovery projects, build U.S. domestic uranium beneficiation infrastructure, and provide funding for the company's future growth. Based on the financing commitments received, DISA Uranium implies a pro forma fully diluted equity value of approximately US$505 million.

DISA Uranium plans to combine Utah conventional uranium mining assets with HPSA™ technology. This technology is a modular mineral liberation process that induces inter-particle collisions through high-velocity slurry flow, causing materials to fracture along natural mineral grain boundaries, thereby separating and concentrating target minerals from the host material. Unlike conventional processing methods that rely on grinding media and chemical reagents, HPSA™ primarily upgrades feed material through mechanical means, reducing downstream transportation and processing volumes.

According to available data, preliminary testing on mineralized material from IsoEnergy's Tony M Mine indicates that HPSA™ has the potential to reduce the volume of material requiring processing to approximately 22% of the original volume while recovering approximately 88% of the uranium; the related testing also indicates that the technology may increase grade by approximately 4 times and reduce transported material volume by approximately 78%.

In addition to conventional mine development, DISA Uranium will also conduct abandoned uranium mine remediation and resource recovery operations. The company holds a source material license issued by the U.S. Nuclear Regulatory Commission (NRC), permitting the recovery of uranium from legacy waste at multiple mine sites. The company stated that this license and technology combination will be used to address legacy materials at abandoned uranium mine sites in the western United States, recovering uranium and other valuable minerals while remediating historical environmental issues.

Upon completion of the transaction, DISA Uranium's management team will be led by Grayson Buckingham, CEO and co-founder of DISA. IsoEnergy's Utah-based operations team will also transfer to DISA Uranium along with the associated mineral portfolio to maintain operational continuity for the Utah projects, particularly in advancing the restart of the Tony M Mine.

Prior to completion of the transaction, DISA will spin off its non-uranium and vanadium mineral processing business, which will continue to operate as an independent company, DISA Tech, Inc. The transaction and financing remain subject to the completion of the spin-off, completion of the financing, receipt of necessary regulatory approvals, and other customary closing conditions, and are expected to close in August 2026.