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, dated July 9, 2026, involves the issuance of 18,000,000 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.
The Dieter Lake project 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. The mineralization is traced over approximately 6 km of strike in four zones—Vivian, Nancy I and II, and Bert’s—and remains open to the southwest. The property comprises 168 claims over approximately 8,106 hectares, with the majority having seen little or no modern drilling. Recent exploration data includes a 2025 heliborne magnetic survey and a 2023 alteration-mineral study that generated additional untested targets.
Esen Boldkhuu, Chief Executive Officer of UraniumX, 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.”
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 a portfolio of permitted past-producing uranium and vanadium mines in Utah with a toll milling arrangement in place with Energy Fuels, positioning it as a near-term uranium producer. The strategic equity stake in UraniumX aligns the company with an established Athabasca Basin operator whose ground sits in the same district as UraniumX's Murphy Lake and Zoo Bay properties.
The transaction is structured with no cash consideration, entirely in shares and a royalty. 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. Under an investor rights agreement, Consolidated Uranium will have the right to nominate one director to the board for so long as it maintains a 5.0% ownership interest, along with participation and top-up rights. The agreement was negotiated at arm’s length, and no finder’s fees are payable.
The transaction is expected to close in the third quarter of 2026, subject to customary closing conditions including regulatory approvals. UraniumX intends to advance Dieter Lake toward a current mineral resource estimate through compilation and verification of the historical drill database and confirmation drilling. The company, which already holds uranium projects in the Athabasca Basin in Saskatchewan, will upon completion of the Dieter Lake transaction hold uranium projects in both Saskatchewan and Quebec, making it a multi-jurisdiction Canadian uranium company.
Ken Wheatley, P.Geo., a consultant of the Company and a Qualified Person as defined by National Instrument 43-101, has reviewed and approved the scientific and technical information in this news release. The Qualified Person has not verified the data underlying the Historical Estimate, and the Company is not treating the Historical Estimate as a current mineral resource.
For more information on IsoEnergy's Hurricane deposit and other properties, visit www.isoenergy.ca. Details on UraniumX's continuous disclosure are available under its profile on SEDAR+ at www.sedarplus.ca.
