UraniumX Discovery Corp. [STMN-CSE], a company that recently changed its name from Stearman Resources, has announced that due to strong investor demand, it has upsized its previously announced listed issuer financing exemption (the LIFE offering), initially announced on January 22, 2026.
The LIFE Offering was originally comprised of 7.5 million units priced at 20 cents per unit for gross proceeds of up to $1.5 million. But due to strong demand, the LIFE offering has been increased to 20 million units for gross proceeds of $4.0 million.
Each unit consists of one common share and one common share purchase warrant. Each warrant entitles the holder to acquire on additional common share for 30 cents per share for 36 months from the date of issuance and is exercisable starting 60 days after closing.
The shares were unchanged at 18.5 cents on February 11, 2026, and trade in a 52-week ange of 31.5 cents and 18 cents.
UraniumX Discovery is focused on advancing uranium projects in Saskatchewan’s Athabasca Basin. It’s 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.
Proceeds of the LIFE offering will be used for general working capital and corporate purposes, including exploration and development activities on the company’s Murphy Lake, Zoo Bay, and NeoCore uranium properties.
Murphy Lake is the company’s flagship property. The company has pledged to earn a 70% interest through an option agreement with F4 Uranium Corp. [FFU-TSXV]. To exercise the option, UraniumX needs to spend $18 million on exploration and issue up to 9.9% of its issued and outstanding shares to F4 Uranium.
The project covers 609 hectares and is adjacent to the world class Wollaston Domain, and benefits from conductors, strong alteration, and proven 2022 drilling that intercepted anomalous radioactivity near the Basin’s unconformity. Murphy Lake is situated 30 kilometres from Orano Canada’s McLean Lake deposits.
The company also owns 100% of the Zoo Bay Uranium Project (15 claims covering 19,850 hectares), positioned near structural and magnetic features historically linked to uranium-thorium occurrences and conductivity corridors near Newnham Lake and neighbouring claims.
The company also holds a 100% interest in the NeoCore Uranium Property (six claims covering 13,012 hectares) located 65 kilometres southeast of the Cameco Corp.’s [CCO-TSX, CCJ-NYSE] McArthur River mine. NeoCore is located within a stable high-grade mining district supported by mills, power, all-season roads, and established exploration infrastructure.
“The Athabasca Basin represents one of the world’s premier mining districts, and our three properties (Murphy Lake, Zoo Bay and NeoCore) offer significant exploration potential,’’ said Essen Boldkhuu, who was recently named CEO of UraniumX. Most recently, Boldkhuu held corporate development roles at Abitibi Metals Corp. [AMQ-CSE, AMQFF-OTC, 4KG-FSE) and Formation Metals, where he supported several multi-million-dollar financings and strategic initiatives.
Source: Resource World Magazine – Read More
