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. In exchange, IsoEnergy will receive 18 million common shares of UraniumX, valued at $0.10 per share, and a 2.0% net smelter returns royalty, making IsoEnergy a strategic shareholder holding approximately 15.6% of UraniumX on a non-diluted basis.
The transaction marks a significant endorsement from IsoEnergy, which owns the Hurricane uranium deposit—described 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's investment provides UraniumX with a partner positioned for near-term uranium production, as IsoEnergy's permitted, past-producing Utah mines are on standby for restart under a toll milling arrangement with Energy Fuels.
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., was prepared using the Thiessen polygon method. While not a current mineral resource under NI 43-101, the company considers it relevant as an indication of scale. The property comprises 168 claims over approximately 8,106 hectares, with mineralization traced over 6 km of strike and open to the southwest. A 2025 heliborne magnetic survey and a 2023 alteration-mineral study have generated additional untested targets, and the majority of the property has seen little modern drilling.
UraniumX CEO Esen Boldkhuu emphasized the strategic value of the acquisition: “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.”
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. With no cash consideration, the acquisition strengthens UraniumX's portfolio without diluting existing cash reserves. The Consideration Shares will be subject to a statutory hold and a voluntary lock-up releasing 25% on each of the 4, 8, 12, and 16-month anniversaries of closing. IsoEnergy will have the right to nominate one director to the UraniumX board as long as it maintains a 5.0% ownership interest, along with participation and top-up rights.
The Dieter Lake project adds a second Canadian uranium jurisdiction for UraniumX, complementing its Athabasca Basin ground in Saskatchewan. Uranium exploration is permitted in Quebec, and the company plans to advance the project toward a current mineral resource estimate through compilation, verification of historical drill data, and confirmation drilling. The transaction is expected to close in the third quarter of 2026, subject to customary conditions and regulatory approvals.
Ken Wheatley, P.Geo., a Qualified Person under NI 43-101, has reviewed and approved the scientific and technical information in this release. However, the Qualified Person has not verified the data underlying the historical estimate, and the company is not treating it as a current mineral resource. For more details, the original press release is available at NewMediaWire.
