Myriad Uranium

Myriad Uranium Corp. (CSE:M) is an emerging uranium exploration and development company focused on the Copper Mountain Uranium Project in Wyoming, USA. The company has secured the right to earn a 75% interest (50% already earned) in what could potentially become one of Wyoming's largest uranium districts. The NURE government program speculated that the entire Copper Mountain district has 600-million-pound potential.

The project area, which has been consolidated for the first time since 1982, contains multiple historical uranium deposits and prospects that were previously explored and developed by Union Pacific in the 1970s. Union Pacific invested approximately C$117 million (in 2024 dollars) in exploration and development, including over 2,000 drill holes, before abandoning the project due to falling uranium prices and broader market conditions following the Three Mile Island incident in 1979.

The timing of Myriad's project development coincides with a critical juncture in the global uranium market. A significant supply deficit exists, with 2024 global demand at 200 million pounds against production of only 157 million pounds, creating a 42-million-pound shortfall. This deficit is projected to grow substantially, with a cumulative supply deficit of 1.29 billion pounds forecasted between 2024 and 2040.

The geopolitical landscape has created an especially compelling opportunity within the United States. The U.S. is the world's largest uranium consumer, yet domestic production accounts for only 0.5% of the country's requirements. This dependency on foreign uranium has become a critical national security concern, particularly given that Russia controls 40% of global uranium processing facilities and 46% of global enrichment capacity. The passage of the Prohibiting Russian Uranium Imports Act in May 2024, along with $2.72 billion in funding to boost domestic uranium production, signals strong government support for projects like Copper Mountain.

The historical work at Copper Mountain suggests significant potential, with Union Pacific having estimated the potential of known deposits and speculated targets at over 65 million pounds of U3O8. Recent analysis of historical drilling data has revealed high-grade intervals of up to 6,720 ppm U3O8, with numerous long mineralized intervals extending up to 291 feet. The project's location in Wyoming, which hosts 4 out of 5 operating uranium mines in the U.S., provides additional strategic value.

Myriad has assembled a team with extensive experience in both uranium and broader resource development. CEO Thomas Lamb brings over 20 years of public company experience and has previously co-founded several successful mining ventures, including M2 Cobalt (acquired by Jervois Global). The technical team includes George van der Walt, a senior economic geologist with significant uranium experience, and Jim Davis, a renowned geologist who led Union Pacific's original exploration of Copper Mountain and discovered several uranium deposits in the region.

The board includes notable industry figures such as Simon Clarke, former CEO of American Lithium Corp., which developed one of the largest uranium projects globally, and Ron Halas, former COO of Global Atomic Corp., who advanced the Dasa deposit from PEA to mine development in just 2.5 years. This combination of technical expertise and corporate development experience positions the company well for executing its growth strategy.

Myriad's near-term strategy focuses on validating and expanding upon the historical work conducted at Copper Mountain. The maiden drill program confirmed and actually improved upon the work done by Union Pacific in the 1970s. This drill program focused on the Canning Deposit, which was central to Union Pacific's original six-pit mine plan. This area is estimated to contain 10-20 million pounds of U3O8 according to historical estimates.

This year, the company plans to conduct a much larger drill program to continue validation at Canning and to expand exploration to additional known historical resources and high-priority prospects such as the Midnight prospect, which Union Pacific believed could contain up to 10 million pounds of U3O8.

A key aspect of the strategy involves exploring deeper than the historical drilling, which generally never exceeded 500 feet. Recent interpretations and drilling suggest that high-grade uranium is likely concentrated in vertical structures that extend much deeper, presenting an opportunity to significantly increase both grades and volume.

Myriad currently has a market capitalization of C$27.5 million (as of October 17, 2024), with 58.6 million shares outstanding. The company's share structure remains tight, with insiders holding 22.3% of the shares. The presence of a prominent uranium trading house among significant investors adds credibility to the project.

To earn its 75% interest in Copper Mountain, Myriad must spend $1.5 million before October 2025 to earn 50%, and an additional $4 million before October 2027 to earn 75%. The company has already made an upfront payment of $135,000 and issued 575,000 common shares to Rush Rare Metals Corp.

Myriad Uranium represents a compelling opportunity to gain exposure to the uranium sector at a critical time in the market cycle. The combination of strong uranium market fundamentals, U.S. government support for domestic production, and a potentially district-scale asset in a premier jurisdiction creates multiple value drivers for the company.

The historical work at Copper Mountain provides a strong foundation for modern exploration, while the experienced management team and technical advisors bring the expertise needed to advance the project. The company's current market capitalization of C$27.5 million appears modest given the project's potential scale and strategic location, particularly when compared to Strathmore's C$457 million market capitalization in 2007 when Copper Mountain was one of its principal projects.

While risks exist, they appear manageable and are offset by the potential reward. The company's planned exploration program and timeline to a maiden resource estimate provide clear catalysts for value creation in the near term. For investors seeking exposure to the uranium sector, Myriad offers a compelling risk-reward proposition with multiple paths to value creation.