Myriad Uranium to Acquire Los Altares, a Strategic District-Scale Uranium Project in Argentina's Premier Cerro Solo Uranium District

The project adds approved environmental assessments alongside pending titles and an untested case for in-situ uranium recovery.

Rhea-AI Summary

Myriad Uranium (MYRUF) has agreed to acquire a 100% interest in Argentina's Los Altares Uranium Project from Green Shift Commodities. Consideration comprises $300,000 cash and 1,571,268 common shares at a deemed price of $0.4455 each. Under the October 9, 2026 agreement, Myriad will acquire Buenavida Metales, which holds the project's 23 properties covering 55,013 hectares in Chubut Province.

Green Shift will retain a 2% net smelter return royalty; Myriad may repurchase half for $1 million and will guarantee Buenavida's royalty obligations. Closing is expected on or before November 13, 2026, subject to exchange approvals if required and customary conditions. Four properties have granted mining concessions and approved environmental assessments; seven more have approved assessments but await title registration. Myriad plans to compile historical exploration data, which have not been verified and do not demonstrate mineralization.

5 points · 0 major

MixediHow this balance works

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0 major · 8 points

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

Positive

• Moderate point. Forward-looking: it has not happened yet and may not happen.Agreed 100% acquisition adds 23 Los Altares properties covering 55,013 hectares upon closing.
• Minor pointFour mining concessions are fully granted with approved Environmental Impact Assessments.
• Minor pointSeven additional properties have approved Environmental Impact Assessments.
• Minor point. Forward-looking: it has not happened yet and may not happen.Historical exploration data compilation is planned to develop an exploration plan.
• Minor pointRoyalty repurchase option allows Myriad to buy back a 1% interest for $1 million.

Negative

• Moderate point. Forward-looking: it has not happened yet and may not happen.1,571,268 new common shares at a deemed $0.4455 each will dilute existing holders.
• Minor point. Forward-looking: it has not happened yet and may not happen.$300,000 cash consideration is payable for the acquisition.
• Minor point. Forward-looking: it has not happened yet and may not happen.2% net smelter return royalty benefits Green Shift; Myriad will guarantee Buenavida's royalty obligations.
• Minor point. Forward-looking: it has not happened yet and may not happen.Expected closing by November 13, 2026 remains subject to TSXV and CSE approvals, if required.
• Minor pointTwo exploration permits and sixteen exploitation permits remain in due process.

3 minor points

• Minor pointApproximately 12,500 metres of historical drilling are understood to exist but remain unverified and do not demonstrate mineralization.
• Minor pointIn-situ recovery suitability has not been assessed through hydrogeological, permeability, metallurgical or other technical work.
• Minor pointChubut's mining framework restricts open-pit methods.

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Vancouver, British Columbia--(Newsfile Corp. - October 13, 2026) - Myriad Uranium Corp. (CSE: M) (OTCQB: MYRUF) (FSE: C3Q) ("Myriad" or the "Company") announces that it has agreed to acquire the Los Altares Uranium Project in central Chubut, Argentina ("Los Altares" or the "Project"). Consideration is $300,000 in cash and 1,571,268 common shares of Myriad (each a "Share") at a deemed price of $0.4455 each.

Highlights

• District-scale land package: Approximately 55,000 hectares across 23 properties in Argentina's Cerro Solo uranium district, central Chubut Province.
• Nearby uranium deposits: The Project is located in the Cerro Solo uranium district, near CNEA's Cerro Solo deposit, UrAmerica's Meseta Central deposit and the historical Los Adobes Mine. Mineralization on these properties is not necessarily indicative of mineralization on the Los Altares Project.
• ISR assessment: Previous interpretations place the prospective sandstone horizon approximately 150 to 200 metres below parts of the East District, which provides an exploration and testing rationale. No hydrogeological, permeability, metallurgical or other technical work has been completed to determine whether any mineralization discovered could be amenable.
• Extensive historical drilling: Approximately 12,500 metres of drilling is understood to have been completed across the Project, including 37 reverse-circulation holes reportedly drilled by Maple Minerals Exploration and Development Inc. on the Arroyo Perdido North claims. Myriad will be compiling existing exploration data to develop an exploration plan. The Qualified Person has not verified the drilling totals, locations, procedures, analytical methods or results, and the information should not be relied upon as demonstrating mineralization on the Project.
• Permitting head start and low holding costs: Four of the East District properties are fully granted mining concessions with approved Environmental Impact Assessments (EIAs). These are Arroyo Perdido Norte 1, 2 and 3, and Arroyo Perdido Sur 1. Seven additional properties hold approved EIAs and are advancing through title registration.
• Strategic shareholder base: The transaction brings Green Shift, whose largest shareholder is Mega Uranium (TSX: MGA), onto Myriad's shareholder register.
• Strategic jurisdiction: Argentina is pursuing uranium self-sufficiency for its nuclear reactor fleet, and U.S.-Argentina cooperation on critical minerals continues to deepen.

Myriad's CEO, Thomas Lamb, commented: "The acquisition of a 100% interest in Los Altares continues Myriad's strategy of acquiring projects with low up-front and ongoing costs and strong leverage to the uranium price. Upon closing, we will 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 historical drilling records that we intend to obtain, compile and evaluate. We will report material historical information only after it has been reviewed by a Qualified Person. The depth of the prospective sandstone horizon provides an exploration rationale, but additional technical work would be required to determine whether any mineralization discovered on the Project could be amenable to in-situ recovery.

The transaction also indirectly brings leading uranium sector participants onto our shareholder register via Green Shift and its largest shareholder, Mega Uranium. We're very pleased to deepen these strategic relationships, which we believe could assist us in unlocking value across our portfolio."

Figure 1 Los Altares project location

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About the Los Altares Uranium Project

The Los Altares Project consists of 23 mining properties totalling 55,013 hectares in central Chubut Province, Argentina. It lies within the Cerro Solo uranium district, flanking the CNEA-held Cerro Solo deposit to the east and west. The project lies within the San Jorge Basin and has two parts. The East District includes the Arroyo Perdido and Perdido claim blocks, and the West District includes the Condor 1 and Pichiñán claims.

District-scale geological setting. Uranium mineralization in the Cerro Solo district is hosted in fluvial sandstones and conglomerates of the Cretaceous Chubut Group, which were derived from the underlying Jurassic volcanic basement. The Cerro Solo deposit occurs in the basal Los Adobes Formation. Previous interpretations place this stratigraphic horizon approximately 150 to 200 metres below parts of the East District claims. Regional structures associated with mineralization at Cerro Solo have been interpreted to extend toward the Los Altares claims. These geological and structural similarities provide an exploration rationale but do not establish that mineralization is present on the Project or that any mineralization discovered would be amenable to ISR.

Neighbouring deposits. The East District lies a few kilometres east of two significant deposits.¹

• Cerro Solo is held by Argentina's National Atomic Energy Commission (CNEA). It is reported to contain 4,420 tonnes U, equivalent to approximately 9.7 million pounds U₃O₈, in Reasonably Assured Resources under the IAEA classification system (NEA Red Book 2026). This estimate is not a mineral resource under NI 43-101. The qualified person has not verified the estimate, and mineralization at Cerro Solo is not necessarily indicative of mineralization on the Los Altares Project.
• Meseta Central is held by UrAmerica. Its NI 43-101 technical report discloses an Inferred Mineral Resource of 27.9 million tonnes grading 310 ppm eU₃O₈, containing 19.1 million pounds eU₃O₈ at a 200 ppm cut-off. The estimate is reported in UrAmerica's technical report prepared by Pedley (2013). The qualified person has not verified this information, and mineralization at Meseta Central is not necessarily indicative of mineralization on the Los Altares Project.

¹ The Cerro Solo figure comes from CNEA as reported in the NEA "Red Book" (NEA (2026), Uranium 2026: Resources, Production and Demand, OECD Publishing, Paris, https://doi.org/10.82155/p81b-p514.). It uses IAEA resource classification and is not a mineral resource under NI 43-101. The Meseta Central estimate comes from UrAmerica's NI 43-101 Technical Report (Pedley, 2013).

The East District also surrounds CNEA's Arroyo Perdido prospect. CNEA is reported to have completed drilling that identified anomalous radiometric readings in the basal Los Adobes Formation. The qualified person has not verified the source data, drilling information or radiometric results, and this adjacent-property information is not necessarily indicative of mineralization on the Los Altares Project.

Historical production. CNEA mined the Los Adobes and Cerro Cóndor deposits by open pit in 1977-79 and processed the ore by heap leaching at the nearby Pichiñán plant. These remain the district's only uranium production to date.

Historical exploration on the property. Approximately 12,500 metres of historical drilling is understood to have been completed on the Project. Before the relevant interests were acquired by Mega Uranium in 2006, Maple Minerals Exploration and Development Inc. reportedly drilled 37 reverse-circulation holes on the Arroyo Perdido claim block. Exploration holes in the north of Arroyo Perdido deposit show a violent upwelling of gas CO2 together with zippeite as a secondary uranium mineral suggesting an oxidation environmental and lixiviation of uraninite and consequent migration (Benítez et al., 1979). Myriad will be compiling existing exploration data to develop an exploration plan. The Qualified Person has not verified the drilling totals, locations, procedures, analytical methods or results, and the historical information should not be relied upon as demonstrating mineralization on the Project.

Tenure, permitting and access. The 23 properties comprise three registered Exploration Permits ("Cateos") - one granted and two in due process; and twenty Exploitation Permits ("Manifestation of Discovery") - four granted and sixteen in due process. Four of the East District properties are fully granted mining concessions with approved Environmental Impact Assessments (EIAs). These are Arroyo Perdido Norte 1, 2 and 3, and Arroyo Perdido Sur 1. Seven additional properties hold approved EIAs and are advancing through title registration. Chubut's current mining framework restricts open-pit methods but supports the development of ISR, according to a resolution issued by the Ministry of Hydrocarbons in the Government of Chubut (Resolution No. 08/2025 MHC issued on April 11, 2025). Highway 25 provides access from Trelew, about 300 km to the east, to Paso de Indios, a serviced town with grid power. From there, gravel roads and farm tracks reach the claims across flat to gently rolling terrain.

Transaction Details

The acquisition of Los Altares is by way of a share purchase agreement dated as of October 9, 2026 (the "SPA") with Green Shift Commodities Ltd. (TSXV: GCOM) ("Green Shift"), pursuant to which Myriad will acquire from Green Shift all of the issued and outstanding shares of Buenavida Metales S.A. ("Buenavida"), a company incorporated and registered in Argentina. Under the transaction, Myriad will acquire ownership of Buenavida, which holds the mineral claims and other assets comprising the Project, to Myriad. The Project will be subject to a 2% net smelter return royalty ("NSR") in favour of Green Shift, half of which (1%) Myriad may repurchase for $1 million. Myriad will guarantee Buenavida's obligations under the royalty agreement.

When issued, the Shares will be subject to a four-month hold period in accordance with applicable securities laws and the policies of the Canadian Securities Exchange (the "CSE"). The deemed issue price per Share of $0.4455 is the volume weighted average trading price of Myriad's common shares on the CSE for the 10 trading days preceding the effective date of the Agreement. Closing of the transaction is expected to occur on or before November 13, 2026, subject to approval of the TSX Venture Exchange and the CSE, if and as required, and satisfaction of customary closing conditions.

Qualified Person

The scientific and technical information in this news release has been reviewed and approved by George van der Walt, MSc., Pr.Sci.Nat., FGSSA, a "Qualified Person" as defined in NI 43-101. Mr. van der Walt is a Principal Consultant with The MSA Group (Pty) Ltd. and is not independent of the Company for the purposes of NI 43-101. The qualified person has not verified the historical exploration information or the adjacent-property information disclosed in this news release. Mineralization on adjacent properties is not necessarily indicative of mineralization on the Los Altares Project.

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. Note the caution on historical estimates below.

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 has also agreed to acquire 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 completion of the acquisition, the potential amenability of the Project to ISR, and the Company's plans to obtain, analyze and report historical data. 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/318643

FAQ

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

What will Myriad Uranium pay to acquire Los Altares?

Myriad will pay $300,000 in cash and issue 1,571,268 common shares at a deemed price of $0.4455 each. The acquisition is structured as the purchase of all outstanding shares of Buenavida Metales from Green Shift Commodities. Green Shift will retain a 2% net smelter return royalty.

When is Myriad Uranium's Los Altares acquisition expected to close?

Closing is expected on or before November 13, 2026, subject to approval of the TSX Venture Exchange and Canadian Securities Exchange, if required, and satisfaction of customary closing conditions.

How was the share price for Myriad Uranium's Los Altares acquisition determined?

The $0.4455 deemed issue price is the volume-weighted average trading price of Myriad's common shares on the Canadian Securities Exchange for the 10 trading days preceding the agreement's effective date. The consideration shares will be subject to a four-month hold period when issued.

Has Myriad Uranium established whether Los Altares supports in-situ recovery?

No technical work has established suitability for in-situ recovery, a method of extracting uranium underground using fluids. Previous interpretations place the prospective sandstone horizon approximately 150 to 200 metres below parts of the East District, providing an exploration rationale rather than evidence of recoverable mineralization.