UraniumX Discovery Corp. (CSE: STMN) (OTCQB: STMXF) (FSE: Q7S) 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. In exchange, UraniumX will issue 18,000,000 common shares at a deemed price of $0.10 per share and grant 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 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, containing 48.6 million pounds U3O8 at an average grade of 34.5% U3O8. IsoEnergy also holds permitted, past-producing uranium 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. The deal 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 by Fission Energy Corp. The property comprises 168 claims over approximately 8,106 hectares, with uranium mineralization traced over about 6 km of strike in four zones—Vivian, Nancy I and II, and Bert's—that remain open to the southwest. The majority of the property has seen little or no modern drilling, and a 2025 heliborne magnetic survey and a 2023 alteration-mineral study have generated additional untested targets.
“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,” said Esen Boldkhuu, CEO of UraniumX. “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 consideration consists entirely of shares and a 2.0% NSR royalty, with no cash payable. The Consideration Shares will be subject to a statutory four-month-and-one-day hold and a voluntary lock-up releasing 25% on each of the 4, 8, 12 and 16 month anniversaries of closing. UraniumX and Consolidated Uranium will enter into an investor rights agreement granting Consolidated Uranium board nomination rights as long as it maintains a 5.0% ownership interest, along with participation and top-up rights to maintain its pro rata ownership in future equity issuances.
UraniumX plans to advance Dieter Lake toward a current mineral resource estimate through compilation and verification of historical drill data and confirmation drilling. The company is preparing an updated National Instrument 43-101 technical report for the property. The transaction is expected to close in the third quarter of 2026, subject to customary conditions including regulatory approvals.
For business leaders, this deal underscores the strategic importance of securing uranium assets amid rising demand for nuclear energy. UraniumX gains a second Canadian uranium jurisdiction in Quebec, where mineral exploration is permitted, alongside its Athabasca Basin properties in Saskatchewan. The involvement of IsoEnergy, a near-term producer with high-grade resources and permitted mines, provides a strong vote of confidence and potential operational synergies. The transaction is a zero-cash acquisition that strengthens UraniumX's portfolio and positions it for growth in a market increasingly focused on uranium supply security.
