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 as a strategic shareholder of UraniumX, holding approximately 15.6% of the company on a non-diluted basis post-closing, with the right to nominate one director to UraniumX's board.
Under the agreement, UraniumX will issue 18,000,000 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. 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.
The Dieter Lake project hosts a historical mineral resource estimate of 19.3 million tonnes at 0.057% U3O8, containing approximately 24.4 million pounds U3O8. The estimate, dated 2006, was prepared by Fission Energy Corp. and reported in a technical report dated October 7, 2011, available under Fission Energy Corp.'s issuer profile on SEDAR+. UraniumX cautions that the historical estimate is not a current mineral resource under NI 43-101, and a qualified person has not done sufficient work to classify it as such. The company plans to prepare an updated NI 43-101 technical report through Dahrouge Geological Consulting Ltd.
The property comprises 168 claims over approximately 8,106 hectares in North-Central Quebec, where uranium mineral exploration is permitted. Uranium mineralization occurs as fine-grained pitchblende within a stratabound shale-wacke horizon traced over approximately 6 km of strike in four zones (Vivian, Nancy I and II, and Bert's), remaining open to the southwest. A 2025 heliborne magnetic survey and a 2023 alteration-mineral study generated additional untested targets, and the majority of the property has seen little or no modern drilling.
IsoEnergy Ltd. is a leading uranium developer owner of the Hurricane deposit, which it describes as the world's highest-grade published indicated uranium mineral resource, hosting 48.6 million pounds U3O8 at an average grade of 34.5% U3O8 (Indicated), as disclosed in IsoEnergy's 2022 news release and technical report for the Larocque East Project available at www.isoenergy.ca. IsoEnergy also holds a portfolio of permitted past-producing uranium and vanadium mines in Utah with a toll milling arrangement with Energy Fuels Inc., positioning it as a near-term uranium producer. In June 2026, IsoEnergy completed its acquisition of Toro Energy Limited, adding the Wiluna uranium project in Western Australia.
Esen Boldkhuu, CEO of UraniumX, stated: '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 is expected to close in the third quarter of 2026, subject to customary closing conditions, including receipt of all required regulatory approvals. The Agreement was negotiated at arm's length, and no finder's fees are payable. Ken Wheatley, P.Geo., a consultant of the company and a Qualified Person under NI 43-101, has reviewed and approved the scientific and technical information in this news release.
UraniumX Discovery Corp. is a Canadian-based uranium exploration and development company. Its flagship Murphy Lake Uranium Property is in the northeastern Athabasca Basin, Saskatchewan, where UraniumX is earning up to a 70% interest through an option agreement with F4 Uranium Corp. The company also holds a 100% interest in the Zoo Bay uranium property in the Athabasca Basin. Upon completion of the Dieter Lake transaction, UraniumX will hold uranium projects in both Saskatchewan and Quebec. Further details can be found in the company's continuous disclosure on SEDAR+.
