UraniumX conducting ground geophysics at Murphy Lake

Executive Summary

• UraniumX Discovery Corp. is conducting a ground geophysical survey (MLEM) at its Murphy Lake property in the Athabasca Basin to refine drill targets for a planned spring 2026 program, building on previous drilling that identified uranium mineralization.
• The company announced a non-brokered private placement of up to 8,823,529 flow-through shares at 17 cents per share, raising up to $1.5 million in gross proceeds to fund exploration at Murphy Lake and Zoo Bay.
• Additionally, the company granted 1.5 million restricted share units (RSUs) to certain consultants under its equity incentive plan.

Key Details

• Geophysical Survey: EarthEx Geophysical Solutions is conducting a four-line, 9.2-line-kilometre moving loop electromagnetic (MLEM) ground geophysical survey at Murphy Lake.
• Survey Objective: The MLEM survey aims to tighten line spacing around and between two known prospective conductor systems to resolve conductor geometry and position drill collars for the spring 2026 drill program.
• Previous Drilling Results (F4 Uranium Corp., 2022):
  • Hole ML22-006: Returned 0.065% U3O8 over 2.5 metres (from 322.5 m to 324.5 m), including 0.242% U3O8 over 0.5 metre, within a 4.2-metre-wide deformation zone at the unconformity contact.
  • Hole ML22-012: Returned anomalous uranium geochemistry of 56 ppm uranium over 0.5 m in sandstone immediately above the unconformity.
• Location Context: Murphy Lake is located ~5 km south of IsoEnergy’s Hurricane deposit (48.6M lbs U3O8 indicated resource) and ~4 km east of Cameco’s La Rocque Lake zone (29.9% U3O8 over 7.0 m).
• Financing Structure:
  • Type: Non-brokered private placement of flow-through (FT) shares.
  • Quantity: Up to 8,823,529 FT shares.
  • Price: 17 cents per FT share.
  • Gross Proceeds: Up to $1.5 million.
  • Use of Proceeds: Canadian exploration expenses at Murphy Lake and Zoo Bay properties, renounced to subscribers effective Dec. 31, 2027.
  • Hold Period: Statutory hold of four months and one day from closing.
• Equity Grant:
  • Instrument: 1.5 million Restricted Share Units (RSUs).
  • Recipients: Certain consultants of the company.
  • Vesting: Four months after issuance.
  • Term: Three years.
  • Hold Period: Expires July 18, 2026 (per CSE policies).

Notable Quotes

• "F4's 2022 drilling showed us uranium mineralization in a deformation zone at the unconformity, with the alteration signatures we want to see in this part of the basin. What the previous programs lacked was tight enough geophysical coverage between the two conductor corridors to know exactly where to put the next holes, which is what this MLEM program is addressing." — Esen Boldkhuu, CEO