Myriad Uranium: Acquisition of Los Altares Broadens The Key Shareholder Registry
DISCLAIMER: Any written content contained herein should be viewed strictly as analysis & opinion and not in any way as investment advice. Visitors to this site are encouraged to conduct their own due diligence. As a Research Spotlight product, HoldCo Markets has received financial compensation for the written content and analysis below. Please read the full disclaimer here: holdcomarkets.com/disclaimer
Myriad Uranium (M) announced that it has agreed to acquire 100% of the Los Altares Uranium Project, located in central, Argentina. Encompassing 55,013 hectares spread across 23 properties in Argentina’s Cerro Solo uranium district (Chubut Province), tenements from the Los Altares Uranium Project are located within a few kilometres of meaningful uranium deposits such as the Argentina National Atomic Energy Commission’s (CNEA) Cerro Solo deposit (~9.7M lbs U3O8, not NI43-101 compliant) and UrAmerica’s Meseta Central deposit (~19.1M lbs eU3O8, NI-43-101 compliant, 2013). The property package is also located a few kilometres from the past producing Los Adobes Uranium Mine which was open-pit mined by CNEA between 1977-1979.
ADVANCED PERMITTING WITH PLENTY OF HISTORIC DRILLING
The 23 properties comprise three registered Exploration Permits (Cateos) - one granted and two in due process; and twenty Exploitation Permits (Manifestation of Discovery) - four granted and sixteen in due process. Four of the East District properties are fully granted mining concessions with approved Environmental Impact Assessments (EIAs). These are Arroyo Perdido Norte 1, 2 and 3, and Arroyo Perdido Sur 1. Seven additional properties hold approved EIAs and are advancing through title registration. On the Arroyo Perdido North claims, 37 RC holes were reportedly drilled by Maple Minerals Exploration and Development Inc. Moreover, across the entire Project, it is believed that 12,500m of drilling was completed. Four of the East District properties are fully granted mining concessions with approved Environmental Impact Assessments (EIAs). Seven additional properties hold approved EIAs and are advancing through title registration.
LOCATED IN CLOSE PROXIMITY TO HISTORIC MINES AND CURRENT DEPOSITS
Tenements from the Los Altares Uranium Project are located within a few kilometres of meaningful uranium deposits such as the Argentina National Atomic Energy Commission’s (CNEA) Cerro Solo deposit (~9.7M lbs U3O8, not NI43-101 compliant) and UrAmerica’s Meseta Central deposit (~19.1M lbs eU3O8, NI-43-101 compliant, 2013). Moreover, the property package is also located a few kilometres from the past producing Los Adobes Uranium Mine which was open-pit mined by CNEA in between 1977-1979.
TRANSACTION DETAILS
The acquisition of Los Altares is by way of a share purchase agreement dated as of October 9, 2026 with Green Shift Commodities Ltd (GCOM) pursuant to which Myriad will acquire from Green Shift all of the issued and outstanding shares of Buenavida Metales S.A., a company incorporated and registered in Argentina. In exchange for $300,000 in cash and 1.571M common shares of Myriad (at a deemed price of $0.4455), Myriad will acquire ownership of Buenavida, which holds the mineral claims and other assets comprising the Project.
The Project will be subject to a 2% NSR in favour of Green Shift, half of which (1%) Myriad may repurchase for $1.0M. Myriad will guarantee Buenavida’s obligations under the royalty agreement. The transaction is expected to close on or before November 13, 2026.
VALUATION & CONCLUSION
We recognize that many of the key elements we look for in uranium projects are present in the Los Altares Project – granted concessions, approved EIAs and plenty of historical drilling. Moreover, the relatively low upfront cost coupled with the strategic Project location situated near current uranium deposits and a past producing mine make the acquisition that much more enticing. Myriad will now be compiling existing exploration data to develop an exploration plan. Though domestic political attitudes have recently shifted in Argentina, our enthusiasm is tempered however knowing that Argentina has been a tough operating environment where over the last few decades, many western explorers/developers have failed to achieve meaningful results despite significant capital outlays. That said, we see the introduction of Mega Uranium (MGA) into the shareholder registry as positive (Mega Uranium being the largest shareholder in Green Shift Commodities). The transaction is expected to close on or before November 13, 2026.
In the midst of a high impact drilling program at the flagship Copper Mountain Project, we continue to apply our $3.25 per lb in-situ valuation along with a target NAV multiple of 0.65x. Using Copper Mountain’s historic resource as a weighted benchmark (incorporating an estimated resource for the Control Area and Assessment Area), we maintain our price objective of C$0.95 per share. This equates to potential upside of +113% from the most recent close on October 9. Shares currently trade at a 0.31x P/NAV multiple.
NEAR-TERM TIMELINE & POTENTIAL CATALYSTS
Drilling at Copper Mountain – on-going.
An announced work program for the Breccia Pipe Project.
Los Altares Acquisition close – On or before November 13, 2026.
An eventual U.S. exchange listing.
An eventual NI43-101 resource estimate for Copper Mountain.
