Myriad Uranium Books Over 6x Return on Red Basin Sale, Retains Upside and Forges Alliance with VC-Backed Subatomic

• Myriad sold the Red Basin Uranium Project to Subatomic for US$2.5 million in cash, representing a more than 6x return on its original C$525,000 acquisition cost roughly 15 months ago.
• The sale is non-dilutive, generating approximately C$3.43 million for Myriad's treasury, which the company intends to deploy towards Phase II drilling at its Copper Mountain Uranium Project in Wyoming.
• Myriad retains a 10% phantom interest in Red Basin and the surrounding area of mutual interest, entitling it to 10% of future economic proceeds without any further capital contribution.
• A strategic alliance agreement with Subatomic establishes a framework for the two companies to jointly pursue additional uranium opportunities, primarily in New Mexico.
• Myriad is advancing a merger with Rush Rare Metals Corp. to consolidate full ownership of Copper Mountain and is exploring a listing on the NYSE or Nasdaq.

Myriad Uranium Corp. (CSE: M | OTCQB: MYRUF | FSE: C3Q) is a Vancouver-based uranium exploration and development company focused on the United States. Its primary asset is a 75% interest in the Copper Mountain Uranium Project in Wyoming, a district with multiple historical deposits and past-producing mines that received approximately C$125 million in prior investment by Union Pacific in the late 1970s, including around 2,000 boreholes. Myriad is pursuing a merger with Rush Rare Metals Corp., which holds the remaining 25% interest in Copper Mountain.

Completion of the Red Basin Sale to VC-Backed Subatomic

Myriad closed the sale of its Red Basin Uranium Project in New Mexico to Subatomic Red Basin, LLC on 15 May 2026, under an asset purchase agreement originally signed on 17 March 2026. The buyer, Subatomic, is backed by 8VC and Overmatch Ventures. The agreed sale price was US$2.5 million in cash, paid in full at closing.

Myriad originally acquired Red Basin approximately 15 months ago for C$525,000. At current exchange rates, the sale generates around C$3.43 million, representing a cash-on-cash return of more than six times the original acquisition cost. The transaction is non-dilutive, meaning no additional shares were issued to complete it.

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."

10% Free Carried Interest Retention and Phantom Interest Agreement

Rather than a clean exit, Myriad structured the transaction to retain a 10% financial interest in Red Basin through a phantom interest agreement, formalised on 15 May 2026 between Myriad's New Mexico subsidiary and Subatomic. Under this arrangement, Myriad is entitled to 10% of the economic proceeds generated by Red Basin without being required to contribute any capital towards future exploration or development costs.

The phantom interest also extends to an agreed area of mutual interest surrounding the Red Basin Project, meaning Myriad's entitlement applies beyond the current project boundaries should exploration activity expand into adjacent areas. Red Basin holds historical uranium resources identified through drilling carried out by Occidental Oil in the late 1970s, and also contains vanadium, which the U.S. government has designated as a strategic and critical mineral.

CEO Thomas Lamb added:

"We are extremely proud of this transaction. Within 15 months of acquiring Red Basin for C$525,000, we have sold it for US$2.5 million while retaining 10% free carried interest and entering into a strategic alliance with an impressive VC-backed company."

Strategic Alliance Formation and Corporate Development Plans

Alongside the sale, Myriad and Subatomic signed a strategic alliance agreement establishing a framework for the two companies to jointly identify and pursue uranium exploration and development opportunities. The alliance is initially centred on New Mexico, with Myriad indicating it intends to bring project ideas from across the United States to the group.

In parallel, Myriad is progressing several corporate initiatives. The merger with Rush Rare Metals, which would give Myriad full ownership of the Copper Mountain Uranium Project, is described by the company as on track. Phase II drilling at Copper Mountain is also set to commence, funded in part by proceeds from the Red Basin sale. The company is also exploring a listing on the NYSE or Nasdaq, with the stated aim of accessing a broader pool of American capital.

Outlook

With the Red Basin transaction closed, Myriad's near-term priorities include commencing Phase II drilling at Copper Mountain, completing the merger with Rush Rare Metals to consolidate full ownership of the project, and progressing its U.S. exchange listing application. The company retains a 10% interest in Red Basin through the phantom interest agreement and maintains a collaborative relationship with Subatomic through the strategic alliance for future uranium opportunities. These represent the key milestones and next steps the company has outlined following the close of this transaction.

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