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It sold us a Quebec project with 24.4 million historical pounds of uranium, took our stock instead of cash, and locked it up for 16 months. On closing it owns about 15.6%.
Some announcements you read twice. This is one of them.
UraniumX has agreed to acquire the Dieter Lake uranium project in Quebec from Consolidated Uranium Inc., a wholly owned subsidiary of IsoEnergy Ltd. (TSX: ISO; NYSE American: ISOU). We are paying in shares, not cash, and the seller is staying on our register. [1]
For 100% of Dieter Lake, IsoEnergy took 18,000,000 UraniumX shares and a 2.0% net smelter returns royalty. No cash left our treasury. On closing, IsoEnergy holds approximately 15.6% and can nominate a director, with a participation right and a top-up right. [1]
Then the detail experienced investors notice: IsoEnergy agreed to a voluntary staged 16-month lock-up. The shares free up only in quarters, at the 4, 8, 12 and 16 month anniversaries of closing.
A seller who wants a quick profit takes cash and leaves. A seller who takes paper it cannot sell for over a year, and asks for the right to buy more, is doing something different. We will not tell you what to read into it. The terms are a matter of record. [1]
Dieter Lake sits in north-central Quebec, in the Gayot Lake Basin: 168 mineral claims across about 8,106 hectares, in one contiguous block. Uranium occurs as fine-grained pitchblende in a bedding-controlled horizon of the Sakami Formation, identified in four zones over roughly 6 kilometres of strike, open to the southwest. [1]
The project carries a historical estimate of 24.4 million pounds U3O8 (approximately 19.3 million tonnes at 0.057% U3O8). Most of the property has never been drilled with modern methods. [1]
The backdrop, in third-party numbers. Uranium spot sits around US$85 a pound, after topping US$100 in January 2026, and the long-term price indicator is at its highest since 2008. (Cameco; TradeTech) [5]
Supply is short: Kazatomprom has cut its 2026 production plan by roughly 10% against earlier targets, the US has legislated a ban on Russian uranium imports, and the world's reactors require some 67,000 tonnes of uranium a year - met for years only with the help of finite secondary supplies on top of mine output. The World Nuclear Association notes that timely execution of the planned supply expansion faces challenges as demand grows. (World Nuclear Association; Kazatomprom, August 2025) [5]
Goldman Sachs sees uranium spot reaching about US$91 by the end of 2026 and as high as US$120 by 2027, on a supply gap it expects to widen to 32% by 2045. [6]
Separately from the deal, our Athabasca flagship, Murphy Lake, is drilled and awaiting assays. UraniumX can earn up to 70% under an option with F4 Uranium Corp. (TSXV: FFU), the operator, and funds the program. [2]
The 2026 program drilled 4,092 metres in nine holes across six target areas. Anomalous radioactivity was intersected in five of six target areas, with six of nine holes returning elevated radioactivity across two trends. The highest downhole gamma reading was 2,696.9 cps. Assays are pending, anticipated in the second half of 2026. [2]
To be clear about the two stories on this page: the Dieter Lake deal and the Murphy Lake drilling are not the same story, and we are not presenting IsoEnergy's investment as a view on Murphy Lake. The stake is consideration for Dieter. The assays are a separate, still-pending event. [1][2]
Murphy Lake scientific and technical information reviewed and approved by Ken Wheatley, P.Geo., the Company's Qualified Person under NI 43-101.
Ken Wheatley, P.Geo., our Chief Geologist, has over 47 years in the industry and has been part of teams credited with eight uranium discoveries. Vincent Martin, Strategic Advisor, spent 37 years with the Orano/Areva group, including 12 years as CEO of Orano Canada, which operates the McClean Lake mill. Matthew Schwab, a director, was part of the team that discovered the Arrow deposit. [4]
The near-term catalysts, as disclosed: closing of the Dieter Lake acquisition; the updated NI 43-101 report on Dieter Lake by Dahrouge; the Murphy Lake assay results in the second half of 2026; and partner-funded exploration on our other Athabasca properties, NeoCore and Zoo Bay. [1][2]
Balance matters, so we will state the risks plainly. UraniumX is an explorer at an early stage. No current mineral resource has been defined on its own properties. The pending Murphy Lake assays may confirm the radiometric signals or may not. The Dieter Lake acquisition is subject to standard closing conditions and may not close on the terms described. Small exploration companies are volatile, can have limited liquidity, and are suitable only for risk-aware investors.
We're not going to tell you what to do with that.
We'll just say the terms a partner accepts, shares over cash and a multi-year lock-up, are a matter of record you can read for yourself.
| Term | Detail | The disclosure guardrail |
|---|---|---|
| Asset acquired | 100% of the Dieter Lake uranium project, Quebec (168 claims, ~8,106 ha) | Terms per the news release; subject to closing |
| Historical estimate | 24.4 million pounds U3O8 (~19.3 Mt at 0.057% U3O8); see Historical Estimate note | Historical estimate, not current; a QP has not classified it as current and UraniumX is not treating it as current [1] |
| Consideration | 18,000,000 UraniumX shares plus a 2.0% NSR royalty | Share-based; no cash payable from treasury |
| Seller | Consolidated Uranium Inc., a wholly owned subsidiary of IsoEnergy Ltd. (TSX: ISO; NYSE American: ISOU) | An equity relationship, not an endorsement of any exploration result |
| Lock-up | Voluntary staged 16-month lock-up (25% at 4, 8, 12, 16 months) | Voluntary; terms per the news release |
| On closing | IsoEnergy ~15.6%, with board nomination, participation and top-up rights | A related party under MI 61-101 on closing |
| Listings | CSE: STMN · OTCQB: STMXF · FSE: Q7S | Nothing herein is an offer to sell or a solicitation to buy securities |
UraniumX has approximately 97.5 million common shares outstanding, rising to about 115.5 million on closing of the Dieter Lake acquisition. [1] As at February 28, 2026, the Company reported cash and cash equivalents of approximately C$5.3 million and working capital of approximately C$6.0 million, with no debt, and the Murphy Lake drill program is fully funded. (Financial position, May 1, 2026)
For 100% of Dieter Lake, Consolidated Uranium Inc., a wholly owned subsidiary of IsoEnergy Ltd., received 18,000,000 UraniumX shares and a 2.0% NSR royalty, with no cash payable. On closing IsoEnergy holds about 15.6% with board nomination, participation and top-up rights, under a voluntary staged 16-month lock-up. [1]
No. It is consideration for the Dieter Lake sale, an equity investment, not an endorsement of any UraniumX exploration result and not premised on Murphy Lake. On closing IsoEnergy becomes a related party under MI 61-101. [1]
No. The 24.4 million pound figure is a historical estimate dated 2006, reported in a 2011 technical report. A qualified person has not done sufficient work to classify it as current, and UraniumX is not treating it as current. An updated NI 43-101 report is being prepared by Dahrouge Geological Consulting Ltd. [1]
The 2026 program intersected anomalous radioactivity in five of six target areas, across two trends, with a highest downhole gamma of 2,696.9 cps. These are radiometric indicators only, not a measure of grade, and not a substitute for assays, which are pending in H2 2026. No discovery or grade is claimed. [2]
Through UraniumX shares: CSE: STMN | OTCQB: STMXF | FSE: Q7S.
Historical Estimate. Original source: Davis & Guo (2006), reported in Fission Energy Corp., "Technical Report on the Dieter Lake Property, Quebec, Canada," October 7, 2011. Method: Thiessen (Voronoi) polygonal; pre-CIM categories, no current category. Upgrade would require confirmation drilling, including twinning of historical drill holes, and a new NI 43-101 technical report. The QP has not verified the historical estimate and the Company is not treating it as current.
Legal disclaimer. This material is published by UraniumX Discovery Corp. and is for information purposes only. It contains forward-looking statements under applicable Canadian securities legislation, including statements regarding the Dieter Lake acquisition and its anticipated benefits and closing, IsoEnergy's expected shareholdings and board nomination, participation and top-up rights, the historical estimate at Dieter Lake and the preparation of an updated technical report, the pending Murphy Lake assay results and planned exploration, partner-funded exploration at NeoCore and Zoo Bay, and general market context. Forward-looking statements involve risks and uncertainties, including the risk that the transaction may not close on the terms described or at all, that pending assay results may not confirm mineralization, permitting and regulatory risk (including for uranium in Quebec), and the need for additional financing; actual results may differ materially. Except as required by applicable securities laws, the Company undertakes no obligation to update or revise any forward-looking statements.
The Dieter Lake estimate is a historical estimate dated 2006, prepared by Davis & Guo using the Thiessen (Voronoi) polygon method and reported by Fission Energy Corp. in a technical report entitled "Technical Report on the Dieter Lake Property, Quebec, Canada" dated October 7, 2011. It is historical: a qualified person has not done sufficient work to classify it as a current mineral resource, and UraniumX is not treating it as a current mineral resource. There is no certainty that further work will result in a current mineral resource. An updated NI 43-101 technical report is being prepared by Dahrouge Geological Consulting Ltd.
The Murphy Lake 2026 results reported to date are based on radiometric measurements (including downhole gamma) that are anomalous indicators only, are not necessarily indicative of economic mineralization, and are not a substitute for assays, which are required and remain pending. No discovery or grade is claimed at Murphy Lake pending assay results.
The Hurricane deposit and the La Rocque zone are the properties of IsoEnergy Ltd. and Cameco Corporation respectively, are not owned by UraniumX, and are referenced for geological and locational context only. Mineralization on neighbouring properties is not necessarily indicative of mineralization on UraniumX's properties, and this information has not been verified by UraniumX's Qualified Person. IsoEnergy's investment is an equity investment and is not an endorsement of any UraniumX exploration result. Upon closing, IsoEnergy will be a related party of UraniumX under Multilateral Instrument 61-101.
Biographical statements describe past experience and are not a guarantee of future results. Uranium price levels, contract prices, supply and demand estimates, government policy, and other market and third-party references are provided as market context only and do not represent the performance of UraniumX or any of its securities. The scientific and technical information relating to the Murphy Lake Property has been reviewed and approved by Ken Wheatley, P.Geo., the Company's Qualified Person under NI 43-101; the Dieter Lake historical estimate is derived from the Fission Energy Corp. technical report dated October 7, 2011. Nothing on this page is an offer to sell or a solicitation of an offer to buy securities, or investment advice. Review UraniumX's continuous disclosure on SEDAR+ at sedarplus.ca and consult a licensed investment advisor before acting.