UraniumX Discovery Corp. has completed its acquisition of a 100% interest in the Dieter Lake uranium project in North-Central Quebec from Consolidated Uranium Inc., a wholly owned subsidiary of IsoEnergy Ltd.

The transaction gives UraniumX operations across two Canadian jurisdictions, adding Quebec to its existing portfolio in Saskatchewan. The company's flagship asset remains the Murphy Lake Uranium Property in the northeastern Athabasca Basin, where UraniumX is earning up to a 70% interest through an option agreement with F4 Uranium Corp.

Under the definitive asset purchase agreement, UraniumX acquired the project for no cash consideration and no finder's fees. Instead, the company issued 18,000,000 common shares at a deemed price of $0.10 per share and granted a 2.0% net smelter returns royalty on production from the property.

The share issuance makes Consolidated Uranium a strategic shareholder, holding approximately 15.2% of UraniumX's issued and outstanding common shares on a non-diluted basis. Under an accompanying investor rights agreement, Consolidated Uranium gains the right to nominate one director to the UraniumX board, alongside participation and top-up rights to maintain its pro rata ownership.

The Dieter Lake property spans 168 map-designated mineral claims covering approximately 8,106 hectares within the Gayot Lake basin. Mineralization at the site has been traced over roughly 6 kilometres of strike across four zones—Vivian, Nancy I and II, and Bert's—which remain open to the southwest. The property hosts a historical estimate of 19.3 million tonnes at an average grade of 0.057% U3O8, containing approximately 24.4 million pounds of U3O8.

The historical estimate, originally prepared in 2006 and reported in a 2011 technical report by Fission Energy Corp., does not use current CIM mineral resource categories. A qualified person has not completed sufficient work to classify the historical estimate as a current mineral resource, and UraniumX is not treating it as such.

With the transaction closed, UraniumX plans to compile and verify the historical drill database and conduct confirmation drilling to advance the project toward a current mineral resource estimate.

Commenting on the closing, Esen Boldkhuu, Chief Executive Officer of UraniumX, said, “Closing this transaction makes UraniumX a two-jurisdiction Canadian uranium company and brings IsoEnergy onto our register as a long-term strategic shareholder. Our near-term work at Dieter Lake is straightforward: verify the historical database and drill to test it. We thank IsoEnergy for its conviction in this team,” pointing to the company's next operational steps in Quebec.

Read the full announcement: UraniumX Completes Acquisition of the Dieter Lake Uranium Project; IsoEnergy Becomes Strategic Shareholder