IsoEnergy To Become Strategic Shareholder Of UraniumX As Company Agrees To Acquire Dieter Lake Uranium Project

 

IsoEnergy Ltd. (TSX: ISO) (NYSE American: ISOU), owner of the Hurricane uranium deposit, will take an approximately 15.6% strategic equity position in UraniumX

 

VANCOUVER, BC - TheNewswire - July 10, 2026 / UraniumX Discovery Corp. (CSE: STMN) (OTCQB: STMXF) (FSE: Q7S) (“UraniumX” or the “Company”) is pleased to announce that it has entered into a definitive asset purchase agreement (the “Agreement”) dated July 9, 2026 with Consolidated Uranium Inc. (“Consolidated Uranium”), a wholly owned subsidiary of IsoEnergy Ltd. (TSX: ISO) (NYSE American: ISOU) (“IsoEnergy”), to acquire a 100% interest in the Dieter Lake uranium project (“Dieter Lake” or the “Property”) in North-Central Quebec (the “Transaction”). In exchange for its entire interest in the Property, Consolidated Uranium will receive 18,000,000 common shares of UraniumX (the “Consideration Shares”), issued at a deemed price of $0.10 per share, and a 2.0% net smelter returns royalty on the Property. On closing, IsoEnergy, through Consolidated Uranium, is expected to hold approximately 15.6% of UraniumX on a non-diluted basis (on a post-Transaction basis), becoming one of the Company’s largest shareholders, with the right to nominate one director to the UraniumX board of directors.

 

Transaction Highlights

 

• A strategic endorsement from a uranium leader. IsoEnergy, a leading uranium developer and owner of the Hurricane deposit, which it describes as the world’s highest-grade published indicated uranium mineral resource, is taking1 a significant strategic equity position in UraniumX. On closing of the Transaction, IsoEnergy will become one of UraniumX’s largest shareholders, indirectly through Consolidated Uranium, at approximately 15.6%, with board nomination, participation and top-up rights. In IsoEnergy, UraniumX gains a partner positioned for near-term uranium production. 

 

• A 24.4-million-pound historical estimate, acquired for no cash. Dieter Lake hosts a historical estimate of 19.3 million tonnes at 0.057% U3O8, containing approximately 24.4 million lbs U3O8 (see cautionary statements below). The consideration consists entirely of shares and a 2.0% NSR. 

 

• A second Canadian uranium jurisdiction, open for growth. Dieter Lake will add 168 claims over approximately 8,106 hectares in North-Central Quebec, where uranium mineral exploration is permitted, alongside UraniumX’s Athabasca Basin ground in Saskatchewan. Mineralization is traced over approximately 6 km of strike, open to the southwest, with additional targets generated by a 2025 heliborne magnetic survey and a 2023 alteration-mineral study; the majority2 of the property has seen little or no modern drilling. 

 

Esen Boldkhuu, Chief Executive Officer of UraniumX, 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.”

 

IsoEnergy has current and historical uranium mineral resources across three tier-one jurisdictions. Its flagship Hurricane deposit hosts the world's highest-grade published indicated uranium mineral resource - 48.6 million pounds U3O8 at an average grade of 34.5% U3O8 - and its permitted3, past-producing Utah mines are on standby for restart under a toll milling arrangement with Energy Fuels, positioning IsoEnergy as a near-term uranium producer.

 

The Company believes that the Transaction aligns the Company with an established Athabasca Basin operator whose ground sits in the same district as UraniumX's Murphy Lake and Zoo Bay properties.

 

About IsoEnergy Ltd.

 

IsoEnergy Ltd. (TSX: ISO; NYSE American: ISOU) is a leading, globally diversified uranium company with substantial current and historical mineral resources in top uranium mining jurisdictions of Canada, the U.S. and Australia at varying stages of development, providing near, medium, and long-term leverage to rising uranium prices. IsoEnergy is currently advancing its Larocque East project in Canada’s Athabasca Basin, which is home to the Hurricane deposit, boasting the world’s highest-grade published indicated uranium mineral resource. Hurricane hosts an indicated mineral resource of 48.6 million pounds U3O8 at an average grade of 34.5% U3O8, with a further 2.7 million pounds inferred, as disclosed by IsoEnergy.4

 

IsoEnergy also holds a portfolio of permitted past-producing, conventional uranium and vanadium mines in Utah with a toll milling arrangement in place with Energy Fuels.5 These mines are currently on standby, ready for rapid restart as market conditions permit, positioning IsoEnergy as a near-term uranium producer. In June 2026, IsoEnergy completed its acquisition of Toro Energy Limited, adding the Wiluna uranium project in Western Australia and expanding its development pipeline across three countries.6

 

The Hurricane deposit is a property of IsoEnergy and is not owned by UraniumX. UraniumX’s Qualified Person has not verified, and the Company is not treating as its own, the mineral resource information disclosed by IsoEnergy in respect of the Hurricane deposit or any of IsoEnergy's other properties, and that information is not necessarily indicative of mineralization on any UraniumX property.

 

The Dieter Lake Property and Historical Estimate

 

Dieter Lake is located in North-Central Quebec, within the Gayot Lake basin, and comprises 168 map-designated mineral claims covering approximately 8,106 hectares as a single contiguous block. Uranium mineralization occurs as fine-grained pitchblende within a stratabound shale-wacke horizon of the Sakami Formation, traced over approximately 6 km of strike in four zones (Vivian, Nancy I and II, and Bert’s) that remain open to the southwest. The Property hosts a historical mineral resource estimate of 19.3 million tonnes at an average grade of 0.057% U3O8, containing approximately 24.4 million pounds U3O8 (the “Historical Estimate”).7

 

The Historical Estimate is dated 2006 and was reported by Fission Energy Corp. in a technical report entitled “Technical Report on the Dieter Lake Property, Quebec, Canada” dated October 7, 2011.8 The Historical Estimate was prepared by Davis & Guo using the Thiessen (Voronoi) polygon method, applying data constraints of 200 ppm, 500 ppm and 1,000 ppm U3O8 over a minimum thickness of 1 metre, polygons with radii of 200 metres, and a rock density of 2.67 g/cm3. The reported tonnage, grade and contained metal are as disclosed in the 2011 technical report. The Historical Estimate was not prepared in accordance with, and does not use, the mineral resource categories set out in the CIM Definition Standards (2014); no current resource category applies. The Company considers the Historical Estimate relevant as an indication of the scale of the uranium mineralization identified to date on the Property, and considers it reliable in that it was prepared by professional geologists using methods standard at the time and was reported in a technical report prepared for a reporting issuer.

 

Verification of the Historical Estimate as a current mineral resource would require, among other things, data verification and confirmation drilling, including twinning of historical drill holes, and the preparation of a new technical report under National Instrument 43-101. More recent exploration data available to the Company comprise the 2025 heliborne magnetic survey and the 2023 alteration-mineral study described above. An updated National Instrument 43-101 technical report for the Property is being prepared by Dahrouge Geological Consulting Ltd., and the Company expects to provide a further update in due course. A qualified person has not done sufficient work to classify the Historical Estimate as a current mineral resource, and UraniumX is not treating the Historical Estimate as a current mineral resource.

   

Growth Strategy at Dieter Lake

 

The Company's objective is to advance Dieter Lake toward a current mineral resource estimate. The Company intends to undertake compilation and verification of the historical drill database and confirmation drilling of selected historical holes.

 

Expansion potential exists on several fronts. The mineralized horizon is traced over approximately 6 km through four zones (Vivian, Nancy I and II, and Bert's) and remains open to the southwest. A 2025 heliborne magnetic survey and the 2023 alteration-mineral study generated additional untested targets on the Property. The majority of the 8,106-hectare Property has seen little or no modern drilling. Within the historical model, higher cut-off grades defined higher-grade subsets - approximately 6.8 million tonnes at 0.108% U3O8 at a 500 ppm cut-off, as reported in the 2011 technical report - subject9 to the same cautionary statements as the Historical Estimate. There is no assurance that exploration will result in a current mineral resource.

Transaction Terms

 

The consideration consists of 18,000,000 Consideration Shares, issued at a deemed price of $0.10 per share, and a 2.0% net smelter returns royalty payable on all production from the Property in favour of Consolidated Uranium. No cash consideration is 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 under which Consolidated Uranium will have the right to nominate one director to the board for so long as it maintains a 5.0% ownership interest, and a participation right and top-up rights to maintain its pro rata ownership in future equity issuances, on customary terms. Upon closing, IsoEnergy (together with Consolidated Uranium) will be an insider of the Company. The Agreement was negotiated at arm’s length, no party was a related party of the other at the time it was entered into, and no finder’s fees are payable.

 

The Transaction is subject to customary closing conditions, including receipt of all required regulatory approvals, delivery of customary closing deliverables, and the accuracy of representations and warranties at closing. Closing is expected in the third quarter of 2026.

 

Qualified Person

 

Ken Wheatley, P.Geo., a consultant of the Company and a Qualified Person as defined by National Instrument 43-101, has reviewed and approved the scientific and technical information in this news release. The Qualified Person has not verified the data underlying the Historical Estimate, and the Company is not treating the Historical Estimate as a current mineral resource.

 

About UraniumX Discovery Corp.

 

UraniumX Discovery Corp. is a Canadian-based uranium exploration and development company. Its flagship Murphy Lake Uranium Property is in the northeastern Athabasca Basin, Saskatchewan, where UraniumX is earning up to a 70% interest through an option agreement with F4 Uranium Corp.10 The Company also holds a 100% interest in the Zoo Bay uranium property in the Athabasca Basin. Upon completion of the Dieter Lake Transaction, UraniumX will hold uranium projects in both Saskatchewan and Quebec.

 

On Behalf of UraniumX Discovery Corp.

Esen Boldkhuu, Chief Executive Officer

 

Contact:

 

UraniumX Discovery Corp.

Esen Boldkhuu, CEO

Email: [email protected]

Telephone: (604) 377-8994

Website: www.uraniumx.ca

 

Forward Looking Statements

This news release contains “forward looking information” and “forward looking statements” (collectively, “forward looking statements”) within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, “is expected”, “anticipates”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “believes”, or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward looking statements.

 

Forward looking statements in this news release include, but are not limited to, statements regarding the completion of the Transaction, the anticipated closing date, the expected number of shares outstanding after closing, IsoEnergy’s expected ownership percentage, the preparation and timing of an updated technical report, the potential for resource expansion, planned exploration activities, and the Company’s business plans and objectives. Forward looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward looking statements.

 

Such factors include, but are not limited to: failure to satisfy closing conditions, including CSE acceptance and regulatory approvals; general business, economic, competitive, political and social uncertainties; the results of exploration activities; risks related to uranium exploration and development in Quebec, including permitting and social acceptability considerations; the inability to secure financing; and other factors discussed in the Company’s filings, available on SEDAR+ at www.sedarplus.ca. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward looking statements. The Company disclaims any intention or obligation to update or revise any forward looking statements, whether as a result of new information, future events or otherwise, except as required by law.

 

The CSE has neither approved nor disapproved the contents of this news release. Neither the Canadian Securities Exchange nor its Market Regulator (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.

1 Hurricane deposit mineral resource estimate, as disclosed by IsoEnergy: 48.6 million pounds U3O8 at an average grade of 34.5% U3O8 (Indicated) and 2.7 million pounds U3O8 at an average grade of 2.2% U3O8 (Inferred). See IsoEnergy’s 2022 news release announcing the initial mineral resource estimate for the Hurricane deposit and the technical report for the Larocque East Project, available at www.isoenergy.ca and under IsoEnergy’s profile on SEDAR+ at www.sedarplus.ca.

2 Claim count, property area and historical exploration information are derived from the 2011 technical report referenced below and from IsoEnergy's disclosure regarding the Dieter Lake project; the 2025 heliborne magnetic survey and the 2023 alteration-mineral study are as disclosed by IsoEnergy, available at www.isoenergy.ca.

3 See IsoEnergy Ltd.’s news release announcing the initial mineral resource estimate for the Hurricane deposit and the technical report for the Larocque East Project, available at www.isoenergy.ca and under IsoEnergy’s profile on SEDAR+ at www.sedarplus.ca.

4 See IsoEnergy’s continuous disclosure, available at www.isoenergy.ca and under IsoEnergy’s profile on SEDAR+ at www.sedarplus.ca.

5 Per IsoEnergy’s news releases and continuous disclosure regarding its Utah operations and the toll milling arrangement with Energy Fuels Inc., available at www.isoenergy.ca and on SEDAR+ at www.sedarplus.ca.

6 IsoEnergy Ltd. news release, “IsoEnergy Completes Acquisition of Toro Energy,” June 2026, available at www.isoenergy.ca.

7 Historical Estimate dated 2006, reported by Fission Energy Corp. in a technical report dated October 7, 2011; source, method and parameters are set out under “The Dieter Lake Property and Historical Estimate” above. No current CIM mineral resource category applies. A qualified person has not done sufficient work to classify the Historical Estimate as a current mineral resource and UraniumX is not treating the Historical Estimate as a current mineral resource. Figures are rounded.

8 The 2011 technical report is available under Fission Energy Corp.’s issuer profile on SEDAR+ at www.sedarplus.ca.

9 Fission Energy Corp., “Technical Report on the Dieter Lake Property, Quebec, Canada,” dated October 7, 2011, available under Fission Energy Corp.’s issuer profile on SEDAR+ at www.sedarplus.ca.

10 See the Company’s continuous disclosure regarding the Murphy Lake and Zoo Bay properties, available under its profile on SEDAR+ at www.sedarplus.ca.

Copyright (c) 2026 TheNewswire - All rights reserved.