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. The transaction, announced July 10, 2026, marks a strategic endorsement from IsoEnergy, a leading uranium developer and owner of the Hurricane deposit, which it describes as the world's highest-grade published indicated uranium mineral resource.
Under the agreement, Consolidated Uranium will receive 18,000,000 common shares of UraniumX at a deemed price of $0.10 per share, along with a 2.0% net smelter returns royalty on the property. 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. No cash consideration is payable.
The Dieter Lake project hosts a historical estimate of 19.3 million tonnes at 0.057% U3O8, containing approximately 24.4 million pounds U3O8. The historical estimate, dated 2006, was reported by Fission Energy Corp. in a technical report prepared in 2011. The company cautions that this estimate is not a current mineral resource under National Instrument 43-101, and a qualified person has not done sufficient work to classify it as such. However, the company considers the historical estimate relevant as an indication of the scale of uranium mineralization identified to date.
Dieter Lake adds 168 claims over approximately 8,106 hectares in North-Central Quebec, where uranium mineral exploration is permitted. The mineralized horizon 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, offering significant expansion potential.
Esen Boldkhuu, Chief Executive Officer 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 aligns UraniumX with an established Athabasca Basin operator whose ground sits in the same district as UraniumX's Murphy Lake and Zoo Bay properties. IsoEnergy's portfolio includes the Hurricane deposit, which hosts an indicated mineral resource of 48.6 million pounds U3O8 at an average grade of 34.5% U3O8, and past-producing mines in Utah on standby for restart under a toll milling arrangement with Energy Fuels. In June 2026, IsoEnergy also completed its acquisition of Toro Energy Limited, adding the Wiluna uranium project in Western Australia.
The company's objective is to advance Dieter Lake toward a current mineral resource estimate through compilation and verification of historical drill data and confirmation drilling. An updated National Instrument 43-101 technical report is being prepared by Dahrouge Geological Consulting Ltd., and the company expects to provide a further update in due course.
The transaction is subject to customary closing conditions, including receipt of all required regulatory approvals, and is expected to close in the third quarter of 2026. The Consideration Shares will be subject to a statutory four-month-and-one-day hold and a voluntary lock-up releasing 25% on each of the 4, 8, 12 and 16 month anniversaries of closing.
Ken Wheatley, P.Geo., a consultant of the company and a Qualified Person as defined by National Instrument 43-101, has reviewed and approved the scientific and technical information in this news release. Forward-looking statements in the release include expectations regarding the completion of the transaction, the anticipated closing date, IsoEnergy's expected ownership percentage, and planned exploration activities. These statements are subject to risks and uncertainties, including failure to satisfy closing conditions and general business uncertainties, as discussed in the company's filings on SEDAR+ at www.sedarplus.ca.
