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, Consolidated Uranium will receive 18,000,000 common shares of UraniumX, valued at $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, making it one of the company’s largest shareholders, with the right to nominate one director to the board.
The transaction represents 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. IsoEnergy’s investment provides UraniumX with a partner positioned for near-term uranium production, as IsoEnergy holds permitted, past-producing mines in Utah that are on standby for restart under a toll milling arrangement with Energy Fuels. This partnership aligns UraniumX with an established Athabasca Basin operator whose ground sits in the same district as UraniumX’s Murphy Lake and Zoo Bay properties.
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. The property comprises 168 claims over approximately 8,106 hectares in North-Central Quebec, where uranium mineral exploration is permitted. The mineralization is traced over approximately 6 km of strike in four zones—Vivian, Nancy I and II, and Bert’s—and remains open to the southwest. Additional targets were generated by a 2025 heliborne magnetic survey and a 2023 alteration-mineral study, and the majority of the property has seen little or no modern drilling.
UraniumX’s CEO, Esen Boldkhuu, commented: “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’s objective is to advance Dieter Lake toward a current mineral resource estimate. Planned activities include compilation and verification of the historical drill database and confirmation drilling of selected historical holes. The consideration consists entirely of shares and a royalty, with no cash outlay. The Consideration Shares will be subject to a four-month statutory hold and a voluntary lock-up releasing 25% on each of the 4, 8, 12, and 16 month anniversaries of closing. The transaction is expected to close in the third quarter of 2026, subject to customary conditions including regulatory approvals.
IsoEnergy’s involvement underscores the potential of the Dieter Lake project. IsoEnergy’s Hurricane deposit hosts 48.6 million pounds U3O8 at an average grade of 34.5% U3O8 (Indicated), and the company is advancing its Larocque East project in the Athabasca Basin. The partnership provides UraniumX with strategic support and board representation, enhancing its credibility as it expands into Quebec. The historical estimate, while not current, indicates significant mineralization that could be upgraded with further work. However, the company cautions that a qualified person has not done sufficient work to classify the historical estimate as a current mineral resource, and there is no assurance that exploration will result in a current resource.
The Dieter Lake acquisition transforms UraniumX into a multi-jurisdiction Canadian uranium company, with projects in both Saskatchewan and Quebec. This diversification, combined with the strategic backing of IsoEnergy, positions UraniumX to capitalize on growing interest in uranium as a clean energy source. The transaction highlights the importance of partnerships and asset consolidation in the uranium sector, as companies seek to strengthen their project pipelines ahead of anticipated market growth.
