Myriad Uranium Agrees to Buy 55,000 Hectares Beside Cerro Solo

Myriad Uranium Corp. agreed on October 9, 2026 to buy all of the shares of Buenavida Metales S.A., an Argentine company that holds 23 uranium properties in central Chubut Province. The company announced the agreement before the North American open on October 13.

The ground sits on either side of Cerro Solo, the uranium deposit the Argentine state has been drilling since the 1970s. That address is the reason the deal is interesting. It is also the reason the deal needs reading carefully, because the deposit next door belongs to somebody else.

The price is the strongest part of this agreement

Myriad is paying C$300,000 in cash and issuing 1,571,268 common shares at a deemed price of C$0.4455 each, which the company states is the ten-trading-day volume-weighted average price on the Canadian Securities Exchange before the agreement's effective date. A volume-weighted average price is simply the average price paid per share over a period, weighted by how many shares traded at each price, so it is harder to distort than a single day's close.

The share component works out to about C$700,000. Add the cash and the headline consideration is roughly C$1.0 million. Double it and the transaction would remain small for this company; halve it and the difference would barely register in a quarterly filing. Either way the cash going out the door is C$300,000, an amount that does not require a financing to cover.

The dilution is the number a holder should be able to check, and it is small. Myriad had approximately 141.0 million common shares outstanding according to CSE market data read on October 13, 2026, which is 15-minute delayed secondary data and not verified against SEDAR+ filings. The 1,571,268 new shares are about 1.11 per cent of that count. Twice the issuance would be 2.2 per cent, which would sit below the threshold at which most venture holders begin to object; half of it would be rounding. On the evidence of the agreement's terms, this is not a dilution story.

What a price that low usually signals is a vendor who wants out of a non-core asset, not a bidding contest. Green Shift Commodities Ltd. (TSXV: GCOM) is the vendor, and Myriad is buying the Argentine subsidiary that holds the claims rather than the claims themselves.

Eleven of the twenty-three properties already carry environmental approvals

This is the part of the release that does real work, and it is easy to skim past.

Argentine mineral tenure runs through stages. A cateo is an exploration permit over an area; a manifestation of discovery is a claim registered after mineralisation has been reported within it. The package holds three cateos, of which one is granted and two are in process, and twenty manifestations of discovery, of which four are granted and sixteen are in process. So five of the twenty-three titles are granted today. Twice that number would make the package substantially more secure; the current five means most of the tenure is an application rather than a right.

Against that, the environmental position is further along than the title position. Four properties in the East District are granted concessions with approved environmental impact assessments, and seven more have approved assessments and are in title registration. Eleven properties with an approved environmental assessment is a genuine asset in a jurisdiction where that approval has historically been the slow step. Halve that number and the company would be starting the environmental process on most of the ground; as it stands, it is not.

The land area is 55,013 hectares across those 23 properties, which is roughly 550 square kilometres, or about the area of the City of Toronto. At half the size it would count as a district-scale footprint by exploration standards. Area, though, is a measure of how much ground a company may look at. It is not a measure of what is under it.

Cerro Solo's uranium belongs to the Argentine state

The release puts a figure beside the neighbouring deposit, and the figure has to be handled precisely.

Cerro Solo is held by Argentina's National Atomic Energy Commission, the state body known as CNEA, and the release cites 4,420 tonnes of contained uranium, about 9.7 million pounds of uranium oxide, classified as Reasonably Assured Resources under the International Atomic Energy Agency's system. Twice that tonnage would make Cerro Solo a globally significant deposit rather than a nationally important one; half of it would exceed anything Myriad has reported anywhere in Argentina, which is nothing.

Two distinctions matter. First, the IAEA's Reasonably Assured Resources category is a national-inventory classification used by governments to report uranium endowment. It is not a mineral resource estimated under Canada's NI 43-101 standard, and the release says so and says the figure is unverified. Second, and more simply, the deposit is not Myriad's. CNEA holds it. Myriad has agreed to buy ground that flanks it to the east and west.

The release is explicit on the point, in the standard language: mineralisation on an adjacent property is not necessarily indicative of mineralisation on the project. CNEA mined the Los Adobes and Cerro Cóndor deposits by open pit between 1977 and 1979, and the Cerro Solo deposit sits in the same basal Los Adobes Formation. Shared geology is a reason to look. It is not a result.

The historical drilling is a lead the company has not tested

Approximately 12,500 metres of historical drilling is understood to have been completed across the project, including 37 reverse-circulation holes reported on the Arroyo Perdido North claims by a company called Maple Minerals. Reverse-circulation drilling returns rock chips rather than a solid core, which makes it fast and cheap and makes the samples less reliable for grade.

Twelve and a half thousand metres is a meaningful amount of work. Double it and a competent geologist could probably frame an initial resource; halve it and there would be little to compile. But the quantity is beside the point here, because of what the release says next: the Qualified Person has not verified the historical drilling, and the information should not be relied upon as demonstrating mineralisation on the project. Myriad's stated plan is to obtain and compile the existing data before building an exploration programme.

So the sequence is: buy the ground, find the old data, check the old data, then decide where to drill. No NI 43-101 technical report on Los Altares is disclosed, and no grade figure for the project appears anywhere in the release. The Qualified Person named is George van der Walt of The MSA Group, and the release states he is not independent of the company.

Buying back half the royalty would cost as much as the project

Green Shift retains a 2 per cent net smelter return royalty, a payment calculated on the value of metal sold after smelting and refining charges, which comes off revenue regardless of whether the mine is profitable. Myriad may repurchase half of it, 1 percentage point, for C$1 million. Myriad also guarantees the subsidiary's royalty obligations.

Set that against the acquisition price. Buying back one percentage point of the royalty costs about what the entire project cost, and buying back the full 2 per cent is not on offer. Double the royalty and it would be onerous by any standard; halve it and it would be unremarkable. At 2 per cent it is at the upper end of ordinary for an early-stage transfer, and it is the part of the consideration that does not show up in the announced price.

Closing is expected on or before November 13, 2026, subject to TSX Venture Exchange and Canadian Securities Exchange approval where required. Until then Myriad owns none of this.

Three acquisitions in eight weeks

There is a criticism circulating among the company's retail followers that deserves a straight answer rather than a dismissal: that the company's attention is scattering. The dates support the concern as a question.

Myriad completed its acquisition of Rush Rare Metals on August 21, 2026. On October 7, 2026 it terminated an option granted to Wedgemount Resources Corp. and re-assumed full ownership of a portfolio of 24 breccia pipe prospects in Arizona, at no consideration to either party. On October 13, 2026 it announced this one. Its flagship remains Copper Mountain in Wyoming, where Phase II drilling has been under way since July 2026 and where the company reported slurry ablation test work on September 22, 2026.

Four properties in two countries plus a third jurisdiction now, assembled in under two months, is a lot of ground for a company of this size to advance. The answer the company gives, in its chief executive's words, is that the strategy is to acquire projects with low up-front and ongoing costs and strong leverage to the uranium price. Thomas Lamb, named as president and chief executive officer in the October 13 release, said that on closing the company will own 55,000 hectares in what is arguably Argentina's most important uranium district.

The cost argument holds up against the terms. The attention argument is not answered by the terms, and cannot be until drilling budgets are published by project.

The deal is cheap and early, in that order

Myriad has bought an address in a district the Argentine state considers important enough to have drilled for half a century, and it has bought it for about a million dollars and 1.11 per cent of its shares. That is a sensible use of a small amount of money, and the environmental approvals on eleven properties are worth more than the land area everyone is quoting.

What it has not bought is uranium. There is no resource on this ground, no verified historical drilling, no technical report, and no grade. Those are not criticisms of the transaction; they are a description of its stage. The company's own release draws every one of those lines itself, which is more than many venture releases do.

For a holder in Frankfurt the mechanics are worth one note. Myriad trades there as C3Q under WKN A3D1E0 and ISIN CA62857Y1097, and Deutsche Börse reported no turnover figures on that line when checked on October 13, 2026. The price that matters is set on the Canadian Securities Exchange, in Canadian dollars, and the deemed price in this agreement is a Canadian ten-day average.

A land package is a question. The drill answers it.

Transparency note. This is an independent due-diligence analysis and editorial opinion piece produced by The Maple Markets editorial desk. It is not sponsored, promoted or commissioned, and no compensation of any kind has been received from Myriad Uranium Corp. (CSE: M), Green Shift Commodities Ltd. (TSXV: GCOM), Wedgemount Resources Corp., Rush Rare Metals Corp. or any party acting on their behalf. The analysis is based on public disclosure available as of the publish date; every figure is attributed to its primary source. The Maple Markets and its authors may hold positions in securities mentioned; nothing here is a recommendation to buy, sell or hold any security, and readers should not treat it as investment advice. Past disclosure does not guarantee future results. Policies: Editorial Standards · Financial Disclaimer.