UraniumX Discovery Corp. (CSE: STMN) announced on July 10, 2026, that it 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. The transaction positions IsoEnergy as a strategic shareholder of UraniumX, holding approximately 15.6% of the company on a non-diluted basis, with the right to nominate one director to the board.
The consideration for the property consists of 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. No cash is involved. The shares are subject to a statutory hold period and a voluntary lock-up releasing 25% every four months over 16 months.
Dieter Lake 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 by Fission Energy Corp. The mineralization is traced over approximately 6 km of strike in four zones that remain open to the southwest. The property comprises 168 claims over about 8,106 hectares, with the majority having seen little or no modern drilling. Recent exploration includes a 2025 heliborne magnetic survey and a 2023 alteration-mineral study that generated additional targets.
IsoEnergy, owner of the Hurricane 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—is positioned for near-term production through its permitted, past-producing Utah mines under a toll milling arrangement with Energy Fuels. This strategic equity stake aligns UraniumX with an established Athabasca Basin operator whose ground sits in the same district as UraniumX's Murphy Lake and Zoo Bay properties.
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 company plans to advance Dieter Lake toward a current mineral resource estimate through compilation and verification of the historical drill database and confirmation drilling. The historical estimate is not considered current under NI 43-101, and a qualified person has not done sufficient work to classify it as such. An updated technical report is being prepared by Dahrouge Geological Consulting Ltd.
The transaction is expected to close in the third quarter of 2026, subject to customary conditions including regulatory approvals. IsoEnergy will also enter into an investor rights agreement with UraniumX, providing participation and top-up rights to maintain its pro rata ownership in future equity issuances.
