UraniumX Discovery Corp. (CSE: STMN) (OTCQB: STMXF) (FSE: Q7S) announced today 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. The transaction positions IsoEnergy as one of UraniumX’s largest shareholders, holding approximately 15.6% of the company on a non-diluted basis post-closing, with the right to nominate one director to UraniumX’s board.
Under the terms of 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. No cash consideration is involved, underscoring a strategic alignment rather than a simple asset sale. The consideration shares are subject to a statutory four-month hold and a voluntary lock-up releasing quarterly over 16 months.
IsoEnergy, known for its flagship Hurricane deposit in the Athabasca Basin—which it describes as the world’s highest-grade published indicated uranium mineral resource—brings credibility and near-term production potential. IsoEnergy also holds permitted past-producing uranium mines in Utah under a toll milling arrangement with Energy Fuels, positioning it for rapid restart. The company’s recent acquisition of Toro Energy Limited added the Wiluna project in Western Australia, further diversifying its development pipeline.
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. The estimate, prepared using the Thiessen polygon method, is not current under NI 43-101 standards, and UraniumX is not treating it as such. However, the company views the historical estimate as indicative of the property’s scale, with mineralization traced over approximately 6 km of strike in four zones that remain open to the southwest. A 2025 heliborne magnetic survey and a 2023 alteration-mineral study have generated additional targets, and the majority of the 8,106-hectare property has seen little modern drilling.
UraniumX’s CEO Esen Boldkhuu emphasized that the transaction not only adds a significant uranium resource but also brings a strategic partner in IsoEnergy. “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,” he said.
The acquisition expands UraniumX’s portfolio beyond its existing Athabasca Basin properties, including the Murphy Lake and Zoo Bay projects, into Quebec, where uranium exploration is permitted. The company plans to advance Dieter Lake toward a current mineral resource estimate through compilation and verification of historical drill data and confirmation drilling. An updated NI 43-101 technical report is being prepared by Dahrouge Geological Consulting Ltd.
The transaction is expected to close in the third quarter of 2026, subject to customary conditions including regulatory approvals. Upon closing, IsoEnergy will have participation and top-up rights to maintain its pro rata ownership in future equity issuances, as well as board nomination rights as long as it holds at least 5% ownership.
Ken Wheatley, P.Geo., a Qualified Person under NI 43-101, has reviewed and approved the scientific and technical information in this release. However, he has not verified the data underlying the historical estimate.
