UraniumX Discovery Corp. (CSE: STMN) (OTCQB: STMXF) (FSE: Q7S) announced on July 10, 2026, 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, owner of the world’s highest-grade indicated uranium mineral resource at the Hurricane deposit, as a strategic shareholder holding approximately 15.6% of UraniumX on a non-diluted basis.
Under the terms of the agreement, Consolidated Uranium will receive 18,000,000 common shares of UraniumX, issued at a deemed price of $0.10 per share, and a 2.0% net smelter returns royalty on the Property. No cash consideration is payable. IsoEnergy will also have the right to nominate one director to UraniumX’s board, along with participation and top-up rights to maintain its pro rata ownership. 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.
Dieter Lake hosts a historical estimate of 19.3 million tonnes at 0.057% U3O8, containing approximately 24.4 million pounds U3O8. The estimate, dated 2006 and reported by Fission Energy Corp. in a 2011 technical report, was prepared using the Thiessen polygon method. While the company notes that a qualified person has not done sufficient work to classify the historical estimate as a current mineral resource, it considers the estimate relevant as an indication of the scale of mineralization. The property comprises 168 claims over approximately 8,106 hectares, with mineralization traced over approximately 6 km of strike in four zones (Vivian, Nancy I and II, and Bert’s) that remain open to the southwest.
UraniumX CEO Esen Boldkhuu emphasized the strategic significance of the deal: “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.”
IsoEnergy brings substantial credentials to the partnership. Its flagship Hurricane deposit in the Athabasca Basin hosts an indicated mineral resource of 48.6 million pounds U3O8 at an average grade of 34.5% U3O8, as disclosed by IsoEnergy. Additionally, IsoEnergy holds a portfolio of permitted, past-producing conventional uranium and vanadium mines in Utah, with a toll milling arrangement in place with Energy Fuels, positioning it for near-term production. The company also recently completed its acquisition of Toro Energy Limited, adding the Wiluna uranium project in Western Australia.
For UraniumX, the acquisition adds a second Canadian uranium jurisdiction in Quebec, where uranium mineral exploration is permitted, alongside its Athabasca Basin ground in Saskatchewan. The company’s objective is to advance Dieter Lake toward a current mineral resource estimate through compilation and verification of the historical drill database and confirmation drilling of selected historical holes. Expansion potential exists across the property, as a 2025 heliborne magnetic survey and a 2023 alteration-mineral study generated additional untested targets, and the majority of the 8,106-hectare property has seen little or no modern drilling.
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. Upon closing, IsoEnergy, through Consolidated Uranium, will be an insider of the company. Ken Wheatley, P.Geo., a consultant of UraniumX and a Qualified Person under National Instrument 43-101, has reviewed and approved the scientific and technical information in this release.
