UraniumX Discovery Corp. Announces LOI to Enter into Option Agreement with Pond Technologies Holdings Inc. Regarding the Zoo Bay Uranium Project

Executive Summary

• UraniumX Discovery Corp. has entered into a Letter of Intent (LOI) with Pond Technologies Holdings Inc. regarding an option agreement for the Zoo Bay Uranium Project.
• Under the proposed terms, Pond will have the exclusive right and option to acquire a 100% interest in the Zoo Bay Uranium Project.
• The transaction is intended to facilitate a "change of business" and a Reverse Takeover (RTO) for Pond Technologies Holdings Inc. on the TSX Venture Exchange.

Key Details

• Earn-in Terms: To earn its interest, Pond will:
  • Issue an aggregate of 16,000,000 common shares of Pond.
  • Make aggregate cash payments of $350,000 over a three-year period.
  • Incur an aggregate of $4,500,000 in exploration expenditures on the project.
• Project Specifications: The Zoo Bay Uranium Project comprises 15 claims totaling approximately 19,850 hectares located in Saskatchewan's Athabasca Basin.
• Transaction Status: The agreement is subject to the negotiation and execution of a definitive option agreement, approval from the TSX Venture Exchange, approval by Pond shareholders, and other customary closing conditions.
• Strategic Context: UraniumX intends for this transaction to serve as part of its project generation model to advance and unlock value across its Athabasca Basin portfolio.

Notable Quotes

"We are pleased to announce this LOI with Pond regarding the Zoo Bay Uranium Project. This proposed transaction is a component of our project generation model, designed to advance and unlock value across our Athabasca Basin portfolio. We look forward to working toward a definitive agreement with Pond." — Kirby Renton, COO of UraniumX Discovery Corp.