Arrow:ARapidlyGrowingUraniumDiscoveryTEMPLATE

CorporatePresentationDecember2016 TSX-V:ISO

IsoEnergy.ca

Disclaimer

IsoEnergy.ca2

Information Contained In This Presentation

ThispresentationisasummarydescriptionofIsoEnergyLtd.(“IsoEnergy”orthe“Company”)anditsbusinessanddoesnotpurporttobecomplete.Thispresentationisnot,andinnocircumstancesisittobeconstruedas,aprospectus,anadvertisement,orapublicofferingofsecurities.NosecuritiesregulatoryauthorityorsimilarauthorityhasreviewedorinanywaypasseduponthedocumentorthemeritsoftheCompany’ssecuritiesandanyrepresentationtothecontraryisanoffence.

Exceptwhereotherwiseindicated,theinformationcontainedinthispresentationhasbeenpreparedbyIsoEnergyandthereisnorepresentationorwarrantybyIsoEnergyoranyotherpersonastotheaccuracyorcompletenessoftheinformationsetforthherein.Exceptasotherwisestated,informationincludedinthispresentationisgivenasofthedatehereof.Thedeliveryofthispresentationshallnotimplythattheinformationhereiniscorrectasofanydateafterthedatehereof.

Alldollaramountsreferencedherein,unlessotherwiseindicated,areexpressedinCanadiandollars.

CautionaryNoteRegardingForward-lookingInformation

Thispresentationcontains"forward-lookinginformation"and“forwardlookingstatements”withinthemeaningofapplicableCanadiansecuritieslaws.Forward-lookinginformationandstatementsinclude,butarenotlimitedto,statementswithrespectto,plannedexplorationactivities,thefutureinterpretationofgeologicalinformation;thegrowthpotentialandcostofsuchexplorationactivities,futurefinancings,thefuturepriceofuranium,andrequirementsforadditionalcapital.Generally,butnotalways,forwardlookinginformationandstatementscanbeidentifiedbytheuseofwordssuchas“plans”,“expects”,“isexpected”,“budget”,“scheduled”,“estimates”,“forecasts”,“intends”,“anticipates”,or“believes”orthenegativeconnotationthereoforvariationsofsuchwordsandphrasesorstatethatcertainactions,eventsorresults“may”,“could”,“would”,“might”or“willbetaken”,“occur”or“beachieved”orthenegativeconnationthereof.

Forward-lookinginformationandstatementsarebasedonourcurrentexpectations,beliefs,assumptions,estimatesandforecastsabouttheCompany’sbusinessandtheindustryandmarketsinwhichitoperates.Suchforwardinformationandstatementsarebasedonnumerousassumptions,includingamongothers,theavailabilityoffinancing,theaccuracyofpreviousexplorationrecordsandresults,thattheresultsofplannedexplorationactivitiesareasanticipated,thepriceofuranium,thecostofplannedexplorationactivities,thatthirdpartycontractors,equipmentandsuppliesandgovernmentalandotherapprovalsrequiredtoconducttheCompany’splannedexplorationactivitieswillbeavailableonreasonabletermsandinatimelymannerandthatgeneralbusinessandeconomicconditionswillnotchangeinamaterialadversemanner.AlthoughtheassumptionsmadebytheCompanyinprovidingforwardlookinginformationormakingforward-lookingstatementsareconsideredreasonablebymanagementatthetime,therecanbenoassurancethatsuchassumptionswillprovetobeaccurate.

Forward-lookinginformationandstatementsalsoinvolveknownandunknownrisksanduncertaintiesandotherfactors,whichmaycauseactualresults,performancesandachievementsofIsoEnergyto

differmateriallyfromanyprojectionsofresults,performancesandachievementsofIsoEnergyexpressedorimpliedbysuchforward-lookinginformationorstatements,including,amongothers:negativeoperatingcashflowanddependenceonthirdpartyfinancing,uncertaintyofadditionalfinancing,appealofalternativesourcesofenergy,aboriginaltitleandconsultationissues,relianceonkeymanagementandotherpersonnel;potentialdownturnsineconomicconditions;availabilityofthirdpartycontractors;availabilityofequipmentandsupplies;failureofequipmenttooperateasanticipated;accidents,effectsofweatherandothernaturalphenomenaandotherrisksassociatedwiththemineralexplorationindustry;changesinlawsandregulations;anddelaysinobtaininggovernmentalorotherapprovals,competition,anduninsurablerisks.

AlthoughtheCompanyhasattemptedtoidentifyimportantfactorsthatcouldcauseactualactions,eventsorresultstodiffermateriallyfromthosecontainedintheforward-lookinginformationorimpliedbyforward-lookinginformation,theremaybeotherfactorsthatcauseresultsnottobeasanticipated,estimatedorintended.Therecanbenoassurancethatforward-lookinginformationandstatementswillprovetobeaccurate,asactualresultsandfutureeventscoulddiffermateriallyfromthoseanticipated,estimatedorintended.Accordingly,readersshouldnotplaceunduerelianceonforward-lookingstatementsorinformation.IsoEnergyundertakesnoobligationtoupdateorreissueforward-lookinginformationasaresultofnewinformationoreventsexceptasrequiredbyapplicablesecuritieslaws.

Thefootnotes,endnotesandappendicestothispresentationcontainimportantinformation.Theendnotesandappendicesarefoundattheendofthepresentation.

TechnicalInformation

ThescientificandtechnicalinformationinthispresentationhasbeenpreparedorapprovedbySteveBlower,VPExploration,a“qualifiedperson”withinthemeaningofNationalInstrument43-101–StandardsofDisclosureforMineralProjects.

ThispresentationcontainsinformationregardingpropertiesthatarenottheCompany’s.TheCompanyhasbeenunabletoverifythisinformationandthatinformationisnotnecessarilyindicativeofthemineralizationontheCompany’sproperties.

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Summary

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IsoEnergyisledbyateamofhighlyexperienceduraniumprofessionalswithexperiencespanningexploration,throughdevelopmentandtoproduction

StrongLeadership

IsoEnergy.ca

With$11mraisedin2016 andasupportiveshareholderbasealong withNexGenEnergyasmajorshareholderIsoEnergyiswellfundedtodeliveronitsobjectives

WellFunded

IsoEnergyisfocussedonfindinganddevelopinghigh-gradeuraniumdepositsinthevicinityof theworld’smajor high-gradedepositsintheAthabascaBasin,Saskatchewan

ProspectiveProjects

Explorationhascommencedondrill-ready,high-prioritytargetsFocusedPlan

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Eastern Athabasca Portfolio

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Highqualityportfolio:

§ ThorburnLake,9kmfromCigarLakeMineinthesameprospectivedomain andwherenumerousdrillholeshaveintersecteduraniummineralizationwhichremains tobefollowedup

§ Radio locateddirectlyadjacenttoandalongstrikeofRoughrider,RioTintoacquiredfor$587MinFebruary2012

§ NorthThorburn located12kmeastofandalongstrikeoftheCigarLakemine,hostsanumberofhighprioritytargetsandislargelyunexplored

§ Madison and2Zprojectscontainshallow(<100mthick)sandstone-hosteduraniummineralisation,andarealongstrikefromU-mineralizedconductors.Themineralizedstructuresandconductorswithin2Zhavenotbeenadequatelyexplored,andrepresentgoodpotentialfordiscoveryofnewbasement-hosteduraniumdeposits

IsoEnergyPropertyLocationMap

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THORBURN EXPLORATION

Targets – Thorburn Lake

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§ PriortodiscoveryofArrowthiswasNexGen’s highestpriorityproperty

§ 2011drillingintersected0.43%U3O8 over0.6metres

§ Mostholesdrilledtodatehaveencountereduraniummineralisationorelevatedgeochemistry

§ Theseareasremainhighprioritytargets

§ Unconformitydepthisshallow(lessthan300m)

§ CigarLake,ThorburnLakeandWolfLakeuraniumdepositsarewithin7km

§ CigarLakeMinehaulroadrunsthroughtheproperty

ThorburnLakeGeology,DrillHolesandKeyFeatures

NorthThorburnProperty

0.6m@0.43%U3O8

inTBN-11-05a

8.8m@3.24%U₃O₈inQ14A-29

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Targets – Thorburn Lake

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§ Targetareaisdiscreteandclearlydefinedbypastexplorationwork

§ Highestprioritytargetrunstheentirelengthofthesouthernboundaryofproperty

§ Targetingeast-weststructuralcorridorparalleltothecorridorthathostsCigarLake

§ CigarLakesits7kmwestoftargetzone

§ Targetcharacterisedby4kmlongconductivezone,thathostsknownmineralisationonandadjacenttotheproperty

UraniummineralizationintersectedinTBN-11-05a

High-PriorityTargetZone

ThorburnLakeTargetAreas

Inset

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Targets – North Thorburn

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§ ThispropertycomplementstheThorburnLakepropertyonly5kmsoutheast

§ Located12kmnortheastofCigarLakeMineandalongthesamegeologicaltrendasthismajordeposit

§ Nohistoricdrillingontheproperty

§ Unconformitydepthisshallow(250-300m)

§ Excellentinfrastructure- CigarLakemineaccessroadfollowswesternboundary

§ 50line-kms ofDC-ResistivitygeophysicalsurveyingwerecompletedinNov.

§ Severaltargetareasrequirefollow-upexploration

NorthThorburnPropertyGeologyandKeyFeatures

8.8m@3.24%U₃O₈inQ14A-29

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RADIO EXPLORATION

Targets - Radio

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§ Located2kmeastofRioTinto’sRoughrideruraniumdeposit(acquiredfor$587mbyRioTintoviatheacquisitionofHathorExplorationin2012)

§ PropertyhostswhatisbelievedtobethemetasedimentarycorridorandstructureassociatedwiththeRoughriderdeposit

§ NexGentestedanumberoftargetshoweverneverdrilledundertheareaswithlakecoverandtheseremainhighprioritytargets

§ NumerousotheruraniumdepositsintheareaincludingDawnLakeandMidwest

§ TreatyLandSelectionpreventedexploration1995-2009

§ IsoEnergyhasanoptiontoearna70%interestintheproject

§ Unconformitydepthisshallow:~150m

§ Within50kmoftheRabbitLakeandMcCleanLakeuraniummills

RadioPropertyGeologyandHigh-PriorityTargets

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Targets – Carlson Creek

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§ ContiguouswithUEX’sChristieLakeproperty,whichhoststhePaulBayandKenPenbasementhosteduraniumdeposits(5kmwest)

§ 19kmnortheastoftheMcArthurRiverMine

§ Regionalaeromagneticsindicatesfavourablemetasedimentswithpossiblefaultstructures

§ StructuresarepossiblytheextensionoftheP2structuralcorridorwhichhoststheorebodiesatMcArthurRiver

§ Only6drillholesevercompletedontheproperty,2ofwhichintersectedgraphiticpelitic gneiss,thepreferredhostrockforAthabascauraniummineralization

§ Unconformitydepthlessthan450m

CarlsonCreekPropertyGeologyandKeyFeatures

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Targets – 2Z Lake

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§ Historicdrillingintersectedupto0.61%U3O8

§ Mostdrillingterminatedonly10-20mbelowunconformity

§ Unconformitydepthisshallow(100m)

§ Onlyoneholedrilledpast120m

§ Notdrilledsince1987– basement-hosteduraniumpotentialisuntested

§ 12kmfromtheSandLakeuraniumdeposit

2ZLakePropertyLocation,ConductorsandDrillHoles

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Targets - Madison

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§ Historicdrillingintersected217ppmU3O8

§ 11historicdrillholesbyEldorado,DenisonandCamecobutonly1since1989meaningnumeroustargetsrequirefollow-up

§ Unconformitydepthisshallow(~60m)

§ 6.5kmwestofHwy905§ Untestedconductor

remainsahighpriorityexplorationtarget

§ 14kmfromtheSandLakeuraniumdeposit

MadisonPropertyConductorsandDrillHoles

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Work Program and News Flow

IsoEnergy.ca14

WorkProgramOverviewandNewsFlow

Activity Property News Flow

Drilling ThorburnLake:Summer andwinterprogramsin2016/17Radio:Summer andwinterprogramsin2016/17

InitialdrillresultsinQ4 2016andQ12017Assayresultsfollowaround6-8weekslater

GroundGravityandGeophysics

ProgramsplannedforThorburnLake,NorthThorburn&Madison

Targetsand plannedfollowupprogramsH12017

Other Examiningopportunitiestoexpand portfolioofeasternAthabascaandCanadianproperties

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Capital Structure

IsoEnergy.ca15

ShareStructure1

Issued&Outstanding Shares 41,060,549

OptionstoDirectors &Officers&IR(@$1.00)

3,775,000

FullyDilutedShares 44,835,549

Cashonhand ~C$7.5million

Warrants 0

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SignificantShareholders

NexGenEnergyLtd1832AssetManagementL.P.CMP2016(GoodmanandCompany)Thorburn NorthVendorRosseau AssetManagementLtd.

72%5%4%2.5%2.5%

StockChart|TSXV:ISO

1.SharestructureandCashasatNov21,2016.

Ownershipbymajorshareholdersandinsidersisapproximately90%

Management

IsoEnergy.ca16

Name ExperienceCraigParry,MAusIMMChiefExecutiveOfficerandPresident

▷ Explorationandbusinessdevelopment geologistex-Rio Tinto,OxianaLimited,G-Resources,TigersRealmGroupandEMRCapital

▷ LedgeologyandresourcesforRioTinto’sKintyre uraniumprojectandadvisedonsaletoCameco▷ Co-founderandformerHeadofBusinessDevelopmentforTigersRealmGroup▷ FormerlyfounderandCEOofTigersRealmCoalwhichhetooktoamarketcapitalizationofC$250m▷ Co-FounderandformerSeniorAdvisortoEMRCapitalLtd▷ AfoundingandcurrentBoardDirectorofNexGenEnergyLtd

SteveBlowerM.Sc,PGeoVice-PresidentExploration

▷ Professional Geologist,M.Sc.▷ +20yearsin themineralsindustry,includingexploration,minegeologyandresourceestimation▷ 10yearsofAthabascabasinuraniumexploration,mostrecentlyasVPExploration,DenisonMines▷ Ledtheteamthatadded75Mlbs ofU3O8toDenison’smineralresourcesattheGryphonand

Phoenixdeposits▷ FormerlyPresidentandCEOofPitchstoneExplorationLtd.untilitssalein2012toFissionEnergy

JanineRichardson,C.A.,C.P.AChiefFinancialOfficer

▷ CharteredAccountant▷ +30yearsexperienceinaccounting practiceincludinginCFOandfinancialcontrollerroleswith

corporatesandbig-fouraccountingfirm▷ CFOofHillsboroughResourcesLtd.,formerseniorfinancespecialistofRioAltoMiningandformer

DirectorGroupAccountingwithPlacerDomeInc.▷ FormerAuditManagerwithEY

M.JoannaCameronCorporateSecretary

▷ Lawyerwith18yearsofexperienceadvisingprivateandpubliccompaniesontransactionalandoperationalmatters

▷ StrongexperiencewithM&A,financings,governancematters,corporaterestructuringandreorganizations,proxybattlesandcontinuousdisclosureobligations

▷ CurrentVicePresidentLegal&GeneralCounselofNexGenEnergyLtd.

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Board of Directors

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Name Experience

LeighCuryer (Chairman) ▷ CharteredAccountantwith+20yearsexperienceandformer CFOofSouthernCrossResources(nowUraniumOne)

▷ PresidentandCEOofNexGen EnergyLtd.

ChristopherMcFadden ▷ Chairman ofNexGenEnergyLtd.▷ FormerCommercialGeneralManagerandHeadofLegalforTigersRealmGroupand

Tigers RealmCoal▷ Lawyerwith+20yearsexperienceinexploration andmining▷ FormerCommercialGeneralManagerforRio Tinto

RichardPatricio ▷ Lawyer with+15yearscapitalmarketsexperience▷ CEOandPresidentofMegaUraniumLtd.andPinetree Capital

TrevorJ.Thiele ▷ CharteredAccountantwith+30yearsexperienceincapitalmarketsincludingCFOofmajorAustralianAgribusinesses(EldersandViterra)

GarrettAinsworth ▷ ProfessionalgeologistandVPExplorationforNexGen EnergyLtd▷ Former ProjectManagerforAlphaMinerals-Fission50/50JVonPattersonLakeSouth

project▷ Stakedclaims,boulderprospectingandleddrillprogramsthatledtodiscoveryofR00E,

R390EandR780Ezones▷ WonAMEBC2014ColinSpenceAwardfordiscoveryofPattersonLakeSouth

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Investment Opportunity & Highlights

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IsoEnergyLtdInvestorHighlights

1. Opportunity to buy into quality assets at multi-year uranium market lows

2. Uranium at early stage of a bull market – NexGen up 40% and Cameco up30% in past month

3. Tightly held with NexGen at 72% and institutional investors at 19% = hugeleverage to a discovery

4. Investors gain access to high impact exploration targets in the prolificEastern Athabasca Basin - home to McArthur River and Cigar Lakeoperating mines

5. The team (includes NexGen founders and Board of Directors) has beenresponsible for or involved in the discovery of three major uranium orebodies and over 300Mlb of U3O8

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Contact Information

IsoEnergy.ca19 TSXV:ISO

CraigParry– ChiefExecutiveOfficerEmail:cparry@isoenergy.caDirect:+1.778.379.3211

KinCommunicationsEmail:iso@kincommunications.comDirect:+1.604.684.6730

Management

Investor Relations

WHYURANIUM?WHYNOW?

Demand Side

21 IsoEnergy.ca TSXV:ISO

GoogleNewsforBeijing6December2016:

Demand Side

22 IsoEnergy.ca TSXV:ISO

So the demand side of the equation looks okay but as miners we are supply side tragics so what does that look like?

Supply Side

24 IsoEnergy.ca TSXV:ISO

§ Atcurrentspotprice>90%ofglobalproductionwouldbelossmaking:

2015TotalCostCurve(US$/lb)

CurrentspotpriceUS$/lb

Spotpriceatstart2016US$/lb

Source:BMOCapitalMarkets

Supply Side

25 IsoEnergy.ca TSXV:ISO

Thisdrivescurtailmentandmineclosureswhichhasstartedtohappen:

§ Camecocloses USproducingassetsandRabbitLake

§ Kazatomprom – theworld’slargestUproducersuggestsitwillhaltproductiongrowthandemploycontrolsonsupplytoimprovepriceandmargins

§ RioTinto/ERAproductiondeclining

§ OtherUSproducerscomingofflongtermcontracts

§ Cameco announcestemporaryhaltsforMacarthurRiver,CigarLakeandKeyLakes!

§ ClosureofseveralAfricaoperations ownedbyothercompaniesislikelyinthenearterm

Asproductistakenoutofthemarketequilibriumwillbereachedthenovershotandpriceswillrise

Market Summary

26 IsoEnergy.ca TSXV:ISO

§ Demandrisingsteadily

§ Butthesupplysideistherealstoryandthedriverforchange

§ Low pricesaredriving curtailmentofproduction

§ Asweseetodayinothercommoditiesverylowpriceenvironmentsonlylast2yearsbeforepricesreboundstrongly

§ AllthisatatimewhenproducersandcustomersareabouttoenterL/Tcontractnegotiations

§ CamecoandoneortwobigUSutilitieswillsetthepriceforthenextfewyearstocome

§ Equitiesarethegreenshoots,leadingtheway– nextslide

§ Managemarketrisk?LookforhighmargindepositsintheAthabasca!

U Equities are leading indicators: NexGen and Cameco

IsoEnergy.ca27 TSXV:ISO

NexGenEnergyITSX:NXE CamecoCorporationITSX:CCO

Ø 38.10% riseinpast30days

Ø $611.25m MarketCap

Ø 30% riseinpast40days

Ø $5.07b MarketCap