IsoEnergy Boosts Uranium Resources by 140% with Toro Acquisition

Strategic Acquisition in a Rising Uranium Market

IsoEnergy Ltd. has announced its agreement to acquire Toro Energy Ltd. in a transformative deal that will significantly expand its uranium resource base and geographic footprint. The acquisition, structured as a scheme of arrangement under Australian law, brings Toro’s flagship Wiluna Uranium Project in Western Australia into IsoEnergy’s portfolio, complementing its existing assets across Canada and the United States.

The combined entity will boast a pro forma mineral resource estimate exceeding 133 million pounds of measured and indicated uranium, a more than 140% increase from IsoEnergy’s standalone resources. This scale positions the merged company as a formidable player in the uranium sector, with diversified exposure across some of the world’s most favorable mining jurisdictions.

Flagship Projects and Geographic Diversification

Wiluna, located in Western Australia’s northern goldfields, is one of the largest undeveloped uranium resources in Australia and will become IsoEnergy’s flagship Australian project. The project benefits from shallow open-pit deposits, established infrastructure, and a scoping study indicating potential standalone viability. This acquisition aligns with Australia’s status as a top uranium resource holder and producer, supported by robust mining institutions and infrastructure.

IsoEnergy’s existing portfolio includes the ultra-high-grade Hurricane deposit in Canada’s Athabasca Basin, renowned for its exceptional uranium grades, and the Tony M mine in Utah, USA, which offers near-term production potential with ongoing technical and economic evaluations underway. The merger also adds other significant deposits such as Centipede-Millipede, Lake Way, and Lake Maitland, further broadening the resource base.

Financial Terms and Shareholder Benefits

The transaction values Toro Energy at approximately C$68.1 million on a fully diluted in-the-money basis, representing a premium of nearly 80% to Toro’s recent closing share price. Toro shareholders will receive 0.036 IsoEnergy shares for each Toro share held, resulting in a post-merger ownership split of roughly 93% for IsoEnergy shareholders and 7% for Toro shareholders.

The deal has received unanimous recommendation from Toro’s independent board committee and is supported by major shareholders, including Mega Uranium Ltd., which holds over 12% of Toro’s shares. Completion is anticipated in the first half of 2026, subject to customary regulatory, court, and shareholder approvals, including clearance from the Australian Foreign Investment Review Board.

Positioning for Growth Amid Market Momentum

The uranium market outlook is robust, with the World Nuclear Association projecting a 30% increase in uranium demand by 2030 and more than doubling by 2040, driven by global nuclear energy expansion. The combined company’s strengthened resource base and diversified jurisdictional exposure position it well to capitalize on this tightening supply-demand dynamic.

IsoEnergy plans to leverage its enhanced scale to pursue value-accretive growth opportunities, including further exploration, potential production restarts, and strategic M&A. The merger also provides greater access to capital markets, improved liquidity, and increased research coverage, all critical for advancing its portfolio and unlocking shareholder value.

Looking Ahead

With exploration programs underway in the Athabasca Basin and technical studies progressing at the Tony M mine, the merged entity is poised for near-term catalysts. However, the development of Wiluna remains contingent on alignment with Western Australian government policies on uranium mining, underscoring the importance of regulatory developments in the coming months.