Highlights

  • Toro shareholders receive 0.036 IsoEnergy shares for each Toro share under the scheme.
  • Transaction values Toro at AUD 0.584 per share, a 79.7% premium over the last ASX trade.
  • Completion depends on regulatory approvals, court sanction, and Toro shareholder consent.

IsoEnergy Ltd. (TSX:ISO) and Toro Energy Ltd. (ASX:TOE) have signed a Scheme Implementation Deed. As per the deed, ISO will acquire all issued ordinary Toro shares via a scheme of arrangement.

Toro holds full ownership of the Wiluna Uranium Project, situated 30 km south of Wiluna town in Western Australia. Upon completion, IsoEnergy’s portfolio will incorporate past-producing mines in the U.S., the Hurricane deposit in Canada’s Athabasca Basin, and additional exploration and development assets across Canada, the U.S., and Australia.

Terms of the Transaction

Under the scheme, Toro shareholders will receive 0.036 of an IsoEnergy common share for each Toro share they hold on to the Scheme record date. After the transaction, IsoEnergy and Toro shareholders are projected to hold roughly 92.9% and 7.1%, respectively, of the fully-diluted ISO Shares. The implied fully-diluted equity value of the transaction is about AUD 75.0 million (CAD 68.1 million).

Strategic Context

The acquisition expands IsoEnergy’s uranium resource base and geographic reach. The combined company will possess NI 43-101 compliant resources totaling 55.2 Mlbs U3O8 in Measured & Indicated (M&I) and 4.9 Mlbs U3O8 Inferred, along with JORC 2012 and 2004 compliant resources of 78.1 Mlbs U3O8 M&I and 34.6 Mlbs U3O8 Inferred. Additionally, historical estimates account for 154.3 Mlbs U3O8 M&I and 88.2 Mlbs U3O8 Inferred.

Wiluna will become IsoEnergy’s flagship Australian project, complementing its development pipeline and providing exposure to uranium production in established jurisdictions. The transaction coincides with expected global uranium demand growth, projected to increase roughly 30% by 2030 and more than double by 2040, according to the World Nuclear Association.

Management Statements

Philip Williams, CEO of IsoEnergy, stated, “The acquisition of Toro Energy marks another important step in advancing IsoEnergy’s strategy… We look forward to welcoming the Toro team… and advancing the project together.”

Richard Homsany, Executive Chairman of Toro, said, “This Transaction creates significant value for our shareholders… Toro shareholders will have exposure to a diverse uranium portfolio… and the ability to attract enhanced access to funding.”

Share Performance  

TOE shares were trading at AUD 0.44 per share at the time of writing on 13 October 2025.