Uranium Co. Secures CA$3.4M Deal for New Mexico Property

Source: Streetwise Reports 05/22/2026

Myriad Uranium Corp. (M:CSE; MYRUF:OTCMKTS) delivers a six-fold return on its New Mexico uranium project sale while expanding its U.S. growth strategy.

On May 19, 2026, Myriad Uranium Corp. (M:CSE; MYRUF:OTCMKTS) announced the completion of its sale of the Red Basin uranium project in New Mexico. Subatomic Red Basin LLC initiated a purchase agreement with Myriad on March 17, 2026, for all mineral claims comprising the Red Basin uranium project. Subatomic paid CA$3.4 million for the property, and Myriad has retained a 10% financial interest in the project. The two companies have ” 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.”

Myriad acquired the Red Basin uranium project approximately 15 months ago for CA$525,000, making over six times its investment return on the sale.

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 preproduction uranium projects.”

Lamb continued, “On a cash-on-cash basis, this transaction is highly accretive to Myriad shareholders and provides a non-dilutive CA$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-per-cent 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.”

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.”

Myriad is a uranium mining company that also holds a 75% interest in the Copper Mountain uranium project in Wyoming, U.S., with a definitive agreement in place to acquire the remaining 25% interest via an acquisition of Rush Rare Metals.

Domestic Uranium Supply Necessary

Uranium is growing in importance as a crucial component of the energy sector. As a critical component in nuclear energy and emerging technologies, a shortage of the element is only expected to grow.

The International Atomic Energy Agency projects that global nuclear capacity could double by 2050, reaching between 561 gigawatts and 992 gigawatts. This prediction has caused uranium mine policy support to strengthen.

In May 2025, the U.S. issued a series of executive orders aimed at quadrupling domestic nuclear capacity to 400 gigawatts by 2050, from roughly 100 gigawatts today.

“The United States burns through roughly 50 million pounds of uranium each year to fuel the world’s largest fleet of nuclear reactors, and imports approximately 95% of that uranium from foreign suppliers,” reported Equity Insider on May 14, 2026.

The report continued, “That structural import dependence — combined with accelerating demand projections for nuclear power across AI data centers, grid expansion, and emerging space-deployment mandates — has placed domestic uranium development firmly into the national security conversation.”

Myriad Gets Buy Ratings as Domestic Source

On April 23, 2026, David Talbot of Red Cloud gave a “Buy” rating for Myriad, with a price target of CA$1.25. Talbot quoted catalysts like the merger, confirmation drilling, step-out drilling, and infill drilling as influencing the valuation.

On May 21, 2026, VSA Capital analyst Oliver O’Donnell gave the company a “Speculative Buy” and did not offer a target price, writing, “The uranium price backdrop remains constructive. The term price has made steady gains through 2026, rising approximately 2.8% year-to-date to US$91.5/lb, whilst spot prices are also up approximately 3.6% YTD to US$84.5/lb. Against this backdrop, Copper Mountain’s district-scale potential, domestic U.S. supply credentials, and the start of drilling provide a clear series of catalysts to demonstrate that potential.” [OWNERSHIP_CHART-11614]

Merger Grows Company Significance

In the press release, CEO Thomas Lamb spoke of Myriad’s future, saying, “In other corporate matters, our merger with Rush Rare Metals and the acquisition of the remaining 25% of Copper Mountain remain 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 U.S. 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.”

Ownership & Share Information¹

Myriad Uranium Corp. has a market cap of CA$46.50 million, with 110.70 million shares outstanding. The company’s 52-week range is CA$0.22-CA$0.70.

Institutions own 2.78% of shares, while Management & Insiders own 4.05%. The remaining 93.17% of shares are held by Retail.

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1. Cori Fisher wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an employee.
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1. Ownership and Share Structure Information

The information listed above was updated on the date this article was published and was compiled from information from the company and various other data providers.

( Companies Mentioned: M:CSE;MYRUF:OTCMKTS, )

Source: https://www.streetwisereports.com/article/2026/05/22/uranium-co-secures-ca-3-4m-deal-for-new-mexico-property.html