UraniumX Discovery Corp. (CSE: STMN) (OTCQB: STMXF) (FSE: Q7S) announced it 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 for the property, Consolidated Uranium will receive 18,000,000 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 represents 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 holds 48.6 million pounds U3O8 at an average grade of 34.5% U3O8 in the indicated category at Hurricane, as detailed in its company disclosures. The partnership positions UraniumX with a partner poised for near-term production, as IsoEnergy also holds permitted past-producing mines in Utah under a toll milling arrangement with Energy Fuels, as noted in its news releases.
Dieter Lake hosts a historical estimate of 19.3 million tonnes at 0.057% U3O8, containing approximately 24.4 million pounds U3O8, as reported in a 2011 technical report by Fission Energy Corp., available on SEDAR+. The historical estimate was prepared using the Thiessen polygon method with data constraints. A qualified person has not done sufficient work to classify it as a current mineral resource, and UraniumX is not treating it as such. The property comprises 168 claims over approximately 8,106 hectares, with mineralization traced over 6 km of strike in four zones open to the southwest. The majority of the property has seen little modern drilling, and a 2025 heliborne magnetic survey and 2023 alteration-mineral study have generated additional targets.
Esen Boldkhuu, CEO of UraniumX, stated: “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 all-share transaction involves no cash consideration and includes a voluntary lock-up releasing 25% on each of the 4, 8, 12 and 16 month anniversaries of closing. An investor rights agreement grants IsoEnergy board nomination rights as long as it maintains a 5.0% ownership interest, along with participation and top-up rights. The transaction is subject to customary closing conditions, including regulatory approvals, and is expected to close in the third quarter of 2026.
UraniumX plans to advance Dieter Lake toward a current mineral resource estimate through compilation and verification of historical drill data and confirmation drilling. The company also holds the Murphy Lake and Zoo Bay properties in the Athabasca Basin, Saskatchewan. Ken Wheatley, P.Geo., a Qualified Person under NI 43-101, has reviewed the scientific and technical information in this release.
