UraniumX Discovery Corp. (CSE: STMN) (OTCQB: STMXF) (FSE: Q7S) announced today that it has entered into a definitive agreement to acquire a 100% interest in the Dieter Lake uranium project in North-Central Quebec from Consolidated Uranium Inc., a wholly owned subsidiary of IsoEnergy Ltd. The transaction will make IsoEnergy a strategic shareholder in UraniumX, holding approximately 15.6% of the company on a non-diluted basis upon closing.
Under the terms of the agreement, UraniumX will issue 18 million common shares at a deemed price of $0.10 per share to Consolidated Uranium, along with a 2.0% net smelter returns royalty on the property. No cash consideration is involved. IsoEnergy will also have the right to nominate one director to UraniumX's board as long as it maintains a 5.0% ownership interest.
Dieter Lake hosts a historical estimate of 19.3 million tonnes at 0.057% U3O8, containing approximately 24.4 million pounds of U3O8. The estimate, dated 2006 and reported in a 2011 technical report by Fission Energy Corp., was prepared using the Thiessen polygon method. The company cautions that this is a historical estimate and should not be treated as a current mineral resource under National Instrument 43-101. A qualified person has not done sufficient work to classify it as current.
The property comprises 168 claims over approximately 8,106 hectares, with uranium mineralization traced over about 6 km of strike in four zones that remain open to the southwest. The majority of the property has seen little or no modern drilling, offering significant exploration upside. A 2025 heliborne magnetic survey and a 2023 alteration-mineral study have generated additional untested targets.
IsoEnergy is a leading uranium developer and owner of 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. IsoEnergy also holds permitted past-producing mines in Utah and recently completed the acquisition of Toro Energy Limited, adding the Wiluna uranium project in Western Australia.
“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,” said Esen Boldkhuu, CEO of UraniumX. “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 company's objective is to advance Dieter Lake toward a current mineral resource estimate through compilation and verification of historical data and confirmation drilling.
The transaction is subject to customary closing conditions, including regulatory approval from the Canadian Securities Exchange, and is expected to close in the third quarter of 2026.
