UraniumX Acquires Dieter Lake; IsoEnergy Takes Strategic Stake

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, which involves no cash consideration, will see Consolidated Uranium 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, making it one of the company’s largest shareholders with the right to nominate one director to the board. This strategic endorsement from a uranium leader underscores the significance of the deal.

Dieter Lake hosts a historical estimate of 19.3 million tonnes at 0.057% U3O8, containing approximately 24.4 million lbs U3O8. The property comprises 168 claims over approximately 8,106 hectares in North-Central Quebec, where uranium mineral exploration is permitted. The 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, presenting significant expansion potential. UraniumX plans to advance the project toward a current mineral resource estimate through compilation, verification, and confirmation drilling.

The transaction aligns UraniumX with IsoEnergy, a leading uranium developer that owns the Hurricane deposit, described as the world’s highest-grade published indicated uranium mineral resource. IsoEnergy’s portfolio includes current and historical uranium resources across three tier-one jurisdictions, with permitted past-producing mines in Utah positioned for near-term production. The deal transforms UraniumX into a multi-jurisdiction Canadian uranium company with projects in both Saskatchewan and Quebec. As 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." The transaction is expected to close in the third quarter of 2026, subject to regulatory approvals and customary conditions.