Myriad Uranium Closes Its 55,000-Hectare Los Altares Purchase in Argentina

Cerro Solo, in the centre of Argentina's Chubut province, is what Myriad's chief executive calls one of the country's largest uranium deposits, in a district he describes as "arguably Argentina's most important" (releases of October 13 and November 2, 2026). On November 2, Myriad Uranium Corp. closed its purchase of the ground on strike with it. Argentina's national atomic energy commission, CNEA, owns Cerro Solo and reports it as holding roughly 9.7 million pounds of U₃O₈, classed as reasonably assured resources under the international Red Book system rather than under Canada's NI 43-101 rules. CNEA also mined two small open pits in the district, Los Adobes and Cerro Cóndor, between 1977 and 1979.

In a release dated November 2, 2026, the Vancouver company said it had completed the purchase of the Los Altares project from Green Shift Commodities Ltd. (TSXV: GCOM), taking 100 per cent of 23 mining properties covering about 55,000 hectares in central Chubut. Cerro Solo's tonnage is CNEA's and speaks to the district rather than to Los Altares directly.

What changed hands on November 2

The deal closed before its outside date. The agreement announced on October 13 set that date at November 13; the closing release came eleven days earlier, with no change to the terms.

Myriad bought every share of Buenavida Metales S.A., the Argentine company that holds the claims, under a share purchase agreement dated October 9, 2026. It paid C$300,000 in cash and issued 1,571,268 common shares at a deemed price of C$0.4455 each, the 10-day volume-weighted average on the CSE, which the release values at C$700,000. Those shares carry a four-month hold that expires on March 1, 2027.

Green Shift keeps a 2 per cent net smelter return royalty. A net smelter return royalty is a cut of the revenue from any future production, paid before the owner's profit; Myriad can buy back half of it, one percentage point, for C$1 million.

At the deemed share price, the price works out to about C$18 a hectare. The share issue adds about 1.1 per cent to the 141,053,948 common shares outstanding at September 29, 2026, the date of Myriad's latest management's discussion and analysis; against the 145,187,810 the CSE listing page showed on November 2 it is also about 1.1 per cent. The shares last traded at C$0.34 on November 2, on 2,622 shares, per the exchange's listing page read after the close at 18:40 ET, against the deemed C$0.4455. The same release disclosed 150,000 stock options granted to a consultant, exercisable at C$0.39 until October 30, 2031.

The property, the permits and the 12,500 metres

Los Altares is a land package with a long paper trail. The October 13 release says about 12,500 metres of historical drilling is understood to have been completed on it, including 37 reverse-circulation holes reported at Arroyo Perdido North before Mega Uranium Ltd. acquired the interests in 2006. CNEA also reported anomalous radiometric readings at the neighbouring Arroyo Perdido prospect.

The company is careful with that history. It states that the historical data have not been verified, that its qualified person has not verified the Cerro Solo figures, and that neighbouring deposits are not necessarily indicative of mineralisation on Los Altares. The qualified person for the October 13 release was George van der Walt of The MSA Group, whom the release describes as not independent of the company.

Tenure is partly in hand. Of the 23 properties, three are exploration permits, one granted and two in process, and 20 are exploitation permits, four granted and 16 in process. Four granted concessions in the East District already carry approved environmental impact assessments, according to the October 13 release, and seven more have approved assessments and are moving through title registration.

Why in-situ recovery decides the plan

Chubut restricts open-pit mining. That one fact shapes everything Myriad has said about Los Altares.

In-situ recovery, or ISR, is a way of mining uranium without digging it up: a solution is pumped through a porous, water-bearing sandstone, dissolves the uranium in place and is pumped back to surface for processing. The October 13 release says provincial Resolution No. 08/2025 MHC supports ISR, and it places the target sandstones of the Cretaceous Chubut Group at roughly 150 to 200 metres depth in parts of the East District.

Thomas Lamb, Myriad's president and chief executive, put the thesis in the November 2 release: the depth of the prospective horizon "provides strong exploration rationale to test for in-situ recovery potential." He added that "additional technical work will be required to validate this thesis." Permeability, hydrogeology and metallurgy are the work that comes next, and they will show whether a solution can move through these sandstones.

The next step the company has named is concrete: obtain, compile and report the historical data, then assess ISR potential. The releases leave the budget and the drilling date for a later announcement.

A third uranium front

Los Altares is the third leg of a portfolio Myriad has rebuilt through 2026. In Wyoming it owns Copper Mountain outright, including the historical Arrowhead mine, and it has reported a run of downhole gamma-probe results there since August. The best in its October 28 release was 34.29 metres averaging 399 ppm eU₃O₈ in hole HES0001BDD. A gamma probe estimates uranium from the radiation a rock gives off, reported as equivalent U₃O₈, or eU₃O₈; laboratory assays are what turn those estimates into grades.

In Arizona the company again holds 100 per cent of its breccia pipe project after ending an option on October 7. In August it completed the acquisition of Rush Rare Metals, issuing 24,983,671 shares.

Against that, Myriad paid C$1.0 million, about C$18 a hectare, for 55,000 hectares beside Cerro Solo. It buys ground and history. A resource on Los Altares will come from Myriad's own drilling.

The uranium price gives the context. Cameco's month-end industry average of the UxC and TradeTech prices put spot uranium at US$91.55 a pound and the long-term price at US$98.00 on October 30, 2026.

The money behind the work

Myriad starts this work with cash in hand. Its interim statements for the three months ended July 31, 2026, filed on SEDAR+ on September 29, show C$11,536,268 in cash and cash equivalents at July 31, up from C$8,808,112 at April 30, against total liabilities of C$821,466. The management's discussion and analysis puts working capital at C$11,763,552 at the same date.

The increase came mainly from the C$3,431,355 Myriad received on the disposition of its Red Basin property and from warrant exercises, the two reasons the management's discussion and analysis gives; there was no placement in the quarter. Warrant exercises brought in C$1,157,242, and after July 31 a further C$420,223 from warrants and C$156,984 from options, according to Note 12 of those statements. The August Rush acquisition was paid in shares, and the C$300,000 cash paid for Los Altares is a small fraction of the July 31 balance. The same management's discussion and analysis says continuation depends on obtaining additional financing.

Myriad's Frankfurt line, symbol C3Q, carries WKN A3D1E0 and ISIN CA62857Y1097, per Deutsche Börse's listing page and the company's own release of March 29, 2023.

What the company has bought, and what it has to show

Myriad has closed a deal it announced three weeks ago, on the terms agreed with Green Shift, for about one per cent new shares. It now holds 23 properties, five of them granted and 18 in process, on strike with what it calls one of Argentina's largest uranium deposits, in a province that restricts open pits and whose Resolution 08/2025 supports in-situ recovery. The November 2 release lists permitting delays and regulatory and political change among its risks.

Two things the company itself names will settle what the ground is worth: verification of the historical drilling, and the permeability of the sandstone for ISR. Myriad's next promised step is to compile and report that historical data, the first disclosure that will describe Los Altares in its own right.