UraniumX Discovery (CSE:STMN) has entered into an asset purchase agreement dated 9 July to acquire a 100% interest in the Dieter Lake Uranium Project in Canada.
The company is acquiring the project from Consolidated Uranium, a wholly owned subsidiary of IsoEnergy (TSX:ISO).
In exchange, Consolidated Uranium will receive 18 million UraniumX common shares issued at C$0.10 ($0.10) per share and a 2.0% net smelter return royalty.
IsoEnergy will hold about 15.6% of UraniumX on a non-diluted basis upon closing, making it one of the company’s largest shareholders with board nomination rights.
Dieter Lake hosts a historical estimate of 19.3 million tonnes at 0.057% triuranium octoxide (U3O8), containing approximately 24.4 million pounds of U3O8.
CEO Esen Boldkhuu says the acquisition provides significant value for shareholders.
“Dieter Lake will hand our shareholders a project … in a mineralised horizon that is still open, on ground, that has seen little or no modern drilling,” Boldkhuu says.
Located within the Gayot Lake basin, Dieter Lake comprises 168 claims over approximately 8,106 hectares in north-central Québec, where uranium exploration is permitted.
Mineralisation is traced over 6km of strike in four zones open to the southwest.
UraniumX plans to advance the project towards a current mineral resource estimate through data compilation, database verification, and confirmation drilling.
Closing is expected in the Q3 2026, subject to customary regulatory approvals.
The company notes that consideration shares are subject to a statutory four-month-and-one-day hold period and a voluntary lock-up schedule releasing 25% every four months.
UraniumX Discovery is an explorer and developer with assets in Saskatchewan; and, upon completion of the Dieter Lake transaction, Québec.
Write to Paula Fabe at Mining.com.au
Images: UraniumX Discovery
