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                                                   [PROTOTYPE FOR EACH ISSUANCE]


                                 FORM OF WARRANT

THESE SECURITIES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED, OR THE SECURITIES LAWS OF ANY STATE AND MAY NOT BE SOLD OR OFFERED FOR
SALE IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT FOR THE SECURITIES OR
AN OPINION OF COUNSEL OR OTHER EVIDENCE ACCEPTABLE TO THE COMPANY THAT SUCH
REGISTRATION IS NOT REQUIRED.


                               ISONICS CORPORATION

                          COMMON STOCK PURCHASE WARRANT

     1.   ISSUANCE; CERTAIN DEFINITIONS. In consideration of good and valuable
consideration, the receipt of which is hereby acknowledged by ISONICS
CORPORATION, a California corporation (the "Company"), _____________ or
registered assigns (the "Holder") is hereby granted the right to purchase at
any time until 5:00 P.M., New York City time, on _____________, _______ (the
"Expiration Date"), __________________(_____)(1) fully paid and nonassessable
shares of the Company's Common Stock, no par value per share (the "Common
Stock"), at an initial exercise price per share (the "Exercise Price") of
[$1.00/1.25] per share, subject to further adjustment as set forth herein.
This Warrant is being issued pursuant to the terms of that certain Financing
Agreement, dated as of ____________,2002 (the "Agreement"), to which the
Company and Holder (or Holder's predecessor in interest) are parties.
Capitalized terms not otherwise defined herein shall have the meanings
ascribed to them in the Agreement.

     2.   EXERCISE OF WARRANTS.

          (a)  This Warrant is exercisable in whole or in part at any time and
from time to time. Such exercise shall be effectuated by submitting to the
Company (either by delivery to the Company or by facsimile transmission as
provided in Section 8 hereof) a completed and duly executed Notice of Exercise
(substantially in the form attached to this Warrant Certificate) as provided in
this paragraph. The date such Notice of Exercise is faxed to the Company shall
be the "Exercise Date," provided that the Holder of this Warrant tenders this
Warrant Certificate and full payment of the Exercise Price to the Company within
five (5)

----------
(1)  Insert Number which is equal to 20% of the Dollar Amount of the
Investment/Dollar Amount of Prepayment.
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business days thereafter. The Notice of Exercise shall be executed by the Holder
of this Warrant and shall indicate the number of shares then being purchased
pursuant to such exercise. Upon surrender of this Warrant Certificate, together
with appropriate payment of the Exercise Price for the shares of Common Stock
purchased, the Holder shall be entitled to receive a certificate or certificates
for the shares of Common Stock so purchased.

          (b)  The Exercise Price per share of Common Stock for the shares then
being exercised shall be payable in cash or by certified or official bank check
or Fed wire transfer.

          2.2  LIMITATION ON EXERCISE. Notwithstanding the provisions of this
Warrant or the Agreement, in no event (except (i) as specifically provided in
this Warrant as an exception to this provision, (ii) while there is outstanding
a tender offer for any or all of the shares of the Company's Common Stock, or
(iii) at the Holder's option, on at least sixty-five (65) days' advance written
notice from the Holder) shall the Holder be entitled to exercise this Warrant,
or shall the Company have the obligation to issue shares upon such exercise of
all or any portion of this Warrant to the extent that, after such exercise the
sum of

     (1) the number of shares of Common Stock beneficially owned by the Holder
     and its affiliates (other than shares of Common Stock which may be deemed
     beneficially owned through the ownership of the unexercised portion of the
     Warrants or other rights to purchase Common Stock or through the ownership
     of the unconverted portion of the Notes or other convertible securities),
     and

     (2) the number of shares of Common Stock issuable upon the exercise of the
     Warrants with respect to which the determination of this proviso is being
     made,

would result in beneficial ownership by the Holder and its affiliates of more
than 4.99% of the outstanding shares of Common Stock (after taking into account
the shares to be issued to the Holder upon such exercise). For purposes of the
proviso to the immediately preceding sentence, beneficial ownership shall be
determined in accordance with Section 13(d) of the Securities Exchange Act of
1934, as amended (the "1934 Act"), except as otherwise provided in clause (1) of
such sentence. The Holder, by its acceptance of this Warrant, further agrees
that if the Holder transfers or assigns any of the Warrants to a party who or
which would not be considered such an affiliate, such assignment shall be made
subject to the transferee's or assignee's specific agreement to be bound by the
provisions of this Section 2.2 as if such transferee or assignee were the
original Holder hereof.

     3.   RESERVATION OF SHARES. The Company hereby agrees that at all times
during the term of this Warrant there shall be reserved for issuance upon
exercise of this Warrant such number of shares of its Common Stock as shall be
required for issuance upon exercise of this Warrant (the "Warrant Shares").

     4.   MUTILATION OR LOSS OF WARRANT. Upon receipt by the Company of evidence
satisfactory to it of the loss, theft, destruction or mutilation of this
Warrant, and (in the case of loss, theft or destruction) receipt of reasonably
satisfactory indemnification, and (in the case of mutilation) upon surrender and
cancellation of this Warrant, the Company will execute and deliver a new Warrant
of like tenor and date and any such lost, stolen, destroyed or mutilated

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Warrant shall thereupon become void.

     5.   RIGHTS OF THE HOLDER. The Holder shall not, by virtue hereof, be
entitled to any rights of a stockholder in the Company, either at law or equity,
and the rights of the Holder are limited to those expressed in this Warrant and
are not enforceable against the Company except to the extent set forth herein.

     6.   PROTECTION AGAINST DILUTION AND OTHER ADJUSTMENTS.

          6.1  ADJUSTMENT MECHANISM. If an adjustment of the Exercise Price is
required pursuant to Section 6.2, the Holder shall be entitled to purchase such
number of additional shares of Common Stock as will cause

     (i) the total number of shares of Common Stock Holder is entitled to
     purchase pursuant to this Warrant, multiplied by

     (ii) the adjusted Exercise Price per share, to equal

     (iii) the dollar amount of the total number of shares of Common Stock
     Holder is entitled to purchase before adjustment multiplied by the total
     Exercise Price before adjustment.

          6.2  CAPITAL ADJUSTMENTS. In case of any stock split or reverse stock
split, stock dividend, reclassification of the Common Stock, recapitalization,
merger or consolidation, or like capital adjustment affecting the Common Stock
of the Company, the provisions of this Section 6 shall be applied as if such
capital adjustment event had occurred immediately prior to the date of this
Warrant and the original Exercise Price had been fairly allocated to the stock
resulting from such capital adjustment; and in other respects the provisions of
this Section shall be applied in a fair, equitable and reasonable manner so as
to give effect, as nearly as may be, to the purposes hereof. A rights offering
to stockholders shall not be deemed a stock dividend.

          6.3  ADJUSTMENT FOR SPIN OFF. If, for any reason, prior to the
exercise of this Warrant in full, the Company spins off or otherwise divests
itself of a part of its business or operations or disposes all or a part of its
assets in a transaction (the "Spin Off") in which the Company does not receive
compensation for such business, operations or assets, but causes securities of
another entity (the "Spin Off Securities") to be issued to security holders of
the Company, then

          (a)  the Company shall cause (i) to be reserved Spin Off Securities
     equal to the number thereof which would have been issued to the Holder had
     all of the Holder's unexercised Warrants outstanding on the record date
     (the "Record Date") for determining the amount and number of Spin Off
     Securities to be issued to security holders of the Company (the
     "Outstanding Warrants") been exercised as of the close of business on the
     trading day immediately before the Record Date (the "Reserved Spin Off
     Shares"), and (ii) to be issued to the Holder on the exercise of all or any
     of the Outstanding Warrants, such amount of the Reserved Spin Off Shares
     equal to (x) the Reserved Spin Off Shares multiplied by (y) a fraction, of
     which (I) the numerator is the amount of the Outstanding Warrants then
     being exercised, and (II) the denominator is the amount of the Outstanding

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     Warrants; and

          (b)  the Exercise Price on the Outstanding Warrants shall be adjusted
     immediately after consummation of the Spin Off by multiplying the Exercise
     Price by a fraction (if, but only if, such fraction is less than 1.0), the
     numerator of which is the average Closing Bid Price of the Common Stock for
     the five (5) trading days immediately following the fifth trading day after
     the Record Date, and the denominator of which is the average Closing Bid
     Price of the Common Stock on the five (5) trading days immediately
     preceding the Record Date; and such adjusted Exercise Price shall be deemed
     to be the Exercise Price with respect to the Outstanding Warrants after the
     Record Date.

     7.   TRANSFER TO COMPLY WITH THE SECURITIES ACT; REGISTRATION RIGHTS.

          7.1  TRANSFER. This Warrant has not been registered under the
Securities Act of 1933, as amended, (the "Act") and has been issued to the
Holder for investment and not with a view to the distribution of either the
Warrant or the Warrant Shares. Neither this Warrant nor any of the Warrant
Shares or any other security issued or issuable upon exercise of this Warrant
may be sold, transferred, pledged or hypothecated in the absence of an effective
registration statement under the Act relating to such security or an opinion of
counsel satisfactory to the Company that registration is not required under the
Act. Each certificate for the Warrant, the Warrant Shares and any other security
issued or issuable upon exercise of this Warrant shall contain a legend on the
face thereof, in form and substance satisfactory to counsel for the Company,
setting forth the restrictions on transfer contained in this Section.

          7.2  REGISTRATION RIGHTS. (a) Reference is made to the Registration
Rights Agreement. The Company's obligations under the Registration Rights
Agreement and the other terms and conditions thereof with respect to the Warrant
Shares, including, but not necessarily limited to, the Company's commitment to
file a registration statement including the Warrant Shares, to have the
registration of the Warrant Shares completed and effective, and to maintain such
registration, are incorporated herein by reference.

          (b)  In addition to the registration rights referred to in the
preceding provisions of Section 7.2(a), effective after the expiration of the
effectiveness of the Registration Statement as contemplated by the Registration
Rights Agreement, the Holder shall have piggy-back registration rights with
respect to the Warrant Shares then held by the Holder or then subject to
issuance upon exercise of this Warrant (collectively, the "Remaining Warrant
Shares"), subject to the conditions set forth below. If, at any time after the
Registration Statement has ceased to be effective, the Company participates
(whether voluntarily or by reason of an obligation to a third party) in the
registration of any shares of the Company's stock (other than a registration on
Form S-4, S-8 or successor form), the Company shall give written notice thereof
to the Holder and the Holder shall have the right, exercisable within ten (10)
business days after receipt of such notice, to demand inclusion of all or a
portion of the Holder's Remaining Warrant Shares in such registration statement.
If the Holder exercises such election, the Remaining Warrant Shares so
designated shall be included in the registration statement at no cost or expense
to the Holder (other than any costs or commissions which would be borne by the
Holder under the terms of the Registration Rights Agreement). The Holder's
rights under this Section 7 shall expire at such time as the Holder can sell all
of the Remaining Warrant Shares under Rule 144(k) without volume or other
restrictions or limit.

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     8.   NOTICES. Any notice or other communication required or permitted
hereunder shall be in writing and shall be delivered personally, telegraphed,
telexed, sent by facsimile transmission or sent by certified, registered or
express mail, postage pre-paid. Any such notice shall be deemed given when so
delivered personally, telegraphed, telexed or sent by facsimile transmission,
or, if mailed, two days after the date of deposit in the United States mails, as
follows:

          (i)  if to the Company, to:

               Isonics Corporation
               5906 McIntyre Street
               Golden,Colorado 80403
               ATT: James E. Alexander, President
               Telephone No.: (303) 279-7900
               Telecopier No.: (303) 279-7300

          (ii) if to the Holder, to its name, address, telephone, and facsimile
               number set forth beneath its signature.

          with a copy to:

               Krieger & Prager LLP, Esqs.
               39 Broadway
               Suite 1440
               New York, NY 10006
               Attn: Samuel M. Krieger, Esq.
               Telephone No.: (212) 363-2900
               Telecopier No. (212) 363-2999

Any party may be notice given in accordance with this Section to the other
parties designate another address or person for receipt of notices hereunder.

     9.   SUPPLEMENTS AND AMENDMENTS; WHOLE AGREEMENT. This Warrant may be
amended or supplemented only by an instrument in writing signed by the parties
hereto. This Warrant contains the full understanding of the parties hereto with
respect to the subject matter hereof and thereof and there are no
representations, warranties, agreements or understandings other than expressly
contained herein and therein.

     10.  GOVERNING LAW. This Warrant shall be deemed to be a contract made
under the laws of the State of New York for contracts to be wholly performed in
such state and without giving effect to the principles thereof regarding the
conflict of laws. Each of the parties consents to the jurisdiction of the
federal courts whose districts encompass any part of the City of New York or the
state courts of the State of New York sitting in the City of New York in
connection with any dispute arising under this Warrant and hereby waives, to the
maximum extent permitted by law, any objection, including any objection based on
FORUM NON CONVENIENS, to the bringing of any such proceeding in such
jurisdictions. To the extent determined by such

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court, the Company shall reimburse the Holder for any reasonable legal fees and
disbursements incurred by the Buyer in enforcement of or protection of any of
its rights under any of the Transaction Agreements.

     11.  JURY TRIAL WAIVER. The Company and the Holder hereby waive a trial by
jury in any action, proceeding or counterclaim brought by either of the Parties
hereto against the other in respect of any matter arising out or in connection
with this Warrant.

     12.  COUNTERPARTS. This Warrant may be executed in any number of
counterparts and each of such counterparts shall for all purposes be deemed to
be an original, and all such counterparts shall together constitute but one and
the same instrument.

     13.  DESCRIPTIVE HEADINGS. Descriptive headings of the several Sections of
this Warrant are inserted for convenience only and shall not control or affect
the meaning or construction of any of the provisions hereof.

     IN WITNESS WHEREOF, the parties hereto have executed this Warrant as of the
___ day of ________________, 2002.


                                        ISONICS CORPORATION

                                        By:
                                            ------------------------------------
                                            JAMES E. ALEXANDER, PRESIDENT

ATTEST:

John V. Sakys, Secretary



                          NOTICE OF EXERCISE OF WARRANT

     The undersigned hereby irrevocably elects to exercise the right,
represented by the Warrant Certificate dated as of ________________, ____, to
purchase ________ shares of the Common Stock, no par value, of ISONICS
CORPORATION and tenders herewith payment in accordance with Section 1 of said
Common Stock Purchase Warrant.

_    CASH: $                               =  (Exercise Price x Exercise Shares)
            ------------------------------

           Payment is being made by:
               _    enclosed check
               _    wire transfer
               _    other


     It is the intention of the Holder to comply with the provisions of Section
2.2 of the Warrant regarding certain limits on the Holder's right to exercise
thereunder. Based on the

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analysis on the attached Worksheet Schedule, the Holder believe this exercise
complies with the provisions of said Section 2.2. Nonetheless, to the extent
that, pursuant to the exercise effected hereby, the Holder would have more
shares than permitted under said Section, this notice should be amended and
revised, ab initio, to refer to the exercise which would result in the issuance
of shares consistent with such provision. Any exercise above such amount is
hereby deemed void and revoked.

     Please deliver the stock certificate to:





Dated:



[Name of Holder]

By:


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                          NOTICE OF EXERCISE OF WARRANT
                               WORKSHEET SCHEDULE



1.   Current Common Stock holdings of Holder and Affiliates        _____________

2.   Shares to be issued on current exercise                       _____________

3.   Other shares eligible to be acquired without restriction      _____________

4.   Total [sum of Lines 1 through 3]                              _____________

5.   Outstanding shares of Common Stock                            _____________

6.   Adjustments to Outstanding

     a.   Shares from Line 1 not included in Line 5                 ____________

     b.   Shares to be issued per Line 2                            ____________

     c.   Total Adjustments [Lines 6a and 6b]                      _____________

7.   Total Adjusted Outstanding [Lines 5 plus 6c]                  _____________

8.   Holder's Percentage [Line 4 divided by Line 7]               _____________%

[Note: Line 8 not to be above 4.99%]


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