UraniumX Discovery Corp. (CSE: STMN) (OTCQB: STMXF) 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, announced July 10, 2026, involves issuing 18 million common shares to Consolidated Uranium at a deemed price of $0.10 per share and granting a 2.0% net smelter returns royalty. Upon closing, IsoEnergy is expected to hold approximately 15.6% of UraniumX on a non-diluted basis, making it one of the company's largest shareholders with the right to nominate one director.
The Dieter Lake property hosts a historical estimate of 19.3 million tonnes at 0.057% U3O8, containing approximately 24.4 million pounds of U3O8, as reported in a 2011 technical report by Fission Energy Corp. The mineralization is traced over about 6 km of strike in four zones that remain open to the southwest. UraniumX plans to advance the project toward a current mineral resource estimate through compilation and verification of historical drill data and confirmation drilling. The company also notes that a 2025 heliborne magnetic survey and a 2023 alteration-mineral study generated additional untested targets, with the majority of the 8,106-hectare property having seen little modern drilling.
IsoEnergy, known for its 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%—brings strategic value to UraniumX. IsoEnergy also holds permitted past-producing mines in Utah under a toll milling arrangement with Energy Fuels, positioning it for near-term production. The transaction aligns UraniumX with an established Athabasca Basin operator, as its Murphy Lake and Zoo Bay properties are in the same district as IsoEnergy's ground.
Esen Boldkhuu, CEO of UraniumX, emphasized the significance of acquiring a project with a historical 24.4-million-pound resource while gaining IsoEnergy as a long-term strategic shareholder. He stated that the acquisition makes UraniumX a multi-jurisdiction Canadian uranium company, with projects in both Saskatchewan and Quebec. The consideration consists entirely of shares, with no cash outlay, and the shares are subject to a statutory hold and a voluntary lock-up releasing 25% every four months over 16 months.
The transaction is subject to customary closing conditions, including regulatory approvals, and is expected to close in the third quarter of 2026. Ken Wheatley, P.Geo., a Qualified Person under NI 43-101, has reviewed the technical information in this release but has not verified the historical estimate data. The company cautions that the historical estimate does not comply with current CIM Definition Standards and should not be treated as a current mineral resource.
For more details, refer to the original press release on NewMediaWire and UraniumX's filings on SEDAR+.
