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ADVERTISEMENT / PROMOTIONAL COMMUNICATION – This article is disseminated on behalf of Premier American Uranium Inc. and IsoEnergy Ltd. · SRC Swiss Resource Capital AG maintains compensated investor relations consulting and communications agreements with both companies. · Producer/Publisher: SRC Swiss Resource Capital AG · Author/Editor: Ingrid Heinritzi · Editorial cut-off: 6 August 2026, 8:45 p.m. Zurich/Berlin · First publication: 10 August 2026, 5:33 a.m. Zurich/Berlin ·

Dear Readers,

Bank of America remains constructive on the uranium market. According to a report published by Investing.com on 9 July 2026, the bank saw particularly strong upside potential in uranium despite lowering forecasts for numerous precious and base metals. The uranium spot price at the time was approximately 23% below BofA’s average 2026 forecast. Drivers cited included contracting frictions, supply discipline and potential additional utility purchases. As the underlying Bank of America research was not available to the editorial team, the statement is presented here as a secondary-source reference.

The fundamental backdrop remains supportive over the longer term. The World Nuclear Association estimates global reactor uranium requirements for 2025 at approximately 68,920 tonnes of uranium (tU). Under its Reference Scenario, requirements could rise to more than 150,000 tU by 2040. At the same time, mine production covered approximately 90% of annual reactor requirements in 2024, with the remaining gap supplied from inventories and other secondary sources.

This does not imply an automatic near-term supply shortage. However, new mines, restarts and expansions often require several years, substantial capital investment and regulatory approvals. Rising reactor requirements, geopolitically fragmented supply chains and utilities‘ focus on greater security of supply could therefore support additional long-term contracting. The uranium price remains an important value driver for uranium equities, while pronounced share-price volatility and project-specific risks must also be considered.

IsoEnergy: High-Grade Resource and U.S. Restart Optionality

IsoEnergy – https://www.commodity-tv.com/play/mining-news-flash-with-mogotes-metals-osisko-development-and-isoenergy/ – is a diversified uranium development company with current and historical Mineral Resources in Canada, the United States and Australia. The company is not currently producing uranium, but holds permitted, past-producing conventional uranium and vanadium mines in Utah and therefore describes itself as a potential near-term producer. No final restart or production decision has been made.

The flagship Larocque East Project in the eastern Athabasca Basin hosts the Hurricane Deposit. Its current Mineral Resource comprises 48.6 million lb U₃O₈ grading 34.5% U₃O₈ in the Indicated category and 2.7 million lb grading 2.2% U₃O₈ in the Inferred category. According to the company, the mineralization occurs at a depth of approximately 325 metres and is located around 40 kilometres northwest of the McClean Lake mill. In July 2026, IsoEnergy continued its summer drill program of up to 8,000 metres, designed to test the potential extension of mineralization along the Hurricane South Trend.

Tony M in Utah provides a second and distinctly different development option. By April 2026, IsoEnergy had mined approximately 2,100 U.S. short tons, equivalent to about 1,900 metric tonnes, of mineralized material as part of a bulk sample program. The operating, cost and processing data gathered are expected to inform an NI 43-101 Preliminary Economic Assessment. The company is also evaluating ore-sorting and upgrading technologies that, in earlier small-scale tests, concentrated a large proportion of the uranium into a materially smaller mass. Whether these results can be replicated at larger scale and on an economic basis remains to be demonstrated.

Premier American Uranium: Two U.S. Work Programs

Premier American Uranium – https://www.commodity-tv.com/play/exploration-updates-from-banyan-gold-fury-gold-mines-and-premier-american-uranium/ – is focused on uranium projects in the United States. Its portfolio spans five states and includes projects in New Mexico, Wyoming, Colorado, Utah and Arizona. A bought-deal private placement completed in February 2026 generated gross proceeds of approximately C$15 million and strengthened the funding available for ongoing work programs.

At Cebolleta in New Mexico, the company completed a 6,030-foot PQ core drilling program in July 2026 and delivered 77 core samples to Hazen Research. The planned metallurgical test program is intended, among other objectives, to evaluate assumptions relating to uranium recovery through heap leaching and potential improvements for future technical and economic studies. According to the company, the results are intended to inform an updated Preliminary Economic Assessment targeted for 2027. The 2025 PEA is preliminary in nature, includes Inferred Mineral Resources that are considered too geologically speculative for economic considerations to be applied that would enable them to be categorized as Mineral Reserves, and there is no certainty that the PEA will be realized.

At the Kaycee Project in Wyoming, 19 drill holes totalling 17,100 feet had been completed as of 17 June 2026. Seven holes intersected uranium mineralization grading at least 0.02% eU₃O₈ based on downhole gamma-probe measurements. These are radiometrically derived equivalent uranium grades rather than direct chemical assays, and no corrections were made for radiometric disequilibrium. The company planned up to 100,000 feet of drilling for the 2026 season to systematically test several target areas.

Conclusion: Two Different Forms of Exposure to the Same Market

The uranium thesis combines rising long-term reactor requirements with a primary supply base that can adjust only slowly. This may create opportunities, although the cycle remains volatile and capital-intensive. IsoEnergy combines an exceptionally high-grade Canadian resource with the potential restart of past-producing U.S. mines. Premier American Uranium provides a more exploration- and development-oriented exposure to the expansion of a domestic U.S. uranium supply chain. At both companies, progress remains dependent on technical results, permitting, financing, execution and a sustainable uranium price.

Current company information and press releases: IsoEnergy (- https://www.resource-capital.ch/de/unternehmen/iso-energy-ltd/ -) and Premier American Uranium (- https://www.resource-capital.ch/de/unternehmen/premier-american-uranium-corp/ -).

Further information is available in the Uranium Report 2026/03: https://www.resource-capital.ch/de/reports/ansicht/uran-report-2026-03/

Kind regards

Yours sincerely

Marc Ollinger

Swiss Resource Capital AG

Scientific and Technical Basis and Qualified Persons

The information concerning Larocque East/Hurricane is based in particular on IsoEnergy news releases dated 12 May, 11 June and 8 July 2026. The scientific and technical content of those releases was reviewed and approved by Dr. Dan Brisbin, P.Geo., IsoEnergy’s Vice President, Exploration, and a Qualified Person under NI 43-101. The information concerning the Tony M bulk sample is based on releases dated 7 January and 23 April 2026. The technical content of the 23 April 2026 release was also reviewed and approved by Dr. Dan Brisbin, while the 7 January 2026 release identifies Dean T. Wilton, PG, CPG, MAIG, as the Qualified Person. The Cebolleta information is based on Premier American Uranium’s release dated 13 July 2026. The scientific and technical information relating to the 2026 drilling program was reviewed and approved by Mike Thompson, C.P.G., a consultant to the company and Project Manager for Cebolleta. The information relating to the 2025 PEA and the Mineral Resource Estimate was reviewed and approved by Mark B. Mathisen, C.P.G., of SLR International Corporation. Additional technical information relating to the 2026 work program and metallurgical test program was reviewed and approved by Terry McNulty, P.E., a consultant to the company and a Qualified Person under NI 43-101. The Kaycee information is based on the 17 June 2026 release, which was reviewed and approved by J.J. Brown, P.G., SME-RM, Vice President, Exploration, and a Qualified Person. These QP reviews relate solely to the respective primary-source disclosures and not to this English-language article. SRC Swiss Resource Capital AG has not independently verified the scientific or technical information.

Sources and Data Cut-off

• Investing.com, “Top Metals & Mining Stocks: BofA Names CCJ, FCX, PAAS as Top Picks”, 9 July 2026
• World Nuclear Association, “World Nuclear Fuel Report 2025: Investment in nuclear fuel cycle needed as demand for nuclear power grows”, 5 September 2025
• World Nuclear Association, “World Nuclear Power Reactors & Uranium Requirements”, updated 27 July 2026
• IsoEnergy, “IsoEnergy Confirms High Grade Uranium Mineralization on the Hurricane South Trend, with up to 4.21% U₃O₈ over 3.5 m, including up to 11.6% U₃O₈ over 1.0 m”, 12 May 2026
• IsoEnergy, “IsoEnergy Commences 8,000 Metre Summer Drill Program at the Larocque East Project, Athabasca Basin”, 11 June 2026
• IsoEnergy, “IsoEnergy Resumes Summer Drilling at Hurricane South Trend with Strong Initial Results”, 8 July 2026
• IsoEnergy, “IsoEnergy Continues Systematic Drill Testing at Flatiron, Targeting Growth Near Tony M Mine, Utah and Provides Bulk Sample Update”, 23 April 2026
• IsoEnergy, “IsoEnergy Initiates Bulk Sample Program at the Tony M Uranium Mine in Utah – A Key Step Toward a Potential Restart Decision”, 7 January 2026
• Premier American Uranium, “Premier American Uranium Announces Closing of Bought Deal Private Placement for Gross Proceeds of C$15 Million”, 3 February 2026
• Premier American Uranium, “Premier American Uranium Expands and Further Defines Uranium Mineralization at Kaycee Project, Wyoming with Initial 2026 Drill Results”, 17 June 2026
• Premier American Uranium, “Premier American Uranium Successfully Completes Drilling Program at Cebolleta Project, New Mexico and Delivers Samples for Advanced Metallurgical Testing”, 13 July 2026

Lead image: IsoEnergy, used with permission.

Important Disclosures, Conflicts of Interest and Disclaimer

Nature of the communication and conflict of interest: This article is a compensated advertising and marketing communication (advertorial) and is not independent financial research. SRC Swiss Resource Capital AG receives compensation from Premier American Uranium Inc. and IsoEnergy Ltd. for investor relations consulting and communications services. This gives rise to a material conflict of interest that may influence the selection of the companies discussed and the manner in which they are presented.

Conflict-of-interest disclosure pursuant to Article 20 of Regulation (EU) No 596/2014 (MAR), Commission Delegated Regulation (EU) 2016/958 and Section 85 of the German Securities Trading Act (WpHG): The author holds no shares in either issuer discussed. SRC Swiss Resource Capital AG holds no shares in either issuer discussed. No issuer discussed holds an interest of 5% or more in SRC Swiss Resource Capital AG. Compensated relationship: investor relations consulting and communications agreements with both issuers. No scheduled update of this article is planned; any statutory obligations to correct or update information remain unaffected. The relevant circumstances and publicly available information are those existing at the editorial cut-off on 6 August 2026 at 8:45 p.m. Zurich/Berlin.

Methodology, sources and classification: Market and company information was obtained from the publications identified in the source list. The statements concerning Bank of America are based on a secondary source; the underlying original research was not available to the editorial team. Facts, company statements, scientific and technical information, forward-looking information and editorial assessments have been distinguished in the wording. Market forecasts, historical data and company objectives are not price targets or trading signals.

No personal investment advice: The information provided is for general informational purposes only. It is not tailored to any person’s investment objectives, financial circumstances or risk tolerance and does not constitute personal investment advice, an invitation, an offer or a solicitation to buy or sell securities or other financial instruments. Investment decisions should be based solely on the reader’s own review and, where appropriate, independent professional advice.

Risks: Securities of uranium, natural-resources, mining, exploration and project-development companies involve substantial risks. These include, among others, uranium-price, commodity-market, currency, liquidity, financing, dilution, exploration, resource-estimation, permitting, construction, operating, environmental, remediation, political, regulatory and country-specific risks. Projects may fail technically or economically, exceed schedules or budgets, or require additional capital on terms that may be disadvantageous to existing shareholders. Losses, including a total loss of the capital invested, are possible. Past performance, historical market prices and technical studies are not reliable indicators of future results.

Forward-looking information and scientific and technical information: This article contains forward-looking information, company objectives and scientific and technical information. Such information is based on assumptions, estimates and expectations as of the relevant publication dates, and actual results may differ materially because of known and unknown risks. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. A Preliminary Economic Assessment is preliminary in nature and may include Inferred Mineral Resources that are considered too geologically speculative for economic considerations to be applied that would enable them to be categorized as Mineral Reserves. There is no certainty that the results of a PEA will be realized. Radiometrically derived eU₃O₈ grades are not direct chemical assays. The QP reviews referred to in this article relate only to the respective primary-source disclosures; SRC Swiss Resource Capital AG has not independently verified the scientific or technical information.

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