Myriad Uranium Completes Sale Of Red Basin Uranium Project To VC-Backed Subatomic, Retains 10% Free Carried Interest And Enters Into Strategic Alliance

(MENAFN- Newsfile Corp) Myriad Uranium Completes Sale of Red Basin Uranium Project to VC-Backed Subatomic, Retains 10% Free Carried Interest and Enters into Strategic Alliance

May 19, 2026 5:15 AM EDT | Source: Myriad Uranium Corp.

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$2,500,000. Myriad Red Basin has retained a 10% financial interest in the Project pursuant to a phantom interest agreement dated as of May 15, 2026 between Myriad Red Basin and Subatomic. Myriad and Subatomic have also formed a strategic alliance respecting exploration and development of other projects beyond Red Basin, pursuant to a strategic alliance agreement dated as of May 15, 2026 between Myriad and Subatomic.

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 retained 10% 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$3.4 million boost to our treasury just as we are about to commence Phase II drilling at our Copper Mountain Uranium Project in Wyoming. Stay tuned for further details on that. We retain a 10% free carried interest in Red Basin and have formed a strategic alliance with Subatomic which focuses on New Mexico; however, we anticipate bringing compelling ideas to the group from all over the U.S.

"In other corporate matters, our merger with Rush Rare Metals and the acquisition of the remaining 25% of Copper Mountain remains on track, and we do not anticipate any issues closing that transaction. In parallel, we have advanced the legal and accounting work required to pursue a listing on a major US stock exchange with both NYSE and NASDAQ being options available to the Company. With a strategically significant uranium asset at the center of the American energy landscape, we believe a U.S. listing will substantially expand our investor reach, bringing Myriad to a broader and deeper pool of capital that is currently unable to access our shares. I look forward to sharing further details in the near term."

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 10% of global electricity needs. As the megatrends of energy and decarbonization accelerate, nuclear power will play an increasingly larger role. We are excited to partner with Myriad to advance the Project while exploring opportunities for resource growth."

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 75% interest in the Copper Mountain Uranium Project in Wyoming, USA, with a definitive agreement in place to acquire the remaining 25% interest via an acquisition of Rush Rare Metals Corp. Copper Mountain hosts multiple historic uranium deposits and past-producing mines, including the Arrowhead Mine (approximately 500,000 lbs U3O8 produced). The district saw extensive exploration and development by Union Pacific in the late 1970s, including approximately 2,000 boreholes and advanced mine planning prior to uranium market downturn conditions in 1980. Union Pacific is estimated to have invested approximately C$125 million (2026 dollars) in exploration and development at Copper Mountain, 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 also holds a 10% free carried interest in the Red Basin Uranium Project which was recently sold to 8VC- and Overmatch-backed Subatomic Industries. Red Basin has significant historical uranium resources derived from extensive drilling by Occidental Oil in the late 1970s. It also has significant vanadium, which has been designated a strategic and critical mineral by the U.S. government.

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