UraniumX plans gravity survey at Zoo Bay

Executive Summary

• UraniumX Discovery Corp. announced plans for a ground gravity survey at its 100%-owned Zoo Bay property in the Athabasca Basin, aiming to identify drill targets for uranium mineralization.
• The company reported significant management changes, with Howard Milne stepping down as President (remaining on the Board) and COO Kirby Renton appointed as President.
• The release also details a new digital marketing services agreement with Fairfax Partners Inc. and the granting of stock options and restricted share units to consultants.

Key Details

• Zoo Bay Gravity Survey:
  • Scope: Approximately 2,500 stations on a 200-metre-by-100-metre grid.
  • Objective: To delineate areas of lesser gravity caused by rock alteration, identifying structural interest and potential uranium mineralization.
  • Methodology: Infill stations will be taken in areas of interest defined by the larger survey to better define drill targets.
  • Timeline: Expected to be completed by mid-April.
  • Next Steps: Processed data will be integrated with existing magnetic and radiometric surveys to develop targets for a drill program.
• Historical Context:
  • Limited exploration completed: 5 drill holes in 1979 (Getty Minerals).
  • Recent airborne surveys (radiometric, EM, magnetic) flown in 2008 and 2011 (Fission Energy).
  • Property acquired in 2025; this is the first work planned by UraniumX.
• Property Details:
  • Size: 19,850 hectares.
  • Location: Northeastern edge of the Athabasca Basin, ~60 km north of Orano's McClean Lake and Cameco's Rabbit Lake mine.
  • Geology: Straddles the Athabasca sandstone basin; depth to unconformity varies from zero to 200 metres.
  • Neighbors: Adjoined by Orano Canada and CanAlaska Uranium Ltd.
• Management Changes:
  • Howard Milne stepped down as President but remains on the Board of Directors.
  • Kirby Renton (currently COO) appointed as President, effective immediately.
• Marketing Agreement:
  • Entered into a services agreement with Fairfax Partners Inc. for digital marketing/investor relations.
  • Cost: Aggregate cash fee of $175,000 plus applicable taxes.
  • Term: Initial term of six months, effective Feb. 24, 2026.
• Equity Grants:
  • Stock Options: Granted to certain consultants to purchase up to 750,000 common shares.
    • Exercise Price: 13 cents per share.
    • Term: Exercisable for three years.
    • Hold Period: Expires June 24, 2026.
  • Restricted Share Units (RSUs): Granted 500,000 RSUs to certain consultants.
    • Hold Period: Expires June 24, 2026.

Notable Quotes

• "We believe that the limited historical exploration work on the property gives UraniumX a clear slate to work with, using the latest in exploration methods to narrow down drill targets as quickly and as efficiently as possible. Due to the size of the property, the survey will be completed in phases, with results driven by the first pass of gravity and drilling," — Ken Wheatley, geological consultant for UraniumX.