Myriad Uranium is making a significant push into South America after agreeing to acquire the Los Altares uranium project located in the heart of Argentina’s Chubut province. Through a share purchase agreement signed on October 9, the company will take full ownership of Buenavida Metales S.A. from Green Shift Commodities. This strategic move grants Myriad control over a massive 55,000 hectare land package situated within the prominent Cerro Solo uranium district, placing them in close proximity to some of the region’s most notable deposits.
The financial terms of the deal include a combination of three hundred thousand dollars in cash and over one point five million common shares. While Myriad takes total control of the assets, Green Shift Commodities will maintain a small stake in future production through a two percent net smelter return royalty, though Myriad retains an option to buy back half of that royalty for one million dollars. The acquired portfolio consists of twenty three separate properties, several of which already have approved environmental impact assessments and active mining concessions.
Chief Executive Officer Thomas Lamb noted that this acquisition fits perfectly into a broader corporate strategy focused on securing high potential projects with manageable upfront costs that can benefit quickly from rising uranium prices. He highlighted that owning such a vast area in Argentina’s premier uranium district provides immense leverage, especially given the location’s relationship to the existing Cerro Solo deposit and the historic Los Adobes mine. However, Lamb cautioned that further technical studies are needed to see if any newly discovered minerals can be extracted using modern in situ recovery methods.
This expansion arrives shortly after Myriad consolidated its position in North America by taking full ownership of the Copper Mountain project in Wyoming earlier this year. By diversifying its holdings between the United States and Argentina, Myriad is positioning itself as an aggressive player in the global energy metals market during a period of renewed interest in nuclear power resources.