ISS Backs IsoEnergy's Acquisition of Anfield: A Strategic Move for Shareholders

Independent Proxy Advisory Firm, ISS, has recommended IsoEnergy shareholders vote FOR the Arrangement Resolution with Anfield, highlighting the strategic benefits of the acquisition. This deal, valued at approximately $126.8 million, offers IsoEnergy an opportunity to expand its uranium production capacity in the U.S. and strengthen its resource base. For Anfield shareholders, the transaction provides an immediate and attractive premium, exposure to a larger, more diversified portfolio of high-quality uranium exploration, development, and near-term production assets, and entry into the Athabasca Basin, a leading uranium jurisdiction, with the high-grade Hurricane deposit.

ISS's recommendation underscores the financial fairness of the exchange ratio and premium offered to Anfield shareholders. The exchange ratio of 0.031 IsoEnergy shares per Anfield share, based on IsoEnergy's 20-day volume-weighted average trading price, implies a premium of 32.1% to Anfield's share price. Additionally, the implied fully-diluted in-the-money equity value of the transaction is approximately $126.8 million, reflecting a 47% premium to Anfield's most recent closing price.

The acquisition of Anfield's Shootaring Canyon uranium mill, one of only three licensed and constructed conventional uranium mills in the U.S., will enable IsoEnergy to expand its uranium production capacity in the U.S. This strategic move will reduce transportation costs and facilitate mining and processing. Furthermore, the acquisition brings operational synergies, with projects like Velvet-Wood and Slick Rock benefiting from shared infrastructure and reduced administrative costs.



The deal also aligns with IsoEnergy's long-term resource expansion strategy. By acquiring Anfield's conventional uranium and vanadium projects in the Southwestern U.S., IsoEnergy gains access to a diversified portfolio of high-quality uranium exploration, development, and near-term production assets in tier one jurisdictions. This strategic move exposes IsoEnergy to the Athabasca Basin, a leading uranium jurisdiction, and provides an accelerated path to potential production.



ISS's recommendation emphasizes the potential synergies and cost savings that the merger could bring. By acquiring Anfield, IsoEnergy gains access to Anfield's Shootaring Canyon uranium mill, reducing transportation costs and facilitating mining and processing. Additionally, the merger brings operational synergies, with projects like Velvet-Wood and Slick Rock benefiting from shared infrastructure and reduced administrative costs. These synergies and cost savings are expected to enhance IsoEnergy's financial performance and create value for shareholders.

In conclusion, ISS's recommendation for IsoEnergy shareholders to vote FOR the Arrangement Resolution with Anfield highlights the strategic benefits, financial fairness, and potential synergies of the acquisition. This deal offers IsoEnergy an opportunity to expand its uranium production capacity in the U.S., strengthen its resource base, and create value for shareholders. For Anfield shareholders, the transaction provides an immediate and attractive premium, exposure to a larger, more diversified portfolio of high-quality uranium exploration, development, and near-term production assets, and entry into the Athabasca Basin. Investors should consider the positive aspects of this acquisition and the potential long-term benefits it may bring to both companies.