Myriad Uranium Closes Acquisition of Los Altares, a Strategic District-Scale Uranium Project in Argentina's Premier Cerro Solo Uranium District

The acquisition adds 55,000 hectares, while consideration includes cash, newly issued shares and a royalty payable to Green Shift.

Rhea-AI Summary

Myriad Uranium (MYRUF) has closed its acquisition of a 100% interest in Argentina's Los Altares Uranium Project from Green Shift Commodities. Myriad acquired Buenavida Metales, which holds the project's mineral claims and other assets, for $300,000 in cash and 1,571,268 common shares. The shares were issued at a deemed price of $0.4455 each, representing $700,000 in share consideration.

Los Altares covers 55,000 hectares in Chubut and includes granted concessions, approved environmental impact assessments and historical drilling. Myriad granted Green Shift a 2% net smelter return royalty, a share of proceeds from mineral sales after specified costs; half may be repurchased for $1 million. The company sees potential to test in-situ recovery, which extracts uranium underground without conventional mining, but says additional technical work is required to validate that thesis.

3 points · 0 major

MixediHow this balance works

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0 major · 5 points

Hollow bars mark forward-looking points. How the balance works

Positive

• Moderate pointCompleted acquisition adds a 100% interest in the 55,000-hectare Los Altares Uranium Project.
• Minor pointLos Altares includes granted concessions and approved environmental impact assessments, alongside historical drilling.
• Minor point. Forward-looking: it has not happened yet and may not happen.Royalty repurchase right allows Myriad to buy back 1% for $1 million.

Negative

• Moderate pointAcquisition required a $300,000 cash payment to Green Shift.
• Minor pointAcquisition issued 1,571,268 common shares at $0.4455 each, diluting existing holders.
• Minor pointGreen Shift received a 2% net smelter return royalty on the project.
• Minor point. Forward-looking: it has not happened yet and may not happen.Consultant received 150,000 immediately vested options exercisable at $0.39 until October 30, 2031, creating potential dilution.
• Minor pointIn-situ recovery potential requires additional technical work to validate the company's thesis.

News Explained

Separately from the acquisition consideration, Myriad issued 150,000 consultant options that vest immediately and can each be exercised for one common share at $0.39 through October 30, 2031; exercise would add common shares.

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Vancouver, British Columbia--(Newsfile Corp. - November 2, 2026) - Myriad Uranium Corp. (CSE: M) (OTCQB: MYRUF) (FSE: C3Q) ("Myriad" or the "Company") is pleased to announce that it has closed its previously announced acquisition of the Los Altares Uranium Project in central Chubut, Argentina ("Los Altares" or the "Project") from Green Shift Commodities Ltd. ("Green Shift") (TSXV: GCOM) (see the Company's news release dated October 13, 2026, for further details).

Myriad's CEO Thomas Lamb commented: "The closing of the acquisition of a 100% interest in Los Altares continues Myriad's strategy of acquiring projects with significant historic work in known uranium districts and with low up-front and ongoing costs and strong leverage to the uranium price. The transaction advances our strategy of securing projects with low acquisition and holding costs and strong leverage to the uranium price. We now own 55,000 hectares in what is arguably Argentina's most important uranium district, on strike with Cerro Solo, one of the country's largest uranium deposits, and near the historical Los Adobes mine.

Los Altares includes granted concessions, approved EIAs and significant historical drilling.

The depth of the prospective sandstone horizon provides strong exploration rationale to test for in-situ recovery potential, but additional technical work will be required to validate this thesis.

The transaction also brings strong sector shareholders onto our shareholder register while also giving us a strategic entry into the Argentina marketplace with the acquisition of this historically high-profile project."

Pursuant to a share purchase agreement (the "SPA") dated as of October 9, 2026, between Myriad and Green Shift, Myriad acquired all of the issued and outstanding shares of Buenavida Metales S.A. ("Buenavida"), a company incorporated and registered in Argentina, which holds the mineral claims and other assets comprising the Project. As consideration for the Project, Myriad paid $300,000 in cash and issued an aggregate of 1,571,268 common shares of Myriad (each a "Share") to Green Shift at a deemed price of $0.4455 per Share, representing aggregate Share consideration of $700,000. The Shares are subject to a four-month hold period expiring March 1, 2027, in accordance with applicable securities laws and the policies of the Canadian Securities Exchange.

Myriad also granted a 2% net smelter return royalty ("NSR") in favour of Green Shift, half of which (1%) Myriad may repurchase for $1 million.

Myriad also announces that it has issued 150,000 stock options to a consultant of the Company. Each stock option vests immediately and is exercisable for one common share of the Company until October 30, 2031, at an exercise price of $0.39.

About Myriad Uranium Corp.
Myriad Uranium Corp. holds a 100% interest in the Copper Mountain Uranium Project in Wyoming, USA. Copper Mountain hosts multiple historic uranium deposits and past-producing mines, including the Arrowhead Mine (approximately 500,000 lbs U₃O₈ produced). Union Pacific conducted extensive exploration and development in the district during the late 1970s, including approximately 2,000 boreholes and advanced mine planning, before the uranium market downturn in 1980. Union Pacific is estimated to have invested approximately C$125 million (2026 dollars) in the project, generating significant historical resource estimates.

A news release detailing a comprehensive assessment of Copper Mountain's uranium endowment by Bendix Engineering for the US Department of Energy published in 1982 can be viewed here.

Myriad holds a 10% free carried interest in the Red Basin Uranium Project, recently sold to 8VC- and Overmatch-backed Subatomic Industries. Red Basin carries significant historical resource estimates from extensive drilling by Occidental Oil in the late 1970s, and also hosts vanadium, which has been designated a strategic and critical mineral by the U.S. government.

Myriad's 100%-owned Breccia Pipe Project in Arizona comprises at least 23 breccia pipes that are prospective for uranium and REEs. One of the pipes, the Wate Pipe, was previously owned and explored by Energy Fuels and is the subject of a historical resource estimate.

Myriad now also holds a 100% interest in the Los Altares Uranium Project in Chubut Province, Argentina.

Note: The scientific and technical information concerning Myriad's mineral projects is subject to the qualifications and cautions stated in the Company's applicable public disclosure and technical reports available on SEDAR+.

For further information, please refer to Myriad's disclosure record on SEDAR+ (www.sedarplus.ca), contact Myriad by telephone at +1.604.418.2877, or refer to Myriad's website at www.myriaduranium.com.

Myriad Contacts:
Thomas Lamb
President and CEO
tlamb@myriaduranium.com

Forward-Looking Statements

This news release contains "forward-looking information" that is based on the Company's current expectations, estimates, forecasts and projections. This forward-looking information includes, among other things, the Company's business, plans, outlook and business strategy. Forward-looking information in this news release includes statements regarding the Company's plans for the Project, the potential amenability of the Project to in-situ recovery, the Company's plans to obtain, compile and report historical data, and the anticipated benefits of the Company's relationships with Green Shift and Mega Uranium. The words "may", "would", "could", "should", "will", "likely", "expect," "anticipate," "intend", "estimate", "plan", "forecast", "project" and "believe" or other similar words and phrases are intended to identify forward-looking information. The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect, including with respect to the Company's business plans respecting the exploration and development of the Company's mineral properties, the proposed work program on the Company's mineral properties and the potential and economic viability of the Company's mineral properties. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the Company's actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information. Such factors include, but are not limited to: inability to verify historical data, no assurance of defining mineral resources, permitting, drilling delays and changes in economic conditions or financial markets; increases in costs; litigation; legislative, environmental and other judicial, regulatory, political and competitive developments; and technological or operational difficulties. This list is not exhaustive of the factors that may affect our forward-looking information. These and other factors should be considered carefully, and readers should not place undue reliance on such forward-looking information. The Company does not intend, and expressly disclaims any intention or obligation to, update or revise any forward-looking information whether as a result of new information, future events or otherwise, except as required by applicable law. The CSE has not reviewed, approved or disapproved the contents of this news release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/322000

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What did Myriad Uranium pay for the Los Altares acquisition?

Myriad paid $300,000 in cash and issued 1,571,268 common shares at a deemed price of $0.4455 each, representing $700,000 in share consideration. Green Shift also received a 2% net smelter return royalty, half of which Myriad may repurchase for $1 million.

When does the hold period expire on Myriad's Los Altares acquisition shares?

The acquisition shares are subject to a four-month hold period expiring March 1, 2027. The restriction applies to the shares issued to Green Shift under applicable securities laws and Canadian Securities Exchange policies.

What are the terms of Myriad Uranium's new consultant stock options?

Myriad issued 150,000 stock options to a consultant, all vesting immediately. Each option is exercisable for one common share at $0.39 until October 30, 2031.