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

Pursuant to the LOI, UraniumX (through its wholly-owned subsidiary 1477571 B.C. Ltd.) has agreed to grant Pond the exclusive right and option to acquire a 100% interest in the Zoo Bay Uranium Project, located in Saskatchewan's Athabasca Basin, subject to the negotiation and execution of a definitive option agreement. Under the terms of the LOI, Pond may earn its interest by issuing an aggregate of 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. The parties intend that the definitive agreement will set out the final terms and conditions upon which Pond may earn its interest in the project.

"We are pleased to announce this LOI with Pond regarding the Zoo Bay Uranium Project," said Kirby Renton, COO of UraniumX Discovery Corp. "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."

The Zoo Bay Uranium Project consists of 15 claims totaling approximately 19,850 hectares and is positioned near structural and magnetic features historically linked to uranium-thorium occurrences and conductivity corridors near Newnham Lake and neighbouring claims. UraniumX believes the proposed option arrangement provides a path to advance the project while maintaining focus on its broader exploration strategy in the Athabasca Basin.

The LOI contemplates the negotiation of a definitive option agreement incorporating the final commercial terms agreed between the parties, including the share issuance, cash payment and exploration expenditure obligations comprising Pond's proposed earn-in. UraniumX will provide further updates regarding the proposed transaction as material developments occur and in accordance with applicable securities laws. Completion of the transaction contemplated by the LOI remains subject to the negotiation and execution of a definitive option agreement, approval of the TSXV, approval at a meeting of Pond shareholders, and such other regulatory approvals as may be required, in addition to the satisfaction of customary closing conditions. There can be no assurance that the parties will enter into the definitive option agreement or that the transaction contemplated by the LOI will be completed as currently proposed, or at all. The parties are arms-length and no finders fees are payable in connection with the proposed transaction.

About UraniumX

UraniumX Discovery Corp. is a Canadian-based junior mineral exploration company, singularly focused on advancing uranium discovery in Canada's Saskatchewan Athabasca Basin. Its core assets sit on the eastern margin of the Athabasca Basin, a premier global district known for hosting 10 of the world's top 15 highest-grade uranium deposits.

Murphy Lake Uranium Property is the Company's flagship, where UraniumX is earning up to 70% through an option with F4 Uranium. Adjacent to the world-class Wollaston Domain, the property benefits from conductors, strong alteration, and proven 2022 drilling that intercepted anomalous radioactivity near the Basin's unconformity.

The Company holds the Zoo Bay Uranium Project (15 claims; 19,850 ha), positioned near structural and magnetic features historically linked to uranium-thorium occurrences and conductivity corridors near Newnham Lake and neighbouring claims

UraniumX further holds a 100% interest in the NeoCore Uranium Property (6 claims; 13,012 ha), located 65 km southeast of McArthur River Mine, within a stable, high-grade mining district supported by mills, power, all-season roads, and established exploration infrastructure.

Exploration programs incorporate geophysics, drilling, and a research collaboration with University of Saskatchewan leveraging quartz-degradation analytics to sharpen target selection.

Qualified Person and Technical Information

The technical information in this news release has been reviewed and approved by Ken Wheatley, P.Geo., an independent consultant of the Company and a Qualified Person as defined under National Instrument 43-101 - Standards of Disclosure for Mineral Projects.

Information disclosed herein relating to adjacent properties is not necessarily indicative to the potential for mineralization on the property that is the subject of the disclosure.

On Behalf of UraniumX Discovery Corp.

Kirby Renton, President and COO
UraniumX Discovery Corp.
Kirby Renton
Email: [email protected]
Telephone: (604) 377-8994
Website: www.uraniumx.ca

Forward Looking Statements

This news release may contain "forward-looking information" and "forward-looking statements" within the meaning of applicable Canadian securities laws. All statements in this release, other than statements of historical fact, that address events, conditions, or developments the Company expects or anticipates may occur are forward-looking statements. Forward-looking statements in this news release include, but are not limited to, statements regarding the negotiation and execution of a definitive option agreement with Pond, the completion of the transaction contemplated by the LOI, the potential advancement of the Zoo Bay Uranium Project, the ability of Pond to earn a 100% interest in the project pursuant to the contemplated share issuances, cash payments and exploration expenditures, the receipt of TSXV approval, approval at a meeting of Pond shareholders and other required regulatory approvals, the Company's exploration and development plans for the Murphy Lake, Zoo Bay, and NeoCore uranium properties, and the Company's broader strategic, operational, and financial objectives. Forward-looking statements are often identified by words such as "expects," "plans," "anticipates," "intends," "believes," "estimates," "projects," "potential," or variations of such words, and phrases such as "may," "could," "would," "should," or "will" occur. Although the Company believes that the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, and actual results may differ materially from those expressed or implied in the statements. Forward-looking information is subject to a variety of known and unknown risks, uncertainties, and other factors that could cause actual results to differ materially from those anticipated, including, but not limited to: the risk that the parties may not execute a definitive option agreement on the terms currently contemplated or at all; the risk that the transaction contemplated by the LOI may not be completed; the risk that TSXV approval, approval at a meeting of Pond shareholders or other required regulatory approvals may not be obtained; risks related to mineral exploration and development activities; uncertainties inherent in geological interpretations and exploration results; commodity price volatility and adverse market conditions; operational and technical risks; regulatory and permitting requirements; reliance on key personnel; risks associated with future financings; and other risks described in the Company's public disclosure documents available on SEDAR+ at www.sedarplus.ca.

Readers are cautioned not to place undue reliance on forward-looking statements. The Company does not undertake any obligation to update or revise any forward-looking information contained herein, except as required by applicable securities laws.

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.

View the original press release on ACCESS Newswire

A.Jones--AMWN