# EDGAR Filing Document

**Accession Number:** 0001997377
**File Stem:** 0001104659-25-057728
**Filing Date:** 2025-6
**Character Count:** 222523
**Document Hash:** 82037d926428408c0a19050dafa5bc1a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-057728.hdr.sgml**: 20250609

**ACCESSION NUMBER**: 0001104659-25-057728

**CONFORMED SUBMISSION TYPE**: S-8

**PUBLIC DOCUMENT COUNT**: 26

**FILED AS OF DATE**: 20250609

**EFFECTIVENESS DATE**: 20250609

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** IsoEnergy Ltd.
- **CENTRAL INDEX KEY:** 0001997377
- **STANDARD INDUSTRIAL CLASSIFICATION:** MISCELLANEOUS METAL ORES [1090]
- **ORGANIZATION NAME:** International Corp Fin
- **EIN:** 000000000
- **STATE OF INCORPORATION:** A9
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** S-8
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-287876
- **FILM NUMBER:** 251033488

**BUSINESS ADDRESS:**
- **STREET 1:** 217 QUEEN STREET WEST, SUITE 401
- **CITY:** TORONTO
- **STATE:** A6
- **ZIP:** M5V 0R2
- **BUSINESS PHONE:** (306) 653-6255

**MAIL ADDRESS:**
- **STREET 1:** 217 QUEEN STREET WEST, SUITE 401
- **CITY:** TORONTO
- **STATE:** A6
- **ZIP:** M5V 0R2

**As filed with the Securities and Exchange Commission on June 9, 2025**

**Registration No. 333-**

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM S-8**

**REGISTRATION STATEMENT**

***UNDER***

***THE SECURITIES ACT OF 1933***

**ISOENERGY LTD.**

**(Exact name of Registrant as specified in its charter)**

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| | |
|:---|:---|
| **Ontario, Canada** | **Not Applicable** |
| **(State or other jurisdiction of**<br> **incorporation or organization)** | **(IRS Employer**<br> **Identification No.)** |

---

**217 Queen Street West, Suite 401**

**Toronto, Ontario**

**M5V 0R2**

**Canada**

**Tel: (833) 572-2333**

**(Address, including zip code, of Registrant's principal executive offices)**

**Omnibus Long Term Incentive Plan**

**Amended & Restated Incentive Stock Option Plan**

**(Full title of the plans)**

**CT Corporation System**

**28 Liberty Street**

**New York, New York 10005**

**(212) 894-8940**

**(Telephone number, including area code, of agent for service)**

***COPIES TO:***

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| | |
|:---|:---|
| **Graham du Preez**<br> **IsoEnergy Ltd.**<br> **217 Queen Street West, Suite 401**<br> **Toronto, Ontario**<br> **M5V 0R2**<br> **Canada**<br> **Tel: (833) 572-2333** | **Adam M. Givertz**<br> **Christian G. Kurtz**<br> **Paul, Weiss, Rifkind, Wharton & Garrison LLP**<br> **1285 Avenue of the Americas**<br> **New York, New York**<br> **10019<br> Tel: (212) 373-3000** |

---

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act.

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| | | | |
|:---|:---|:---|:---|
| Large accelerated filer | ¨ | Accelerated filer | ¨ |
| Non-accelerated filer | x | Smaller reporting company | ¨ |
|  |  | Emerging growth company | ⌧ |

---

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act . ◻

**PART I**

**INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS**

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| | |
|:---|:---|
| ***Item 1.*** | ***Plan Information.*** |

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The documents containing the information specified in Part I of Form S-8 will be sent or given to participants in each of the Omnibus Long Term Incentive Plan, dated as of April 16, 2024 and amended on July 8, 2024, and the Amended & Restated Incentive Stock Option Plan, as amended and restated on May 3, 2022, of IsoEnergy Ltd. (the "Registrant"), as specified by Rule 428(b)(1) under the U.S. Securities Act of 1933, as amended (the "Securities Act"). In accordance with the rules and regulations of the U.S. Securities and Exchange Commission (the "Commission") and the instructions to Form S-8, such documents are not being filed with the Commission, but each such document constitutes, along with the documents incorporated by reference into this Registration Statement, a prospectus that meets the requirements of Section 10(a) of the Securities Act.

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| | |
|:---|:---|
| ***Item*** ***2.*** | ***Registrant Information and Employee Plan Annual Information*** **.** |

---

The Registrant will furnish without charge to each person to whom a prospectus is delivered, upon the written or oral request of such person, a copy of any and all of the documents incorporated by reference in Item 3 of Part II of this Registration Statement, other than exhibits to such documents (unless such exhibits are specifically incorporated by reference to the information that is incorporated). Those documents are incorporated by reference in each Section 10(a) prospectus. The Registrant will also furnish without charge to any person to whom a prospectus is delivered, upon written or oral request, all other documents required to be delivered pursuant to Rule 428(b) under the Securities Act. Requests should be directed to the Chief Financial Officer of IsoEnergy Ltd. at 217 Queen Street West, Suite 401, Toronto, Ontario, Canada M5V 0R2, telephone: (833) 572-2333.

**PART II**

**INFORMATION REQUIRED IN THE REGISTRATION STATEMENT**

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| | |
|:---|:---|
| ***Item 3.*** | ***Incorporation of Documents by Reference.*** |

---

The following documents filed with or furnished to the Commission are incorporated herein by reference:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[1. The Registrant's registration statement on Form 40-F filed with the Commission on April 23, 2025 (Commission File No. 001-42611) (the "Form 40-F").](https://www.sec.gov/Archives/edgar/data/1997377/000110465925038032/tm259596d1_40fr12b.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The Registrant's reports on Form 6-K furnished to the Commission on [May 5, 2025](https://www.sec.gov/Archives/edgar/data/1997377/000110465925044426/tm2514009d1_6k.htm), [May 8, 2025](https://www.sec.gov/Archives/edgar/data/1997377/000110465925045730/tm2513981d1_6k.htm), [May 16, 2025](https://www.sec.gov/Archives/edgar/data/1997377/000110465925049707/tm2514791d1_6k.htm), [May 27, 2025](https://www.sec.gov/Archives/edgar/data/1997377/000127956925000533/form6k.htm), [June 2, 2025](https://www.sec.gov/Archives/edgar/data/1997377/000110465925055051/tm2516564d1_6k.htm) and [June 4, 2025](https://www.sec.gov/Archives/edgar/data/1997377/000127956925000574/form6k.htm).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The description of the common shares of the Registrant contained under the section captioned "Description of the Securities" in the Form 40-F, including any amendment or report filed for the purpose of amending such description.

All documents subsequently filed by the Registrant pursuant to Sections 13(a), 13(c), 14 and 15(d) of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), prior to the filing of a post-effective amendment which indicates that all securities offered have been sold or which deregisters all securities then remaining unsold, shall be deemed to be incorporated by reference in this Registration Statement and to be part thereof from the date of filing of such documents. Also, the Registrant may incorporate by reference its future reports on Form 6-K by stating in those Form 6-Ks that they are being incorporated by reference into this Registration Statement.

Any statement contained in a document incorporated or deemed to be incorporated by reference herein shall be deemed to be modified or superseded for purposes of this Registration Statement to the extent that a statement contained in this Registration Statement, or in any other subsequently filed document which also is or is deemed to be incorporated by reference in this Registration Statement, modifies or supersedes such statement. Any such statement so modified or superseded shall not be deemed, except as so modified or superseded, to constitute a part of this Registration Statement.

**Item 4.** **Description of Securities.**

Not Applicable.

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| | |
|:---|:---|
| ***Item 5.*** | ***Interests of Named Experts and Counsel.*** |

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Not Applicable.

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| | |
|:---|:---|
| ***Item 6.*** | ***Indemnification of Directors and Officers.*** |

---

Section 136 of the *Business Corporations Act* (Ontario) (the "OBCA") as amended, provides, in part, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;(1) A corporation may indemnify a director or officer of the corporation, a former director or officer of the corporation or another individual
who acts or acted at the corporation's request as a director or officer, or an individual acting in a similar capacity, of another
entity, against all costs, charges and expenses, including an amount paid to settle an action or satisfy a judgment, reasonably incurred
by the individual in respect of any civil, criminal, administrative, investigative or other proceeding in which the individual is involved
because of that association with the corporation or other entity.

&nbsp;&nbsp;&nbsp;&nbsp;(2) A corporation may advance money to a director, officer or other individual for the costs, charges and expenses of a proceeding referred
to in subsection (1), but the individual shall repay the money if the individual does not fulfil the conditions set out in subsection
(3).

&nbsp;&nbsp;&nbsp;&nbsp;(3) A corporation shall not indemnify an individual under subsection (1) unless the individual acted honestly and in good faith with
a view to the best interests of the corporation or, as the case may be, to the best interests of the other entity for which the individual
acted as a director or officer or in a similar capacity at the corporation's request.

&nbsp;&nbsp;&nbsp;&nbsp;(4) In addition to the conditions set out in subsection (3), if the matter is a criminal or administrative action or proceeding that is
enforced by a monetary penalty, the corporation shall not indemnify an individual under subsection (1) unless the individual had
reasonable grounds for believing that the individual's conduct was lawful.

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| | |
|:---|:---|
| (4.1) | A corporation may, with the approval of a court, indemnify an individual referred to in subsection (1), or advance moneys under subsection (2), in respect of an action by or on behalf of the corporation or other entity to obtain a judgment in its favour, to which the individual is made a party because of the individual's association with the corporation or other entity as described in subsection (1), against all costs, charges and expenses reasonably incurred by the individual in connection with such action, if the individual fulfils the conditions set out in subsection (3). |

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| | |
|:---|:---|
| (4.2) | Despite subsection (1), an individual referred to in that subsection is entitled to indemnity from the corporation in respect of all costs, charges and expenses reasonably incurred by the individual in connection with the defence of any civil, criminal, administrative, investigative or other proceeding to which the individual is subject because of the individual's association with the corporation or other entity as described in subsection (1), if the individual seeking an indemnity, |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) was not judged by a court or other competent authority to have committed any fault or omitted to do anything that the individual ought to have done; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) fulfils the conditions set out in subsections (3) and (4).

(4.3) A corporation may purchase and maintain insurance for the benefit of an individual referred to in subsection (1) against any liability incurred by the individual,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in the individual's capacity as a director or officer of the corporation; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in the individual's capacity as a director or officer, or a similar capacity, of another entity, if the individual acts or acted in that capacity at the corporation's request.

&nbsp;&nbsp;&nbsp;&nbsp;(5) A corporation or a person referred to in subsection (1) may
apply to the court for an order approving an indemnity under this section and the court may so order and make any further order it thinks
fit.

&nbsp;&nbsp;&nbsp;&nbsp;(6) Upon an application under subsection (5), the court may order
notice to be given to any interested person and such person is entitled to appear and be heard in person or by counsel.

Article 6.04 of By-Law No. 1 of the Registrant provides as follows: Subject to the limitations contained in the OBCA, the Registrant shall indemnify a director or officer, a former director or officer, or another individual who acts or acted at the Registrant's request as a director or officer, or an individual acting in a similar capacity, of another entity, against all costs, charges and expenses, including an amount paid to settle an action or satisfy a judgment, reasonably incurred by the individual in respect of any civil, criminal, administrative, investigative or other proceeding in which the individual is involved because of that association with the Registrant or other entity, if

&nbsp;&nbsp;&nbsp;&nbsp;(a) the individual acted honestly and in good faith with a view to the best interests of the Registrant or, as the case may be, to the
best interests of the other entity for which the individual acted as a director or officer or in a similar capacity at the Registrant's
request;

&nbsp;&nbsp;&nbsp;&nbsp;(b) in the case of a criminal or administrative action or proceeding that is enforced by a monetary penalty, the individual had reasonable
grounds for believing that the individual's conduct was lawful; and

&nbsp;&nbsp;&nbsp;&nbsp;(c) a court or other competent authority has not judged that the individual has committed any fault or omitted to do anything that the
individual ought to have done.

The Registrant shall also indemnify such person in such other circumstances as the OBCA permits or requires. The Registrant may advance monies to a director, officer or other individual for costs, charges and expenses of a proceeding referred to above. The individual shall repay the monies if he or she does not fulfill the conditions set out in paragraphs (a) and (b) above.

The Registrant has entered into indemnification agreements with each of its directors and officers that provide for indemnification in accordance with the terms of Article 6.04 of By-Law No. 1.

Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers or persons controlling the Registrant pursuant to the foregoing provisions, the Registrant has been informed that in the opinion of the Commission such indemnification is against public policy as expressed in the Securities Act and is therefore unenforceable.

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| | |
|:---|:---|
| ***Item 7.*** | ***Exemption from Registration Claimed.*** |

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Not Applicable.

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| | |
|:---|:---|
| ***Item 8.*** | ***Exhibits.*** |

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The exhibits listed under the caption "Exhibits Index" of this Registration Statement are incorporated by reference herein.

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| | |
|:---|:---|
| ***Item 9.*** | ***Undertakings.*** |

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The Registrant hereby undertakes:

(a)(1) To file during any period in which offers or sales are being made, a post-effective amendment to this registration statement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to include any prospectus required by Section 10(a)(3) of the Securities Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) to reflect in the prospectus any facts or events arising after the effective date of the registration statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the registration statement. Notwithstanding the foregoing, any increase or decrease in the volume of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the Commission pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than a 20% change in the maximum aggregate offering price set forth in the "Calculation of Registration Fee" table in the effective registration statement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) to include any material information with respect to the plan of distribution not previously disclosed in the registration statement or any material change to such information in the registration statement;

*provided, however, that,* paragraphs (a)(1)(i) and (a)(1)(ii) above do not apply if the information required to be included in a post-effective amendment by those paragraphs is contained in reports filed with or furnished to the Commission by the Registrant pursuant to Section 13 or Section 15(d) of the Exchange Act that are incorporated by reference in the registration statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) That, for the purpose of determining any liability under the Securities Act, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) To remove from registration by means of a post-effective amendment any of the securities being registered hereby which remain unsold at the termination of the offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Registrant hereby undertakes that, for purposes of determining any liability under the Securities Act, each filing of the Registrant's annual report pursuant to Section 13(a) or Section 15(d) of the Exchange Act (and, where applicable, each filing of an employee benefit plan's annual report pursuant to Section 15(d) of the Exchange Act) that is incorporated by reference in the registration statement shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling persons of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the Commission such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a director, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.

**<u>INDEX TO EXHIBITS</u>**

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| | |
|:---|:---|
| [4.1](tm2516092d1_ex4-1.htm) | [Articles of the Registrant, as amended.](tm2516092d1_ex4-1.htm) |
| [4.2](https://www.sec.gov/Archives/edgar/data/1997377/000110465925038032/tm259596d1_ex99-37.htm) | [Bylaws of the Registrant, as amended (incorporated by reference to Exhibit 99.37 to the Form 40-F).](https://www.sec.gov/Archives/edgar/data/1997377/000110465925038032/tm259596d1_ex99-37.htm) |
| [4.3](tm2516092d1_ex4-3.htm) | [Omnibus Long Term Incentive Plan.](tm2516092d1_ex4-3.htm) |
| [4.4](tm2516092d1_ex4-4.htm) | [Amended & Restated Incentive Stock Option Plan.](tm2516092d1_ex4-4.htm) |
| [5.1](tm2516092d1_ex5-1.htm) | [Opinion of Cassels Brock & Blackwell LLP.](tm2516092d1_ex5-1.htm) |
| [23.1](tm2516092d1_ex23-1.htm) | [Consent of KPMG LLP.](tm2516092d1_ex23-1.htm) |
| [23.2](tm2516092d1_ex5-1.htm) | [Consent of Cassels Brock & Blackwell LLP (included in Exhibit 5.1 to this Registration Statement).](tm2516092d1_ex5-1.htm) |
| [23.3](tm2516092d1_ex23-3.htm) | [Consent of Mark B. Mathisen, C.P.G.](tm2516092d1_ex23-3.htm) |
| [23.4](tm2516092d1_ex23-4.htm) | [Consent of Dean T. Wilton, PG, CPG, MAIG.](tm2516092d1_ex23-4.htm) |
| [23.5](tm2516092d1_ex23-5.htm) | [Consent of Dan Brisbin, P.Geo., Ph.D.](tm2516092d1_ex23-5.htm) |
| [23.6](tm2516092d1_ex23-6.htm) | [Consent of Darryl Clark, P.Geo.](tm2516092d1_ex23-6.htm) |
| [24.1](#a_001) | [Powers of Attorney (included on signature pages of this Part II).](#a_001) |
| [107](tm2516092d1_ex-filingfees.htm) | [Filing Fee Table.](tm2516092d1_ex-filingfees.htm) |

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**SIGNATURES**

Pursuant to the requirements of the Securities Act of 1933, as amended, the Registrant certifies that it has reasonable grounds to believe that it meets the requirements for filing on Form S-8 and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Saskatoon, Saskatchewan, Canada, on the 9th day of June, 2025.

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| | | |
|:---|:---|:---|
| **ISOENERGY LTD.** | **ISOENERGY LTD.** | **ISOENERGY LTD.** |
| By: | /s/ Graham du Preez | /s/ Graham du Preez |
|  | Name: | Graham du Preez |
|  | Title: | Chief Financial Officer |

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**POWER OF ATTORNEY**

Each person whose signature appears below constitutes and appoints Philip Williams and Graham du Preez as such person's true and lawful attorneys-in-fact and agents, with full power of substitution and revocation, for such person and in such person's name, place and stead, in any and all capacities (until revoked in writing), to sign any and all amendments (including post-effective amendments) to this Registration Statement and to file the same with all exhibits thereto, and the other documents in connection therewith, with the Securities and Exchange Commission, granting unto said attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and thing requisite and necessary to be done, as fully to all intents and purposes as such person might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, or their substitute or substitutes, may lawfully do or cause to be done by virtue hereof.

This Power of Attorney may be executed in multiple counterparts, each of which shall be deemed an original, but which taken together shall constitute one instrument.

Pursuant to the requirements of the Securities Act, this Registration Statement has been signed by the following persons in the capacities indicated on June 9, 2025:

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| | |
|:---|:---|
| &nbsp;&nbsp;**Signature** | &nbsp;&nbsp;**Title** |
| &nbsp;&nbsp;/s/ Philip Williams | &nbsp;&nbsp;Chief Executive Officer and Director |
| &nbsp;&nbsp;Philip Williams | &nbsp;&nbsp;(Principal Executive Officer) |
| &nbsp;&nbsp;/s/ Graham du Preez | &nbsp;&nbsp;Chief Financial Officer |
| &nbsp;&nbsp;Graham du Preez | &nbsp;&nbsp;(Principal Financial and Accounting Officer) |
| &nbsp;&nbsp;/s/ Richard Patricio | &nbsp;&nbsp;Chairman |
| &nbsp;&nbsp;Richard Patricio |  |
| &nbsp;&nbsp;/s/ Leigh Curyer | &nbsp;&nbsp;Vice Chairman |
| &nbsp;&nbsp;Leigh Curyer |  |
| &nbsp;&nbsp;/s/ Chris McFadden | &nbsp;&nbsp;Director |
| &nbsp;&nbsp;Chris McFadden |  |
| &nbsp;&nbsp;/s/ Peter Netupsky | &nbsp;&nbsp;Director |
| &nbsp;&nbsp;Peter Netupsky |  |
| &nbsp;&nbsp;/s/ Mark Raguz | &nbsp;&nbsp;Director |
| &nbsp;&nbsp;Mark Raguz |  |

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**AUTHORIZED REPRESENTATIVE**

Pursuant to the requirements of Section 6(a) of the Securities Act of 1933, as amended, the undersigned has signed this Registration Statement, solely in the capacity of the duly authorized representative of IsoEnergy Ltd. in the United States, on the 9th day of June, 2025.

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| | | |
|:---|:---|:---|
| **PUGLISI & ASSOCIATES**<br> Authorized representative in the United States | **PUGLISI & ASSOCIATES**<br> Authorized representative in the United States | **PUGLISI & ASSOCIATES**<br> Authorized representative in the United States |
| By: | /s/ Donald J. Puglisi | /s/ Donald J. Puglisi |
|  | Name: | Donald J. Puglisi |
|  | Title: | Managing Director |

---

## Exhibit 4.1

**Exhibit 4.1**

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|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2516092d1_ex4-1img001.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ministry of Public and Business Service Delivery Ministère des Services au public et aux entreprises Certificate of Amendment Certificat de modification Business Corporations Act Loi sur les sociétés par actions ISOENERGY LTD. Corporation Name / Dénomination sociale 1000930311 Ontario Corporation Number / Numéro de société de l'Ontario This is to certify that these articles are effective on La présente vise à attester que ces statuts entreront en vigueur le March 20, 2025 / 20 mars 2025 Director / Directeur Business Corporations Act / Loi sur les sociétés par actions The Certificate of Amendment is not complete without the Articles of Amendment Certified a true copy of the record of the Ministry of Public and Business Service Delivery. Director/Registrar Ce certificat de modification n'est pas complet s'il ne contient pas les statuts de modification Copie certifiée conforme du dossier du ministère des Services au public et aux entreprises. Directeur ou registrateur |

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|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2516092d1_ex4-1img002.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ministry of Public and Business Service Delivery Articles of Amendment Business Corporations Act Corporation Name (Date of Incorporation/Amalgamation) ISOENERGY LTD. (October 12, 2016) 1. The name of the corporation is changed to: Not amended 2. The number of directors or the minimum/maximum number of directors are amended as follows: Not amended 3. The articles are amended as follows: A. Restrictions, if any, on business the corporation may carry on or on powers the corporation may exercise. If none, enter "None": Not amended B. The classes and any maximum number of shares that the corporation is authorized to issue: Not amended C. Rights, privileges, restrictions and conditions (if any) attaching to each class of shares and directors' authority with respect to any class of shares which may be issued in series. If there is only one class of shares, enter "Not Applicable": The issued and outstanding common shares of the Corporation be consolidated on the basis of one (1) new common share for BCA - Articles of Amendment - ISOENERGY LTD. - OCN:1000930311 - March 20, 2025 The endorsed Articles of Amendment are not complete without the Certificate of Amendment. Certified a true copy of the record of the Ministry of Public and Business Service Delivery. Director/Registrar, Ministry of Public and Business Service Delivery Page 1 of 2 |

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|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2516092d1_ex4-1img003.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;every four (4) existing common shares outstanding of the Corporation. Any fractional common share arising from the consolidation of the common shares will be deemed to have been tendered by their registered owner to the Corporation for cancellation for no consideration. D. The issue, transfer or ownership of shares is/is not restricted and the restrictions (if any) are as follows. If none, enter "None": Not amended E. Other provisions: Not amended 4. The amendment has been duly authorized as required by sections 168 and 170 (as applicable) of the Business Corporations Act. 5. The resolution authorizing the amendment was approved by the shareholders/directors (as applicable) of the corporation on: March 17, 2025 The articles have been properly executed by the required person(s). BCA - Articles of Amendment - ISOENERGY LTD. - OCN:1000930311 - March 20, 2025 The endorsed Articles of Amendment are not complete without the Certificate of Amendment. Certified a true copy of the record of the Ministry of Public and Business Service Delivery. Director/Registrar, Ministry of Public and Business Service Delivery Page 2 of 2 |

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|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2516092d1_ex4-1img004.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ministry of Public and Business Service Delivery Ministère des Services au public et aux entreprises Certificate of Continuance Certificat de maintien Business Corporations Act Loi sur les sociétés par actions ISOENERGY LTD. Corporation Name / Dénomination sociale 1000930311 Ontario Corporation Number / Numéro de société de l'Ontario This is to certify that these articles are effective on La présente vise à attester que ces statuts entreront en vigueur le June 20, 2024 / 20 juin 2024 Director / Directeur Business Corporations Act / Loi sur les sociétés par actions The Certificate of Continuance is not complete without the Articles of Continuance Certified a true copy of the record of the Ministry of Public and Business Service Delivery. Director/Registrar Le certificat de maintien n'est pas complet s'il ne contient pas les statuts de maintien Copie certifiée conforme du dossier du ministère des Services au public et aux entreprises. Directeur ou registrateur |

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|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2516092d1_ex4-1img005.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ministry of Public and Business Service Delivery Articles of Continuance Business Corporations Act 1. Corporation Name ISOENERGY LTD. 2. Date of Incorporation/Amalgamation October 12, 2016 3. Name of jurisdiction the corporation is leaving Canada - British Columbia 4. The continuance was authorized by home jurisdiction on May 27, 2024 5. The corporation is continued in Ontario under the name ISOENERGY LTD. 6. Registered Office Address 217 Queen Street West, Unit 401, Toronto, Ontario, M5V0R2, Canada 7. Number of Directors Minimum/Maximum Min 1 / Max 10 BCA - Articles of Continuance - ISOENERGY LTD. - OCN:1000930311 - June 20, 2024 The endorsed Articles of Continuance are not complete without the Certificate of Continuance. Certified a true copy of the record of the Ministry of Public and Business Service Delivery. , Director/Registrar, Ministry of Public and Business Service Delivery Page 1 of 6 |

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|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2516092d1_ex4-1img006.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. The director(s) is/are: Full Name LEIGH ROBERT CURYER Address for Service 217 Queen Street West, Unit 401, Toronto, Ontario, M5V0R2, Canada Full Name CHRISTOPHER MCFADDEN Address for Service 217 Queen Street West, Unit 401, Toronto, Ontario, M5V0R2, Canada Full Name PETER NETUPSKY Address for Service 217 Queen Street West, Unit 401, Toronto, Ontario, M5V0R2, Canada Full Name RICHARD PATRICIO Address for Service 217 Queen Street West, Unit 401, Toronto, Ontario, M5V0R2, Canada Full Name MARK RAGUZ Address for Service 217 Queen Street West, Unit 401, Toronto, Ontario, M5V0R2, Canada Full Name PHILIP WILLIAMS Address for Service 217 Queen Street West, Unit 401, Toronto, Ontario, M5V0R2, Canada 9. Restrictions, if any, on business the corporation may carry on or on powers the corporation may exercise. If none, enter "None": None. 10. The classes and any maximum number of shares that the corporation is authorized to issue: The Corporation is authorized to issue an unlimited number of common shares. 11. Rights, privileges, restrictions and conditions (if any) attaching to each class of shares and directors' authority with respect to any class of shares which may be issued in series. If there is only one class of shares, enter "Not Applicable": 1. Voting: The holders of the common shares shall be entitled to one vote in respect of each common share held at any meeting of the shareholder of the Corporation except at which only holders of a specified class or series of shares are entitled to vote. BCA - Articles of Continuance - ISOENERGY LTD. - OCN:1000930311 - June 20, 2024 The endorsed Articles of Continuance are not complete without the Certificate of Continuance. Certified a true copy of the record of the Ministry of Public and Business Service Delivery. , Director/Registrar, Ministry of Public and Business Service Delivery Page 2 of 6 |

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|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2516092d1_ex4-1img007.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Dividends: The holders of the common shares shall be entitled to receive dividends as and when declared by the directors in their discretion from time to time out of moneys of the Corporation properly applicable to the payment of dividends. 3. Winding-Up: In the event of the liquidation, dissolution or winding-up of the Corporation or other distribution of the assets of the Corporation among its shareholders, the holders of the common shares shall be entitled to share pro rata in the distribution of the balance of the assets of the Corporation. 12. The issue, transfer or ownership of shares is/is not restricted and the restrictions (if any) are as follows. If none, enter "None": None. 13. Other provisions Without in any way restricting the powers conferred upon the Corporation or its board of directors by the Business Corporations Act, as now enacted or as the same may from time to time be amended, re-enacted or replaced, the board of directors may from time to time, without authorization of the shareholders, in such amounts and on such terms as it deems expedient: (a) borrow money upon the credit of the Corporation; (b) issue, re-issue, sell or pledge debt obligations of the Corporation; (c) subject to the provisions of the Business Corporations Act, as now enacted or as the same may from time to time be amended, re-enacted or replaced, give a guarantee on behalf of the Corporation to secure performance of an obligation of any person; and (d) mortgage, hypothecate, pledge or otherwise create a security interest in all or any property of the Corporation owned or subsequently acquired, to secure any obligation of the Corporation. The board of directors may from time to time delegate to a director, a committee of directors or an officer of the Corporation any or all of the powers conferred on the board as set out above, to such extent and in such manner as the board shall determ-ine at the time of such delegation. 14. The corporation is to be continued under the Business Corporations Act to the same extent as if it had been incorporated under this Act. 15. The corporation has complied with subsection 180(3) of the Business Corporations Act. BCA - Articles of Continuance - ISOENERGY LTD. - OCN:1000930311 - June 20, 2024 The endorsed Articles of Continuance are not complete without the Certificate of Continuance. Certified a true copy of the record of the Ministry of Public and Business Service Delivery. , Director/Registrar, Ministry of Public and Business Service Delivery Page 3 of 6 |

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|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2516092d1_ex4-1img008.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The articles have been properly executed by the required person(s). BCA - Articles of Continuance - ISOENERGY LTD. - OCN:1000930311 - June 20, 2024 The endorsed Articles of Continuance are not complete without the Certificate of Continuance. Certified a true copy of the record of the Ministry of Public and Business Service Delivery. , Director/Registrar, Ministry of Public and Business Service Delivery Page 4 of 6 |

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|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2516092d1_ex4-1img009.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Supporting Document - Constating Document from Governing Jurisdiction BCA - Articles of Continuance - ISOENERGY LTD. - OCN:1000930311 - June 20, 2024 The endorsed Articles of Continuance are not complete without the Certificate of Continuance. Certified a true copy of the record of the Ministry of Public and Business Service Delivery. , Director/Registrar, Ministry of Public and Business Service Delivery Page 5 of 6 |

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|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2516092d1_ex4-1img010.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Supporting Information - Nuans Report Information Nuans Report Reference # 122181509 Nuans Report Date March 25, 2024 BCA - Articles of Continuance - ISOENERGY LTD. - OCN:1000930311 - June 20, 2024 The endorsed Articles of Continuance are not complete without the Certificate of Continuance. Certified a true copy of the record of the Ministry of Public and Business Service Delivery. , Director/Registrar, Ministry of Public and Business Service Delivery Page 6 of 6 |

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## Exhibit 4.3

**EXHIBIT 4.3**

![](tm2516092d1_ex4-3img001.jpg)

**ISOENERGY LTD.**

**OMNIBUS LONG-TERM INCENTIVE PLAN**

April 16, 2024<br> as amended on July 8, 2024

**TABLE OF CONTENTS**

---

| | | |
|:---|:---|:---|
| **Article 1 —DEFINITIONS** | **Article 1 —DEFINITIONS** | **1** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 1.1 | Definitions | 1 |
| **Article 2 —PURPOSE AND ADMINISTRATION OF THE PLAN; GRANTING OF AWARDS** | **Article 2 —PURPOSE AND ADMINISTRATION OF THE PLAN; GRANTING OF AWARDS** | **6** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.1 | Purpose of the Plan | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.2 | Implementation and Administration of the Plan | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.3 | Delegation to Committee | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.4 | Eligible Participants | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.5 | Shares Subject to the Plan | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.6 | Participation Limits | 7 |
| **Article 3 —OPTIONS** | **Article 3 —OPTIONS** | **7** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.1 | Nature of Options | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.2 | Option Awards | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.3 | Exercise Price | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.4 | Expiry Date; Black-out Period | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.5 | Exercise of Options | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.6 | Method of Exercise and Payment of Purchase Price | 8 |
| **Article 4 —SHARE UNITS** | **Article 4 —SHARE UNITS** | **9** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.1 | Nature of Share Units | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.2 | Share Unit Awards | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.3 | Restriction Period Applicable to Share Units | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.4 | Performance Criteria and Performance Period Applicable to PSU Awards | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.5 | Share Unit Vesting Determination Date | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.6 | Settlement of Share Unit Awards | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.7 | Determination of Amounts | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.8 | Share Unit Award Agreements | 12 |
| **Article 5 —GENERAL CONDITIONS** | **Article 5 —GENERAL CONDITIONS** | **13** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.1 | General Conditions applicable to Awards | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.2 | Dividend Share Units | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.3 | Termination of Employment | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.4 | Unfunded Plan | 15 |
| **Article 6 —ADJUSTMENTS AND AMENDMENTS** | **Article 6 —ADJUSTMENTS AND AMENDMENTS** | **15** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.1 | Adjustment to Shares Subject to Outstanding Awards | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.2 | Amendment or Discontinuance of the Plan | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.3 | Change of Control | 18 |
| **Article 7 —MISCELLANEOUS** | **Article 7 —MISCELLANEOUS** | **19** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.1 | Currency | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.2 | Compliance and Award Restrictions | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.3 | United States Securities Law Matters | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.4 | Use of an Administrative Agent and Trustee | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.5 | Tax Withholding | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.6 | Reorganization of the Corporation | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.7 | Claw Back | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.8 | Governing Laws | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.9 | Severability | 21 |

---

i

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.10 | Effective Date of the Plan | 22 |
| **ADDENDUM FOR U.S. PARTICIPANTS** | **ADDENDUM FOR U.S. PARTICIPANTS** | **23** |
| **Appendix "A" FORM OF OPTION AGREEMENT** | **Appendix "A" FORM OF OPTION AGREEMENT** | **A-1** |
| **Appendix "B" FORM OF RSU AGREEMENT** | **Appendix "B" FORM OF RSU AGREEMENT** | **B-1** |
| **Appendix "C" FORM OF PSU AGREEMENT** | **Appendix "C" FORM OF PSU AGREEMENT** | **C-1** |
| **Appendix "D" FORM OF U.S. PARTICIPANT/NON-EMPLOYEE DIRECTOR ELECTION FORM** | **Appendix "D" FORM OF U.S. PARTICIPANT/NON-EMPLOYEE DIRECTOR ELECTION FORM** | **D-1** |

---

ii

**ISOENERGY LTD.<br> OMNIBUS LONG-TERM INCENTIVE PLAN**

IsoEnergy Ltd. hereby establishes this Omnibus Long-Term Incentive Plan for certain qualified directors, officers, employees and consultants providing ongoing services to the Corporation and its Affiliates (as defined herein) that can have a significant impact on the Corporation's long-term results.

**Article 1—DEFINITIONS**

**Section 1.1** **Definitions.**

Where used herein or in any amendments hereto or in any communication required or permitted to be given hereunder, the following terms shall have the following meanings, respectively, unless the context otherwise requires:

"**Affiliate**" means any corporation that is an affiliate of the Corporation as defined in National Instrument 45-106 – *Prospectus and Registration Exemptions*, as may be amended from time to time;

"**Awards**" means Options, RSUs and PSUs granted to a Participant pursuant to the terms of the Plan;

"**Award Agreement**" means an Option Agreement, RSU Agreement, PSU Agreement, or an Employment Agreement, as the context requires;

"**Black-Out Period**" means the period of time required by applicable law or as imposed by the Corporation as a result of the *bona fide* existence of undisclosed material information when, pursuant to any policies or determinations of the Corporation, securities of the Corporation may not be traded by Insiders or other specified persons;

"**Board**" means the board of directors of the Corporation as constituted from time to time;

"**Broker**" has the meaning ascribed thereto in Section 7.5(2) hereof;

"**Business Day**" means a day other than a Saturday, Sunday or statutory holiday, when banks are generally open for business in Saskatoon, Saskatchewan or Toronto, Ontario, Canada for the transaction of banking business;

"**Cancellation**" has the meaning ascribed thereto in Section 2.5(1) hereof;

"**Cash Equivalent**" means in the case of Share Units, the amount of money equal to the Market Value multiplied by the number of vested Share Units in the Participant's Account, net of any applicable taxes in accordance with Section 7.5, on the Share Unit Settlement Date;

"**Change of Control**" means unless the Board determines otherwise, the happening, in a single transaction or in a series of related transactions, of any of the following events:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any transaction (other than a transaction described in clause (b) below) pursuant to which any person
or group of persons acting jointly or in concert acquires the direct or indirect beneficial ownership of securities of the Corporation
representing 50% or more of the aggregate voting power of all of the Corporation's then issued and outstanding securities entitled
to vote in the election of directors of the Corporation, other than any such acquisition that occurs (A) upon the exercise or

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| | |
|:---|:---|
|  | settlement of options or other securities granted by the Corporation under any of the Corporation's equity incentive plans; or (B) as a result of the conversion of the multiple voting shares in the capital of the Corporation into Shares; |
| (b) | there is consummated an arrangement, amalgamation, merger, consolidation or similar transaction involving (directly or indirectly) the Corporation and, immediately after the consummation of such arrangement, amalgamation, merger, consolidation or similar transaction, the shareholders of the Corporation immediately prior thereto do not beneficially own, directly or indirectly, either (A) outstanding voting securities representing more than 50% of the combined outstanding voting power of the surviving or resulting entity in such amalgamation, merger, consolidation or similar transaction, or (B) more than 50% of the combined outstanding voting power of the parent of the surviving or resulting entity in such arrangement, amalgamation merger, consolidation or similar transaction, in each case in substantially the same proportions as their beneficial ownership of the outstanding voting securities of the Corporation immediately prior to such transaction; |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the sale, lease, exchange, license or other disposition of all or substantially all of the Corporation's
assets to a person other than a person that was an Affiliate of the Corporation at the time of such sale, lease, exchange, license or
other disposition, other than a sale, lease, exchange, license or other disposition to an entity, more than 50% of the combined voting
power of the voting securities of which are beneficially owned by shareholders of the Corporation in substantially the same proportions
as their beneficial ownership of the outstanding voting securities of the Corporation immediately prior to such sale, lease, exchange,
license or other disposition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the passing of a resolution by the Board or shareholders of the Corporation to substantially liquidate
the assets of the Corporation or wind up the Corporation's business or significantly rearrange its affairs in one or more transactions
or series of transactions or the commencement of proceedings for such a liquidation, winding-up or re-arrangement (except where such re-arrangement
is part of a bona fide reorganization of the Corporation in circumstances where the business of the Corporation is continued and the shareholdings
remain substantially the same following the re-arrangement);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) as a result of or in connection with: (i) a contested election of directors; or (ii) a consolidation,
merger, amalgamation, arrangement or other reorganization or acquisition or other transaction involving the Corporation or any of its
Affiliates and another person, entity or group of persons or entities, the nominees put forward by the Corporation and named in the most
recent management information circular of the Corporation for election to the Board shall not constitute a majority of the Board (unless
in the case of (ii) such election or appointment is approved by a majority vote of the members of the Board prior to the completion
of such transaction); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the Board adopts a resolution to the effect that a transaction or series of transactions involving the
Corporation or any of its Affiliates that has occurred or is imminent is a Change in Control;

"**Code**" means the U.S. Internal Revenue Code of 1986, as amended from time to time and the Treasury Regulations promulgated thereunder;

"**Code of Ethics**" means any code of ethics adopted by the Corporation, as modified from time to time;

"**Consultant**" has the meaning ascribed to such term under Section 2.22 of *National Instrument 45-106 Prospectus and Registration Exemptions* or any successor provisions thereto, provided that in the case of consultants that are within the United States or are U.S. Persons, if such persons are not "accredited investors" (within the meaning of Rule 501(a) of Regulation D under the U.S. Securities Act), such persons are natural persons, provide bona fide services to the Corporation and such services are not in connection with the offer or sale of securities in a capital-raising transaction and do not directly or indirectly promote or maintain a market for the Corporation's securities;

"**Corporation**" means IsoEnergy Ltd., a corporation existing under the *Business Corporations Act* (Ontario), as amended from time to time;

"**Dividend Share Units**" has the meaning ascribed thereto in Section 5.2 hereof;

"**Eligible Participants**" has the meaning ascribed thereto in Section 2.4(1) hereof;

"**Employment Agreement**" means, with respect to any Participant, any written employment agreement between the Corporation or an Affiliate and such Participant;

"**Exercise Notice**" means a notice in writing signed by a Participant and stating the Participant's intention to exercise a particular Award, if applicable;

"**Exercise Price**" has the meaning ascribed thereto in Section 3.2(1) hereof;

"**Expiry Date**" has the meaning ascribed thereto in Section 3.4 hereof;

"**Insider**" has the meaning attributed thereto in the TSX Company Manual in respect of the rules governing security-based compensation arrangements, as amended from time to time;

"**Market Value**" means at any date when the market value of Shares of the Corporation is to be determined, the closing price of the Shares on the Trading Day prior to the date as of which Market Value is determined on the principal stock exchange on which the Shares are listed, or if the Shares of the Corporation are not listed on any stock exchange, the value as is determined solely by the Board, acting reasonably and in good faith;

"**Non-Employee Directors**" means members of the Board who, at the time of execution of an Award Agreement, if applicable, and at all times thereafter while they continue to serve as a member of the Board, are not officers, senior executives or other employees of the Corporation or a Subsidiary, Consultants or service providers providing ongoing services to the Corporation or its Affiliates;

"**Option**" means an option granted by the Corporation to a Participant entitling such Participant to acquire a designated number of Shares from treasury at the Exercise Price, but subject to the provisions hereof;

"**Option Agreement**" means a written notice from the Corporation to a Participant evidencing the grant of Options and the terms and conditions thereof, substantially in the form set out in Appendix "A", or such other form, in physical or electronic format (including pursuant to any electronic incentive compensation system maintained by the Corporation

or a third-party service provider on its behalf), as the Board may approve from time to time;

"**Participants**" means Eligible Participants that are granted Awards under the Plan;

"**Participant's Account**" means an account maintained to reflect each Participant's participation in RSUs and/or PSUs under the Plan in physical or electronic format (including pursuant to any electronic incentive compensation system maintained by the Corporation or a third-party service provider on its behalf);

"**Performance Criteria**" means criteria established by the Board which, without limitation, may include criteria based on the Participant's personal performance and/or the financial performance of the Corporation and/or of its Affiliates, and that may be used to determine the vesting of the Awards, when applicable;

"**Performance Period**" means the period determined by the Board pursuant to Section 4.4 hereof;

"**Person**" means an individual, corporation, company, cooperative, partnership, trust, unincorporated association, entity with juridical personality or governmental authority or body, and pronouns which refer to a Person shall have a similarly extended meaning;

"**Plan**" means this Omnibus Long-Term Incentive Plan, as amended and restated from time to time;

"**PSU**" means a right awarded to a Participant to receive a payment in the form of Shares, Cash Equivalent or a combination thereof as provided in Article 4 hereof and subject to the terms and conditions of this Plan;

"**PSU Agreement**" means a written notice from the Corporation to a Participant evidencing the grant of PSUs and the terms and conditions thereof, substantially in the form of Appendix "C", or such other form, in physical or electronic format (including pursuant to any electronic incentive compensation system maintained by the Corporation or a third-party service provider on its behalf), as the Board may approve from time to time;

"**Restriction Period**" means the period determined by the Board pursuant to Section 4.3 hereof;

"**RSU**" means a right awarded to a Participant to receive a payment in the form of Shares, Cash Equivalent or a combination thereof as provided in Article 4 hereof and subject to the terms and conditions of this Plan;

"**RSU Agreement**" means a written notice from the Corporation to a Participant evidencing the grant of RSUs and the terms and conditions thereof, substantially in the form of Appendix "B", or such other form, in physical or electronic format (including pursuant to any electronic incentive compensation system maintained by the Corporation or a third-party service provider on its behalf), as the Board may approve from time to time;

"**SEC**" means the United States Securities and Exchange Commission;

"**Share Compensation Arrangement**" means, a "security based compensation arrangement" as defined under Section 613(b) of the TSX Company Manual;

"**Shares**" means the common shares in the capital of the Corporation;

"**Share Unit**" means a RSU or PSU, as the context requires;

"**Share Unit Settlement Date**" has the meaning determined in Section 4.6(1)(a);

"**Share Unit Settlement Notice**" means a notice by a Participant to the Corporation electing the desired form of settlement of vested RSUs or PSUs;

"**Share Unit Vesting Determination Date**" has the meaning described thereto in Section 4.5 hereof;

"**Stock Exchange**" means the TSX;

"**Subsidiary**" means a corporation, company, partnership or other body corporate that is controlled, directly or indirectly, by the Corporation;

"**Successor Corporation**" has the meaning ascribed thereto in Section 6.1(3) hereof;

"**Surrender**" has the meaning ascribed thereto in Section 3.6(3);

"**Surrender Notice**" has the meaning ascribed thereto in Section 3.6(3);

"**Tax Act**" means the *Income Tax Act* (Canada) and its regulations thereunder, as amended from time to time;

"**Termination Date**" means the date on which a Participant ceases to be an active employee, director, officer, senior executive, or Consultant of the Corporation or an Affiliate. For clarity, a Participant's employment or engagement with the Corporation or an Affiliate is considered to have terminated effective on the last day of the Participant's actual and active employment or engagement with the Corporation or Affiliate, whether or not the termination or engagement is with or without notice, adequate notice or legal notice, provided that if the employment or engagement of the Participant is terminated for cause, such rights shall expire and terminate immediately upon notification being given to the Participant of such termination for cause;

"**Trading Day**" means any day on which the Stock Exchange is opened for trading;

"**TSX**" means the Toronto Stock Exchange;

"**TSX Company Manual**" means the TSX Company Manual as amended from time to time;

"**TSXV**" means the TSX Venture Exchange;

"**United States**" means the United States of America, its territories and possessions, any State of the United States, and the District of Columbia;

"**U.S. Participant**" means any Participant who is a United States citizen or United States resident alien as defined for purposes of Section 7701(b)(1)(A) of the Code or for whom an Award is otherwise subject to taxation under the Code;

"**U.S. Securities Act**" means the U.S. Securities Act of 1933, as amended.

**Article 2—PURPOSE AND ADMINISTRATION OF THE PLAN; GRANTING OF AWARDS**

**Section 2.1** **Purpose of the Plan.**

The purpose of this Plan is to advance the interests of the Corporation by: (i) providing Eligible Participants with additional incentives; (ii) encouraging stock ownership by such Eligible Participants; (iii) increasing the proprietary interest of Eligible Participants in the success of the Corporation; (iv) promoting growth and profitability of the Corporation; (v) encouraging Eligible Participants to take into account long-term corporate performance; (vi) rewarding Eligible Participants for sustained contributions to the Corporation and/or significant performance achievements of the Corporation; and (vii) enhancing the Corporation's ability to attract, retain and motivate Eligible Participants.

**Section 2.2** **Implementation and Administration of the Plan.**

(1) Subject to Section 2.3, this Plan will be administered by the Board.

(2) Subject to the terms and conditions set forth in this Plan, the Board is authorized to provide for the
granting, exercise and method of exercise of Awards, all at such times and on such terms (which may vary between Awards granted from time
to time) as it determines. In addition, the Board has the authority to (i) construe and interpret this Plan and all certificates,
agreements or other documents provided or entered into under this Plan; (ii) prescribe, amend and rescind rules and regulations
relating to this Plan; and (iii) make all other determinations necessary or advisable for the administration of this Plan. All determinations
and interpretations made by the Board will be binding on all Participants and on their legal, personal representatives and beneficiaries.

(3) No member of the Board will be liable for any action or determination taken or made in good faith in the
administration, interpretation, construction or application of this Plan, any Award Agreement or other document or any Awards granted
pursuant to this Plan.

(4) The day-to-day administration of the Plan may be delegated to such committee of the Board and/or such
officers and employees of the Corporation as the Board determines from time to time.

(5) Subject to the provisions of this Plan, the Board has the authority to determine the limitations, restrictions
and conditions, if any, applicable to the exercise of an Award.

**Section 2.3** **Delegation to Committee.**

Despite Section 2.2 or any other provision contained in this Plan, the Board has the right to delegate the administration and operation of this Plan, in whole or in part, to a committee of the Board and/or to any member of the Board. In such circumstances, all references to the Board in this Plan include reference to such committee and/or member of the Board, as applicable.

**Section 2.4** **Eligible Participants.**

(1) The Persons who shall be eligible to receive Awards ()"**Eligible Participants**") shall
be the bona fide directors, officers, senior executives, Consultants and other employees of the Corporation or a Subsidiary, providing
ongoing services to the Corporation and its Affiliates. For Awards granted to employees or consultants, the Corporation and the Participant
shall be responsible for ensuring and confirming that such person is a bona fide employee, Consultant or management company, as the case
may be.

(2) Participation in the Plan shall be entirely voluntary and any decision not to participate shall not affect
an Eligible Participant's relationship, employment or appointment with the Corporation.

(3) Notwithstanding any express or implied term of this Plan to the contrary, the granting of an Award pursuant
to the Plan shall in no way be construed as a guarantee of employment or appointment by the Corporation.

**Section 2.5** **Shares Subject to the Plan.**

(1) Subject to adjustment pursuant to provisions of Article 6 hereof, the total number of Shares reserved
and available for grant and issuance pursuant to Awards under the Plan and any other Share Compensation Arrangement of the Corporation
shall not exceed 10% of the total issued and outstanding Shares from time to time (on a non-diluted basis) or such other number as may
be approved by the Stock Exchange and the shareholders of the Corporation from time to time. For the purposes of this Section 2.5(1),
in the event that, subject to the prior approval of the Stock Exchange, if applicable, the Corporation cancels or purchases to cancel
any of its issued and outstanding Shares ()"**Cancellation**") and as a result of such Cancellation the Corporation exceeds
the limit set out in this Section 2.5(1), no approval of the Corporation's shareholders will be required for the issuance of
Shares on the exercise of any Options which were granted prior to such Cancellation.

(2) Shares in respect of which an Award is granted under the Plan, but not exercised prior to the termination
of such Award or not vested or settled prior to the termination of such Award due to the expiration, termination, cancellation or lapse
of such Award, or Shares underlying an Award that have been settled in cash, shall be available for Awards to be granted thereafter pursuant
to the provisions of the Plan. All Shares issued pursuant to the exercise or the vesting of the Awards granted under the Plan shall be
so issued as fully paid and non-assessable Shares.

**Section 2.6** **Participation Limits.**

Subject to adjustment pursuant to provisions of Article 6 hereof, the aggregate number of Shares (i) issued to Insiders under the Plan or any other proposed or established Share Compensation Arrangement within any one-year period and (ii) issuable to Insiders at any time under the Plan or any other proposed or established Share Compensation Arrangement, shall in each case not exceed 10% of the total issued and outstanding Shares from time to time, unless disinterested shareholder approval is obtained. For greater certainty, for the purposes of the limitations set forth in this Section 2.6, any Awards granted to an Insider prior to it becoming an Insider shall be considered an Award granted to an Insider irrespective of the fact that such person was not an Insider at the date of grant.

**Article 3—OPTIONS**

**Section 3.1** **Nature of Options.**

An Option is an option granted by the Corporation to a Participant entitling such Participant to acquire a designated number of Shares from treasury at the Exercise Price, subject to the provisions hereof.

**Section 3.2** **Option Awards.**

(1) The Board shall, from time to time, in its sole discretion, (i) designate the Eligible Participants
who may receive Options under the Plan, (ii) determine the number of

Options, if any, to be granted to each Eligible Participant and the date or dates on which such Options shall be granted, (iii) determine the price per Share to be payable upon the exercise of each such Option (the "**Exercise Price**"), (iv) determine the relevant vesting provisions (including Performance Criteria, if applicable) and (v) determine the Expiry Date, the whole subject to the terms and conditions prescribed in this Plan, in any Option Agreement and any applicable rules of the Stock Exchange.

**Section 3.3** **Exercise Price.**

The Exercise Price for Shares that are the subject of any Option shall be fixed by the Board when such Option is granted, but shall not be less than the Market Value of such Shares at the time of the grant.

**Section 3.4** **Expiry Date; Black-out Period.**

Subject to Section 6.2, each Option must be exercised no later than 10 years after the date the Option is granted or such shorter period as set out in the Participant's Option Agreement, at which time such Option will expire (the "**Expiry Date**"). Notwithstanding any other provision of this Plan, each Option that would expire during a Black-Out Period formally imposed by the Corporation shall expire on the date that is 10 Business Days immediately following the expiration of the Black-Out Period; provided that, in the event that the Participant or the Corporation is subject to a cease trade order (or similar order under Securities Laws) in respect of the Corporation's securities, such extension will not be permitted.

**Section 3.5** **Exercise of Options.**

(1) Subject to the provisions of this Plan, a Participant shall be entitled to exercise an Option granted
to such Participant, subject to vesting limitations which may be imposed by the Board at the time such Option is granted.

(2) Prior to its expiration or earlier termination in accordance with the Plan, each Option shall be exercisable
as to all or such part or parts of the optioned Shares and at such time or times and/or pursuant to the achievement of such Performance
Criteria and/or other vesting conditions as the Board may determine in its sole discretion.

(3) No fractional Shares will be issued upon the exercise of Options granted under this Plan and, accordingly,
if a Participant would become entitled to a fractional Share upon the exercise of an Option, or from an adjustment pursuant to Section 6.1,
such Participant will only have the right to acquire the next lowest whole number of Shares, and no payment or other adjustment will be
made with respect to the fractional interest so disregarded.

**Section 3.6** **Method of Exercise and Payment of Purchase Price.**

(1) Subject to the provisions of the Plan and the alternative exercise procedures set out herein, an Option
granted under the Plan may be exercisable (from time to time as provided in Section 3.5 hereof) by the Participant (or by the liquidator,
executor or administrator, as the case may be, of the estate of the Participant) by delivering an Exercise Notice to the Corporation in
the form and manner determined by the Board from time to time, together with cash, a bank draft or certified cheque in an amount equal
to the aggregate Exercise Price of the Shares to be purchased pursuant to the exercise of the Options and any applicable tax withholdings.

(2) Pursuant to the Exercise Notice, the Corporation may allow a Participant to undertake a "cashless
exercise" with the assistance of a broker in order to facilitate the exercise of

such Participant's Options. The "cashless exercise" procedure may include a sale of such number of Shares as is necessary to raise an amount equal to the aggregate Exercise Price for all Options being exercised by that Participant under an Exercise Notice and any applicable tax withholdings. Pursuant to the Exercise Notice, the Participant may authorize the broker to sell Shares on the open market by means of a short sale and forward the proceeds of such short sale to the Corporation to satisfy the Exercise Price and any applicable tax withholdings, promptly following which the Corporation shall issue the Shares underlying the number of Options as provided for in the Exercise Notice.

(3) In addition, in lieu of exercising any vested Option in the manner described in this Section 3.6(1) or
Section 3.6(2), and pursuant to the terms of this Article 3, subject to satisfaction of applicable tax withholding requirements,
the Corporation may allow a Participant to choose to undertake a "net exercise" by surrendering an Option ()"**Surrender** ")
with a properly endorsed notice of Surrender to the Corporate Secretary of the Corporation, substantially in the form of Schedule "B"
to the Option Agreement (a "**Surrender Notice** "), electing to receive that number of Shares calculated using the following
formula:

X = (Y \* (A-B)) / A

Where:

X = the number of Shares to be issued to the Participant upon exercising such Options; provided that if the foregoing calculation results in a negative number, then no Shares shall be issued

Y = the number of Shares underlying the Options to be Surrendered

A = the Market Value of the Shares as at the date of the Surrender Notice

B = the Exercise Price of such Options

(4) Upon the exercise of an Option pursuant to this Section 3.6, the Corporation shall, as soon as practicable
after such exercise but no later than 10 Business Days following such exercise, forthwith cause the transfer agent and registrar of the
Shares to deliver to the Participant such number of Shares as the Participant shall have then, either: (i) paid for and specified
by the Participant in the Exercise Notice, or (ii) elected to receive upon the Surrender and as specified by the Participant in the
Surrender Notice.

**Article 4—SHARE UNITS**

**Section 4.1** **Nature of Share Units.**

A Share Unit is an Award entitling the recipient to acquire Shares, at such purchase price (which shall be zero unless otherwise determined by the Board), subject to such restrictions and conditions as the Board may determine at the time of grant. Conditions may be based on continuing employment (or other service relationship) and/or achievement of pre-established performance goals and objectives. Unless otherwise determined by the Board in its discretion, an Award of a Share Unit is considered a bonus for services rendered in the calendar year in which the Award is made.

**Section 4.2** **Share Unit Awards.**

(1) Subject to the provisions herein set forth and any shareholder or regulatory approval which may be required,
the Board shall, from time to time, in its sole discretion, (i) designate the

Eligible Participants who may receive RSUs and/or PSUs under the Plan, (ii) fix the number of RSUs and/or PSUs, if any, to be granted to each Eligible Participant and the date or dates on which such RSUs and/or PSUs shall be granted, and (iii) determine the relevant conditions and vesting provisions (including, in the case of PSUs, the applicable Performance Period and Performance Criteria, if any) and Restriction Period of such RSUs and/or PSUs, the whole subject to the terms and conditions prescribed in this Plan and in any RSU Agreement and/or PSU Agreement, as applicable.

(2) It is intended that the RSUs and PSUs not be treated as a "salary deferral arrangement" as
defined in the Tax Act by reason of paragraph (k) thereof.

(3) Subject to the vesting and other conditions and provisions set forth herein and in the RSU Agreement and/or
PSU Agreement, the Board shall determine whether each RSU and/or PSU awarded to a Participant shall entitle the Participant: (i) to
receive one Share issued from treasury; (ii) to receive the Cash Equivalent of one Share; or (iii) to elect to receive either
one Share from treasury, the Cash Equivalent of one Share or a combination of cash and Shares.

(4) Share Units shall be settled by the Corporation at any time beginning on the first Business Day following
their Share Unit Vesting Determination Date but no later than the end of the Restriction Period.

(5) Each Non-Employee Director may elect to receive all or a portion his or her annual retainer fee in the
form of a grant of RSUs in each fiscal year. The number of RSUs shall be calculated as the amount of the Non-Employee Director's
annual retainer fee elected to be paid by way of RSUs divided by the Market Value as at the date of grant of such RSUs. At the discretion
of the Board, fractional RSUs will not be issued and any fractional entitlements will be rounded down to the nearest whole number.

(6) Notwithstanding any other provision of this Plan, no Share Unit shall vest before the date that is one
year following the applicable date of grant, provided that this limitation shall not apply in the case of the Participant's death,
or in connection with a Change of Control, takeover bid, reverse takeover transaction, or any similar transaction.

**Section 4.3** **Restriction Period Applicable to Share Units**

The applicable restriction period in respect of a particular Share Unit shall be determined by the Board but in all cases shall end no later than December 31 of the calendar year which is three years after the calendar year in which the Award is granted ("**Restriction Period**"). For example, the Restriction Period for a grant made in June 2024 shall end no later than December 31, 2027. Subject to the Board's determination, any vested Share Units with respect to a Restriction Period will be paid to Participants in accordance with Article 4, no later than the end of the Restriction Period. Unless otherwise determined by the Board, all unvested Share Units shall be cancelled on the Share Unit Vesting Determination Date (as such term is defined in Section 4.5) and, in any event, no later than the last day of the Restriction Period.

**Section 4.4** **Performance Criteria and Performance Period Applicable to PSU Awards.**

(1) For each award of PSUs, the Board shall establish the period in which any Performance Criteria and other
vesting conditions must be met in order for a Participant to be entitled to receive Shares in exchange for all or a portion of the PSUs
held by such Participant (the "**Performance Period** "), provided that such Performance Period may not expire later

than December 15 of the calendar year which is three years after the calendar year in which the Award is granted.

(2) For each award of PSUs, the Board shall establish any Performance Criteria and other vesting conditions
in order for a Participant to be entitled to receive Shares in exchange for his or her PSUs.

**Section 4.5** **Share Unit Vesting Determination Date.**

Subject to Section 4.2(6), the vesting determination date means the date on which the Board (or such committee of the Board or senior officer(s) to which the Board has delegated authority to make such determination) determines if the Performance Criteria and/or other vesting conditions with respect to a RSU and/or PSU have been met (the "**Share Unit Vesting Determination Date**"), and as a result, establishes the number of RSUs and/or PSUs that become vested, if any. For greater certainty, the Share Unit Vesting Determination Date in respect of Share Units must fall after the end of the Performance Period, if applicable, but no later than the last day of the Restriction Period.

**Section 4.6** **Settlement of Share Unit Awards.**

(1) Subject to the terms of any Employment Agreement or other agreement between the Participant and the Corporation,
or the Board expressly providing to the contrary, and except as otherwise provided in a RSU Agreement and/or PSU Agreement, in the event
that the vesting conditions, the Performance Criteria and Performance Period, if applicable, of a Share Unit are satisfied:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all of the vested Share Units covered by a particular grant may, subject to Section 4.6(4), be settled
at any time beginning on the first Business Day following their Share Unit Vesting Determination Date but no later than the Restriction
Period (the "**Share Unit Settlement Date** ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) unless settlement in full or in part in cash is authorized by the Board, settlement shall take the form
of Shares issued from treasury;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a Participant is entitled to deliver to the Corporation, on or before the Share Unit Settlement Date,
a Share Unit Settlement Notice in respect of any or all vested Share Units held by such Participant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) settlement shall be subject to the Participant delivering to the Corporation payment for applicable withholding
taxes or otherwise making arrangements as contemplated in Section 7.5.

(2) Subject to Section 4.6(4), settlement of Share Units shall take place promptly following the Share
Unit Settlement Date in the form of Shares, or if authorized by the Board, take the form set out in the Share Unit Settlement Notice through:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in the case of settlement of Share Units for their Cash Equivalent, delivery of a bank draft, certified
cheque, direct deposit or other acceptable form of payment to the Participant representing the Cash Equivalent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in the case of settlement of Share Units for Shares, delivery of Shares to the Participant; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in the case of settlement of the Share Units for a combination of Shares and the Cash Equivalent, a combination
of (a) and (b) above.

(3) If a Share Unit Settlement Notice is not received by the Corporation on or before the Share Unit Settlement
Date, settlement shall take the form of Shares issued from treasury as set out in Section 4.7(2).

(4) Notwithstanding any other provision of this Plan, in the event that a Share Unit Settlement Date falls
during a Black-Out Period formally imposed by the Corporation and the Participant has not delivered a Share Unit Settlement Notice, then
such Share Unit Settlement Date shall be automatically extended to the 10th Business Day following the date that such Black-Out Period
is terminated. Where a Share Unit Settlement Date falls immediately after a Black-Out Period formally imposed by the Corporation, and
for greater certainty, not later than 10 Business Days after such Black-Out Period, then the Share Unit Settlement Date will be automatically
extended by such number of days equal to 10 Business Days less the number of Business Days that a Share Unit Settlement Date is after
such Black-Out Period; provided that, in the event that the Participant or the Corporation is subject to a cease trade order (or similar
order under Securities Laws) in respect of the Corporation's securities, such extension will not be permitted.

(5) Notwithstanding any other provision of this Plan, if the Performance Criteria for any award of PSUs is
structured such that it might result in an increase in the number of Shares underlying a Share Unit (a "**Payout Multiplier** "),
and, if as a result of such Payout Multiplier, the Corporation does not have a sufficient number of Shares available to be issued under
this Plan to settle such Share Units, the Participant shall be required to have such Share Units settled for their Cash Equivalent in
accordance with this Section 4.6.

**Section 4.7** **Determination of Amounts.**

(1) <u>Cash Equivalent of Share Units</u>. For purposes of determining the Cash Equivalent of Share Units
to be made pursuant to Section 4.6, such calculation will be made on the Share Unit Settlement Date and shall equal the Market Value
on the Share Unit Settlement Date multiplied by the number of vested Share Units in the Participant's Account which the Participant
desires to settle in cash pursuant to the Share Unit Settlement Notice or Section 4.6(5).

(2) <u>Payment in Shares; Issuance of Shares from Treasury</u>. For the purposes of determining the number
of Shares from treasury to be issued and delivered to a Participant upon settlement of Share Units pursuant to Section 4.6, such
calculation will be made on the Share Unit Settlement Date and be the whole number of Shares equal to the whole number of vested Share
Units then recorded in the Participant's Account which the Participant desires to settle pursuant to the Share Unit Settlement Notice.
Shares issued from treasury will be issued in consideration for the past services of the Participant to the Corporation and the entitlement
of the Participant under this Plan in respect of such Share Units settled for Shares shall be satisfied in full by such issuance of Shares.

**Section 4.8** **Share Unit Award Agreements**

Any Award of Share Units shall be evidenced by an Award Agreement in such form not inconsistent with the Plan as the Board may from time to time determine. The Award Agreement may contain any such terms that the Corporation considers necessary in order to ensure that the Share Unit will comply with any provisions of the Tax Act or any other laws in force in any country

or jurisdiction of which the Participant may from time to time be resident or citizen or the rules of any regulatory body having jurisdiction over the Corporation.

**Article 5—GENERAL CONDITIONS**

**Section 5.1** **General Conditions applicable to Awards.**

Each Award, as applicable, shall be subject to the following conditions:

(1) <u>Employment</u> - The granting of an Award to a Participant shall not impose upon the Corporation or
a Subsidiary any obligation to retain the Participant in its employ in any capacity. For greater certainty, the granting of Awards to
a Participant shall not impose any obligation on the Corporation to grant any awards in the future nor shall it entitle the Participant
to receive future grants.

(2) <u>Rights as a Shareholder</u> - Neither the Participant nor such Participant's personal representatives
or legatees shall have any rights whatsoever as shareholder in respect of any Shares covered by such Participant's Awards until
the date of issuance of a share certificate to such Participant (or to the liquidator, executor or administrator, as the case may be,
of the estate of the Participant) or the entry of such person's name on the share register for the Shares. Without in any way limiting
the generality of the foregoing, no adjustment shall be made for dividends or other rights for which the record date is prior to the date
such share certificate is issued or entry of such person's name on the share register for the Shares.

(3) <u>Conformity to Plan</u> – In the event that an Award is granted or an Award Agreement is executed
which does not conform in all particulars with the provisions of the Plan, or purports to grant Awards on terms different from those set
out in the Plan, the Award or the grant of such Award shall not be in any way void or invalidated, but the Award so granted will be adjusted
to become, in all respects, in conformity with the Plan.

(4) <u>Non-Transferability</u> – Except as set forth herein, Awards are not transferable or assignable.
Following the Participant's death, Awards may be exercised only by the legal representative of the Participant's estate, provided
that any such legal representative shall first deliver evidence satisfactory to the Corporation of entitlement to exercise any Award and
provided further that such legal representative shall only be entitled to exercise such Awards for a period of 180 days following the
Participant's death. A person exercising an Award may subscribe for Shares only in the person's own name or in the person's
capacity as a legal representative (provided however, for greater clarity, that such Shares may be registered in the name of the brokerage
account of such person or estate, as applicable).

**Section 5.2** **Dividend Share Units.**

(1) When dividends (other than stock dividends) are paid on Shares, Participants shall receive additional
RSUs and/or PSUs, as applicable ()"**Dividend Share Units**") as of the dividend payment date. The number of Dividend Share
Units to be granted to the Participant shall be determined by multiplying the aggregate number of RSUs and/or PSUs, as applicable, held
by the Participant on the relevant record date by the amount of the dividend paid by the Corporation on each Share, and dividing the result
by the Market Value on the dividend payment date, which Dividend Share Units shall be in the form of RSUs and/or PSUs, as applicable.
Dividend Share Units granted to a Participant in accordance with this Section 5.2 shall be subject to the same vesting conditions
applicable to the related RSUs and/or PSUs. For greater certainty, any Dividend Share Units shall be counted towards the total

number of Shares reserved and available for grant and issuance pursuant to Awards under the Plan in accordance with Section 2.5(1).

(2) In the event that the Corporation does not have sufficient room under the Plan to satisfy its obligation
to issue Dividend Share Units to Participants, the Corporation shall, in lieu of issuing such Participants the Dividend Share Units to
which they would have otherwise been entitled, pay such Participants, for each Share Unit held, the amount of the dividend in cash, on
the same basis had such Participant settled such Share Units for Shares immediately prior to the declaration of the dividend and become
a shareholder of the Corporation.

**Section 5.3** **Termination of Employment.**

(1) Subject to a written Employment Agreement of a Participant and as otherwise determined by the Board, each
Share Unit and Option shall be subject to the following conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Termination for Cause</u>. Upon a Participant ceasing to be an Eligible Participant for "cause",
all unexercised vested or unvested Share Units and Options granted to such Participant shall terminate on the Termination Date. For the
purposes of the Plan, the determination by the Corporation that the Participant was discharged for cause shall be binding on the Participant.
 "Cause" shall include, among other things, gross misconduct, theft, fraud, breach of confidentiality or breach of the Corporation's
Code of Ethics and any reason determined by the Corporation to be cause for termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Retirement</u>. In the case of a Participant's retirement (in accordance with any retirement
policy implemented by the Company from time to time), any unvested Share Units and/or Options held by the Participant as at the Termination
Date will continue to vest in accordance with their vesting schedules, and all vested Share Units and Options held by the Participant
at or following the Termination Date may be exercised until the earlier of the expiry date of such Share Units and Options or one year
following the Termination Date, provided that if the Participant is determined to have breached any post-employment restrictive covenants
in favour of the Corporation, then any Share Units and/or Options held by the Participant, whether vested or unvested, will immediately
expire and the Participant shall pay to the Corporation any "in-the-money" amounts realized upon exercise of Share Units and/or
Options following the Termination Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Resignation</u>. In the case of a Participant ceasing to be an Eligible Participant due to such Participant's
resignation, subject to any later expiration dates determined by the Board, all Share Units and Options shall expire on the earlier of
90 days after the Termination Date, or the expiry date of such Share Unit or Option, to the extent such Share Unit or Option was vested
and exercisable by the Participant on the Termination Date and all unexercised unvested Share Units and/or Options granted to such Participant
shall terminate on the Termination Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Termination or Cessation</u>. In the case of a Participant ceasing to be an Eligible Participant for
any reason (other than for "cause", retirement, resignation, death or in connection with a Change of Control (as set out in
Section 5.3(1)(f))) unvested Share Units and/or Options may be vested by the Corporation on the Termination Date subject to pro ration
over the applicable vesting or performance period (based on the number of months that have been completed from the date of grant of such
Share Units and/or Options to the Termination Date divided by the number of

months of the full applicable vesting or performance period in respect of such Share Units and/or Options) and all Share Units and/or Options (vested or unvested) shall expire on the earlier of 90 days after the Termination Date, or the expiry date of such Share Units and Options. For greater certainty, the pro ration calculation referred to above shall be net of previously vested Share Units and/or Options, which shall remain fully vested and expire on the earlier of 90 days after the Termination Date, or the expiry date of such Share Units and Options.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Death</u>. If a Participant dies while in his or her capacity as an Eligible Participant, all unvested
Share Units and Options will immediately vest and all Share Units and Options will expire 180 days after the death of such Participant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Change of Control</u>. If a participant is terminated without "cause" or resigns for good
reason (as defined in a Participant's Employment Agreement, if applicable) during the 12 month period following a Change of Control,
or after the Corporation has signed a written agreement to effect a change of control but before the change of control is completed, then
any unvested Share Units and/or Options will immediately vest and may be exercised prior to the expiry date of such Options.

(2) The Participant shall have no entitlement to damages or other compensation arising from or related to
not receiving any awards which would have settled or vested or accrued to the Participant after the Termination Date or if working notice
of termination had been given.

**Section 5.4** **Unfunded Plan.**

Unless otherwise determined by the Board, this Plan shall be unfunded. To the extent any Participant or his or her estate holds any rights by virtue of a grant of Awards under this Plan, such rights (unless otherwise determined by the Board) shall be no greater than the rights of an unsecured creditor of the Corporation.

**Article 6—ADJUSTMENTS AND AMENDMENTS**

**Section 6.1** **Adjustment to Shares Subject to Outstanding Awards.**

(1) In the event of any subdivision of the Shares into a greater number of Shares at any time after the grant
of an Award to a Participant and prior to the expiration of the term of such Award, the Corporation shall deliver to such Participant,
at the time of any subsequent exercise or vesting of such Award in accordance with the terms hereof, in lieu of the number of Shares to
which such Participant was theretofore entitled upon such exercise or vesting of such Award, but for the same aggregate consideration
payable therefor, such number of Shares as such Participant would have held as a result of such subdivision if on the record date thereof
the Participant had been the registered holder of the number of Shares to which such Participant was theretofore entitled upon such exercise
or vesting of such Award.

(2) In the event of any consolidation of Shares into a lesser number of Shares at any time after the grant
of an Award to any Participant and prior to the expiration of the term of such Award, the Corporation shall deliver to such Participant
at the time of any subsequent exercise or vesting of such Award in accordance with the terms hereof in lieu of the number of Shares to
which such Participant was theretofore entitled upon such exercise or vesting of such Award, but for the same aggregate consideration
payable therefor, such number of Shares as such Participant would have held as a result of such consolidation if

on the record date thereof the Participant had been the registered holder of the number of Shares to which such Participant was theretofore entitled upon such exercise or vesting of such Award.

(3) If at any time after the grant of an Award to any Participant and prior to the expiration of the term
of such Award, the Shares shall be reclassified, reorganized or otherwise changed, otherwise than as specified in Section 6.1(1) or
Section 6.1(2) hereof or, subject to the provisions of Section 6.2(3) hereof, the Corporation shall consolidate, merge
or amalgamate with or into another corporation (the corporation resulting or continuing from such consolidation, merger or amalgamation
being herein called the "**Successor Corporation** "), the Participant shall be entitled to receive upon the subsequent
exercise or vesting of an Award, in accordance with the terms hereof and shall accept in lieu of the number of Shares then subscribed
for but for the same aggregate consideration payable therefor, the aggregate number of shares of the appropriate class or other securities
of the Corporation or the Successor Corporation (as the case may be) or other consideration from the Corporation or the Successor Corporation
(as the case may be) that such Participant would have been entitled to receive as a result of such reclassification, reorganization or
other change of shares or, subject to the provisions of Section 6.2(3) hereof, as a result of such consolidation, merger or
amalgamation, if on the record date of such reclassification, reorganization or other change of shares or the effective date of such consolidation,
merger or amalgamation, as the case may be, such Participant had been the registered holder of the number of Shares to which such Participant
was immediately theretofore entitled upon such exercise or vesting of such Award.

(4) If, at any time after the grant of an Award to any Participant and prior to the expiration of the term
of such Award, the Corporation shall make a distribution to all holders of Shares or other securities in the capital of the Corporation,
or cash, evidences of indebtedness or other assets of the Corporation (excluding an ordinary course dividend in cash or shares, but including
for greater certainty shares or equity interests in a subsidiary or business unit of the Corporation or one of its subsidiaries or cash
proceeds of the disposition of such a subsidiary or business unit), or should the Corporation effect any transaction or change having
a similar effect, then the price or the number of Shares to which the Participant is entitled upon exercise or vesting of Award shall
be adjusted to take into account such distribution, transaction or change. The Board shall determine the appropriate adjustments to be
made in such circumstances in order to maintain the Participants' economic rights in respect of their Awards in connection with
such distribution, transaction or change.

(5) All adjustments contemplated pursuant to this Section 6.1, (other than adjustments in the event of
any consolidation of Shares into a lesser number of Shares, or a stock split into a greater number of Shares), are subject to the approval
of the Stock Exchange, as applicable.

**Section 6.2** **Amendment or Discontinuance of the Plan.**

(1) The Board may amend the Plan or any Award in its absolute discretion and without approval of the shareholders
at any time without the consent of the Participants provided that such amendment shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) not adversely alter or impair any Award previously granted except as permitted by the provisions of Article 6
hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) be in compliance with applicable law and subject to any regulatory approvals including, where required,
the approval of the Stock Exchange; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) be subject to shareholder approval, where required by law, the requirements of the Stock Exchange or the
provisions of the Plan, provided for greater clarity that shareholder approval shall not be required for the following amendments and
the Board may make any such amendments:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) amendments of a general "**housekeeping**" or clerical nature that, among others, clarify,
correct or rectify any ambiguity, defective provision, error or omission in the Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) changes that alter, extend or accelerate the terms of vesting or settlement applicable to any Award;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any amendment regarding the effect of termination of a Participant's employment or engagement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) any amendment to add or amend provisions relating to the granting of cash-settled awards, provision of
financial assistance or claw backs and any amendment to a cash-settled award, financial assistance or claw back provisions which are adopted;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) any amendment regarding the administration of this Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) any amendment necessary to comply with applicable law or the requirements of the Stock Exchange or any
other regulatory body having authority over the Corporation, this Plan or the shareholders of the Corporation (provided, however, that
any Stock Exchange shall have the overriding right in such circumstances to require shareholder approval of any such amendments);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) following the Corporation ceasing to be listed on the TSXV, such amendments as the Board deems necessary
or advisable to remove limitations and/or restrictions that are specific requirements under the policies and other requirements of the
TSXV and make such other amendments that are incidental to the Corporation being no longer a TSXV listed company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) any other amendment that does not require the shareholder approval under Section 6.2(2).

(2) Notwithstanding Section 6.2(1)(c), the Board shall be required to obtain shareholder approval to
make the following amendments:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any amendment to the category of persons eligible to participate under this Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any increase to the maximum number or percentage, as the case may be, of Shares issuable from treasury
under the Plan, except such increase by operation of Section 2.5 and in the event of an adjustment pursuant to Article 6;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any amendment which reduces the exercise price of any Award, except in the case of an adjustment pursuant
to Article 6;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any amendment that would permit the introduction or reintroduction of Non-Employee Directors as Eligible
Participants on a discretionary basis or any amendment that increases the limits (if any) previously imposed on Non-Employee Director
participation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) any amendment to remove or to exceed the limits set out in Section 2.5 or Section 2.6 with respect
to the amount of Options and/or Share Units that may be granted or issued to any one person or category of Eligible Participant under
this Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) any amendment to the amendment provisions of the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) any amendment which extends the term of any Option held by an Insider of the Corporation beyond the original
expiry;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) any amendment to the method for determining the Exercise Price of any Options;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any amendment to the maximum term of any Award;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) any amendment which extends the expiry beyond the original expiry of any Awards; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) any amendment to the method or formula for calculating prices, values or amounts under this Plan that
may result in a benefit to a Participant.

(3) The Board may, subject to applicable regulatory approvals, decide that any of the provisions hereof concerning
the effect of termination of the Participant's employment shall not apply for any reason acceptable to the Board.

**Section 6.3** **Change of Control.**

(1) Notwithstanding any other provision of this Plan, in the event of a Change of Control, the surviving,
successor or acquiring entity shall assume any Awards or shall substitute similar options or share units for the outstanding Awards, as
applicable. If the surviving, successor or acquiring entity does not assume the outstanding Awards or substitute similar options or share
units for the outstanding Awards, as applicable, or if the Board otherwise determines in its discretion, the Corporation shall give written
notice to all Participants advising that the Plan shall be terminated effective immediately prior to the Change of Control and all Options,
RSUs (and related Dividend Share Units) and a specified number of PSUs (and related Dividend Share Units) shall be deemed to be vested
and, unless otherwise exercised, settled, forfeited or cancelled prior to the termination of the Plan, shall expire or, with respect to
RSUs and PSUs be settled, immediately prior to the termination of the Plan. The number of PSUs which are deemed to be vested shall be
determined by the Board, in its sole discretion, having regard to the level of achievement of the Performance Criteria prior to the Change
of Control.

(2) In the event of a Change of Control, the Board has the power to: (i) make such other changes to the
terms of the Awards as it considers fair and appropriate in the circumstances, provided such changes are not adverse to the Participants;
(ii) otherwise modify the terms of the Awards to assist the Participants to tender into a takeover bid or other arrangement leading
to a Change of Control, and thereafter; and (iii) terminate, conditionally or otherwise, the Awards not exercised or settled, as
applicable, following successful completion of such Change of Control. If the Change of Control is not completed within the time specified
therein (as the same may be extended), the Awards which vest pursuant to this Section 6.3 shall be returned by the Corporation to
the

Participant and, if exercised or settled, as applicable, the Shares issued on such exercise or settlement shall be reinstated as authorized but unissued Shares and the original terms applicable to such Awards shall be reinstated.

**Article 7—MISCELLANEOUS**

**Section 7.1** **Currency.**

Unless otherwise specifically provided, all references to dollars in this Plan are references to Canadian dollars.

**Section 7.2** **Compliance and Award Restrictions.**

(1) The Corporation's obligation to issue and deliver Shares under any Award is subject to: (i) the
completion of such registration or other qualification of such Shares or obtaining approval of such regulatory authority as the Corporation
shall determine to be necessary or advisable in connection with the authorization, issuance or sale thereof; (ii) the admission of
such Shares to listing on any stock exchange on which such Shares may then be listed; and (iii) the receipt from the Participant
of such representations, agreements and undertakings as to future dealings in such Shares as the Corporation determines to be necessary
or advisable in order to safeguard against the violation of the securities laws of any jurisdiction. The Corporation shall take all reasonable
steps to obtain such approvals, registrations and qualifications as may be necessary for the issuance of such Shares in compliance with
applicable securities laws and for the listing of such Shares on any stock exchange on which such Shares are then listed.

(2) The Participant agrees to fully cooperate with the Corporation in doing all such things, including executing
and delivering all such agreements, undertakings or other documents or furnishing all such information as is reasonably necessary to facilitate
compliance by the Corporation with such laws, rules and requirements, including all tax withholding and remittance obligations.

(3) No Awards will be granted where such grant is restricted pursuant to the terms of any trading policies
or other restrictions imposed by the Corporation.

(4) The Corporation is not obliged by any provision of this Plan or the grant of any Award under this Plan
to issue or sell Shares if, in the opinion of the Board, such action would constitute a violation by the Corporation or a Participant
of any laws, rules and regulations or any condition of such approvals.

(5) If Shares cannot be issued to a Participant upon the exercise or settlement of an Award due to legal or
regulatory restrictions, the obligation of the Corporation to issue such Shares will terminate and, if applicable, any funds paid to the
Corporation in connection with the exercise of any Options will be returned to the applicable Participant as soon as practicable.

**Section 7.3** **United States Securities Law Matters.**

No Awards shall be made in the United States and no Shares shall be issued upon exercise of, or pursuant to, any such Awards in the United States unless such securities are registered under the U.S. Securities Act or any applicable U.S. state securities laws, or an exemption from such registration is available. Any Awards issued in the United States, and any Shares issued upon

exercise thereof or pursuant thereto that have not been registered with the SEC on Form S-8 or another available SEC form for the registration of securities, will be "restricted securities" (as such term is defined in Rule 144(a)(3) under the U.S. Securities Act). Any certificate or instrument representing such securities shall bear a legend restricting transfer under applicable United States federal and state securities laws in substantially the following form:

"THE SECURITIES REPRESENTED HEREBY [AND THE SECURITIES ISSUABLE UPON EXERCISE/CONVERSION HEREOF OR PURSUANT HERETO] HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE "U.S. SECURITIES ACT)", OR ANY U.S. STATE SECURITIES LAWS. THE HOLDER HEREOF, BY ACQUIRING SUCH SECURITIES, AGREES FOR THE BENEFIT OF THE CORPORATION THAT SUCH SECURITIES MAY BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED, DIRECTLY OR INDIRECTLY, ONLY (A) TO THE CORPORATION, (B) OUTSIDE THE UNITED STATES IN COMPLIANCE WITH RULE 904 OF REGULATION S UNDER THE U.S. SECURITIES ACT AND IN COMPLIANCE WITH APPLICABLE LOCAL LAWS AND REGULATIONS, (C) IN COMPLIANCE WITH RULE 144 UNDER THE U.S. SECURITIES ACT, IF AVAILABLE, OR (D) PURSUANT TO ANOTHER EXEMPTION FROM REGISTRATION UNDER THE U.S. SECURITIES ACT, IF AVAILABLE, AND IN EACH CASE, IN COMPLIANCE WITH ANY APPLICABLE U.S. STATE SECURITIES LAWS, AND, IN THE CASE OF TRANSFERS UNDER EITHER CLAUSE (C) OR (D), THE HOLDER HAS FURNISHED TO THE CORPORATION AND ITS TRANSFER AGENT AN OPINION OF COUNSEL OF RECOGNIZED STANDING OR OTHER EVIDENCE REASONABLY SATISFACTORY TO THE CORPORATION TO THE EFFECT THAT SUCH EXEMPTION(S) ARE AVAILABLE. THESE SECURITIES MAY NOT CONSTITUTE "GOOD DELIVERY" IN SETTLEMENT OF TRANSACTIONS ON CANADIAN STOCK EXCHANGES."

The Board may require that a Participant provide certain representations, warranties and certifications to the Corporation to satisfy the requirements of applicable securities laws, including without limitation, the registration requirements of the U.S. Securities Act and applicable state securities laws or exemptions or exclusions therefrom.

**Section 7.4** **Use of an Administrative Agent and Trustee.**

The Board may in its sole discretion appoint from time to time one or more entities to act as administrative agent to administer the Awards granted under the Plan and to act as trustee to hold and administer the assets that may be held in respect of Awards granted under the Plan, the whole in accordance with the terms and conditions determined by the Board in its sole discretion. The Corporation and the administrative agent will maintain records showing the number of Awards granted to each Participant under the Plan.

**Section 7.5** **Tax Withholding.**

(1) Notwithstanding any other provision of this Plan, all distributions, delivery of Shares or payments to
a Participant (or to the liquidator, executor or administrator, as the case may be, of the estate of the Participant) under the Plan shall
be made net of applicable source deductions. If the event giving rise to the withholding obligation involves an issuance or delivery of
Shares, then, the withholding obligation may be satisfied, at the election of the Corporation, by (a) having the Participant elect
to have the appropriate number of such Shares sold by the Corporation, the Corporation's transfer agent and registrar or any trustee
appointed by the Corporation pursuant to Section 7.4 hereof, on behalf of and

as agent for the Participant as soon as permissible and practicable, with the proceeds of such sale being delivered to the Corporation, which will in turn remit such amounts to the appropriate governmental authorities (and any remainder will be paid to the Participant), (b) having the Participant pay to the Corporation the cash amount necessary to cover such tax withholding obligation, or (c) any other mechanism as may be required or appropriate to conform with local tax and other rules.

(2) The sale of Shares by the Corporation, or by a broker engaged by the Corporation (the "**Broker** "),
under Section 7.5(1) or under any other provision of the Plan will be made on the Stock Exchange. The Participant consents to
such sale and grants to the Corporation an irrevocable power of attorney to effect the sale of such Shares on his behalf and acknowledges
and agrees that (i) the number of Shares sold will be, at a minimum, sufficient to fund the withholding obligations net of all selling
costs, which costs are the responsibility of the Participant and which the Participant hereby authorizes to be deducted from the proceeds
of such sale; (ii) in effecting the sale of any such Shares, the Corporation or the Broker will exercise its sole judgment as to
the timing and the manner of sale and will not be obligated to seek or obtain a minimum price; and (iii) neither the Corporation
nor the Broker will be liable for any loss arising out of such sale of the Shares including any loss relating to the pricing, manner or
timing of the sales or any delay in transferring any Shares to a Participant or otherwise.

(3) The Participant further acknowledges that the sale price of the Shares will fluctuate with the market
price of the Shares and no assurance can be given that any particular price will be received upon any sale.

**Section 7.6** **Reorganization of the Corporation.**

The existence of any Awards shall not affect in any way the right or power of the Corporation or its shareholders to make or authorize any adjustment, recapitalization, reorganization or other change in the Corporation's capital structure or its business, or any amalgamation, combination, merger or consolidation involving the Corporation or to create or issue any bonds, debentures, shares or other securities of the Corporation or the rights and conditions attaching thereto or to affect the dissolution or liquidation of the Corporation or any sale or transfer of all or any part of its assets or business, or any other corporate act or proceeding, whether of a similar nature or otherwise.

**Section 7.7** **Claw Back**

Awards granted under the Plan shall be subject to the Corporation's claw back policy as it may exist from time to time, unless otherwise determined by the Board.

**Section 7.8** **Governing Laws.**

The Plan and all matters to which reference is made herein shall be governed by and interpreted in accordance with the laws of the Province of Ontario and the federal laws of Canada applicable therein.

**Section 7.9** **Severability.**

The invalidity or unenforceability of any provision of the Plan shall not affect the validity or enforceability of any other provision and any invalid or unenforceable provision shall be severed from the Plan.

**Section 7.10** **Effective Date of the Plan.**

The Plan was approved by the Board and shall take effect as of April 16, 2024.

The Plan was amended by the Board effective as of July 8, 2024.

**ADDENDUM FOR U.S. PARTICIPANTS**

**ISOENERGY LTD.<br> OMNIBUS LONG-TERM INCENTIVE PLAN**

The provisions of this Addendum apply to Awards held by a U.S. Participant. All capitalized terms used in this Addendum but not defined in Section 1 below have the meanings attributed to them in the Plan. The Section references set forth below match the Section references in the Plan. This Addendum shall have no other effect on any other terms and provisions of the Plan except as set forth below.

1. Definitions

"**Change of Control**" has the meaning attributed under Section 1.1 of the Plan; provided, however, with respect to a U.S. Participant, for any Award that is subject to Code Section 409A, a Change of Control shall not occur unless such transaction constitutes a change in the ownership of the Corporation, a change in the effective control of the Corporation, and/or a change in the ownership of a substantial portion of the Corporation's assets under Code Section 409A.

"**good reason**" has the meaning attributed under Section 5.3(1)(f) of the Plan, provided however that the Participant has provided the Corporation (or applicable Subsidiary) with written notice of the acts or omissions constituting grounds for "**good reason**" within 90 days of such act or omission and the Corporation (or applicable Subsidiary) shall have failed to rectify, as determined by the Board acting reasonably, any such acts or omissions within 30 days of the Corporation's (or applicable Subsidiary's) receipt of such notice.

"**retiremen**t" means, with respect to a U.S. Participant, a Separation from Service, other than due to death or by action of the Corporation for cause (including if the Corporation determines after the date of the Separation from Service that it could have terminated the U.S. Participant for cause), after the U.S. Participant has attained either age 65 OR age 55 with at least 10 years of service with the Corporation.

"**Separation from Service**" means, with respect to a U.S. Participant, any event that constitutes a "separation from service" as defined under Code Section 409A.

"**Specified Employee**" means a "specified employee" as defined under Code Section 409A.

2. Exercise Price of Options

Notwithstanding anything to the contrary in Section 3.3 of the Plan, for U.S. Participants, the Exercise Price of each Option to acquire Shares shall be not less than 100% of the Market Value of the Shares subject to such Option on the date of grant; provided, that such Market Value is determined consistent with Code Section 409A, including Treasury Regulations Section 1.409A-1(b)(5)(iv). Notwithstanding the foregoing, an Option may be granted to a U.S. Participant with an Exercise Price lower than that set forth in the preceding sentence if such Option is granted pursuant to an assumption or substitution for another option in a manner satisfying Section 6.4 of the Plan and the provisions of Code Section 409A.

3. Expiry Date of Options

Notwithstanding anything to the contrary in Section 3.4 of the Plan or otherwise, in no event, including as a result of any Black-Out Period or any termination of employment, shall the expiration of any Option issued to a U.S. Participant be extended beyond the original Expiry Date

if such Option has an Exercise Price that is less than the Market Value on the date of the proposed extension.

4. Non-Employee Directors

A Non-Employee Director who is also a U.S. Participant and wishes to have all or any part of his or her annual retainer fees paid in the form of RSUs shall irrevocably elect such payment form by December 31 of the year prior to the calendar year during which the annual retainer fees are to be earned. Any election made under this Section 3 shall be irrevocable during the calendar year to which it applies, and shall apply to annual retainers earned in future calendar years unless and until the U.S. Participant makes a later election in accordance with the terms of this Section 4 of the Addendum. With respect to the calendar year in which a U.S. Participant becomes a Non- Employee Director, so long as such individual has never previously been eligible to participate in any deferred compensation plan sponsored by the Corporation, such individual may make the election described in this Section 4 of the Addendum within the first 30 days of becoming eligible to participate in the Plan, but solely with respect to the portion of the annual retainer not earned before the date such election is made, all in accordance with Code Section 409A. Notwithstanding anything to the contrary in Article 4 of the Plan and except as otherwise set forth herein, any RSUs issued to a U.S. Participant that is a Non- Employee Director in lieu of retainer fees shall be settled on earlier of (i) the U.S. Participant's Separation from Service, or (ii) a Change of Control provided that such change of control event constitutes a "change in control" within the meaning of Section 409A.

5. Settlement of Share Unit Awards.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Notwithstanding anything to the contrary in Article 4 of the Plan and except as otherwise set forth
herein (including Section 4 of this Addendum as applicable to Non-Employee Directors), and unless otherwise provided in the applicable
Award Agreement), all of the vested Share Units subject to any RSU or PSU shall be settled as soon as administratively practicable after
the applicable Share Unit Vesting Determination Date and in no event later than March 15 of the calendar year following the calendar
year in which (i) the relevant vesting date occurs for an RSU or (ii) the relevant Performance Period ends for a PSU.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding the foregoing but subject to the provisions of the applicable Award Agreement, for a U.S.
Participant who is eligible for retirement at any time during the vesting period of an award of Share Units, payments shall be made following
Separation from Service in accordance with Section 5.3(1)(b) of the Plan based on the original vesting schedule and subject
to compliance with applicable restrictive covenants, but in no event will payment be made later than the later of (i) the end of
the calendar year in which the applicable vest date occurs, or (ii) the 15<sup>th</sup> day of the third calendar month following
the calendar month in which the vesting date occurs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Board may permit or require the deferral of any payment of vested Share Units for a U.S. Participant
into a deferred compensation arrangement, subject to such rules and procedures as it may establish and in accordance with Code Section 409A,
which may include provisions for the payment or crediting of interest or dividend equivalents, including converting such credits into
deferred Share Units.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) For the avoidance of doubt, Section 4.6(4) of the Plan shall not apply to any Award issued to
a U.S. Participant.

6. Dividend Share Units

For purposes of clarity, any Dividend Share Units issued to any U.S. Participant shall be settled at the same time as the underlying RSUs or PSUs for which they were awarded.

7. Treatment of Options Upon Death

For the avoidance of doubt, in the event that a U.S. Participant dies, his or her vested Options shall expire on the earlier of the original expiry date or 180 days after the death of such Participant.

8. Specified Employee

Notwithstanding anything to the contrary in the Plan or any Award Agreement, to the extent required to avoid accelerated taxation and additional taxes and penalties under Code Section 409A amounts that would otherwise be payable pursuant to the Plan to a U.S. Participant who is a Specified Employee due to the Specified Employee's Separation from Service shall instead be paid on the first payroll date after the six-month period following the Separation from Service (or the Specified Employee's death, if earlier).

9. Adjustments.

Notwithstanding anything to the contrary in Article 6 of the Plan, any adjustment to an Option held by any U.S. Participant shall be made in compliance with the Code which for the avoidance of doubt may include an adjustment to the number of Shares subject thereto, in addition to an adjustment to the Exercise Price thereof, and the Board shall ensure that any such adjustment will not constitute a modification of such Option within the meaning of Code Section 409A.

10. General

Notwithstanding any provision of the Plan to the contrary, all provisions of the Plan shall be construed and interpreted in a manner consistent with the requirements for avoiding taxes or penalties under Code Section 409A. If any provision of the Plan contravenes Code Section 409A or could cause the U.S. Participant to incur any tax, interest or penalties under Code Section 409A, the Board may, in its sole discretion and without the U.S. Participant's consent, modify such provision to: (i) comply with, or avoid being subject to, Code Section 409A, or to avoid incurring taxes, interest and penalties under Code Section 409A; and/or (ii) maintain, to the maximum extent practicable, the original intent and economic benefit to the U.S. Participant of the applicable provision without materially increasing the cost to the Corporation or contravening Code Section 409A. However, the Corporation shall have no obligation to modify the Plan or any Share Unit and does not guarantee that Share Units will not be subject to taxes, interest and penalties under Code Section 409A. Each U.S. Participant is solely responsible and liable for the satisfaction of all taxes and penalties that may be imposed on or for the account of such U.S. Participant in connection with the Plan or any other plan maintained by the Corporation (including any taxes and penalties under Code Section 409A), and neither the Corporation nor any Subsidiary of the Corporation shall have any obligation to indemnify or otherwise hold such U.S. Participant (or any beneficiary) harmless from any or all of such taxes or penalties.

**Appendix "A"<br> FORM OF OPTION AGREEMENT**

**[Please note that the following restrictive legend should be included on Options issued in the United States when the underlying securities are not registered under the United States Securities Act of 1933, as amended:**

**THE SECURITIES REPRESENTED HEREBY AND THE SECURITIES ISSUABLE UPON EXERCISE HEREOF HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE "U.S. SECURITIES ACT)", OR ANY U.S. STATE SECURITIES LAWS. THE HOLDER HEREOF, BY ACQUIRING SUCH SECURITIES, AGREES FOR THE BENEFIT OF THE CORPORATION THAT SUCH SECURITIES MAY BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED, DIRECTLY OR INDIRECTLY, ONLY (A) TO THE CORPORATION, (B) OUTSIDE THE UNITED STATES IN COMPLIANCE WITH RULE 904 OF REGULATION S UNDER THE U.S. SECURITIES ACT AND IN COMPLIANCE WITH APPLICABLE LOCAL LAWS AND REGULATIONS, (C) IN COMPLIANCE WITH RULE 144 UNDER THE U.S. SECURITIES ACT, IF AVAILABLE, OR (D) PURSUANT TO ANOTHER EXEMPTION FROM REGISTRATION UNDER THE U.S. SECURITIES ACT, IF AVAILABLE, AND IN EACH CASE, IN COMPLIANCE WITH ANY APPLICABLE U.S. STATE SECURITIES LAWS, AND, IN THE CASE OF TRANSFERS UNDER EITHER CLAUSE (C) OR (D), THE HOLDER HAS FURNISHED TO THE CORPORATION AND ITS TRANSFER AGENT AN OPINION OF COUNSEL OF RECOGNIZED STANDING OR OTHER EVIDENCE REASONABLY SATISFACTORY TO THE CORPORATION TO THE EFFECT THAT SUCH EXEMPTION(S) ARE AVAILABLE. THESE SECURITIES MAY NOT CONSTITUTE "GOOD DELIVERY" IN SETTLEMENT OF TRANSACTIONS ON CANADIAN STOCK EXCHANGES.]**

**ISOENERGY LTD.<br> OPTION AGREEMENT**

This Stock Option Agreement (the "**Option Agreement**") is granted by IsoEnergy Ltd. (the "**Corporation**"), in favour of the optionee named below (the "**Optionee**") pursuant to and on the terms and subject to the conditions of the Corporation's Omnibus Long-Term Incentive Plan (the "**Plan**"). Capitalized terms used and not otherwise defined in this Option Agreement shall have the meanings set forth in the Plan.

The terms of the option (the "**Option**"), in addition to those terms set forth in the Plan, are as follows:

1. <u>Optionee</u>. The Optionee is [ ● ] and the address of the Optionee is currently [ ● ].

2. <u>Number of Shares</u>. The Optionee may purchase up to [ ● ] Shares of the Corporation (the "**Option Shares**") pursuant to this Option, as and to the extent that the Option vests and becomes exercisable as set forth in Section 6 of this Option Agreement.

3. <u>Exercise Price</u>. The exercise price is Cdn $[ ● ] per Option Share (the "**Exercise Price** ").

4. <u>Date Option Granted</u>. The Option was granted on [ ● ].

5. <u>U.S. Securities Law.</u> The Optionee understands and agrees that unless the Options have been registered
with the United States Securities and Exchange Commission the Optionee must (i) complete, execute and deliver to the Corporation
Schedule "C"; (ii)

comply with all applicable blue-sky laws in the Optionee's State of residence; or (iii) provide a legal opinion or other evidence reasonably satisfactory to the Corporation that the issuance of the Options do not require registration under the U.S. Securities Act or applicable state securities laws.

6. <u>Expiry Date</u>. The Option terminates on [ ● ]. (the "**Expiry Date** ").

7. <u>Vesting</u>. The Option to purchase Option Shares shall vest and become exercisable as follows: [ ● ]

8. <u>Exercise of Options</u>. In order to exercise the Option, the Optionee shall notify the Corporation
in the form annexed hereto as Schedule "A", whereupon the Corporation shall use reasonable efforts to cause the Optionee to
receive a certificate representing the relevant number of fully paid and non-assessable Shares in the Corporation.

9. <u>Transfer of Option</u>. The Option is not transferable or assignable except in accordance with the
Plan.

10. <u>Inconsistency</u>. This Option Agreement is subject to the terms and conditions of the Plan and, in
the event of any inconsistency or contradiction between the terms of this Option Agreement and the Plan, the terms of the Plan shall govern.

11. <u>Severability</u>. Wherever possible, each provision of this Option Agreement shall be interpreted in
such manner as to be effective and valid under applicable law, but if any provision of this Option Agreement is held to be invalid, illegal
or unenforceable in any respect under any applicable law or rule in any jurisdiction, such invalidity, illegality or unenforceability
shall not affect any other provision or any other jurisdiction, but this Option Agreement shall be reformed, construed and enforced in
such jurisdiction as if such invalid, illegal or unenforceable provision had never been contained herein.

12. <u>Entire Agreement</u>. This Option Agreement and the Plan embody the entire agreement and understanding
among the parties and supersede and preempt any prior understandings, agreements or representations by or among the parties, written or
oral, which may have related to the subject matter hereof in any way.

13. <u>Successors and Assigns</u>. This Option Agreement shall bind and enure to the benefit of the Optionee
and the Corporation and their respective successors and permitted assigns.

14. <u>Time of the Essence</u>. Time shall be of the essence of this Agreement and of every part hereof.

15. <u>Governing Law</u>. This Agreement and the Option shall be governed by and interpreted and enforced
in accordance with the laws of the Province of Ontario and the federal laws of Canada applicable therein.

16. <u>Counterparts</u>. This Option Agreement may be executed in separate counterparts, each of which is
deemed to be an original and all of which taken together constitute one and the same agreement.

By signing this Agreement, the Optionee acknowledges that the Optionee has been provided a copy of and has read and understands the Plan and agrees to the terms and conditions of the Plan and this Option Agreement. Without limitation to the foregoing, the Optionee specifically acknowledges that it has reviewed and understands, and agrees to, the termination provisions set forth in Section 5.3 of the Plan.

IN WITNESS WHEREOF the parties hereof have executed this Option Agreement as of the _____ day of ___________________, 20___.

---

| | |
|:---|:---|
| **ISOENERGY LTD.** | **ISOENERGY LTD.** |
| By: |  |
|  | Name: |
|  | Title: |

---

    <br> Witness [Insert Participant's Name]

**SCHEDULE "A"<br> ELECTION TO EXERCISE STOCK OPTIONS**

TO: ISOENERGY LTD. (the "**Corporation**")

The undersigned Optionee hereby elects to exercise Options granted by the Corporation to the undersigned pursuant to an Award Agreement dated _______________, 20_____ under the Corporation's Omnibus Long-Term Incentive Plan (the "**Plan**"), for the number of Shares set forth below. Capitalized terms used herein and not otherwise defined shall have the meanings given to them in the Plan.

---

| | |
|:---|:---|
| &nbsp;&nbsp;Number of Shares to be Acquired: |  |
| &nbsp;&nbsp;Exercise Price (per Share): | &nbsp;&nbsp;Cdn.$|
| &nbsp;&nbsp;Aggregate Purchase Price: | &nbsp;&nbsp;Cdn.$|
| &nbsp;&nbsp;Amount enclosed that is payable on account of any source deductions relating to this Option exercise (contact the Corporation for details of such amount): | &nbsp;&nbsp;Cdn.$|

---

◻ Or check here if alternative arrangements have been made with the Corporation;

and hereby tenders a certified cheque, bank draft or other form of payment confirmed as acceptable by the Corporation for such aggregate purchase price, and, if applicable, all source deductions, and directs such Shares to be registered in the name of _______________________.

**[Please note that the following should be included for an Option exercise in the United States when the Options and underlying securities are not registered under the United States Securities Act of 1933, as amended:**

In connection with this exercise, the undersigned Optionee must mark one of Box A, Box B, Box C or Box D:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Box A | ![](tm2516092d1_ex4-3img002.jpg) | The undersigned hereby certifies that (i) it did not acquire the Options in the United States (as that term is defined in Regulation S under the United States Securities Act of 1933, as amended (the "**U.S. Securities Act**") or at a time when the undersigned was a "U.S. Person" (as that term is defined in the U.S. Securities Act) or acting for the account or benefit of a U.S. Person or a person in the United States, (ii) it is not in the United States or a U.S. Person, (iii) the Option is not being exercised for the account or benefit of a U.S. Person or a person in the United States, and (iv) this Election to Exercise Stock Options was not executed or delivered in the United States. |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Box B | ![](tm2516092d1_ex4-3img002.jpg) | The undersigned represents, warrants and certifies that it (a) acquired the Options directly from the Corporation pursuant to the terms of the Plan; (b) is exercising the Options solely for its own account; and (c) is an "accredited investor" (within the meaning of Rule 501(a) of Regulation D under the U.S. Securities Act, on the date of exercise of the Options pursuant to this Election To Exercise Stock Options. |
| &nbsp;&nbsp;Box C | ![](tm2516092d1_ex4-3img002.jpg) | An exemption from registration under the U.S. Securities Act and all applicable state securities law is available for the issuance of common shares underlying the Options, and attached hereto is an opinion of counsel or other evidence to such effect, it being understood that any opinion of counsel or other evidence tendered in connection with the exercise of the Options must be in form and substance satisfactory to the Corporation. |
| &nbsp;&nbsp;Box D | ![](tm2516092d1_ex4-3img002.jpg) | The exercise is pursuant to the "cashless exercise" provision and procedure set forth in the Plan. |

---

**Note: Certificates representing Shares will not be registered or delivered to an address in the United States unless Box B, Box C or Box D is marked. If Box B or Box C is marked and, subject to the requirements under securities laws in the United States if Box D is marked, the certificates representing the Shares will include the legend set forth in Section 7.3 of the Plan.**

I hereby agree to file or cause the Corporation to file on my behalf, on a timely basis, all insider reports and other reports that I may be required to file under applicable securities laws. I understand that this request to exercise my Options is irrevocable.

DATED this ______ day of ___________________, ______.

---

| |
|:---|
| *Signature of Participant* |
| *Name of Participant (Please Print)* |

---

**SCHEDULE "B"<br> SURRENDER NOTICE**

---

| | |
|:---|:---|
| TO: | ISOENERGY LTD. (the "**Corporation**") |

---

The undersigned Optionee hereby elects to surrender _________________ Options granted by the Corporation to the undersigned pursuant to an Award Agreement dated ________________, 20___ under the Corporation's Omnibus Long-Term Incentive Plan (the "**Plan**") in exchange for Shares as calculated in accordance with Section 3.6(3) of the Plan. Capitalized terms used herein and not otherwise defined shall have the meanings given to them in the Plan.

Please issue a certificate or certificates representing the Shares in the name of<br> _______________________________________________________________________________________________________________________.

I hereby agree to file or cause the Corporation to file on my behalf, on a timely basis, all insider reports and other reports that I may be required to file under applicable securities laws. I understand that this request to surrender my Options is irrevocable.

The Optionee represents, warrants and certifies as follows (only one of the following must be checked):

A. Outside the United States. The undersigned holder (a) at the time of exercise of the Options is not in the United States of America, its territories or possessions, any state of the United States or the District of Columbia (collectively, the "United States"), (b) is not exercising such Options on behalf of a person in the United States, and (c) did not execute or deliver this Stock Option Exercise Form in the United States; or

B. Inside the United States. The undersigned (a) at the time of exercise of these Options is in the "United States," (b) is exercising such Options on behalf of a person in the United States, or (c) did execute or deliver this Stock Option Exercise Form in the United States.

The Optionee understands that unless Box A above is checked and the Shares are registered under applicable United States federal and state securities laws, any certificate representing the Shares may bear a legend restricting transfer without registration under the U.S. Securities Act and applicable state securities laws unless an exemption from registration is available.

DATED this ______ day of ___________________, ______.

---

| |
|:---|
| *Signature of Participant* |
| *Name of Participant (Please Print)* |

---

**SCHEDULE "C"<br> U.S. Accredited Investor Certificate**

---

| | |
|:---|:---|
| TO: | ISOENERGY LTD. (the "**Corporation**") |

---

In connection with the Issuance of the Options pursuant to an Award Agreement dated ________________, 20___ under the Corporation's Omnibus Long-Term Incentive Plan (the "**Plan**"), the undersigned, as an integral part of inducing the Corporation to issue the Options, hereby represents and warrants to the Corporation that the undersigned satisfies one or more of the following categories of an "accredited investor" within the meaning of Rule 501(a) of Regulation D under the U.S. Securities Act. Capitalized terms used herein and not otherwise defined shall have the meanings given to them in the Plan.

---

| | |
|:---|:---|
| Category 1. | A director or executive officer of the Corporation (for purposes of this Schedule "C", "executive officer" means the president; any vice president in charge of a principal business unit, division or function, such as sales, administration or finance; or any other person or persons who perform(s) similar policymaking functions for the Corporation); or |
| Category 2. | A natural person whose individual net worth, or joint net worth with that person's spouse or spousal equivalent, at the time of purchase exceeds U.S.$1,000,000; provided, however, that (i) the person's primary residence shall not be included as an asset; (ii) indebtedness that is secured by the person's primary residence, up to the estimated fair market value of the primary residence at the time of the sale of securities, shall not be included as a liability (except that if the amount of such indebtedness outstanding at the time of the sale of securities exceeds the amount outstanding 60 days before such time, other than as a result of the acquisition of the primary residence, the amount of such excess shall be included as a liability); and (iii) indebtedness that is secured by the person's primary residence in excess of the estimated fair market value of the primary residence at the time of the sale of securities shall be included as a liability; or |
|  | (**Note**: For the purposes of calculating "joint net worth", joint net worth can be the aggregate net worth of the investor and spouse or spousal equivalent, and assets need not be held jointly to be included in the calculation. Reliance on the joint net worth standard does not require that the securities be purchased jointly.) |
|  | (**Note**: The term "spousal equivalent" means a cohabitant occupying a relationship generally equivalent to that of a spouse.) |
| Category 3. | A natural person who had an individual income in excess of U.S.$200,000 in each of the two most recent years or joint income with that person's spouse or spousal equivalent in excess of U.S.$300,000 in each of those years and has a reasonable expectation of reaching the same income level in the current year; or |
|  | (**Note**: The term "spousal equivalent" means a cohabitant occupying a relationship generally equivalent to that of a spouse.) |
| Category 4. | A natural person that holds one of the following licenses in good standing: General Securities Representative license (Series 7), the Private |

---

---

| | |
|:---|:---|
|  | Securities Offerings Representative license (Series 82), or the Investment Adviser Representative license (Series 65); or |
| Category 5. | An investment adviser registered pursuant to section 203 of the United States Investment Advisers Act of 1940, as amended, or registered pursuant to the laws of a state, or an investment adviser relying on the exemption from registering with the U.S. Securities and Exchange Commission ("**SEC**") under section 203(l) or (m) of the United States Investment Advisers Act of 1940*,* as amended; or |
| Category 6. | A "family office," as defined in Rule 202(a)(11)(G)-1 under the United States Investment Advisers Act of 1940, as amended (17 CFR 275.202(a)(11)(G)-1): (i) with assets under management in excess of U.S.$5,000,000, (ii) that is not formed for the specific purpose of acquiring the securities offered, and (iii) whose prospective investment is directed by a person who has such knowledge and experience in financial and business matters that such family office is capable of evaluating the merits and risks of the prospective investment; or |
| Category 7. | A "family client," as defined in Rule 202(a)(11)(G)-1 under the United States Investment Advisers Act of 1940*,* as amended (17 CFR 275.202(a)(11)(G)-1), of a family office meeting the requirements in Category 12 above and whose prospective investment in the issuer is directed by such family office pursuant to (iii) of Category 12 above. |

---

---

| | |
|:---|:---|
| Date | Optionee's Signature |
|  | Optionee's Name (Please Print) |

---

**Appendix "B"<br> FORM OF RSU AGREEMENT**

**[Please note that the following restrictive legend should be included on RSUs and any underlying Shares issued in the United States when the underlying securities are not registered under the United States Securities Act of 1933, as amended:**

**THE SECURITIES REPRESENTED HEREBY AND THE SECURITIES ISSUABLE UPON CONVERSION HEREOF HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE "U.S. SECURITIES ACT)", OR ANY U.S. STATE SECURITIES LAWS. THE HOLDER HEREOF, BY ACQUIRING SUCH SECURITIES, AGREES FOR THE BENEFIT OF THE CORPORATION THAT SUCH SECURITIES MAY BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED, DIRECTLY OR INDIRECTLY, ONLY (A) TO THE CORPORATION, (B) OUTSIDE THE UNITED STATES IN COMPLIANCE WITH RULE 904 OF REGULATION S UNDER THE U.S. SECURITIES ACT AND IN COMPLIANCE WITH APPLICABLE LOCAL LAWS AND REGULATIONS, (C) IN COMPLIANCE WITH RULE 144 UNDER THE U.S. SECURITIES ACT, IF AVAILABLE, OR (D) PURSUANT TO ANOTHER EXEMPTION FROM REGISTRATION UNDER THE U.S. SECURITIES ACT, IF AVAILABLE, AND IN EACH CASE, IN COMPLIANCE WITH ANY APPLICABLE U.S. STATE SECURITIES LAWS, AND, IN THE CASE OF TRANSFERS UNDER EITHER CLAUSE (C) OR (D), THE HOLDER HAS FURNISHED TO THE CORPORATION AND ITS TRANSFER AGENT AN OPINION OF COUNSEL OF RECOGNIZED STANDING OR OTHER EVIDENCE REASONABLY SATISFACTORY TO THE CORPORATION TO THE EFFECT THAT SUCH EXEMPTION(S) ARE AVAILABLE. THESE SECURITIES MAY NOT CONSTITUTE "GOOD DELIVERY" IN SETTLEMENT OF TRANSACTIONS ON CANADIAN STOCK EXCHANGES.]**

**ISOENERGY LTD.<br> RESTRICTED SHARE UNIT AGREEMENT**

This restricted share unit agreement ("**RSU Agreement**") is granted by IsoEnergy Ltd. (the "**Corporation**") in favour of the Participant named below (the "**Recipient**") of the restricted share units ("**RSUs**") pursuant to the Corporation's Omnibus Long-Term Incentive Plan (the "**Plan**"). Capitalized terms used and not otherwise defined in this RSU Agreement shall have the meanings set forth in the Plan.

The terms of the RSUs, in addition to those terms set forth in the Plan, are as follows:

1. <u>Recipient</u>. The Recipient is [ ● ] and the address of the Recipient is currently [ ● ].

2. <u>Grant of RSUs</u>. The Recipient is hereby granted [ ● ] RSUs.

3. <u>U.S. Securities Law</u>. The Recipient understands and agrees that unless the RSUs have been registered
with the United States Securities and Exchange Commission the Recipient must (i) complete, execute and deliver to the Corporation
Schedule "A"; (ii) comply with all applicable blue-sky laws in the Recipient's State of residence; or (iii) provide
a legal opinion or other evidence reasonably satisfactory to the Corporation that the issuance of the RSUs do not require registration
under the U.S. Securities Act or applicable state securities laws.

4. <u>Restriction Period</u>. In accordance with Section 4.3 of the Plan, the restriction period in respect of the RSUs granted hereunder, as determined by the Board, shall commence on [ ● ] and terminate on [ ● ].

5. <u>Vesting</u>. The RSUs will vest as follows: [ ● ].

6. <u>Transfer of RSUs</u>. The RSUs granted hereunder are non-transferable or assignable except in accordance
with the Plan.

7. <u>Inconsistency</u>. This RSU Agreement is subject to the terms and conditions of the Plan and, in the
event of any inconsistency or contradiction between the terms of this RSU Agreement and the Plan, the terms of the Plan shall govern.

8. <u>Severability</u>. Wherever possible, each provision of this RSU Agreement shall be interpreted in such
manner as to be effective and valid under applicable law, but if any provision of this RSU Agreement is held to be invalid, illegal or
unenforceable in any respect under any applicable law or rule in any jurisdiction, such invalidity, illegality or unenforceability
shall not affect any other provision or any other jurisdiction, but this RSU Agreement shall be reformed, construed and enforced in such
jurisdiction as if such invalid, illegal or unenforceable provision had never been contained herein.

9. <u>Entire Agreement</u>. This RSU Agreement and the Plan embody the entire agreement

10. <u>Successors and Assigns</u>. This RSU Agreement shall bind and enure to the benefit of the Recipient
and the Corporation and their respective successors and permitted assigns.

11. <u>Time of the Essence</u>. Time shall be of the essence of this Agreement and of every part hereof.

12. <u>Governing Law</u>. This RSU Agreement and the RSUs shall be governed by and interpreted and enforced
in accordance with the laws of the Province of Ontario and the federal laws of Canada applicable therein.

13. <u>Counterparts</u>. This RSU Agreement may be executed in separate counterparts, each of which is deemed
to be an original and all of which taken together constitute one and the same agreement.

By signing this RSU Agreement, the Recipient acknowledges that he or she has been provided with, has read and understands the Plan and this RSU Agreement. Without limitation to the foregoing, the Recipient specifically acknowledges that it has reviewed and understands, and agrees to, the termination provisions set forth in Section 5.3 of the Plan.

IN WITNESS WHEREOF the parties hereof have executed this RSU Agreement as of the _____ day of ___________________, 20___.

---

| | |
|:---|:---|
| **ISOENERGY LTD.** | **ISOENERGY LTD.** |
| By: |  |
|  | Name: |
|  | Title: |

---

    <br> Witness [Insert Participant's Name]

**SCHEDULE "A"<br> U.S. Accredited Investor Certificate**

---

| | |
|:---|:---|
| TO: | ISOENERGY LTD. (the "**Corporation**") |

---

In connection with the Issuance of the RSUs pursuant to an Award Agreement dated ________________, 20___ under the Corporation's Omnibus Long-Term Incentive Plan (the "**Plan**"), the undersigned, as an integral part of inducing the Corporation to issue the RSUs, the undersigned hereby represents and warrants to the Corporation that the undersigned satisfies one or more of the following categories of an "accredited investor" within the meaning of Rule 501(a) of Regulation D under the U.S. Securities Act. Capitalized terms used herein and not otherwise defined shall have the meanings given to them in the Plan.

---

| | |
|:---|:---|
| Category 1. | A director or executive officer of the Corporation (for purposes of this Schedule "A", "executive officer" means the president; any vice president in charge of a principal business unit, division or function, such as sales, administration or finance; or any other person or persons who perform(s) similar policymaking functions for the Corporation); or |
| Category 2. | A natural person whose individual net worth, or joint net worth with that person's spouse or spousal equivalent, at the time of purchase exceeds U.S.$1,000,000; provided, however, that (i) the person's primary residence shall not be included as an asset; (ii) indebtedness that is secured by the person's primary residence, up to the estimated fair market value of the primary residence at the time of the sale of securities, shall not be included as a liability (except that if the amount of such indebtedness outstanding at the time of the sale of securities exceeds the amount outstanding 60 days before such time, other than as a result of the acquisition of the primary residence, the amount of such excess shall be included as a liability); and (iii) indebtedness that is secured by the person's primary residence in excess of the estimated fair market value of the primary residence at the time of the sale of securities shall be included as a liability; or |
|  | (**Note**: For the purposes of calculating "joint net worth", joint net worth can be the aggregate net worth of the investor and spouse or spousal equivalent, and assets need not be held jointly to be included in the calculation. Reliance on the joint net worth standard does not require that the securities be purchased jointly.) |
|  | (**Note**: The term "spousal equivalent" means a cohabitant occupying a relationship generally equivalent to that of a spouse.) |
| Category 3. | A natural person who had an individual income in excess of U.S.$200,000 in each of the two most recent years or joint income with that person's spouse or spousal equivalent in excess of U.S.$300,000 in each of those years and has a reasonable expectation of reaching the same income level in the current year; or |
|  | (**Note**: The term "spousal equivalent" means a cohabitant occupying a relationship generally equivalent to that of a spouse.) |
| Category 4. | A natural person that holds one of the following licenses in good standing: General Securities Representative license (Series 7), the Private Securities Offerings Representative license (Series 82), or the Investment Adviser Representative license (Series 65); or |

---

---

| | |
|:---|:---|
| Category 5. | An investment adviser registered pursuant to section 203 of the United States Investment Advisers Act of 1940, as amended, or registered pursuant to the laws of a state, or an investment adviser relying on the exemption from registering with the U.S. Securities and Exchange Commission ("**SEC**") under section 203(l) or (m) of the United States Investment Advisers Act of 1940*,* as amended; or |
| Category 6. | A "family office," as defined in Rule 202(a)(11)(G)-1 under the United States Investment Advisers Act of 1940, as amended (17 CFR 275.202(a)(11)(G)-1): (i) with assets under management in excess of U.S.$5,000,000, (ii) that is not formed for the specific purpose of acquiring the securities offered, and (iii) whose prospective investment is directed by a person who has such knowledge and experience in financial and business matters that such family office is capable of evaluating the merits and risks of the prospective investment; or |
| Category 7. | A "family client," as defined in Rule 202(a)(11)(G)-1 under the United States Investment Advisers Act of 1940*,* as amended (17 CFR 275.202(a)(11)(G)-1), of a family office meeting the requirements in Category 12 above and whose prospective investment in the issuer is directed by such family office pursuant to (iii) of Category 12 above. |

---

---

| | |
|:---|:---|
| Date | Optionee's Signature |
|  | Optionee's Name (Please Print) |

---

**Appendix "C"<br> FORM OF PSU AGREEMENT**

**[Please note that the following restrictive legend should be included on PSUs and any underlying Shares issued in the United States when the underlying securities are not registered under the United States Securities Act of 1933, as amended:**

**THE SECURITIES REPRESENTED HEREBY AND THE SECURITIES ISSUABLE UPON CONVERSION HEREOF HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE "U.S. SECURITIES ACT)", OR ANY U.S. STATE SECURITIES LAWS. THE HOLDER HEREOF, BY ACQUIRING SUCH SECURITIES, AGREES FOR THE BENEFIT OF THE CORPORATION THAT SUCH SECURITIES MAY BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED, DIRECTLY OR INDIRECTLY, ONLY (A) TO THE CORPORATION, (B) OUTSIDE THE UNITED STATES IN COMPLIANCE WITH RULE 904 OF REGULATION S UNDER THE U.S. SECURITIES ACT AND IN COMPLIANCE WITH APPLICABLE LOCAL LAWS AND REGULATIONS, (C) IN COMPLIANCE WITH RULE 144 UNDER THE U.S. SECURITIES ACT, IF AVAILABLE, OR (D) PURSUANT TO ANOTHER EXEMPTION FROM REGISTRATION UNDER THE U.S. SECURITIES ACT, IF AVAILABLE, AND IN EACH CASE, IN COMPLIANCE WITH ANY APPLICABLE U.S. STATE SECURITIES LAWS, AND, IN THE CASE OF TRANSFERS UNDER EITHER CLAUSE (C) OR (D), THE HOLDER HAS FURNISHED TO THE CORPORATION AND ITS TRANSFER AGENT AN OPINION OF COUNSEL OF RECOGNIZED STANDING OR OTHER EVIDENCE REASONABLY SATISFACTORY TO THE CORPORATION TO THE EFFECT THAT SUCH EXEMPTION(S) ARE AVAILABLE. THESE SECURITIES MAY NOT CONSTITUTE "GOOD DELIVERY" IN SETTLEMENT OF TRANSACTIONS ON CANADIAN STOCK EXCHANGES.]**

**ISOENERGY LTD.<br> PERFORMANCE SHARE UNIT AGREEMENT**

This performance share unit agreement ("**PSU Agreement**") is granted by IsoEnergy Ltd. (the "**Corporation**") in favour of the Participant named below (the "**Recipient**") of the performance share units ("**PSUs**") pursuant to the Corporation's Omnibus Long-Term Incentive Plan (the "**Plan**"). Capitalized terms used and not otherwise defined in this PSU Agreement shall have the meanings set forth in the Plan.

The terms of the PSUs, in addition to those terms set forth in the Plan, are as follows:

1. <u>Recipient</u>. The Recipient is [ ● ] and the address of the Recipient is currently [ ● ].

2. <u>Grant of PSUs</u>. The Recipient is hereby granted [ ● ] PSUs.

3. <u>U.S. Securities Law</u>. The Recipient understands and agrees that unless the PSUs have been registered
with the United States Securities and Exchange Commission the Recipient must (i) complete, execute and deliver to the Corporation
Schedule "A"; (ii) comply with all applicable blue-sky laws in the Recipient's State of residence; or (iii) provide
a legal opinion or other evidence reasonably satisfactory to the Corporation that the issuance of the PSUs do not require registration
under the U.S. Securities Act or applicable state securities laws.

4. <u>Restriction Period</u>. In accordance with Section 4.3 of the Plan, the restriction period in respect of the PSUs granted hereunder, as determined by the Board, shall commence on [ ● ] and terminate on [ ● ].

5. <u>Performance Criteria</u>. [ ● ].

6. <u>Performance Period</u>. [ ● ].

7. <u>Vesting</u>. The PSUs will vest as follows: [ ● ].

8. <u>Transfer of PSUs</u>. The PSUs granted hereunder are not-transferable or assignable except in accordance
with the Plan.

9. <u>Inconsistency</u>. This PSU Agreement is subject to the terms and conditions of the Plan and, in the
event of any inconsistency or contradiction between the terms of this PSU Agreement and the Plan, the terms of the Plan shall govern.

10. <u>Severability</u>. Wherever possible, each provision of this PSU Agreement shall be interpreted in such
manner as to be effective and valid under applicable law, but if any provision of this PSU Agreement is held to be invalid, illegal or
unenforceable in any respect under any applicable law or rule in any jurisdiction, such invalidity, illegality or unenforceability
shall not affect any other provision or any other jurisdiction, but this PSU Agreement shall be reformed, construed and enforced in such
jurisdiction as if such invalid, illegal or unenforceable provision had never been contained herein.

11. <u>Entire Agreement</u>. This PSU Agreement and the Plan embody the entire agreement

12. <u>Successors and Assigns</u>. This PSU Agreement shall bind and enure to the benefit of the Recipient
and the Corporation and their respective successors and permitted assigns.

13. <u>Time of the Essence</u>. Time shall be of the essence of this Agreement and of every part hereof.

14. <u>Governing Law</u>. This PSU Agreement and the PSUs shall be governed by and interpreted and enforced
in accordance with the laws of the Province of Ontario and the federal laws of Canada applicable therein.

15. <u>Counterparts</u>. This PSU Agreement may be executed in separate counterparts, each of which is deemed
to be an original and all of which taken together constitute one and the same agreement.

By signing this PSU Agreement, the Recipient acknowledges that he or she has been provided with, has read and understands the Plan and this PSU Agreement. Without limitation to the foregoing, the Recipient specifically acknowledges that it has reviewed and understands, and agrees to, the termination provisions set forth in Section 5.3 of the Plan.

IN WITNESS WHEREOF the parties hereof have executed this PSU Agreement as of the _____ day of ___________________, 20___.

---

| | |
|:---|:---|
| **ISOENERGY LTD.** | **ISOENERGY LTD.** |
| By: |  |
|  | Name: |
|  | Title: |

---

    <br> Witness [Insert Participant's Name]

**SCHEDULE "A"<br> U.S. Accredited Investor Certificate**

---

| | |
|:---|:---|
| TO: | ISOENERGY LTD. (the "**Corporation**") |

---

In connection with the Issuance of the PSUs pursuant to an Award Agreement dated ________________, 20___ under the Corporation's Omnibus Long-Term Incentive Plan (the "**Plan**"), the undersigned, as an integral part of inducing the Corporation to issue the PSUs, the undersigned hereby represents and warrants to the Corporation that the undersigned satisfies one or more of the following categories of an "accredited investor" within the meaning of Rule 501(a) of Regulation D under the U.S. Securities Act. Capitalized terms used herein and not otherwise defined shall have the meanings given to them in the Plan.

---

| | |
|:---|:---|
| Category 1. | A director or executive officer of the Corporation (for purposes of this Schedule "A", "executive officer" means the president; any vice president in charge of a principal business unit, division or function, such as sales, administration or finance; or any other person or persons who perform(s) similar policymaking functions for the Corporation); or |
| Category 2. | A natural person whose individual net worth, or joint net worth with that person's spouse or spousal equivalent, at the time of purchase exceeds U.S.$1,000,000; provided, however, that (i) the person's primary residence shall not be included as an asset; (ii) indebtedness that is secured by the person's primary residence, up to the estimated fair market value of the primary residence at the time of the sale of securities, shall not be included as a liability (except that if the amount of such indebtedness outstanding at the time of the sale of securities exceeds the amount outstanding 60 days before such time, other than as a result of the acquisition of the primary residence, the amount of such excess shall be included as a liability); and (iii) indebtedness that is secured by the person's primary residence in excess of the estimated fair market value of the primary residence at the time of the sale of securities shall be included as a liability; or |
|  | (**Note**: For the purposes of calculating "joint net worth", joint net worth can be the aggregate net worth of the investor and spouse or spousal equivalent, and assets need not be held jointly to be included in the calculation. Reliance on the joint net worth standard does not require that the securities be purchased jointly.) |
|  | (**Note**: The term "spousal equivalent" means a cohabitant occupying a relationship generally equivalent to that of a spouse.) |
| Category 3. | A natural person who had an individual income in excess of U.S.$200,000 in each of the two most recent years or joint income with that person's spouse or spousal equivalent in excess of U.S.$300,000 in each of those years and has a reasonable expectation of reaching the same income level in the current year; or |
|  | (**Note**: The term "spousal equivalent" means a cohabitant occupying a relationship generally equivalent to that of a spouse.) |
| Category 4. | A natural person that holds one of the following licenses in good standing: General Securities Representative license (Series 7), the Private Securities Offerings Representative license (Series 82), or the Investment Adviser Representative license (Series 65); or |

---

---

| | |
|:---|:---|
| Category 5. | An investment adviser registered pursuant to section 203 of the United States Investment Advisers Act of 1940, as amended, or registered pursuant to the laws of a state, or an investment adviser relying on the exemption from registering with the U.S. Securities and Exchange Commission ("**SEC**") under section 203(l) or (m) of the United States Investment Advisers Act of 1940*,* as amended; or |
| Category 6. | A "family office," as defined in Rule 202(a)(11)(G)-1 under the United States Investment Advisers Act of 1940, as amended (17 CFR 275.202(a)(11)(G)-1): (i) with assets under management in excess of U.S.$5,000,000, (ii) that is not formed for the specific purpose of acquiring the securities offered, and (iii) whose prospective investment is directed by a person who has such knowledge and experience in financial and business matters that such family office is capable of evaluating the merits and risks of the prospective investment; or |
| Category 7. | A "family client," as defined in Rule 202(a)(11)(G)-1 under the United States Investment Advisers Act of 1940*,* as amended (17 CFR 275.202(a)(11)(G)-1), of a family office meeting the requirements in Category 12 above and whose prospective investment in the issuer is directed by such family office pursuant to (iii) of Category 12 above. |

---

---

| | |
|:---|:---|
| Date | Optionee's Signature |
|  | Optionee's Name (Please Print) |

---

**Appendix "D"<br> FORM OF U.S. PARTICIPANT/NON-EMPLOYEE DIRECTOR ELECTION FORM**

**ISOENERGY LTD.**

I __________________________[name] wish to defer 100% of my annual retainer (including any annual retainers or fees for service on committees of the Board) for the calendar year [●] and any future calendar years unless and until I make a new election in accordance with the Plan and the Addendum. I, do hereby elect to have a Share Unit Settlement Date of [●] anniversary of the grant date of such RSUs, or if earlier upon my Separation from Service in respect of all of such RSUs (including any accumulated Dividend Share Units), and otherwise in accordance with the Plan and the special provisions of the Addendum to the Plan applicable to U.S. Participants.

I understand that this election shall be irrevocable as of the last date in which I am permitted to make such election in accordance with Section 4 of the Addendum to the Plan and I shall only be permitted to revoke or modify this election up to such date. I understand that this election shall apply to any other grants of RSUs that I may be granted in the future (if any) in respect of any retainer fees payable in future calendar years (and will become irrevocable as of December 31 of the prior calendar year) until I make a later election, which election shall be made no later than the date set forth in Section 4 of the Addendum to the Plan.

All capitalized terms not defined in this Election Form have the meaning set out in the Plan.

I understand and agree that the granting and settlement of RSUs are subject to the terms and conditions of the Plan which are incorporated into and form a part of this Election Form.

---

| | |
|:---|:---|
| Non-Employee Director Name | Date |
| Witness | Date |

---

## Exhibit 4.4

**Exhibit 4.4**

![](tm2516092d1_ex4-4img001.jpg)

**AMENDED & RESTATED <br> INCENTIVE STOCK OPTION PLAN**

(as amended and restated on May 3, 2022)

<u>**TABLE OF CONTENTS**</u>

---

| | | |
|:---|:---|:---|
| Article 1 DEFINITIONS AND INTERPRETATION | Article 1 DEFINITIONS AND INTERPRETATION | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 | Defined Terms | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 | Interpretation | 3 |
| Article 2 ESTABLISHMENT OF PLAN | Article 2 ESTABLISHMENT OF PLAN | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 | Purpose | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 | Shares Reserved | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3 | Non-Exclusivity | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4 | Effective Date | 5 |
| Article 3 ADMINISTRATION OF PLAN | Article 3 ADMINISTRATION OF PLAN | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 | Administration | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 | Amendment, Suspension and Termination | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3 | Compliance with Laws | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4 | Tax Withholding | 6 |
| Article 4 OPTION GRANTS | Article 4 OPTION GRANTS | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 | Eligibility and Multiple Grants | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 | Option Agreement | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3 | Limitation on Grants | 7 |
| Article 5 OPTION TERMS | Article 5 OPTION TERMS | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 | Exercise Price | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 | Expiry Date | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3 | Vesting | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4 | Non-Assignability | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.5 | Ceasing to be Eligible Person | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.6 | Blackout Periods | 10 |
| Article 6 EXERCISE PROCEDURE | Article 6 EXERCISE PROCEDURE | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 | Exercise Procedure | 10 |
| Article 7 AMENDMENT OF OPTIONS | Article 7 AMENDMENT OF OPTIONS | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1 | Consent to Amend | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2 | Amendment Subject to Approval | 11 |
| Article 8 MISCELLANEOUS | Article 8 MISCELLANEOUS | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1 | No Rights as Shareholder | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2 | No Right to Employment | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3 | Governing Law | 11 |

---

**ARTICLE 1 <br> DEFINITIONS AND INTERPRETATION**

**1.1**  **<u>Defined Terms</u>** 

For the purposes of this Plan, the following terms shall have the following meanings:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) "**Board**" means the Board of Directors of the Corporation or, as applicable, a committee thereof duly appointed to
administer this Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) "**Change of Control**" means the occurrence of any one or more of the following events:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a merger, consolidation, plan of arrangement
or reorganization of the Corporation that results in the beneficial, direct or indirect, transfer of more than 50% of the total voting
power of the resulting entity's outstanding securities to a person, or group of persons acting jointly and in concert, who are different
from the persons that have, beneficially, directly or indirectly, more than 50% of the total voting power prior to such transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the consummation of a sale of all or substantially all of the assets of the Corporation or the consummation
of a reorganization, merger, joint venture or other transaction which has substantially the same effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the adoption of a resolution to wind-up, dissolve or liquidate the Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the acquisition, beneficially, directly or indirectly, by any person or group of persons acting jointly
or in concert, within the meaning of Multilateral Instrument 62-104, Take- Over Bids and Issuer Bids (or any successor instrument thereto),
of common shares of the Corporation which, when added to all other common shares of the Corporation at the time held beneficially, directly
or indirectly by such person or persons acting jointly or in concert, totals for the first time more than 50% of the outstanding common
shares of the Corporation; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the removal, by extraordinary resolution of the shareholders of the Corporation, of more than 51% of the
then incumbent directors of the Corporation, or the election of a majority of directors to the Corporation's board who were not
members of the Corporation's incumbent board immediately preceding such election;

provided that a "change of control" (as defined in items (i) and (iv)) of NexGen Energy Ltd. shall not, in and of itself, constitute an indirect change of control of the Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) "**Common Shares**" means the common shares of the Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) "**Consultant**" means an individual who:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) provides ongoing consulting, technical, management or other services to the Corporation or a subsidiary
under a written contract with the Corporation or a subsidiary, other than services provided in relation to a Distribution (as defined
in Exchange Policy 1.1 – Interpretation);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) possesses technical, business or management expertise of value to the Corporation or a subsidiary of the
Corporation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) in the reasonable opinion of the Corporation, spends or will spend a reasonable amount of time and attention
on the business and affairs of the Corporation or a subsidiary;

and includes a company of which a Consultant is an employee or shareholder and a partnership of which a Consultant is an employee or partner;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) "**Corporation**" means IsoEnergy Ltd. and its successor entities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) "**Director**" means a director of the Corporation or of a subsidiary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) "**Disinterested Shareholder Approval**" has the meaning ascribed thereto by the Exchange
in "Policy 4.4 – Incentive Stock Options" of the Exchange's Corporate Finance Manual;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) "**Eligible Person**" means a Director, Officer, Employee or Consultant, and includes a
company all the voting securities of which are owned by Eligible Persons;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) "**Employee**" means an individual who:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) is considered an employee of the Corporation or a subsidiary under the *Income Tax Act* (Canada),
i.e. for whom income tax, employment insurance and Canada Pension Plan deductions must be made at source,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) works full-time for the Corporation or a subsidiary providing services normally provided by an employee
and who is subject to the same control and direction by the Corporation or the subsidiary over the details and method of work as an employee
of the Corporation or the subsidiary, but for whom income tax deductions are not made at source, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) works for the Corporation or a subsidiary on a continuing and regular basis for a minimum amount of time
per week providing services normally provided by an employee and who is subject to the same control and direction by the Corporation or
the subsidiary over the details and method of work as an employee of the Corporation or the subsidiary, but for whom income tax deductions
are not made at source;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) "**Exchange**" means the TSX Venture Exchange and any successor entity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) "**Expiry Date**" means the last day of the term for an Option,
as set by the Board at the time of grant in accordance with Section 5.2 and, if applicable, as amended from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) "**Governmental Authorities**" means governments, regulatory authorities, governmental
departments, agencies, commissions, bureaus, officials, ministers, Crown corporations, courts, bodies, boards, tribunals or dispute settlement
panels or other law, rule or regulation-making organizations or entities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) having or purporting to have jurisdiction on behalf of any nation, province, territory or state or any
geographic or political subdivision of any of them; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) exercising, or entitled or purporting to exercise any administrative, executive, judicial, legislative,
policy, regulatory or taxing authority or power;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) "**Insider**" has the meaning ascribed thereto by the Exchange;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) "**Investor Relations Activities**" means any activities, by or on behalf of the Corporation,
its subsidiaries or its shareholders, that promote or reasonably could be expected to promote the purchase or sale of securities of the
Corporation or its subsidiaries, but does not include those activities excluded within the definition of "Investor Relations Activities"
within Exchange Policy 1.1 – *Interpretation*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) "**Investor Relations Service Provider**" includes any Consultant that performs Investor
Relations Activities and any Director, Officer, Employee or Management Company Employee whose role and duties primarily consist of Investor
Relations Activities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) "**Laws**" means currently existing applicable statutes, by-laws, rules, regulations, orders,
ordinances or judgments, in each case of any Governmental Authority having the force of the law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) "**Management Company Employee**" means an individual who is employed by a person providing
management services to the Corporation or a subsidiary which are required for the ongoing successful operation of the business enterprise
of the Corporation or the subsidiary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) "**Officer**" means an officer of the Corporation or of a subsidiary, and includes a Management
Company Employee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) "**Option**" means an option to purchase Common Shares granted to an Eligible Person pursuant
to this Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) "**Other Share Compensation Arrangement**" means, other than this Plan and any Options,
any stock option plan, stock options, employee stock purchase plan, restricted share unit plan or deferred share unit plan, or other compensation
or incentive mechanism involving the issuance or potential issuance of Common Shares, including but not limited to a purchase of Common
Shares from treasury which is financially assisted by the Corporation by way of loan, guarantee or otherwise;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) "**Participant**" means an Eligible Person who has been granted an Option; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) "**Plan**" means this Stock Option Plan as it may be amended from time to time.

**1.2**  **<u>Interpretation</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) References to the outstanding Common Shares at any point in time shall be computed on a non-diluted basis.

**ARTICLE 2 <br> ESTABLISHMENT OF PLAN**

**2.1**  **<u>Purpose</u>** 

The purpose of this Plan is to advance the interests of the Corporation, through the grant of Options, by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) providing an incentive mechanism to foster the interest of Eligible Persons in the success of the Corporation and its subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) encouraging Eligible Persons to remain with the Corporation or its subsidiaries; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) attracting new Directors, Officers, Employees and Consultants.

**2.2**  **<u>Shares Reserved</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The maximum aggregate number of Common Shares that shall be reserved for issuance under this Plan shall
not exceed 10% of the outstanding Common Shares at the time of grant of an Option, less the aggregate number of Common Shares then reserved
for issuance pursuant to any Other Share Compensation Arrangement. For greater certainty, if an Option is surrendered, terminated or expires
without being exercised, the Common Shares reserved for issuance pursuant to such Option shall be available for new Options granted under
this Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If there is a change in the outstanding Common Shares by reason of (A) any share consolidation or
split; (B) reclassification or other capital reorganization, or a stock dividend, arrangement, amalgamation, merger or combination,
or any other change to, event affecting the Common Shares; or (C) any exchange of or corporate change or transaction affecting the
Common Shares; the Board shall make, as it deems advisable and subject to the requisite approval of the relevant regulatory authorities
(and in particular with respect to (B) and (C) prior approval of the Exchange), appropriate substitution and/or adjustment in:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the number and kind of shares or other securities or property reserved or to be allotted for issuance
pursuant to this Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the number and kind of shares or other securities or property reserved or to be allotted for issuance
pursuant to any outstanding unexercised Options, and in the exercise price for such shares or other securities or property; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the vesting of any Options (subject to the approval of the Exchange if such vesting is mandatory under
the policies of the Exchange), including the accelerated vesting thereof on conditions the Board deems advisable,

and if the Corporation undertakes an arrangement or is amalgamated, merged or combined with another corporation, the Board shall make such provision for the protection of the rights of Participants as it shall deem advisable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) No fractional Common Shares shall be reserved for issuance under this Plan and the Board may determine
the manner in which an Option, insofar as it relates to the acquisition of a fractional Common Share, shall be treated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Corporation shall, at all times while this Plan is in effect, reserve and keep available such number
of Common Shares as will be sufficient to satisfy the requirements of this Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) If a bona fide offer (an "**Offer**") for Common Shares is made to the Participant or to
shareholders of the Corporation generally or to a class of shareholders which includes the Participant, which Offer, if accepted in whole
or in part, would result in the offeror becoming a control person of the Corporation, within the meaning of subsection 1(1) of the *Securities Act* (British Columbia), the Corporation shall, immediately upon receipt of notice of the Offer, notify each Participant
of full particulars of the Offer, whereupon (subject to the approval of the Exchange) all Options will become vested and the Option may
be exercised in whole or in part by the Participant so as to permit the Participant to tender the Common Shares received upon such exercise,
pursuant to the Offer. However, if: (a) the Offer is not completed within the time specified therein; or (b) all of the Common
Shares tendered by the Participant pursuant to the Offer are not taken up or paid for by the offeror in respect thereof, then the Common
Shares received upon such exercise, or in the case of clause (b) above, the Common Shares that are not taken up and paid for, may be returned by the Participant
to the Corporation and reinstated as authorized but unissued Common Shares and with respect to such returned Common Shares, the Option
shall be reinstated as if it had not been exercised. If any Common Shares are returned to the Corporation under this Section 2.2(e),
the Corporation shall immediately refund the exercise price to the Participant for such Common Shares. The Board shall give each Participant
as much notice as possible, except that not less than 5 business days' notice is required and more than 30 days' notice is
not required.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) If a Change of Control occurs, all Options will become vested, whereupon such Options may be exercised
in whole or in part by the Participant, subject to the approval of the Exchange, if necessary.

**2.3**  **<u>Non-Exclusivity</u>** 

Nothing contained herein shall prevent the Board from adopting such other incentive or compensation arrangements as it shall deem advisable.

**2.4**  **<u>Effective Date</u>** 

This Plan shall be subject to the approval of any regulatory authority whose approval is required. Any Options granted under this Plan prior to such approvals being given shall be conditional upon such approvals being given, and no such Options may be exercised unless and until such approvals are given.

**ARTICLE 3 <br> ADMINISTRATION OF PLAN**

**3.1**  **<u>Administration</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Plan shall be administered by the Board or any committee established by the Board for the purposes
of administering this Plan. Subject to the provisions of this Plan, the Board shall have the authority to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) determine the Eligible Persons to whom Options are granted, to grant such Options, and to determine any
terms and conditions, limitations and restrictions in respect of any particular Option grant, including but not limited to the nature
and duration of the restrictions, if any, to be imposed upon the acquisition, sale or other disposition of Common Shares acquired upon
exercise of the Option, and the nature of the events and the duration of the period, if any, in which any Participant's rights in
respect of an Option or Common Shares acquired upon exercise of an Option may be forfeited; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) interpret the terms of this Plan, to make all such determinations and take
all such other actions in connection with the implementation, operation and administration of this Plan, and to adopt, amend and rescind
such administrative guidelines and other rules and regulations relating to this Plan, as it shall from time to time deem advisable,
including without limitation for the purpose of ensuring compliance with Sections 3.3 and 3.4 hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Board's interpretations, determinations, guidelines, rules and regulations shall be conclusive
and binding upon the Corporation, Eligible Persons, Participants and all other persons.

**3.2**  **<u>Amendment, Suspension and Termination</u>** 

The Board may amend, subject to the approval of any regulatory authority (and if required by such regulatory authority, shareholder approval) whose approval is required, suspend, terminate or discontinue this Plan or any portion thereof. No such amendment, suspension, termination or discontinuance shall in any manner adversely affect any Option previously granted to any Participant without the consent of such Participant. If this Plan is suspended or terminated, the provisions of this Plan and any administrative guidelines, rules and regulations relating to this Plan shall continue in effect for the duration of such time as any Option remains outstanding.

**3.3**  **<u>Compliance with Laws</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Plan, the grant and exercise of Options hereunder and the Corporation's obligation to sell,
issue and deliver any Common Shares upon exercise of Options shall be subject to all applicable federal, provincial and foreign Laws,
policies, rules and regulations, to the policies, rules and regulations of any stock exchanges or other markets on which the
Common Shares are listed or quoted for trading and to such approvals by any governmental or regulatory agency as may, in the opinion of
counsel to the Corporation, be required. The Corporation shall not be obligated by the existence of this Plan or any provision of this
Plan or the grant or exercise of Options hereunder to sell, issue or deliver Common Shares upon exercise of Options in violation of such
laws, policies, rules and regulations or any condition or requirement of such approvals.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) No Option shall be granted and no Common Shares sold, issued or delivered hereunder where such grant,
sale, issue or delivery would require registration or other qualification of this Plan or of the Common Shares under the securities laws
of any foreign jurisdiction, and any purported grant of any Option or any sale, issue and delivery of Common Shares hereunder in violation
of this provision shall be void. In addition, the Corporation shall have no obligation to sell, issue or deliver any Common Shares hereunder
unless such Common Shares shall have been duly listed, upon official notice of issuance, with all stock exchanges on which the Common
Shares are listed for trading.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Common Shares sold, issued and delivered to Participants pursuant to the exercise of Options shall be
subject to restrictions on resale and transfer under applicable securities laws and the requirements of any stock exchanges or other markets
on which the Common Shares are listed or quoted for trading, and any certificates representing such Common Shares shall bear, as required,
a restrictive legend in respect thereof.

**3.4**  **<u>Tax Withholding</u>** 

The Corporation may withhold from any amount payable to a Participant, either under this Plan or otherwise, such amount as it reasonably believes is necessary to enable the Corporation to comply with the applicable requirements of any federal, provincial, local, or foreign law, or any administrative policy of any applicable tax authority, relating to the withholding of tax or any other required deductions with respect to options ("**Withholding Obligations**"). The Corporation may also satisfy any liability for any such Withholding Obligations, on such terms and conditions as the Corporation may determine in its discretion, by (a) requiring a Participant, as a condition to the exercise of any Options, to make such arrangements as the Corporation may require so that the Corporation can satisfy such Withholding Obligations including, without limitation, requiring the Participant to remit to the Corporation in advance, or reimburse the Corporation for, any such Withholding Obligations or (b) selling on the Participant's behalf, or requiring the Participant to sell, any Common Shares acquired by the Participant under this Plan, or retaining any amount which would otherwise be payable to the Participant in connection with any such sale. Each Participant agrees to indemnify and save the Corporation harmless from any and all amounts payable or incurred by the Corporation or any subsidiary of the Corporation if it is subsequently determined that any greater amount should have been withheld in respect of taxes or other statutory withholdings.

**ARTICLE 4 <br> OPTION GRANTS**

**4.1**  **<u>Eligibility and Multiple Grants</u>** 

Options shall only be granted to Eligible Persons. An Eligible Person may receive Options on more than one occasion and may receive separate Options, with differing terms, on any one or more occasions.

**4.2**  **<u>Option Agreement</u>** 

Every Option shall be evidenced by an option agreement executed by the Corporation and the Participant, which shall, if the Participant is an Employee, Consultant or Management Company Employee, contain a representation and warranty by the Corporation and such Participant, that such Participant is a bona fide Employee, Consultant or Management Company Employee, as the case may be, of the Corporation or a subsidiary. In the event of any discrepancy between this Plan and an option agreement, the provisions of this Plan shall govern.

**4.3**  **<u>Limitation on Grants</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **To any one person.** The aggregate number of Common Shares reserved for issuance to any person in
any 12 month period under this Plan and any Other Share Compensation Arrangement shall not exceed 5% of the outstanding Common Shares
at the time of the grant, unless the Corporation has obtained Disinterested Shareholder Approval to exceed such limit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **To Consultants.** The aggregate number of Common Shares reserved for issuance to any one Consultant
in any 12 month period under this Plan and any Other Share Compensation Arrangement shall not exceed 2% of the outstanding Common Shares
at the time of the grant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **To Investor Relations Service Providers.** The aggregate number of Common Shares reserved for issuance
to all Investor Relations Service Providers in any 12 month period under this Plan and any Other Share Compensation Arrangement shall
not exceed 2% of the outstanding Common Shares at the time of the grant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) **To Insiders.** Unless the Corporation has received Disinterested Shareholder Approval to do so:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the aggregate number of Common Shares reserved for issuance to Insiders under this Plan and any Other
Share Compensation Arrangement shall not exceed 10% of the outstanding Common Shares at the time of the grant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the aggregate number of Options granted to Insiders in any 12 month period under this Plan and any Other
Share Compensation Arrangement shall not exceed 10% of the outstanding Common Shares at the time of the grant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) **Exclusion.** For purposes of subsections (d)(i) and (ii) above, any Common Shares reserved
for issuance or issued to any person pursuant to this Plan and any Other Share Compensation Arrangement prior to the person becoming an
Insider shall be included for purposes of the calculations in subsections (d)(i) and (ii) above.

**ARTICLE 5 <br> OPTION TERMS**

**5.1**  **<u>Exercise Price</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to a minimum exercise price of $0.05 per Common Share, the exercise price per Common Share for
an Option shall be determined by the Board, but it will in no event be less than the "Discounted Market Price", as calculated
pursuant to the policies of the Exchange, or such other minimum price as may be required by the Exchange.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If Options are granted within ninety days of a distribution by the Corporation
by prospectus, then the exercise price per Common Share for such Option shall not be less than the greater of the minimum exercise price
calculated pursuant to Section 5.1(a) herein and the price per Common Share paid by the public investors for Common Shares
acquired pursuant to such distribution. Such ninety day period shall begin:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) on the date the final receipt is issued for the final prospectus in respect of such distribution; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in the case of a prospectus that qualifies special warrants, on the closing date of the private placement in respect of such special
warrants.

**5.2**  **<u>Expiry Date</u>** 

Every Option shall have a term not exceeding and shall therefore expire no later than 10 years after the date of grant (subject to extension where the expiry date falls within a "blackout period", pursuant to Section 5.6).

**5.3**  **<u>Vesting</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to Section 5.3(b) herein and otherwise in compliance
with the policies of the Exchange, the Board shall determine the manner in which an Option shall vest and become exercisable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Options granted to Investor Relations Service Providers shall vest over a minimum of 12 months with:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) no more than ¼ of the Options vesting no sooner than three months after the Options were granted;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) no more than another ¼ of the Options vesting no sooner than six months after the Options were granted;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) no more than another ¼ of the Options vesting no sooner than nine months after the Options were granted; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the remainder of the Options vesting no sooner than 12 months after the Options were granted.

**5.4**  **<u>Non-Assignability</u>** 

Options may not be assigned or transferred.

**5.5**  **<u>Ceasing to be Eligible Person</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If a Participant who is a Director, Officer, Employee or Consultant is terminated for cause, which in
respect of a Director shall be deemed to include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) ceasing to meet the qualifications for a director prescribed by the corporate legislation applicable to
the Corporation, other than as a result of bankruptcy or mental incompetency, and the Participant does not otherwise continue to qualify
as an Eligible Person in a different capacity with the Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the delivery to that Director of a formal request for resignation signed by a majority of the Board following
a material breach of fiduciary duty by that Director and the Participant does not otherwise continue to qualify as an Eligible Person
in a different capacity with the Corporation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) ceasing to be a director by reason of a special resolution to that effect passed by the shareholders of
the Corporation pursuant to the corporate legislation applicable to the Corporation, and the Participant does not otherwise continue to
qualify as an Eligible Person in a different capacity with the Corporation,

then each Option held by such Participant shall terminate and shall therefore cease to be exercisable no later than the earlier of the Expiry Date and the date which is 30 days after such termination for cause.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If a Participant is prevented, by order or similar decision of the British Columbia Securities Commission
or other regulatory authority having jurisdiction over the Corporation or its affairs, from holding an Option, then each Option held by
such Participant shall terminate and shall therefore cease to be exercisable upon the making of such order or similar decision.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If a Participant dies prior to otherwise ceasing to be an Eligible Person, each Option held by such Participant
shall terminate and shall therefore cease to be exercisable no later than the earlier of the Expiry Date and the date which is 12 months
after the date of the Participant's death.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If a Participant ceases to be an Eligible Person other than in the circumstances set out in subsection
(a), (b) or (c) above, each Option held by such Participant shall terminate and shall therefore cease to be exercisable no later
than the earlier of the Expiry Date and the date which is 90 days after such terminating event, always provided that the Board may, in
its reasonable discretion, extend the date of such termination and the resulting period in which such Option remains exercisable to a
later date, provided that such extension shall not under any circumstances exceed 12 months following the Participant ceasing to be an
Eligible Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) For greater certainty, if a Participant dies, each Option held by such Participant
shall be exercisable by the legal representative of such Participant until such Option terminates and therefore ceases to be exercisable
pursuant to the terms of this Section 5.5.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) If any portion of an Option is not vested at the time a Participant ceases, for any reason whatsoever,
to be an Eligible Person, such unvested portion of the Option may not be thereafter exercised by the Participant or its legal representative,
as the case may be, always provided that the Board may, in its discretion, thereafter permit the Participant or its legal representative,
as the case may be, to exercise all or any part of such unvested portion of the Option. For greater certainty, and without limitation,
this provision will apply regardless of whether the Participant ceased to be an Eligible Person voluntarily or involuntarily, was dismissed
with or without cause, and regardless of whether the Participant received compensation in respect of dismissal or was entitled to a notice
of termination for a period which would otherwise have permitted
a greater portion of an Option to vest.

**5.6**  **<u>Blackout Periods</u>** 

An Option will be automatically extended past the expiry date of an Option governed by the Plan if such expiry date falls within a period (a "**blackout period**") during which the Corporation prohibits Participants from exercising their Options provided that the following requirements are satisfied:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The blackout period must be formally imposed by the Corporation pursuant to its internal trading policies.
For greater certainty, in the absence of the Corporation formally imposing a blackout period, the expiry date of any Options will not
be automatically extended in any circumstances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The blackout period must expire upon the general disclosure of the undisclosed Material Information (as
defined in Exchange Policy 1.1 – Interpretation). The expiry date of the affected Options can be extended to no later than ten (10) business
days after the expiry of the blackout period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The automatic extension of a Participant's Options will not be permitted where the Participant or
the Corporation is subject to a cease trade order (or similar order under securities Laws) in respect of the Corporation's securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The automatic extension is available to all Participants under the same terms and conditions.

**ARTICLE 6<br> EXERCISE PROCEDURE**

**6.1**  **<u>Exercise Procedure</u>** 

An Option may be exercised from time to time, and shall be deemed to be validly exercised by the Participant only upon the Participant's delivery to the Corporation at its head office of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a written notice of exercise addressed to the Corporate Secretary of the Corporation, specifying the number
of Common Shares with respect to which the Option is being exercised;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a certified cheque or bank draft made payable to the Corporation for the aggregate exercise price for
the number of Common Shares with respect to which the Option is being exercised, together with the amount necessary to satisfy any applicable
tax withholding or remittance obligations under applicable Laws; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) documents containing such representations, warranties, agreements and undertakings, including such as
to the Participant's future dealings in such Common Shares, as counsel to the Corporation reasonably determines to be necessary
or advisable in order to comply with or safeguard against the violation of the Laws of any jurisdiction,

and on the business day following, the Participant shall be deemed to be a holder of record of the Common Shares with respect to which the Option is being exercised. The Corporation shall, within three business days of receipt of the notice of exercise and certified cheque or bank draft, cause certificates for such Common Shares to be issued and delivered to the Participant.

**ARTICLE 7 <br> AMENDMENT OF OPTIONS**

**7.1**  **<u>Consent to Amend</u>** 

The Board may amend any Option with the consent of the affected Participant and the Exchange, including any shareholder approval required by the Exchange. For greater certainty, Disinterested Shareholder Approval is required for any reduction in the exercise price or extension (subject to an extension where the expiry date falls within a "blackout period", pursuant to Section 5.6) of an Option if the Participant is an Insider at the time of the proposed amendment.

**7.2**  **<u>Amendment Subject to Approval</u>** 

If the amendment of an Option or this Plan requires regulatory or shareholder approval, such amendment may be made and Options granted prior to such approvals being given, but no such amended Options or Options granted under the amended plan may be exercised unless and until such approvals are given.

**ARTICLE 8<br> MISCELLANEOUS**

**8.1**  **<u>No Rights as Shareholder</u>** 

Nothing in this Plan or any Option shall confer upon a Participant any rights as a shareholder of the Corporation with respect to any of the Common Shares underlying an Option unless and until such Participant shall have become the holder of such Common Shares upon exercise of such Option in accordance with the terms of the Plan.

**8.2**  **<u>No Right to Employment</u>** 

Nothing in this Plan or any Option shall confer upon a Participant any right to continue in the employ of the Corporation or any subsidiary or affect in any way the right of the Corporation or any subsidiary to terminate the Participant's employment, with or without cause, at any time; nor shall anything in the Plan or any Option be deemed or construed to constitute an agreement, or an expression of intent, on the part of the Corporation or any subsidiary to extend the employment of any Participant beyond the time which the Participant would normally be retired pursuant to the provisions of any present or future retirement plan of the Corporation or any subsidiary, or beyond the time at which he would otherwise be retired pursuant to the provisions of any contract of employment with the Corporation or any subsidiary.

**8.3**  **<u>Governing Law</u>** 

This Plan, all option agreements, the grant and exercise of Options hereunder, and the sale, issue and delivery of Common Shares hereunder upon exercise of Options shall be, as applicable, governed by and construed in accordance with the laws of the Province of British Columbia and the federal laws of Canada applicable therein. The Courts of the Province of British Columbia shall have the exclusive jurisdiction to hear and decide any disputes or other matters arising herefrom.

## Exhibit 5.1

**Exhibit 5.1**

**Opinion of Cassels Brock & Blackwell LLP**

![](tm2516092d1_ex5-1img001.jpg)

June 9, 2025

IsoEnergy Ltd. 217 Queen Street West, Suite 401 Toronto, Ontario M5V 0R2 Canada

Dear Sirs/Mesdames:

---

| | |
|:---|:---|
| **Re:** | **Registration Statement on Form S-8** |

---

We have acted as Canadian counsel to IsoEnergy Ltd. (the "**Company**"), a corporation organized under the *Business Corporations Act* (Ontario), in connection with a registration statement on Form S-8 (the "**Registration Statement**") filed with the Securities and Exchange Commission (the "**SEC**") under the U.S. Securities Act of 1933, as amended (the "**Securities Act**") for the purpose of registering the issuance of 1,000,000 common shares in the capital of the Company (the "**Shares**") that may be issued upon exercise, vesting or other settlement of awards (the "**Awards**") granted or issued under the Company's Omnibus Long Term Incentive Plan, dated as of April 16, 2024 and amended on July 8, 2024 (the "**LTIP**"), and the Amended & Restated Incentive Stock Option Plan, as amended and restated on May 3, 2022 (the "**Option Plan**" collectively with the LTIP, the "**Plans**").

This opinion letter is being furnished in accordance with the requirements of Item 601(b)(5) of Regulation S-K under the Securities Act.

1. **EXAMINATIONS AND INVESTIGATIONS** 

*Documents.* We have examined and relied upon originals or copies, certified or otherwise identified to our satisfaction, of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the articles of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the by-laws of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) certain resolutions of the Company's board of directors (the "**Board**") relating
to the Registration Statement, the adoption of the Plans and the Shares issuable upon exercise, vesting or other settlement of Awards
granted or issued under the Plans;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) a certificate, dated as of the date of this opinion, of an officer of the Company (the "**Officer's Certificate** "), including copies of each of the items in paragraphs (a), (b), and (c) above, a copy of which we have delivered
to you;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the Plans; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the Registration Statement and exhibits thereto.

![](tm2516092d1_ex5-1img001.jpg)

2. **ASSUMPTIONS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Authenticity*. We have assumed:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the legal capacity of all individuals signing documents,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the genuineness of all signatures,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the authenticity and completeness of all documents submitted to us as originals, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the conformity to authentic original documents of all documents submitted to us as copies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Public records*. We have assumed the completeness, accuracy, and currency of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the indices and filing systems maintained at the public offices where we searched or made inquiries,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) all documents supplied or otherwise conveyed to us by public officials, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) all facts set out in those documents and in official public records.

3. **RELIANCE** 

We have relied solely upon the Officer's Certificate as to the matters of fact set out in such certificate, without independently verifying those facts.

4. **LAWS ADDRESSED** 

The opinions we express are limited to the laws of the Provinces of Ontario and British Columbia (together, the "**Provinces**") and the federal laws of Canada applicable in the Provinces. We are solicitors qualified to carry on the practice of law in the Provinces only, and we express no opinion as to any laws, or matters governed by any laws, other than the laws of the Provinces and the federal laws of Canada applicable therein. The opinions herein are limited to the laws of the Provinces and the federal laws of Canada applicable therein in effect as of the date hereof and we assume no obligation to update these opinions to take into account any changes in such laws after the date hereof.

5. **OPINIONS** 

Based upon and subject to the foregoing, we are of the opinion that the Shares have been duly authorized and, when issued and delivered upon the valid exercise, vesting or other settlement of Awards in accordance with the terms of the Plans, including, if applicable, receipt by the Company of the full consideration therefor pursuant to the terms of such Awards, such Shares will be validly issued, as fully paid and non-assessable shares in the capital of the Company.

6. **USE OF OPINION** 

This opinion letter is rendered solely in connection with the registration of the Shares set forth in the Registration Statement.

We hereby consent to the filing of this opinion letter as an exhibit to the Registration Statement. In giving such consent, we do not hereby admit that we are within the category of persons whose consent is required under Section 7 of the Securities Act or the rules or regulations of the SEC promulgated thereunder.

Yours truly,

*CASSELS BROCK & BLACKWELL LLP*

## Exhibit 23.1

**EXHIBIT 23.1**

![](tm2516092d1_ex13-1img001.jpg)

**KPMG LLP**<br> *PO* Box 10426 777 Dunsmuir Street

Vancouver BC V7Y 1K3

Canada

Telephone (604) 691-3000

Fax (604) 691-3031

**Consent of Independent Registered Public Accounting Firm**

The Board of Directors

IsoEnergy Ltd.

We, KPMG LLP, consent to the use of:

&nbsp;&nbsp;&nbsp;&nbsp;· our report dated February 27, 2025, on the consolidated financial statements of IsoEnergy Ltd., which comprise the consolidated
statements of financial position as at December 31, 2024 and December 31, 2023, the related consolidated statements of loss
and comprehensive income (loss), changes in equity and cash flows for each of the years in the two-year period ended December 31,
2024, and the related notes;

&nbsp;&nbsp;&nbsp;&nbsp;· our report dated February 29, 2024, on the consolidated financial statements of IsoEnergy Ltd., which comprise the consolidated
statements of financial position as at December 31, 2023 and December 31, 2022, the related consolidated statements of loss
and comprehensive income (loss), changes in equity and cash flows for each of the years in the two-year period ended December 31,
2023, and the related notes;

each of which are incorporated by reference in the Form S-8 being filed by IsoEnergy Ltd. with the United States Securities and Exchange Commission.

/s/ **KPMG LLP**

Chartered Professional Accountants

June 9, 2025

Vancouver, Canada

## Exhibit 23.3

**EXHIBIT 23.3**

**Consent of Mark B. Mathisen**

The undersigned hereby consents to the use of their reports entitled "Technical Report on the Larocque East Project, Northern Saskatchewan, Canada" with an effective date of July 8, 2022, dated August 4, 2022, and "Technical Report on the Tony M Mine, Utah, USA" with an effective date of September 9, 2022, dated December 8, 2022, and the information derived therefrom, as well as the reference to their name, in each case where used or incorporated by reference in the Registration Statement on Form S-8 of IsoEnergy Ltd. being filed with the United States Securities and Exchange Commission, and any amendments thereto.

---

| |
|:---|
| /s/ Mark B. Mathisen |
| Mark B. Mathisen, C.P.G. |
| Dated: June 9, 2025 |

---

## Exhibit 23.4

**EXHIBIT 23.4**

**Consent of Dean T. Wilton**

The undersigned hereby consents to the use of and reference to their name, in each case where used or incorporated by reference in the Registration Statement on Form S-8 of IsoEnergy Ltd. being filed with the United States Securities and Exchange Commission, and any amendments thereto.

---

| |
|:---|
| /s/ Dean T. Wilton |
| Dean T. Wilton, PG, CPG, MAIG |
| Dated: June 9, 2025 |

---

## Exhibit 23.5

**EXHIBIT 23.5**

**Consent of Dan Brisbin**

The undersigned hereby consents to the use of and reference to their name, in each case where used or incorporated by reference in the Registration Statement on Form S-8 of IsoEnergy Ltd. being filed with the United States Securities and Exchange Commission, and any amendments thereto.

---

| |
|:---|
| /s/ Dan Brisbin |
| Dan Brisbin, P.Geo., Ph.D. |
| Dated: June 9, 2025 |

---

## Exhibit 23.6

**EXHIBIT 23.6**

**Consent of Darryl Clark**

The undersigned hereby consents to the use of and reference to their name, in each case where used or incorporated by reference in the Registration Statement on Form S-8 of IsoEnergy Ltd. being filed with the United States Securities and Exchange Commission, and any amendments thereto.

---

| |
|:---|
| /s/ Darryl Clark |
| Darryl Clark, P.Geo. |
| Dated: June 9, 2025 |

---

## Ex-Filing

**EXHIBIT 107**

**Calculation of Filing Fee Table**

**S-8**

(Form Type)

**IsoEnergy Ltd.**

(Exact Name of Registrant as Specified in its Charter)

**<u>Table 1: Newly Registered Securities</u>**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Security<br> Type** | &nbsp;&nbsp;**Security Class Title** | &nbsp;&nbsp;**Fee <br> Calculation <br> Rule** | &nbsp;&nbsp;**Amount <br> Registered <br> (1)** | &nbsp;&nbsp;**Proposed<br> Maximum <br> Offering Price Per <br> Unit (2)** | &nbsp;&nbsp;**Maximum <br> Aggregate <br> Offering Price (2)** | &nbsp;&nbsp;**Fee Rate** | &nbsp;&nbsp;**Amount of <br> Registration<br> Fee** |
| &nbsp;&nbsp;Equity | &nbsp;&nbsp;Common Shares issuable pursuant to awards granted under the Omnibus Long Term Incentive Plan | &nbsp;&nbsp;457(c) and 457(h) | &nbsp;&nbsp;929707 | &nbsp;&nbsp;US$7.34 | &nbsp;&nbsp;US$6,824,049.38 | &nbsp;&nbsp;0.00015310 | &nbsp;&nbsp;US$1,044.76 |
| &nbsp;&nbsp;Equity | &nbsp;&nbsp;Common Shares issuable pursuant to awards granted under the Amended & Restated Incentive Stock Option Plan | &nbsp;&nbsp;457(c) and 457(h) | &nbsp;&nbsp;70293 | &nbsp;&nbsp;US$7.34 | &nbsp;&nbsp;US$515,950.62 | &nbsp;&nbsp;0.00015310 | &nbsp;&nbsp;US$78.99 |
| &nbsp;&nbsp;**Total Offering Amounts** | &nbsp;&nbsp;**Total Offering Amounts** | &nbsp;&nbsp;**Total Offering Amounts** | &nbsp;&nbsp;**Total Offering Amounts** | &nbsp;&nbsp;**Total Offering Amounts** | &nbsp;&nbsp;US$7,340,000.00 |  | &nbsp;&nbsp;US$1,123.75 |
| &nbsp;&nbsp;**Total Fee Offsets** | &nbsp;&nbsp;**Total Fee Offsets** | &nbsp;&nbsp;**Total Fee Offsets** | &nbsp;&nbsp;**Total Fee Offsets** | &nbsp;&nbsp;**Total Fee Offsets** |  |  | &nbsp;&nbsp;— |
| &nbsp;&nbsp;**Net Fee Due** | &nbsp;&nbsp;**Net Fee Due** | &nbsp;&nbsp;**Net Fee Due** | &nbsp;&nbsp;**Net Fee Due** | &nbsp;&nbsp;**Net Fee Due** |  |  | &nbsp;&nbsp;US$1,123.75 |

---

(1) Pursuant to Rule 416 promulgated under the Securities Act of 1933, as amended (the "Securities Act"), this registration statement (the "Registration Statement") also covers an indeterminate number of additional common shares, no par value (the "Common Shares"), of the Registrant, IsoEnergy Ltd., that may be offered or issued by reason of certain corporate transactions or events, including any stock dividend, stock split or any other similar transaction effected which results in an increase in the number of Common Shares.

(2) Estimated for the purpose of calculating the registration fee in accordance with Rules 457(c) and 457(h) under the Securities Act, based on the average of the high and low prices of the Common Shares reported on the NYSE American LLC on June 4, 2025, which was US$7.34 per share.