UraniumX Discovery Corp. (CSE: STMN) (OTCQB: STMXF) (FSE: Q7S) has entered into a definitive asset purchase agreement with Consolidated Uranium Inc., a wholly owned subsidiary of IsoEnergy Ltd., to acquire a 100% interest in the Dieter Lake uranium project in North-Central Quebec. In exchange, Consolidated Uranium will receive 18 million common shares of UraniumX at a deemed price of $0.10 per share and a 2.0% net smelter returns royalty. Upon closing, IsoEnergy is expected to hold approximately 15.6% of UraniumX on a non-diluted basis, becoming one of the company’s largest shareholders with the right to nominate one director to the board.
The transaction marks a strategic endorsement from IsoEnergy, a leading uranium developer that owns the Hurricane deposit, described as the world's highest-grade published indicated uranium mineral resource. IsoEnergy's involvement provides UraniumX with a partner positioned for near-term uranium production, as IsoEnergy holds permitted, past-producing mines in Utah that are on standby for restart under a toll milling arrangement with Energy Fuels. This partnership aligns UraniumX with an established Athabasca Basin operator whose ground sits in the same district as UraniumX's Murphy Lake and Zoo Bay properties.
Dieter Lake hosts a historical estimate of 19.3 million tonnes at 0.057% U3O8, containing approximately 24.4 million lbs U3O8 (see cautionary statements below). The property consists of 168 claims over approximately 8,106 hectares in North-Central Quebec, where uranium mineral exploration is permitted. Mineralization is traced over approximately 6 km of strike, open to the southwest, with additional targets generated by a 2025 heliborne magnetic survey and a 2023 alteration-mineral study; the majority of the property has seen little or no modern drilling.
Esen Boldkhuu, CEO of UraniumX, commented: “Dieter Lake will hand our shareholders a project with a historical estimate of 24.4 million pounds of U3O8, in a mineralized horizon that is still open, on ground that has seen little or no modern drilling. Just as important is who we are acquiring it from: IsoEnergy is becoming a long-term strategic shareholder of UraniumX. On closing, UraniumX becomes a multi-jurisdiction Canadian uranium company, and we intend to reward that conviction.”
The transaction is structured entirely with shares and a royalty, with no cash consideration. The Consideration Shares will be subject to a statutory hold and a voluntary lock-up releasing 25% on each of the 4, 8, 12 and 16 month anniversaries of closing. UraniumX and Consolidated Uranium will enter into an investor rights agreement granting Consolidated Uranium board nomination rights as long as it maintains a 5.0% ownership interest, along with participation and top-up rights. The transaction is expected to close in the third quarter of 2026, subject to regulatory approvals and customary conditions.
The Company plans to advance Dieter Lake toward a current mineral resource estimate through compilation and verification of historical drill data and confirmation drilling. Expansion potential exists along the 6 km mineralized horizon, which remains open to the southwest, and on untested targets generated by recent surveys. The historical estimate, dated 2006 and reported by Fission Energy Corp., is considered relevant as an indication of scale but has not been verified as a current mineral resource. An updated NI 43-101 technical report is being prepared by Dahrouge Geological Consulting Ltd.
Ken Wheatley, P.Geo., a Qualified Person as defined by National Instrument 43-101, has reviewed and approved the scientific and technical information in this release. The Qualified Person has not verified the data underlying the Historical Estimate, and the Company is not treating it as a current mineral resource.
IsoEnergy Ltd. is a globally diversified uranium company with resources in Canada, the U.S., and Australia. Its Hurricane deposit hosts an indicated resource of 48.6 million pounds U3O8 at an average grade of 34.5% U3O8, and its Utah mines are permitted and on standby for restart. The acquisition of Toro Energy Limited in June 2026 added the Wiluna project in Western Australia, expanding its development pipeline.
UraniumX Discovery Corp. is a Canadian-based uranium exploration and development company focused on the Athabasca Basin in Saskatchewan and, with this acquisition, Quebec. Its Murphy Lake Uranium Property is in the northeastern Athabasca Basin, where UraniumX is earning up to a 70% interest through an option agreement with F4 Uranium Corp. The company also holds a 100% interest in the Zoo Bay uranium property.
Forward-looking statements in this release involve risks and uncertainties, including the completion of the transaction, regulatory approvals, and exploration outcomes. Readers are cautioned not to place undue reliance on forward-looking statements.
