Myriad Uranium

Myriad Uranium Corp. is a Canadian mineral exploration company focused on advancing high-potential uranium projects in the United States. The company holds two flagship assets: the Copper Mountain Uranium Project in Wyoming and the Red Basin Project in New Mexico. Trading on the Canadian Securities Exchange under the symbol M, with additional listings on the OTC market (MYRUF) and Frankfurt Exchange (C3Q), Myriad has positioned itself to capitalise on the resurgent demand for domestic uranium production in North America.

The Copper Mountain Project represents the company's primary focus, spanning over 10,000 acres in Wyoming's prolific uranium belt. This district-scale asset hosts seven historically defined deposits alongside at least fifteen additional exploration targets. A comprehensive 1982 assessment by Bendix Field Engineering Corporation for the U.S. Department of Energy, recently obtained byMyriad, indicates substantially larger potential than previously understood. The study's "Control Area," centred on the Canning deposit where Myriad holds approximately 70% interest, was estimated to contain a potential mineral endowment of approximately 245 million pounds of uranium oxide down to 600 feet. The broader "Assessment Area" was estimated at 655 million pounds, though Myriad holds only 29% of this larger zone. These historical assessments, while not National Instrument 43-101 compliant, suggest significant exploration upside beyond the 15-30 million pounds previously reported from Union Pacific's work in the 1970s.

The company's second asset, the Red Basin Project in New Mexico, is wholly owned by Myriad and covers a mineralised trend where historical drilling confirmed near-surface, high-grade uranium mineralisation with grades ranging from 0.17% to 0.31% uranium oxide and associated vanadium credits up to 1.64% vanadium pentoxide.

Myriad's strategic approach centres on leveraging extensive historical data to derisk exploration and accelerate resource definition. The company has consolidated ownership at Copper Mountain, marking the first time in over fifty years that the district has been under unified control and has secured all available historical drilling data, geological reports, and metallurgical studies. This foundation represents an inflation-adjusted expenditure exceeding C$118 million by Union Pacific alone, providing Myriad with a substantial informational advantage.

As of September 2025, Myriad has approximately 82.3 million common shares outstanding, with a fully diluted share count of roughly 111 million. The company's market capitalisation stands at approximately C$22 million, reflecting a valuation that appears modest relative to the scale of the historical resource potential revealed by the Bendix assessment.

The investment opportunity is underpinned by converging factors: structural shifts in uranium market fundamentals, strategic value of domestic US uranium supply, and the company's unique position to deliver resource growth from an advanced but underexplored asset base.

The Bendix study's conclusions dramatically expand the opportunity at Copper Mountain. The assessment utilised Union Pacific's entire dataset from2,000 boreholes plus Bendix's own extensive geological, geochemical, and geophysical data. The study identified structural controls on mineralisation, with the highest grades occurring along major east-west trending faults bounding grabens. Critically, it identified several probable target areas for extensive intermediate-grade uranium deposits (100-500 ppm) through structural scoring, including locations within the Control Area that previously lacked drill-hole data.

Myriad's initial thirty-four-hole drill programme, completed in late2024, has validated and enhanced the historical data. Spectral gamma logging returned encouraging intercepts, with the best grade interval measuring 5,337parts per million uranium oxide over 1.28 metres. Subsequent chemical assays revealed uranium concentrations 20-60% higher than gamma probe readings, with particularly strong results at depth. One drill hole returned grades exceeding250% higher than the gamma probe estimate, underscoring the conservative nature of historical calculations.

This systematic underestimation has profound implications. The Bendix assessment was based primarily on gamma probe data, suggesting the potential mineral endowment could be materially understated. Furthermore, Myriad's drilling intersected significant mineralisation below the historical 600-foot"hard deck" exploration envelope, including at 1,495 feet belowCanning. This deeper mineralisation, combined with Anaconda's notable deep intercepts at the Railroad target, hints at potential unconformity-related mineralisation associated with thrust faults—a theory considered but never fully tested by previous operators.

The uranium price environment has strengthened considerably, withWyoming accounting for 69% of domestically mined uranium and hosting five operating in-situ leach mines. For Myriad, the improved price backdrop enhances economic viability, particularly given the potential for conventional open-pit mining with heap leach processing.

Myriad's leadership combines deep uranium sector expertise with direct knowledge of the Copper Mountain asset. Thomas Lamb serves as CEO and director, ranking as the second-largest shareholder on the non-objecting beneficial owner list. Simon Clarke chairs the board, bringing capital markets experience relevant to the company's stated intention to graduate to the TSX VentureExchange and a major US exchange.

George van der Walt serves as a qualified person under NationalInstrument 43-101, reviewing and approving all technical content. Jim Davis, senior advisor, represents perhaps the most significant technical asset having discovered the Arrowhead Mine at Copper Mountain in the 1950s-60s and worked extensively during the Union Pacific era. His institutional knowledge provides invaluable guidance for reinterpreting decades of exploration data, including the newly obtained Bendix assessment.

The advisory group includes Ron Halas (former COO of Global Atomic) and Eduards Smirnovs (former CEO of Uranium One), providing operational and strategic expertise. The shareholder base includes a prominent global uranium trading house, suggesting informed confidence in the project's potential.

Myriad's growth strategy has been significantly enhanced by the Bendix assessment findings. The immediate priority remains completing assay programmes and gap sampling across Canning, where chemical assays consistently return higher grades than gamma measurements. The company will apply these uplift factors to the broader historical dataset while testing mineralisation below the 600-foot historical limit.

The Bendix study's structural scoring system provides a roadmap for systematic exploration. Several probable target areas identified through this analysis, including locations within the Control Area lacking previous drill data, represent near-term drilling targets. The study's methodology, correlating structural preparation with known deposits, successfully delineated uranium occurrences and will guide Myriad's exploration strategy.

Beyond known deposits, the Assessment Area's estimated 655 million pound potential endowment suggests district-scale opportunity. While Myriad holds only 29% of this broader area, the company's 70% control of the high-confidence Control Area and a higher percentage of historical borehole positions enable it to capture the most prospective ground.

Myriad plans to develop enhanced exploration targets using the Bendix data combined with other historical information. The fifteen additional exploration targets identified through historical work, including the Railroad target with high-grade deep intercepts, offer discovery potential beyond the already substantial endowment estimates.

Permitting advancement continues with a Plan of Operations for Copper Mountain. The company is also working to consolidate 100% ownership, having invested $4.5 million toward the $5.5 million required to earn 75% from Rush Rare Metals.

Myriad's market capitalisation of approximately C$22 million appears increasingly modest given the Bendix assessment's conclusions. Even discounting the historical endowment estimates significantly and applying conservative in-ground valuations typical for early-stage projects, the implied value substantially exceeds current market capitalisation.

The company has approximately twenty-one million warrants outstanding providing potential capital, with 6.6 million stock options and 3.3 million restricted share units issued between $0.40-$0.50. Insider ownership of approximately 24%, including the CEO as the second-largest shareholder, provides alignment with minority investors.

As exploration advances, funding requirements will increase for comprehensive drilling across the Control Area's identified targets, deeper drilling below the historical hard deck, and testing the fifteen additional prospects. The Bendix assessment provides a technical foundation that should facilitate capital raising by demonstrating district-scale potential backed by rigorous historical analysis.

Myriad Uranium presents a compelling opportunity in domestic North American uranium. The Bendix assessment fundamentally reframes the scale of opportunity at Copper Mountain, suggesting potential far exceeding previous understanding. With estimated endowments of 245 million pounds in the Control Area alone, where Myriad holds 70% interest, the project ranks among the most significant undeveloped uranium districts in the United States.

The company's systematic approach, leveraging comprehensive historical data while applying modern analytical techniques, positions it to unlock value from this extensively studied but incompletely explored district. Initial drilling validating historical work while revealing systematic grade underestimation and deeper mineralisation potential supports the investment thesis.

At the current valuation, Myriad offers asymmetric upside potential for investors comfortable with exploration-stage risk. Success in verifying even a fraction of the Bendix assessment's endowment estimates would likely drive significant revaluation, positioning Myriad as a strategic domestic uranium supplier in an environment prioritising energy security and supply-chain resilience.