UraniumX Discovery Corp. (CSE: STMN) (OTCQB: STMXF) (FSE: Q7S) announced that 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, 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 is significant because it brings a strategic partner with near-term production potential. IsoEnergy owns the Hurricane deposit, which it describes as the world’s highest-grade published indicated uranium mineral resource, with 48.6 million pounds U3O8 at an average grade of 34.5% U3O8. Additionally, IsoEnergy has permitted past-producing mines in Utah that are on standby for restart under a toll milling arrangement with Energy Fuels, positioning it as a near-term uranium producer. This partnership provides UraniumX with a strong endorsement from a uranium leader and access to expertise in advancing projects toward production.
Dieter Lake hosts a historical estimate of 19.3 million tonnes at 0.057% U3O8, containing approximately 24.4 million lbs U3O8, dated 2006 and reported by Fission Energy Corp. in a technical report dated October 7, 2011. The property comprises 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 in four zones that remain 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.
UraniumX CEO Esen Boldkhuu 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. 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. Additionally, an investor rights agreement will give Consolidated Uranium the right to nominate one director as long as it maintains a 5.0% ownership interest, along with participation and top-up rights.
The closing is expected in the third quarter of 2026, subject to customary conditions including regulatory approvals. The historical estimate is not compliant with current CIM Definition Standards, and a qualified person has not done sufficient work to classify it as a current mineral resource. The company plans to undertake compilation and verification of historical data and confirmation drilling to advance the project toward a current resource estimate.
For more information, visit the company's website at www.uraniumx.ca or view the original release on www.newmediawire.com.
