Myriad Uranium Completes Sale of Red Basin Uranium Project to VC-Backed Subatomic, Retains 10% Free Carried Interest and Enters into Strategic Alliance
Rhea-AI Summary
Myriad Uranium (OTCQB: MYRUF) completed the sale of its Red Basin Uranium Project in New Mexico to Subatomic for US$2.5 million in cash. Myriad retains a 10% free carried interest via a phantom interest agreement and has entered a strategic alliance with Subatomic to pursue additional U.S. uranium opportunities.
Myriad acquired Red Basin about 15 months earlier for C$525,000; selling for C$3.43 million implies an over 6x cash-on-cash return and a non-dilutive boost of about C$3.4 million to fund Phase II drilling at Copper Mountain and other corporate initiatives.
Positive
- US$2.5 million cash realized from Red Basin sale
- Over 6x cash-on-cash return versus C$525,000 acquisition cost
- Retained 10% free carried interest in Red Basin and surrounding acreage
- Non-dilutive approximate C$3.4 million increase to treasury
- Strategic alliance with Subatomic to pursue further U.S. uranium projects
- Merger with Rush Rare Metals and 25% Copper Mountain acquisition reported on track
Negative
- None.
News Market Reaction – MYRUF
In the May 19 session, MYRUF gained 0.99%, reflecting a mild positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
AI-generated analysis. How Rhea-AI works. Not financial advice.
Vancouver, British Columbia--(Newsfile Corp. - May 19, 2026) - Myriad Uranium Corp. (CSE: M) (OTCQB: MYRUF) (FSE: C3Q) ("Myriad" or the "Company") is pleased to announce that it has completed its sale of the Red Basin Uranium Project in New Mexico, USA. Pursuant to an asset purchase agreement dated as of March 17, 2026, as amended (the "Asset Purchase Agreement"), between Myriad, Myriad Red Basin LLC ("Myriad Red Basin", Myriad's wholly-owned New Mexico subsidiary) and Subatomic Red Basin, LLC ("Subatomic"), Subatomic has purchased from Myriad all of the mineral claims comprising the Red Basin Uranium Project for US
Transaction Highlights
- Sale price: US
$2,500,000 cash. - Retained interest:
10% free carried interest in the Red Basin Uranium Project and an agreed area of mutual interest comprising the surrounding acreage at Red Basin. - Strategic alliance: Framework for Myriad and Subatomic to collaborate on uranium opportunities beyond the Red Basin Uranium Project.
- Return on capital: Myriad acquired the Red Basin Uranium Project approximately 15 months ago for C
$525,000 . Selling now for C$3.43 million represents an over 6x cash-on-cash return, excluding the retained10% free carried interest.
Myriad's CEO, Thomas Lamb, commented: "Subatomic has new, exciting ideas, and they are backed by some of America's most intelligent capital. They understand the underpinnings of Goldman's recent forecast of a 2.3 billion pound uranium supply deficit between 2025 and 2045, and also the U.S. political landscape, better than anyone, in my view. This investment by Subatomic is the first step in the paradigm shift our sector requires, and I believe we will see other technologists enter the fuel cycle en masse soon, including pre-production uranium projects."
"On a cash-on-cash basis this transaction is highly accretive to Myriad shareholders and provides a non-dilutive C
"In other corporate matters, our merger with Rush Rare Metals and the acquisition of the remaining
Subatomic CEO, Timothy Chilleri commented: "We are thrilled to partner with Tom and the Myriad board using a new model oriented around partnership and American uranium production. This partnership with Myriad Uranium is a defining milestone for the company. As power generation demand soars, the world is experiencing a structural paradigm shift that will reshape economies for decades to come. Uranium is the essential feedstock powering nearly
About Subatomic
Subatomic's parent, Subatomic Industries Corporation, is backed by 8VC and Overmatch Ventures, combining technical mining expertise with a disciplined, technology-forward approach to resource development.
About Myriad Uranium Corp.
Myriad Uranium Corp. holds a
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 also holds a
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 statements and "forward-looking information" that is based on the Company's current expectations, estimates, forecasts and projections. This forward-looking information includes, among other things, statements regarding: the anticipated benefits of the sale of the Red Basin Uranium Project; the potential future economic value of the retained phantom financial interest; the timing and amount of any proceeds or net revenues that may be payable to Myriad Red Basin under the phantom interest agreement; and the scope, nature, and potential outcomes of the strategic alliance with Subatomic, including the identification, evaluation, and potential acquisition of additional uranium projects in New Mexico. 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 ability of Subatomic to successfully advance exploration and development activities at the Red Basin Uranium Project; Subatomic's continued access to sufficient capital to fund such activities; compliance by the parties with the phantom interest agreement and strategic alliance agreement; the continued applicability of existing laws, regulations, and permitting regimes in New Mexico; and the absence of material adverse changes in uranium prices, market demand, or general economic conditions. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the Company's actual results or outcomes, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information. Such risks and uncertainties include, but are not limited to: the risk that Subatomic may not successfully explore or develop the Red Basin Uranium Project; the risk that the retained phantom financial interest may not generate any future proceeds or net revenues; changes in uranium prices or market demand; regulatory, permitting, or environmental risks affecting uranium projects in the United States; changes in economic or financial market conditions; the inability of the parties to identify or advance additional projects under the strategic alliance; and other risks described in the Company's public disclosure filings available on SEDAR+. 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/297914