UraniumX Discovery Corp. (CSE: STMN) (OTCQB: STMXF) (FSE: Q7S) 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. In exchange, Consolidated Uranium will receive 18 million common shares of UraniumX at a deemed price of $0.10 per share and a 2.0% net smelter returns royalty. On closing, IsoEnergy is expected to hold approximately 15.6% of UraniumX on a non-diluted basis, becoming one of the company’s largest shareholders with the right to nominate a director to the board.
The transaction brings a historical estimate of 24.4 million pounds of U3O8 to UraniumX, based on 19.3 million tonnes at 0.057% U3O8. The estimate, reported by Fission Energy Corp. in a 2011 technical report, was prepared using the Thiessen polygon method and is not compliant with current CIM Definition Standards. The company cautions that a qualified person has not done sufficient work to classify it as a current mineral resource, and it is not being treated as such. However, the estimate indicates the scale of mineralization identified to date, which remains open to the southwest along a 6-kilometer strike.
UraniumX CEO Esen Boldkhuu highlighted the strategic value of both the asset and the partnership. “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, owner of the Hurricane deposit—described as the world’s highest-grade published indicated uranium mineral resource with 48.6 million pounds at 34.5% U3O8—brings near-term production potential through its permitted past-producing mines in Utah, which are on standby for restart under a toll milling arrangement with Energy Fuels. The company also holds assets in Australia following its June 2026 acquisition of Toro Energy Limited.
Dieter Lake comprises 168 claims over approximately 8,106 hectares, with uranium mineralization occurring as fine-grained pitchblende within a stratabound shale-wacke horizon. The property has seen limited modern drilling, and a 2025 heliborne magnetic survey and a 2023 alteration-mineral study have generated additional untested targets. UraniumX plans to advance the project toward a current mineral resource estimate through compilation and verification of historical data and confirmation drilling.
The transaction is expected to close in the third quarter of 2026, subject to customary conditions including regulatory approvals. The Consideration Shares will be subject to a four-month-and-one-day hold and a voluntary lock-up releasing 25% on each of the 4, 8, 12, and 16-month anniversaries. An investor rights agreement will provide IsoEnergy with board nomination rights as long as it maintains a 5% ownership interest, along with participation and top-up rights in future equity issuances.
Ken Wheatley, P.Geo., a consultant and Qualified Person under National Instrument 43-101, has reviewed and approved the scientific and technical information in this release. The company expects to provide an update on the preparation of a new NI 43-101 technical report for the property in due course.
