Star Metro - UraniumX Plans Winter Gravity Program at Murphy Lake as Q4 Assays Approach

Highlights

• Murphy Lake assays are the next catalyst. Chemical assays from the expanded 2026 diamond drill program (4,092 metres in nine holes across six target areas) remain pending at SRC Geoanalytical Laboratories in Saskatoon and are anticipated in Q4 of 2026. Anomalous radioactivity was intersected in five of the six target areas tested and two mineralized trends, the Murphy Lake North Trend and South Trend, were defined (see news release dated July 7, 2026).
• Ground gravity and extended EM are the next step at Murphy Lake. As disclosed on July 7, 2026, UraniumX intends to fund a follow-up ground geophysical program with F4 Uranium Corp. (TSXV:FFU) ("F4") as operator (the "Program"). The Program is expected to comprise a property-wide ground gravity survey and an extension of MLEM coverage along both trends and is being planned for winter 2027 (see Figure 1).
• The conductor system does not stop at the claim boundary. On September 17, 2026, Purepoint Uranium Group Inc. ("Purepoint") reported that the first hole at its Q24 target on the Purepoint / IsoEnergy Dorado joint venture, located approximately 2 km south of the Murphy Lake Property, intersected 7.4 metres averaging 8,760 cps across the unconformity in strongly altered and structurally disrupted basement rocks. Q24 is not on the Murphy Lake Property and mineralization there is not necessarily indicative of mineralization on the Property (see Neighbouring Properties below).
• Dieter Lake historical drill database compilation and verification is underway in support of an updated National Instrument 43-101 technical report being prepared by Dahrouge Geological Consulting Ltd. (see news release dated July 10, 2026). Dieter Lake hosts a 2006 historical estimate of 19.3 million tonnes at 0.057% U₃O₈, containing approximately 24.4 million pounds U₃O₈, which is not a current mineral resource (see cautionary statement below).

Murphy Lake: 2026 Drill Program and Pending Assays

The Murphy Lake Property (the "Property") comprises 609 hectares in the northeastern Athabasca Basin, Saskatchewan, where UraniumX is earning up to a 70% interest under an option agreement with F4, the operator. The 2026 diamond drill program was the first systematic drill test of conductors defined by the moving loop electromagnetic ("MLEM") survey completed in May 2026, which extended the prospective conductor systems on the Property by 1.45 kilometres (see news release dated May 5, 2026). The program was expanded during execution from an originally planned 2,500 metres to a completed 4,092 metres in nine holes across six target areas on the strength of results observed in core (see news releases dated June 23 and July 7, 2026). UraniumX has deployed more than $3.1 million in cash to Murphy Lake to date, including over $2.6 million deployed in exploration expenditures and $500,000 in option payments under the Murphy Lake option agreement.

Drilling defined two distinct mineralized trends on the Property:

• The Murphy Lake North Trend (Target Areas 1 and 2), where anomalous radioactivity was intersected over more than 330 metres of strike length, including visually identified pitchblende in drill hole ML26-015 at 316.5 to 317.5 metres (see news release dated June 2, 2026).
• The Murphy Lake South Trend (Target Areas 3, 4, 5 and 6), now extended to a strike length of approximately 1.3 kilometres, where holes ML26-019A, ML26-021 and ML26-023 returned anomalous radioactivity along strike from the 2022 mineralized intercept in hole ML22-006 (0.065% U₃O₈ over 2.5 metres, including 0.242% U₃O₈ over 0.5 metres; see F3 Uranium Corp. news release dated August 10, 2022). ML26-023 returned the highest downhole gamma peak of the program at 2,696.9 cps, with downhole readings greater than 500 cps over a total of 3.2 metres in basement rocks immediately below the unconformity.

Anomalous radioactivity was intersected in five of the six target areas tested, with six of the nine holes returning elevated radioactivity and multiple holes displaying strong hydrothermal alteration at the unconformity. Radiometric and visual observations are preliminary, are not a measure of uranium grade and may not correlate with chemical assay results (see Technical Disclosure below).

Core from all nine holes has been logged and sampled, and samples have been submitted to SRC Geoanalytical Laboratories in Saskatoon, Saskatchewan for multi-element analysis including uranium (U₃O₈). Assay results are anticipated in Q4 of 2026 and will be reported promptly upon receipt. Once received, results will be integrated with the MLEM plate models and the structural interpretation to prioritize targets for the next phase of exploration.

Why the Next Step at Murphy Lake is Geophysics: Ground Gravity and Extended EM

The 2026 program tested six target areas along approximately 9.2 line-kilometres of MLEM coverage and returned anomalous radioactivity in five of them, together with strong hydrothermal alteration at the unconformity in multiple holes. Those results establish that the conductor system on the Property is mineralized along more than 330 metres of strike on the North Trend and approximately 1.3 kilometres on the South Trend, but they do not yet identify where along those trends the alteration and structure that concentrate uranium at the unconformity are best developed. That is the purpose of the next phase of geophysics.

The conductor system continues beyond the Property. Regional EM conductor traces compiled by the Saskatchewan Geological Survey, and the conductors interpreted from the 2022 and 2026 ground surveys, extend off the Murphy Lake Property to the south (Figure 1). On September 17, 2026, Purepoint reported radiometric results from the 2026 summer drill program at the Dorado joint venture, which it operates with IsoEnergy, including drill hole PG26-11, the first hole at the Q24 target, which intersected 7.4 metres averaging 8,760 cps across the unconformity at approximately 285 metres depth, including 0.5 metres averaging 38,710 cps, hosted primarily in strongly clay-sericite-chlorite altered and structurally disrupted pelitic gneiss with local fault brecciation and graphitic basement rocks. Purepoint's location map plots Q24 approximately 2 km south of the southern boundary of the Murphy Lake Property and approximately 4 km southwest of drill hole ML22-006, on the southern continuation of the conductor system that crosses the Property. To the northeast, Cosa Resources Corp. reported on May 26, 2026 that drill hole MLN26-013 at the Murphy Lake North joint venture with Denison Mines Corp. returned 0.55% U₃O₈ over 5.0 metres, including 1.7% U₃O₈ over 0.5 metres. Assays for the Purepoint program are pending, radiometric readings are not a measure of uranium grade, and neither result is on the Murphy Lake Property or necessarily indicative of mineralization on it.

The planned program. As announced on July 7, 2026, UraniumX intends to fund the follow-up ground geophysical program with F4 as operator. Planning is underway with F4 for a winter 2027 program comprising (i) a ground gravity survey over the entire Property, as recommended in the technical report, and (ii) an extension of MLEM coverage along both the North Trend, where visually identified pitchblende was intersected in ML26-015, and the South Trend, where ML26-023 returned the highest downhole gamma reading of the program, including the southern portion of the Property toward the claim boundary, to test for additional conductive corridors between and beyond the six target areas drilled in 2026. Final survey scope, timing and budget will be set once the Murphy Lake assays have been received and integrated with the 2026 drill data.

Figure 1. Murphy Lake conductor system and neighbouring 2026 drilling. Regional and property-scale EM conductors, UraniumX 2026 drill holes on the North and South trends, and the approximate location of drilling reported by neighbouring operators in 2026. Neighbouring results are from public disclosure by their owners; Q24 and Q23 locations are digitised from Purepoint's September 17, 2026 news release and are approximate. Mineralization on neighbouring properties is not necessarily indicative of mineralization on the Murphy Lake Property.

Dieter Lake: Historical Database Verification and Updated Technical Report

At the 100%-owned Dieter Lake uranium project in North-Central Quebec, acquired from Consolidated Uranium Inc., a wholly owned subsidiary of IsoEnergy Ltd. ("IsoEnergy"), on August 19, 2026 (see news release dated August 20, 2026), compilation and verification of the historical drill database is underway in support of an updated National Instrument 43-101 technical report being prepared by Dahrouge Geological Consulting Ltd. (see news release dated July 10, 2026).

Dieter Lake comprises 168 map-designated mineral claims covering approximately 8,106 hectares as a single contiguous block within the Gayot Lake basin. Uranium mineralization occurs as fine-grained pitchblende within a stratabound shale-wacke horizon of the Sakami Formation, traced over approximately 6 kilometres of strike in four zones (Vivian, Nancy I and II, and Bert's) that remain open to the southwest. The majority of the Property has seen little or no modern drilling, and a 2025 heliborne magnetic survey and a 2023 alteration-mineral study, each as disclosed by IsoEnergy, generated additional untested targets.

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 "Historical Estimate"). The Historical Estimate is dated 2006 and was reported by Fission Energy Corp. in a technical report entitled "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. The Historical Estimate was not prepared in accordance with, and does not use, the mineral resource categories set out in the CIM Definition Standards (2014); no current mineral resource category applies. The Company considers the Historical Estimate relevant as an indication of the scale of the uranium mineralization identified to date on the Property, and considers it reliable in that it was prepared by professional geologists using methods standard at the time and was reported in a technical report prepared for a reporting issuer. Verification of the Historical Estimate as a current mineral resource would require, among other things, data verification and confirmation drilling, including twinning of historical drill holes, and the preparation of a new technical report under National Instrument 43-101. A qualified person has not done sufficient work to classify the Historical Estimate as a current mineral resource, and UraniumX is not treating the Historical Estimate as a current mineral resource. There is no assurance that further exploration will result in the definition of a current mineral resource.

Strategic Shareholder

Following completion of the Dieter Lake acquisition, Consolidated Uranium Inc., a wholly owned subsidiary of IsoEnergy, holds 18,000,000 common shares of UraniumX, representing approximately 15.2% of the issued and outstanding common shares on a non-diluted basis, and has the right to nominate one director to the UraniumX board, together with participation and top-up rights, under an investor rights agreement (see news release dated August 20, 2026).

"This is the stretch we built the Company for," said Esen Boldkhuu, Chief Executive Officer of UraniumX. "We drilled two mineralized trends at Murphy Lake this summer, and the assays are now at the lab. While we wait, we are putting the next program together: ground gravity and EM across the Property, designed to tell us where along those trends to drill next. The conductor system we are following does not stop at our boundary, and the drilling around us this summer has only sharpened our interest in it. At Dieter Lake, we are doing the essential work of verifying a historical database so that we can work to bring it from a historical resource to a current one. Each of these steps moves the Company forward and we're excited for the months ahead."

Adoption of Advance Notice Policy

The board of directors of the Company has adopted an advance notice policy (the "Policy") effective September 18, 2026. The Policy sets out the framework for shareholder nominations of directors, including the deadlines by which shareholder nominations must be submitted to the Company prior to any annual or special meeting of shareholders and the information that a nominating shareholder must include for the notice to be in proper form.

For an annual meeting of shareholders, notice must be given to the Company not less than 30 days before the date of the meeting; if the meeting is to be held on a date that is less than 50 days after the date on which the meeting date was first publicly announced, notice may be given no later than the close of business on the 10th day following that announcement. For a special meeting of shareholders called for the purpose of electing directors, notice must be given no later than the close of business on the 15th day following the date on which the meeting date was first publicly announced.

The Policy is intended to facilitate an orderly and efficient nomination process, to ensure that all shareholders receive adequate notice of and information about director nominations, and to allow shareholders to register an informed vote. The Policy is consistent with the guidance of Institutional Shareholder Services and Glass Lewis. The Policy is effective immediately and will be placed before shareholders for ratification at the next annual general meeting of the Company. A copy of the Policy is available under the Company's profile on SEDAR+ at www.sedarplus.ca and on the Company's website at www.uraniumx.ca.

Grant of Restricted Share Units

The Company also announces that it has granted 7,050,000 restricted share units ("RSUs") to certain directors, officers and consultants of the Company under the Company's restricted share unit plan (the "Plan"). Each RSU entitles the holder to receive one common share of the Company on vesting. The RSUs vest on the later of four-months and one day and the achievement of certain objective business milestones. The grant is subject to the policies of the Canadian Securities Exchange and the terms of the Plan, and any common shares issued on vesting are subject to a hold period of four months and one day from the date of grant.

Neighbouring Properties

This news release contains references to neighbouring properties in which UraniumX has no interest, including the Dorado joint venture of Purepoint and IsoEnergy (Q24 and Q23 targets), the Murphy Lake North joint venture of Cosa Resources Corp. and Denison Mines Corp., IsoEnergy's Hurricane deposit approximately 5 km to the north, Cameco Corporation's La Rocque Lake uranium zone approximately 4 km to the west and Orano's McClean Lake deposits and processing facility approximately 30 km to the southeast. Results from the Dorado joint venture are taken from Purepoint's news release dated September 17, 2026 and results from Murphy Lake North from Cosa's news release dated May 26, 2026; the locations of the Q24 and Q23 targets shown in Figure 1 are approximate and were digitised by the Company from the location map in Purepoint's release. Mineralization on neighbouring or proximal properties is not necessarily indicative of mineralization on any UraniumX property. Information concerning neighbouring properties is derived from public disclosure by their respective owners and has not been independently verified by the Company or its Qualified Person. The Company's Qualified Person has not verified, and the Company is not treating as its own, mineral resource information disclosed by IsoEnergy in respect of IsoEnergy's properties.

Technical Disclosure

Handheld spectrometer readings reported for the 2026 Murphy Lake program were obtained using a handheld Radiation Solutions RS-125 spectrometer on drill core, and downhole gamma readings were obtained from a Mount Sopris QL-40GR downhole natural gamma probe. Radiometric readings are a preliminary indication of the presence of radioactive minerals and are not a direct or reliable measure of uranium grade, and may not correlate with chemical assay results. Visual identification of mineralization, including pitchblende, is preliminary in nature and is not a substitute for chemical assay. Assay results from chemical analysis of core samples are required to determine uranium grades and are pending. All reported intervals are downhole lengths; true thicknesses have not been determined. No mineral resources have been defined on the Murphy Lake, Zoo Bay or NeoCore properties.

Qualified Person

The scientific and technical information in this news release has been reviewed and approved by Ken Wheatley, P.Geo., an independent consultant to the Company and a Qualified Person as defined by National Instrument 43-101 - Standards of Disclosure for Mineral Projects. Information relating to the 2026 Murphy Lake drill program was disclosed by F4 Uranium Corp. as operator, and in reviewing that information Mr. Wheatley has relied upon the review and approval of the underlying sampling, radiometric and geological data by Sam Hartmann, P.Geo., Qualified Person for F4. The Qualified Person has not verified the data underlying the Dieter Lake Historical Estimate, and the Company is not treating the Historical Estimate as a current mineral resource.

About UraniumX Discovery Corp.

UraniumX Discovery Corp. is a Canadian junior uranium exploration company with projects in two Canadian jurisdictions. Its flagship Murphy Lake Uranium Property is in the northeastern Athabasca Basin, Saskatchewan, where UraniumX is earning up to a 70% interest through an option agreement with F4 Uranium Corp. (TSXV:FFU) . In the Athabasca Basin the Company also holds the Zoo Bay and NeoCore uranium properties, which are being advanced under partner-funded arrangements with Pond Technologies Holdings Inc. and Gold'n Futures Mineral Corp. respectively, with UraniumX retaining a 2.0% net smelter returns royalty on each. In North-Central Quebec the Company holds a 100% interest in the Dieter Lake uranium project. IsoEnergy Ltd. is a strategic shareholder of the Company.

On Behalf of UraniumX Discovery Corp.

Esen Boldkhuu, Chief Executive Officer

Contact

UraniumX Discovery Corp.
Esen Boldkhuu, Chief Executive Officer
Telephone: (604) 377-8994
Email: [email protected]
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 interpretation of geophysical data and of exploration results reported by neighbouring operators, the design, timing, scope, funding and results of any ground gravity, electromagnetic or other follow-up ground geophysical program or drill program at Murphy Lake and the application of related expenditures toward the Company's earn-in; the compilation and verification of the Dieter Lake historical drill database, the timing and content of an updated technical report, any confirmation drilling and the potential for the Historical Estimate to be verified as a current mineral resource; the exercise of rights under the investor rights agreement with Consolidated Uranium Inc.; the application of the advance notice policy; the vesting of restricted share units; 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 assay results do not confirm radiometric or visual observations, the risk that a geophysical or drill program is not planned, funded or completed as contemplated, the risk that the Historical Estimate is not verified as a current mineral resource, risks related to uranium exploration and development in Quebec, including permitting and social acceptability considerations, the risk that an optionee or counterparty does not exercise its option or does not make the payments or incur the expenditures contemplated by its agreement, 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, changes in laws and regulations, and the inability to secure financing.

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 Market Regulator (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.

SOURCE: UraniumX Discovery Corp.

View the original press release on ACCESS Newswire

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