UraniumX Discovery Corp. (CSE: STMN) (OTCQB: STMXF) (FSE: Q7S) 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. (TSX: ISO). The transaction positions IsoEnergy as a strategic shareholder, holding approximately 15.6% of UraniumX on a non-diluted basis post-closing, with the right to nominate one director to UraniumX’s board.
The acquisition, structured entirely as a share deal with no cash consideration, involves issuing 18 million common shares of UraniumX at a deemed price of $0.10 per share to Consolidated Uranium, along with a 2% net smelter returns royalty on the property. IsoEnergy, owner of the high-grade Hurricane uranium deposit in the Athabasca Basin, thus becomes one of UraniumX’s largest shareholders. The transaction is expected to close in the third quarter of 2026, subject to regulatory approvals.
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 2006 technical report by Fission Energy Corp. and updated in 2011. The estimate, prepared using the Thiessen polygon method, is not compliant with current CIM Definition Standards, and a qualified person has not done sufficient work to classify it as a current mineral resource. However, UraniumX considers the estimate relevant for indicating the scale of mineralization identified to date. The property comprises 168 claims over approximately 8,106 hectares, with mineralization traced over 6 km of strike in four zones—Vivian, Nancy I and II, and Bert’s—open to the southwest. A 2025 heliborne magnetic survey and a 2023 alteration-mineral study have generated additional untested targets.
UraniumX CEO Esen Boldkhuu highlighted the strategic value: “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.”
IsoEnergy’s involvement brings significant credibility. The company holds the world’s highest-grade published indicated uranium mineral resource at its Hurricane deposit—48.6 million pounds U3O8 at an average grade of 34.5% U3O8—and is positioned as a near-term producer with permitted, past-producing mines in Utah under a toll milling arrangement with Energy Fuels (see IsoEnergy’s disclosure at www.isoenergy.ca). The alignment with an established Athabasca Basin operator whose ground sits in the same district as UraniumX’s Murphy Lake and Zoo Bay properties is a key strategic benefit.
The transaction includes an investor rights agreement granting Consolidated Uranium board nomination rights as long as it maintains a 5% ownership, along with participation and top-up rights on future equity issuances. The Consideration Shares are subject to a statutory hold period and a voluntary lock-up releasing 25% on each of the 4, 8, 12, and 16-month anniversaries of closing.
UraniumX plans to advance Dieter Lake toward a current mineral resource estimate through compilation and verification of historical drill data and confirmation drilling. Expansion potential exists along the open strike and from untested targets. The company’s objective is to build on the historical estimate while benefiting from IsoEnergy’s strategic support. For further details on UraniumX’s projects, visit www.uraniumx.ca.
The transaction underscores a growing trend of strategic partnerships in the uranium sector, as companies consolidate assets amid rising demand for nuclear fuel. IsoEnergy’s investment signals confidence in UraniumX’s potential to develop the Dieter Lake project and expand its footprint in Canadian uranium jurisdictions.
