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Myriad Uranium Completes Sale of Red Basin Uranium Project to VC-Backed Subatomic, Retains 10% Free Carried Interest and Enters into Strategic Alliance
Vancouver, British Columbia--(Newsfile Corp. - May 19, 2026) - Myriad Uranium Corp. (CSE: M) (OTCQB: MYRUF) (FSE: C3Q) ("Myriad" or the "Company") is pleased
About this update from Myriad Uranium Corp
[{"type":"text","content":"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 HighlightsSale 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 com...