IsoEnergy (ISO) — Stock Analysis 2026 [3.2]

Analysis as of 26 October 2026. Price deck: base uranium US$90/lb U₃O₈ — the representative trailing average of the industry month-end price, snapped to the fixed US$60–120/lb grid — with every grid price run as a scenario (deep bear US$60, bear US$75, base US$90, bull US$105, deep bull US$120) and analyst consensus as a 0% cross-check — no spot price. The shares closed at CA$11.79 on the TSX on 26 October 2026; at that price the market-implied uranium deck is ~US$597/lb. Fair value CA$6.46, implied −45.2%. Fundamentals from the Q2 2026 interim statements and MD&A (six months to 30 June 2026). Refreshed on each annual report and on material events. Rating: ★★★ Average / Overvalued (wide band).

IsoEnergy owns Hurricane in Saskatchewan’s Athabasca Basin — 48.6 Mlb of Indicated uranium at 34.5% U₃O₈, the highest grade published for an Indicated resource — together with the Wiluna project in Western Australia, bought with Toro Energy in June 2026, and about a third of DISA Uranium, the company that took its Utah mines in August 2026. The thesis in one line: the grade is exceptional, but only Wiluna carries a current economic study (Coles Hill’s PEA is historical and not current), so at CA$11.79 the market prices Hurricane far above anything the filed study and recent uranium deals support. Why now: the Toro and DISA deals reshaped the portfolio within two months, and the Larocque East PEA, the first study on Hurricane, is due in 2026. To screen IsoEnergy against every listed uranium name on resources, grade and stage, go to Metal Pilot’s uranium mining stock screener.

1. Snapshot & thesis

IsoEnergy Ltd. (TSX: ISO; NYSE American: ISOU since 5 May 2025) is a uranium-sector company reporting in Canadian dollars under IFRS. By archetype it is an advanced explorer, not a developer: it declares no reserves, has no producing asset, and its one economic study is the Wiluna scoping study of May 2025. The portfolio is Larocque East with the Hurricane deposit (100%) and Thorburn Lake (50%) in the Athabasca Basin, the Purepoint joint venture (50%, three eastern Athabasca projects including Dorado), Wiluna in Western Australia (100% through Toro Energy), the historical Coles Hill deposit in Virginia, two Argentine royalties, and a ~33% stake in DISA Uranium, which now holds the former Utah portfolio with the Tony M mine. (Mlb = million pounds U₃O₈; M / I / Inf = measured, indicated, inferred; “historical” = an estimate not current under NI 43-101.)

Figure 1. IsoEnergy in numbers

Figure data: IsoEnergy’s Q2 2026 interim statements and MD&A (cash, loss, resources), the Larocque East technical report (Hurricane) and the Wiluna Updated Scoping Study (AISC); share price per Yahoo Finance (26 October 2026 close) on 65,256,428 basic shares; NAV and fair value per Section 7, rating per Section 9.

Table 1. IsoEnergy in numbers

Source: IsoEnergy’s Q2 2026 interim statements and MD&A (statement of financial position p.2, cash flows p.5, resources p.4, share data p.25), the October 2026 corporate presentation p.15 (diluted count) and the Wiluna Updated Scoping Study Table 1 p.5; share price per Yahoo Finance; NAV, fair value and P/NAV per Section 7. Listed: Public (TSX: ISO; NYSE American: ISOU).

Thesis in brief. Bull: Hurricane is the richest Indicated uranium resource published, in the Athabasca Basin; Wiluna’s scoping study shows A$907.9 million of pre-tax NPV8 at US$85/lb; the DISA stake and C$43.0 million of listed securities back the balance sheet, and there is no bank debt. Bear: there are no reserves and no study on Hurricane; 78.1 Mlb of the 126.7 Mlb valued is a historical JORC estimate; Wiluna’s study is order-of-magnitude and partly on inferred pounds; and the first half of 2026 was funded with C$82.5 million of new shares. What tips it: the Larocque East PEA — until it is filed the model values Hurricane on resource pounds alone. Full rating in Section 9.

How to read this analysis: the statcards and Section 9 give the verdict; Sections 2–6 give the evidence and Section 7 the valuation.

2. Assets & operations

For how uranium is mined, contracted and priced, see the Uranium — A Complete Market Guide. This section spends its words on the company.

2.1 Portfolio overview

Table 2. IsoEnergy asset portfolio, by value

Source: IsoEnergy’s Q2 2026 interim statements Notes 1, 5, 6 and 6a (p.6–9) and MD&A (p.2, p.4); the October 2026 corporate presentation (Wiluna p.11, Coles Hill p.12); the 2025 AIF, Tony M resources p.45; the DISA Uranium closing release of 19 August 2026 p.1. Sorted by base-case value in Section 7. Listed: Public (TSX: ISO) for the parent; every asset is held through private subsidiaries or the DISA stake.

Value is concentrated in two places that are not mines. The ~33% DISA Uranium stake, marked at 33% of the company-basis US$505 million pro forma equity value, is CA$233.7 million of the CA$366.2 million equity NAV in Section 7 — 63.8%. Wiluna’s risked row is CA$64.8 million, the only asset in the NAV on cash flows. Hurricane, the asset the market is paying for, has no plan, so it enters only through enterprise value per resource pound, at 48.6 Mlb.

2.2 Value and resources by asset

IsoEnergy has no revenue — no producing asset, and incidental timber and rental income only — so the two splits below substitute the NAV split and contained uranium by deposit.

Figure 2. NAV per share by component, base case (% of CA$5.36)

Figure data: Section 7, Tables 11–12 — bridge CA$4.41 a share (DISA CA$233.7 m, securities CA$43.0 m, net cash CA$76.9 m, less corporate costs CA$41.9 m), Wiluna CA$0.95 a share.

Figure 3. Uranium resources by deposit (Mlb U3O8, 100%)

Figure data: Table 4 — Coles Hill 132.93 + 30.41 Mlb, Wiluna 78.1 + 27.7 Mlb, Hurricane 48.6 + 2.66 Mlb.

By pounds the portfolio leans to historical estimates: 84.0% of contained uranium is Coles Hill and Wiluna, neither current under NI 43-101. By grade it leans the other way — Hurricane holds a sixth of the pounds at roughly a thousand times Wiluna’s grade.

2.3 Hurricane (Larocque East)

Larocque East sits in the eastern Athabasca Basin of Saskatchewan and is 100% owned and operated by IsoEnergy. The Hurricane deposit carries an Indicated resource of 48.6 Mlb at 34.5% U₃O₈ in 63,800 tonnes at a 0.5% cut-off, of which the high-grade domain is 43.9 Mlb at 52.1% in 38.2 kt, plus 2.66 Mlb Inferred at 2.2% in 54.3 kt (SLR technical report, effective 8 July 2022). There is no economic study: a preliminary economic assessment is planned for 2026 and will incorporate the bulk-sample results, and until it is filed there is no capital estimate, first-production date, ramp or itemised approval list to state. The facts record no royalty or stream on the property. The flow-through commitment of C$23.0 million of Canadian exploration expenses funds the work. The asset risk is size, not grade: 48.6 Mlb in 63,800 tonnes is a small, very rich orebody whose mining method and cost the PEA has yet to show.

2.4 Wiluna (Lake Maitland)

Wiluna in Western Australia came with Toro Energy, acquired by share scheme on 25 June 2026 for total consideration of C$75,278,817. The Lake Maitland Consortium — Japan Australia Uranium Resources Development and Itochu — may acquire 35% of Lake Maitland for US$39.6 million plus its share of qualifying expenditures, and the model treats the option as exercised. Resources are historical JORC estimates: 78.1 Mlb Measured and Indicated at 373 ppm in 95.1 Mt (69.1 Mlb at the Wiluna deposits plus 9.0 Mlb regional; the MD&A quotes the 69.1) and 27.7 Mlb Inferred at 226 ppm, at a 100 ppm cut-off.

Table 3. Wiluna (Lake Maitland) scoping study parameters (100% basis)

Source: Wiluna (Lake Maitland) Updated Scoping Study, Toro Energy ASX release, 28 May 2025, cautionary statement p.1 and Table 1 p.5; Consortium option per IsoEnergy’s Q2 2026 interim statements Note 6a p.8. Listed: Private subsidiary (Toro Energy) of IsoEnergy (TSX: ISO).

Section 7 rebuilds the row after tax at 9%, as the study is pre-tax. No approvals list or development schedule is filed; Section 7 assumes first production four years out — two years to a decision, two to build — and bounds a one-year slip. The one asset risk is Western Australia’s uranium-mining policy, which governs whether Lake Maitland can be built at all.

2.5 Other properties and the DISA stake

DISA Uranium closed on 19 August 2026: IsoEnergy contributed its Utah Portfolio — Tony M, Daneros, Rim, Sage Plain and Flatiron — for 1,677,350 DISA shares and invested US$33 million of a US$105 million placement, leaving it the largest holder with about 33% fully diluted. Tony M, permitted and past-producing, carries 6,606 klb Indicated at 0.28% eU₃O₈ and 2,218 klb Inferred at a 0.14% cut-off struck at US$65/lb; it is now valued inside the stake, not as an asset. Coles Hill in Virginia holds a historical 132.93 Mlb Indicated at 0.056% eU₃O₈ (19 August 2013) under a state moratorium on conventional uranium mining since 1982; IsoEnergy holds it through the wholly owned Virginia Uranium Inc., but as a historical estimate under the moratorium it carries option value only. Thorburn Lake (50%) and the Purepoint joint venture (50%, formed 18 December 2024) are exploration ground. The Laguna Salada 2% and Huemul 1% net smelter royalties in Argentina, and C$43.0 million of listed securities (NexGen, Premier American Uranium, Atha, Future Fuels, Purepoint and Jaguar among them), complete the list.

2.6 Production, reserves & costs

IsoEnergy produces nothing and declares no reserves; the interim statements cite “the lack of known mineral reserves” among their going-concern factors (Note 2). The only unit costs on file are Wiluna’s study figures in Table 3. Resources are split between current NI 43-101 estimates at Hurricane and historical estimates at Wiluna and Coles Hill.

Table 4. Reserves and resources by deposit

Source: IsoEnergy’s Q2 2026 MD&A p.4 and interim statements Note 2 p.6; the Larocque East technical report (SLR, effective 8 July 2022) Table 1-1 p.9; the October 2026 corporate presentation p.11–12. Listed: Public (TSX: ISO). Tony M (inside DISA) is in Section 2.5.

Figure 4. Uranium resources by category (Mlb U3O8, 100%)

Figure data: Table 4 — current Hurricane Indicated 48.6 and Inferred 2.66 Mlb; historical Wiluna and Coles Hill M&I 78.1 + 132.93 Mlb and Inferred 27.7 + 30.41 Mlb.

2.7 Peer positioning

The peer set is four listed uranium names with filed resources, grade or stage: NexGen Energy (TSX: NXE) and Denison Mines (TSX: DML) as Athabasca developers, Uranium Energy (NYSE American: UEC) as the closest resource-stage comparator, and Paladin Energy (ASX: PDN) as a producer. None is in a pending deal with IsoEnergy; NexGen is also IsoEnergy’s largest holder.

Table 5. Peer positioning — quality metrics

Source: IsoEnergy’s Q2 2026 filings; NexGen’s and Denison’s Q2 2026 statements and 2025 AIF / Wheeler River report on SEDAR+ (30 June 2026); UEC’s FY2026 Form 10-K on SEC EDGAR (31 July 2026); Paladin’s FY2026 annual report (30 June 2026), as filed in Metal Pilot’s analyses of each. Quality metrics only — no multiples.

IsoEnergy leads the set on grade and trails it on everything a grade has to become: it is the only Athabasca name without a reserve or a study on its lead asset, and its cash is a fraction of NexGen’s or Denison’s. Grade is the one metric where it would rank first in any uranium peer set; scale, study stage and funding are where it ranks last.

3. Financials & balance sheet

IsoEnergy has no revenue line to analyse; incidental timber and rental income is immaterial. The first half of 2026 shows the pattern: a net loss of C$8,192,733 (C$0.14 a share diluted on 59,991,103 weighted shares), C$6,465,255 of operating cash used and C$9,976,011 spent on exploration and evaluation, all growth, with no sustaining capital. Net losses swing from year to year — C$18.7 million in FY2023, C$42.1 million in FY2024 and C$1.1 million in FY2025 — so the operating outflow, not the loss, is the measure of cash use. Shares issued for cash brought in C$82,501,155 in the half: the 2026 Financing of 3,833,410 shares at C$15.00 and a concurrent 1,666,667 shares to NexGen at the same price.

Cash was C$122,865,833 at 30 June 2026, up from C$62,906,168 at 31 December 2025; the US$33 million DISA subscription, C$45.6 million, was paid on 19 August 2026. There is no bank debt, facility or covenant. The 2022 Debentures carry C$6.0 million at fair value (C$5.7 million at face), convert at C$17.32 into up to 366,070 shares and mature on 6 December 2027; leases are C$0.4 million. The asset retirement obligation is C$3.03 million (C$3.05 million undiscounted at 2.90–3.40% inflation), against C$3.17 million of environmental bonds. Net debt to EBITDA is not meaningful with EBITDA negative, so no stressed ratio is shown. Against the first-half operating outflow of C$6.5 million and exploration spend of C$10.0 million, the cash left after the DISA subscription covers more than two years at the present pace; the gap that matters is the capital for a mine, which no study has yet sized for Hurricane.

The cost deck is the Wiluna study’s: AISC US$28.37/lb over the life of mine and US$20.68/lb in years 1–5, C1 US$22.67 and US$15.46 net of vanadium, at a 0.65 A$:US$; there is no guided unit cost. Loss pools are not in the source set, so the tax-pool horizon is unknown and the model taxes Wiluna at the statutory 30%. IsoEnergy is unhedged and pays no dividend. For how these lines are read, see the Financial Metrics guide.

Table 6. Five-year financial summary (CA$m unless stated)

Source: IsoEnergy’s Q2 2026 interim statements and MD&A (p.2–5, p.15) and the FY2023–FY2025 MD&As (selected annual information and results of operations). EPS FY2021–FY2023 restates the FY2023 MD&A’s pre-consolidation 0.16, 0.07 and 0.16 (p.33) ×4 for the 1-for-4 Share Consolidation of March 2025; FY2024–FY2025 from the FY2025 MD&A p.25. Net cash at 30 June 2026 is cash less the debentures at fair value and leases. n/d: the FY2021–FY2025 audited annual statements are not in the source set. Listed: Public (TSX: ISO).

4. Management, strategy & structure

4.1 Management & governance

Philip Williams is Chief Executive Officer and a director; Tim Gabruch is President, Graham du Preez Chief Financial Officer and Martin Tunney Chief Operating Officer — the team reconstituted on the December 2023 arrangement with Consolidated Uranium, per the 2025 AIF. Richard Patricio, CEO of Mega Uranium, has chaired the board since then, with Leigh Curyer, NexGen’s CEO, as Vice-Chair. Board independence is not in the source set, because the management information circular was not obtained. The board has two named committees: Audit, and Compensation and Governance. NexGen Energy is a related party as the holder of 27.8% at 30 June 2026, and bought 1,666,667 of the 2026 Financing shares at C$15.00.

4.2 Strategy

The strategy is to assemble high-grade and advanced uranium pounds in established jurisdictions and to keep the cost of doing so in shares. Hurricane is the organic core, with its PEA due in 2026. Wiluna was bought by a Toro share scheme, the Utah assets were contributed to DISA Uranium in return for a third of a larger vehicle, and the Purepoint joint venture shares eastern Athabasca exploration. The company presents itself as a near-term producer through Tony M; since August that path runs through DISA.

4.3 Ownership & structure

The most material deals are the Toro Energy acquisition (closed 25 June 2026; Wiluna; total consideration C$75,278,817, of which C$64.07 million in shares), the DISA Uranium transaction (closed 19 August 2026; Utah Portfolio for 1,677,350 DISA shares plus US$33 million cash for ~33%), and the Purepoint joint venture (formed 18 December 2024; 50%). The Lake Maitland Consortium partners hold the 35% option on Lake Maitland. Holders named by the company are NexGen 27.8%, the URNM and URNJ ETFs 9.7%, the URA and URNU ETFs 4.5%, Energy Fuels 3.3% and Mega Uranium 2.4%. At 29 July 2026 there were 65,256,428 shares, 5,530,783 options and 145,833 RSUs outstanding; the company counts 68.3 million fully diluted in the money at 28 September 2026.

5. ESG & sustainability

IsoEnergy released its sustainability report for 2025 on 13 July 2026, but its safety rates and emissions are not in the source set, so this section scores disclosure down rather than padding it. What is filed is reclamation: a C$3.03 million asset retirement obligation backed by C$3.17 million of environmental bonds. The contested points are jurisdictional rather than operational — Virginia’s moratorium on conventional uranium mining at Coles Hill since 1982, and Western Australia’s policy on new uranium mines at Wiluna — and both are real constraints on two of the three largest deposits.

6. Risks

Table 7. Risk register

Source: IsoEnergy’s Q2 2026 interim statements and MD&A, the October 2026 presentation and the DISA closing release; Section 7 for the valuation figures. Likelihood and impact are this analysis’s assessment.

Figure 5. Risk matrix — likelihood against impact

Source: Table 7.

The two high-likelihood, high-impact risks are one fact seen twice: the market prices a Hurricane mine the company has not yet studied. Section 7 prices four of these directly — the Wiluna stage (its row weight), the missing Hurricane plan (pounds only), the DISA basis (a bound in Table 17) and the unhedged deck (every grid price run as a scenario). Dilution is the risk most likely to land first: the present cash covers the study work, but a build at Hurricane or Wiluna would need new money on a register that already grew in 2026.

7. Valuation

Valuation as of 26 October 2026, in Canadian dollars. Horizon: spot fair value. Price deck: base U₃O₈ US$90/lb, the representative of the trailing averages of the industry month-end price — US$88.56 (3-month), US$86.87 (6-month) and US$85.34 (12-month) to 30 September 2026 — snapped to the fixed US$60–120/lb grid, with every grid price run as a scenario (deep bear US$60 to deep bull US$120). Discount rate 9% real; FX US$1 = CA$1.4025 (Bank of Canada, 26 October 2026); share price CA$11.79 (TSX close, 26 October 2026). Study-stage risk sits in the Wiluna row weight, 0.25×; vanadium is held out of the row.

IsoEnergy is valued as an advanced explorer: it declares no reserves, and the only one of its assets with an economic study is Wiluna in Western Australia, through the Toro Energy scoping study of May 2025. The method follows the How to Value Commodity Stocks guide. Wiluna is rebuilt from its study lines at this deck, after tax, with the Lake Maitland partners’ 35% option treated as exercised, and risked for its stage. Hurricane, the high-grade Athabasca deposit and the lead asset, has no study yet, so it is valued only through enterprise value per resource pound, struck on three dated uranium transactions. The DISA Uranium stake that now holds Tony M enters the bridge. Table 8 lists the inputs the result turns on; the full register is Table 21.

Table 8. Load-bearing inputs — the filed figures the valuation moves on (full register: Table 21)

Source: each row’s filing as cited — IsoEnergy’s Q2 2026 filings and October 2026 presentation, the Wiluna scoping study and the DISA closing release on SEDAR+, and Uranium Energy’s filings on SEC EDGAR for two of the three deals; deck rows per Cameco’s month-end uranium spot series and the Bank of Canada USD/CAD daily rate.

8. Near-term catalysts (1–3 years)

Table 18. Near-term catalysts

Source: IsoEnergy’s Q2 2026 MD&A, Outlook p.14.

Three further triggers carry no guided timing, so they sit outside the table: the Lake Maitland Consortium’s decision on its 35% option, which sets Wiluna’s attributable share and brings in US$39.6 million; a Western Australian approval path for Lake Maitland; and a restart plan for Tony M inside DISA Uranium, which would give the stake a cash-flow basis. Each moves the value axis by adding a filed plan or contract, not a price call.

8.1 Takeover optionality

Table 19. Takeover case

Source: IsoEnergy’s Q2 2026 interim statements and MD&A; price per Yahoo Finance; NAV per Section 7.

The target case is Hurricane’s grade: few undeveloped Athabasca deposits approach 34.5%, and one Athabasca developer already owns more than a quarter of the company. That holding is a fact, not a bid — no acquirer has been named on a sourced link, and NexGen’s own Arrow build absorbs its capital. The disqualifier is price: at CA$11.79 the shares already sit at 2.20× NAV and 45.2% above the blend, so a buyer would be paying today’s premium for a deposit whose mining cost is still unknown. Effect on the verdict: none.

9. Rating & verdict

Figure 9. Scorecard by dimension, 26 October 2026

Figure data: Table 20. Each spoke prints its stars and weight; the dashed ring is the weighted composite, 3.17/5.

Table 20. Scorecard rationale — IsoEnergy, 26 October 2026

Source: as cited per row — IsoEnergy’s Q2 2026 interim statements and MD&A, the 2025 AIF, the October 2026 presentation and the Wiluna study; peers per Table 5. Every score is against the peer set in Section 2.7.

The arithmetic: 0.15 × 3 + 0.15 × 4 + 0.15 × 4 + 0.15 × 3 + 0.134 × 3 + 0.133 × 3 + 0.133 × 2 = 3.17/5 → ★★★, Average. Advanced-explorer weights: asset quality, growth, balance sheet and management at 15% each; jurisdiction, capital allocation and ESG share the remaining 40%; cost and reserves are N/A and their weight is redistributed. Under producer weights IsoEnergy would be scored on costs and reserves it does not have; reweighting them is the archetype rule, not a judgement on the company.

The two-axis verdict. As of 26 October 2026, IsoEnergy rates ★★★ Average with a read of Overvalued (wide band) — the verdict is Full: at CA$11.79 the blended fair value of CA$6.46 implies −45.2%, and the market-implied uranium deck of ~US$597/lb is more than six times the twelve-month month-end high of US$94.28/lb (range US$75.80–94.28/lb). The target multiples — P/NAV 1.02× and EV/resource US$1.02/lb — carry a +2% driver line: the balance sheet adds 2%; asset quality, capital allocation and jurisdiction sit at the peer median and add nothing.

The bull case needs the Larocque East PEA to show that 48.6 Mlb at 34.5% can be mined at a cost that justifies today’s price, and Wiluna to clear Western Australian approvals. The bear case is the record so far: no reserves, one scoping study, historical pounds for most of the count and a share register that grew by C$82.5 million in one half. A Hurricane study with economics tips it; the uranium price alone does not. To rank IsoEnergy against every peer on these nine dimensions, screen the sector on Metal Pilot’s uranium mining stock screener.

10. Sources, methodology & disclaimer

10.1 Sources, methodology & data vintage

Company filings. IsoEnergy’s condensed interim financial statements and MD&A for the six months to 30 June 2026 (the as-of anchor); the FY2025, FY2024 and FY2023 MD&As; the 2025 Annual Information Form (40-F Exhibit 99.1, filed 27 February 2026); the Larocque East technical report (SLR, effective 8 July 2022); the October 2026 corporate presentation; the DISA Uranium closing release of 19 August 2026; and the Wiluna (Lake Maitland) Updated Scoping Study, Toro Energy ASX release, 28 May 2025.

Peer, deal and market data. Uranium Energy’s FY2026 and FY2023 Form 10-K and Sweetwater deal release on SEC EDGAR for two of the three deals; NexGen, Denison and Paladin per their latest filings; IsoEnergy daily closes per Yahoo Finance to 26 October 2026; uranium month-end prices per Cameco’s uranium price series to 30 September 2026; USD/CAD per the Bank of Canada.

Methodology. Data as of 26 October 2026; price at the 26 October 2026 TSX close; fundamentals at 30 June 2026 with the DISA closing of 19 August 2026. Deck: base uranium US$90/lb on the fixed US$60–120/lb grid in US$15 steps, every grid price run as a scenario, consensus at 0% (company-presented targets only, not an archived capture). Peers: NexGen, Denison, Uranium Energy and Paladin, on filed quality metrics. Scorecard: advanced-explorer weights (Section 9). Valuation: risked P/NAV 55% and EV per resource pound 45%; transaction comps dropped because the same three deals set the anchor. Refreshed on each annual report and on material events.

Re-run log. 26 October 2026: first analysis — advanced explorer, scorecard stars handed to the driver line; at CA$11.79 the fair value is CA$6.46, implied −45.2%, Overvalued (wide band); rating 3.2/5 Average. 27 October 2026: pre-launch fixes (citations, Coles Hill interest, Chair, five-year loss and EPS, risk register); net effect nil — NAV/share CA$5.36, blend CA$6.46 and Overvalued (wide band) unchanged.

Omitted figures. The asset map is not built (Table 2 carries the portfolio). Section 2.2 substitutes the NAV split and contained uranium by deposit for revenue by commodity and by asset, because IsoEnergy has no revenue. No optional financial or safety figure is built: the annual cash-flow series and the safety data are not in the source set.

Data gaps. The FY2021–FY2025 audited annual statements (five-year cash flows, loss pools); the management information circular (board independence); the 2025 sustainability report’s figures; the Tony M technical report; Wiluna’s post-tax NPV, annual schedule and vanadium split; the Metal Pilot dataset’s EV-per-pound median; an archived consensus capture and own-multiple history. Each one that moves value is bounded in Section 7, Table 17.

The deck sensitivity, the P/NAV map and the cross-checks are in claude/valuation-models/isoenergy-iso.out.md. The load-bearing inputs are Table 8; the full source register is Table 21:

Table 21. Source register — the filed figures behind the valuation (load-bearing inputs: Table 8)

Source: IsoEnergy’s Q2 2026 interim statements and MD&A, the October 2026 presentation, the Larocque East technical report, the Wiluna Updated Scoping Study and the DISA closing release; deal rows from Uranium Energy’s filings on SEC EDGAR; deck per Cameco’s month-end uranium series; FX per the Bank of Canada. Load-bearing inputs: Table 8.

10.2 Disclaimer & disclosure

This analysis is for information only and is not investment advice. It is a point-in-time snapshot as of 26 October 2026: the price, NAV and verdict move with the market and the uranium price. IsoEnergy declares no reserves; Hurricane’s resource is an NI 43-101 estimate and the Wiluna and Coles Hill figures are historical estimates, not current; the valuation is a model on stated assumptions, not a measurement. The rating and read are analytical judgements, not a recommendation to buy or sell. This report was prepared with AI assistance from primary filings. The author holds no position in any company named here.