UraniumX Discovery Corp. (CSE: STMN) (OTCQB: STMXF) (FSE: Q7S) announced on July 10, 2026, that it has entered into a definitive 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, Consolidated Uranium will receive 18 million common shares of UraniumX, valued at C$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, becoming one of the company's largest shareholders with the right to nominate one director to its board.
The transaction marks a strategic endorsement from IsoEnergy, a leading uranium developer that owns 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. IsoEnergy also holds permitted, past-producing mines in Utah that are on standby for restart under a toll milling arrangement with Energy Fuels, positioning it as a near-term uranium producer. By taking a significant equity stake in UraniumX, IsoEnergy aligns itself with the company's growth trajectory.
Dieter Lake hosts a historical estimate of 19.3 million tonnes at 0.057% U3O8, containing approximately 24.4 million pounds U3O8. The estimate, prepared by Fission Energy Corp. in 2006 and reported in a 2011 technical report, is not a current mineral resource under National Instrument 43-101. UraniumX plans to conduct compilation and verification of historical drill data and confirmation drilling to advance the project toward a current resource estimate. The property spans 168 claims over approximately 8,106 hectares, with mineralization traced over about 6 km of strike in four zones that remain open to the southwest. The majority of the property has seen little or no modern drilling, offering expansion potential.
UraniumX CEO Esen Boldkhuu emphasized the significance of the deal: '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 requires no cash consideration and is subject to customary closing conditions, including regulatory approvals, with closing expected in the third quarter of 2026. The Consideration Shares will be subject to a statutory hold period and a voluntary lock-up releasing 25% every four months over 16 months. An investor rights agreement will grant Consolidated Uranium board nomination rights as long as it maintains a 5.0% ownership interest, along with participation and top-up rights in future equity issuances.
UraniumX's existing portfolio includes the Murphy Lake uranium property in the northeastern Athabasca Basin, where it is earning up to a 70% interest through an option agreement with F4 Uranium Corp., and the 100%-owned Zoo Bay property. The addition of Dieter Lake in Quebec provides a second Canadian uranium jurisdiction, diversifying the company's geographic footprint. The company views IsoEnergy's strategic investment as a strong vote of confidence, given IsoEnergy's expertise and near-term production potential.
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 Qualified Person has not verified the data underlying the historical estimate, and UraniumX is not treating it as a current mineral resource. An updated NI 43-101 technical report is being prepared by Dahrouge Geological Consulting Ltd., with further updates expected.
