UraniumX Deploys $3.8 Million to Athabasca Basin Exploration
VANCOUVER, BC / ACCESS Newswire / August 7, 2026 / UraniumX Discovery Corp. (CSE:STMN)(OTCQB:STMXF)(FSE:Q7S) ("UraniumX" or the "Company") is pleased to provide a consolidated update on exploration work completed, financing proceeds deployed, and partner funded exploration structured across its Athabasca Basin property portfolio, following the filing of its condensed interim consolidated financial statements and management's discussion and analysis for the nine months ended May 31, 2026.
Highlights
$3,827,537 in cash deployed to the Company's mineral property portfolio during the nine months ended May 31, 2026.
The 2026 Murphy Lake diamond drill program was expanded mid-campaign from an initial target of 2,500 metres to 4,092 metres across nine holes, and was completed subsequent to the period end.
Anomalous radioactivity was intersected in five of the six target areas tested, defining two prospective trends. The Murphy Lake South Trend has been extended to approximately 1.3 kilometres of strike length.
Assay results from the 2026 Murphy Lake program remain pending at SRC Geoanalytical Laboratories in Saskatoon, Saskatchewan.
Option agreements over Zoo Bay and NeoCore, if exercised in full by the optionees, would direct up to $7,250,000 of partner funded exploration expenditures and $900,000 of cash payments to those properties, together with an aggregate of 27,580,000 common shares of two listed issuers, allowing the Company to concentrate its own treasury on Murphy Lake.
Financing Proceeds Deployed
During the nine months ended May 31, 2026, the Company deployed $3,827,537 in cash to its mineral property portfolio.
Application | Amount |
Exploration advances placed with the operator and contractors | $3,350,419 |
Option payments and exploration expenditures paid | $477,118 |
Total cash deployed to properties | $3,827,537 |
Of the exploration advances, $2,584,909 relates to Murphy Lake and $765,510 to Zoo Bay. These are funds already placed with the operator and contractors for programs that were in progress or committed at the period end. A substantial portion of the Murphy Lake advance funded the 2026 diamond drill program, which was completed subsequent to the period end.
"More than $3.8 million in cash went into our properties over the last nine months, the large majority of it at Murphy Lake, where it funded a drill program we expanded by more than sixty percent mid-campaign on the strength of what we were seeing in core. The proposed option agreements over Zoo Bay and NeoCore put up to $7.25 million of exploration funding behind those properties without drawing on our treasury," said Esen Boldkhuu, Chief Executive Officer of UraniumX.
Murphy Lake
Murphy Lake is the Company's flagship property, located in the northeastern Athabasca Basin approximately 5 km south of IsoEnergy Ltd.'s (TSX: ISO) Hurricane deposit and approximately 4 km east of Cameco Corporation's (TSX: CCO) La Rocque Lake uranium zone. The Company holds an option to acquire a 50% initial interest from F4 Uranium Corp. (TSXV: FFU), which acts as operator.
Work completed to date includes a 9.2 line km Moving Loop Electromagnetic ground geophysical survey funded by the Company and completed in May 2026. The survey extended the known conductor system on the Property and provided the plate models used to site the 2026 drill program.
The 2026 diamond drill program was the first drill test of those conductor extensions and is the largest exploration program undertaken on the Property to date. It was expanded mid-campaign from an initial target of 2,500 metres to 4,092 metres across nine drill holes on the strength of results observed in core (see news release dated July 7, 2026).
Anomalous radioactivity was intersected in five of the six target areas tested, defining two prospective trends. The Murphy Lake North Trend returned anomalous radioactivity over more than 330 metres of strike length, including visually identified pitchblende in drill hole ML26-015 (see news release dated June 2, 2026). The Murphy Lake South Trend has been extended to a strike length of approximately 1.3 kilometres.
Assay results from the 2026 program remain pending. Samples have been submitted to SRC Geoanalytical Laboratories in Saskatoon, Saskatchewan. Once received, results will be integrated with the MLEM plate models and the structural interpretation to prioritise targets for a follow-up program.
Partner Funded Exploration
The Company has structured option agreements over two of its non-core Athabasca Basin properties under which third-party optionees may fund exploration and make cash and share payments in exchange for an interest in those properties. The arrangements are summarised below.
Property | Optionee | Cash | Exploration | Shares |
Zoo Bay | Pond Technologies Holdings Inc. | $350,000 | $4,500,000 | 16,000,000 |
NeoCore | Gold'n Futures Mineral Corp. (CSE:FUTR) | $550,000 | $2,750,000 | 11,580,000 |
Total | $900,000 | $7,250,000 | 27,580,000 |
In addition to the amounts above, UraniumX retains a 2.0% net smelter returns royalty on NeoCore and acts as operator of that property during the option period.
Each counterparty holds an option and is not obligated to make any payment, issue any shares or incur any expenditure, and may terminate its option in accordance with the terms of the applicable agreement. The Zoo Bay arrangement remains at the letter of intent stage and is subject to the negotiation and execution of a definitive option agreement and to the approvals described below. There can be no assurance that either counterparty will exercise its option in whole or in part, or that any of the amounts set out above will be received or expended.
Zoo Bay
Zoo Bay comprises 15 mineral claims covering 19,850 hectares along the northeastern edge of the Athabasca Basin, held through the Company's wholly owned subsidiary 1477571 B.C. Ltd. The property benefits from a shallow unconformity at depths between 0 and 200 metres.
As previously announced, the Company has entered into a letter of intent with Pond Technologies Holdings Inc. (TSXV: POND) regarding an option agreement for Zoo Bay, under which Pond may earn a 100% interest by issuing 16,000,000 common shares of Pond, making aggregate cash payments of $350,000 over a three-year period, and incurring an aggregate of $4,500,000 in exploration expenditures on the project (see news release dated April 27, 2026). Completion remains subject to negotiation and execution of a definitive option agreement, TSXV approval, approval of Pond shareholders, and other customary conditions. There can be no assurance the transaction will be completed as proposed, or at all.
NeoCore
The NeoCore property consists of six mineral claims covering approximately 13,012 hectares in the eastern Athabasca Basin, approximately 65 km southeast of the McArthur River mine. On June 17, 2026 the Company closed an option agreement with Gold'n Futures Mineral Corp. (CSE: FUTR) under which Gold'n may acquire a 100% interest over a 36-month period by issuing up to an aggregate of 11,580,000 common shares of Gold'n, making aggregate cash payments of $550,000, and incurring an aggregate of $2,750,000 in exploration expenditures. UraniumX retains a 2.0% net smelter returns royalty and acts as operator of the property during the option period (see news release dated June 17, 2026).
IsoEnergy and Dieter Lake
On July 10, 2026 the Company announced that it had entered into an agreement to acquire a 100% interest in the Dieter Lake uranium project in North Central Quebec, under which IsoEnergy Ltd., through its wholly owned subsidiary Consolidated Uranium Inc., would receive 18,000,000 common shares of UraniumX and a 2.0% net smelter returns royalty, and would become a strategic shareholder of the Company (see news release dated July 10, 2026). Dieter Lake would be the Company's first project outside Saskatchewan and would broaden the portfolio beyond the Athabasca Basin. Completion of the transaction remains subject to the satisfaction of customary closing conditions and the receipt of all required regulatory and exchange approvals.
European Investor Relations Engagement
The Company also announces that it engaged Plutus Invest & Consulting GmbH ("Plutus") under a marketing services agreement effective March 1, 2026 through February 28, 2027. Plutus provides marketing and investor relations services in European markets - including German-language investor materials, platform placements and investor communications - performed by its principal, Marco Messina. The Company paid Plutus EUR 100,000 (approximately CAD $160,641) in cash from working capital; the engagement includes no securities-based compensation. Plutus is arm's length to the Company and, to the Company's knowledge, holds no securities of the Company. Plutus is located at Buchstrasse 13, Bremen 28195, Germany (contact@plutuinves.de; +49 421 17540174). The engagement ought to have been announced when entered into; the Company provides this disclosure to complete its public record and has implemented procedures to ensure timely disclosure of future engagements of this nature.
Qualified Person
The scientific and technical information in this news release has been reviewed and approved by Ken Wheatley, P.Geo., Director of Exploration of the Company and a Qualified Person as defined under National Instrument 43-101 - Standards of Disclosure for Mineral Projects.
This news release contains references to neighbouring properties in which UraniumX has no interest. The disclosure of mineralization on neighbouring or proximal properties is not necessarily indicative of mineralization at any UraniumX property. The Hurricane deposit is a property of IsoEnergy Ltd. and is not owned by UraniumX. The Company's Qualified Person has not independently verified, and the Company is not treating as its own, mineral resource information disclosed by IsoEnergy in respect of the Hurricane deposit or by Cameco Corporation in respect of the La Rocque Lake uranium zone.
About UraniumX
UraniumX Discovery Corp. is a Canadian-based junior uranium exploration company focused on advancing high-potential assets in Saskatchewan's Athabasca Basin, one of the world's premier uranium districts. The Company's portfolio includes the Murphy Lake, Zoo Bay and NeoCore uranium properties, strategically positioned along the eastern margin of the Basin near established infrastructure, and, subject to closing, the Dieter Lake project in Quebec. UraniumX's exploration programs integrate geophysics, drilling and academic research collaborations to enhance target generation and discovery potential.
On Behalf of UraniumX Discovery Corp.
Esen Boldkhuu, CEO
Contact:
UraniumX Discovery Corp.
Esen Boldkhuu, CEO
Email: info@uraniumx.ca
Telephone: (604) 377-8994
Website: www.uraniumx.ca
Forward Looking Statements
This news release contains "forward-looking information" and "forward-looking statements" within the meaning of applicable Canadian securities laws (collectively, "forward-looking statements"). All statements, other than statements of historical fact, included herein are forward-looking statements. Forward-looking statements in this release include, but are not limited to, statements regarding the timing and results of pending assays from the 2026 Murphy Lake drill program, the recognition of exploration advances as exploration expenditures as the underlying work is performed, the design, timing and funding of any follow-up exploration program, planned exploration programs and expenditures, the aggregate cash payments, share issuances and exploration expenditures that may be made or incurred by optionees under the Zoo Bay and NeoCore option arrangements, the exercise or termination of those options, the proposed option transaction with Pond Technologies Holdings Inc., the proposed acquisition of the Dieter Lake project and the completion thereof and the Company's future plans, objectives and exploration activities.
Forward-looking statements are based on reasonable assumptions, estimates and opinions of management as of the date hereof and are subject to known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those expressed or implied by such forward-looking statements. These factors include, but are not limited to, fluctuations in market conditions, volatility in equity and capital markets, risks inherent in mineral exploration and development, the risk that advanced funds are not applied to qualifying expenditures as anticipated, the risk that an optionee does not exercise its option or does not make the payments or incur the expenditures contemplated by an option arrangement, the risk that a definitive agreement is not entered into on the terms contemplated by a letter of intent, the risk that proposed transactions are not completed on the terms announced or at all, delays in the receipt of analytical results, environmental risks, reliance on key personnel, regulatory approvals, and changes in laws and regulations.
Readers are cautioned not to place undue reliance on forward-looking statements. Except as required by applicable securities laws, the Company undertakes no obligation to update or revise any forward-looking statements.
The CSE has neither approved nor disapproved the contents of this news release. Neither the CSE nor its regulation services provider accepts responsibility for the adequacy or accuracy of this release.
SOURCE: UraniumX Discovery Corp.
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