Dieter Lake
The Transaction at a Glance
| Term | Detail |
|---|---|
| Interest acquired | 100% of the Dieter Lake uranium project |
| Consideration | 18,000,000 UraniumX shares at a deemed price of $0.10, plus a 2.0% net smelter returns royalty. No cash. |
| Vendor | Consolidated Uranium Inc., a wholly owned subsidiary of IsoEnergy Ltd. (TSX: ISO) |
| Post-closing ownership | IsoEnergy, through Consolidated Uranium, expected to hold approximately 15.6% of UraniumX (non-diluted) |
| Lock-up | Statutory four-month hold plus a voluntary lock-up releasing 25% every four months over 16 months |
| Expected closing | Q3 2026, subject to CSE acceptance and customary closing conditions |
Terms per the UraniumX news release dated July 10, 2026. IsoEnergy's shareholding is consideration for the Dieter Lake sale; it is an equity investment and is not an endorsement of any UraniumX exploration result.
Property Overview
Dieter Lake is a 168-claim, approximately 8,106-hectare uranium exploration property in North-Central Quebec, within the Gayot Lake basin, held as a single contiguous block. UraniumX has entered into a definitive agreement to acquire a 100% interest from Consolidated Uranium Inc., a wholly owned subsidiary of IsoEnergy Ltd.; closing is expected in Q3 2026. Source: UraniumX news release, July 10, 2026.
Geological Setting
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. Additional targets are supported by a 2025 heliborne magnetic survey and a 2023 alteration-mineral study. The majority of the property has seen little or no modern drilling.
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 estimate is dated 2006 and was reported by Fission Energy Corp. in "Technical Report on the Dieter Lake Property, Quebec, Canada" dated October 7, 2011. It 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.
A qualified person has not done sufficient work to classify the historical estimate as a current mineral resource, UraniumX is not treating it as current, and it should not be relied upon. Verification as a current mineral resource would require, among other things, data verification and confirmation drilling. The Company has not independently verified the historical estimate.
Next Steps
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.
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IsoEnergy to Become Strategic Shareholder of UraniumX as Company Agrees to Acquire Dieter Lake Uranium Project
UraniumX agrees to acquire 100% of Dieter Lake for 18,000,000 shares and a 2.0% NSR, no cash; IsoEnergy to hold approximately 15.6% on closing under a staged 16-month lock-up.
Read Full Release →The scientific and technical information on this page is derived from the Company's news release dated July 10, 2026, reviewed and approved by the Company's Qualified Person under National Instrument 43-101, and from the historical technical report referenced above. The Dieter Lake historical estimate is not a current mineral resource and should not be relied upon. See site footer for full forward-looking, mineral resource, adjacent property, and US investor disclaimers.