Myriad Uranium

The investment opportunity is underpinned by converging factors: structural shifts in uranium market fundamentals, the 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 from 2,000 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 34-hole drill programme, completed in late 2024, validated and enhanced the historical data. Spectral gamma logging returned encouraging intercepts, with the best grade interval measuring 5,337 parts 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 exceeding 250% 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 below Canning. 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.

In December 2025, Myriad completed a large-scale helicopter-borne radiometric and magnetic survey across the entire Copper Mountain project. Preliminary interpretation completed in March 2026 confirmed district-scale uranium endowment, with over 100 anomaly points prioritised for follow-up, predominantly east of a major north-south structural corridor. Ground-truthing is underway to validate anomalies and refine drill targets ahead of Phase II drilling.

The uranium price environment has strengthened considerably, with Wyoming 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 a significant insider shareholder. Simon Clarke chairs the board, bringing capital markets experience relevant to the company's continued exchange listing objectives.

George van der Walt serves as a qualified person under National Instrument 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 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 advanced materially, supported by the voluntary filing of a National Instrument 43-101 compliant Technical Report for Copper Mountain (effective March 31, 2026) - a significant milestone in formalising the project's technical foundation. Building on this, Myriad has announced a Phase II drill campaign with an initial programme of 4,500 metres, scalable to 7,000–10,000 metres, underpinned by an indicative 12-month budget of approximately US$5.95 million.

The Bendix study's structural scoring system continues to provide the 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 priorities. The December 2025 airborne geophysical survey has further refined this target inventory, with over 100 anomaly points now identified and ground-truthing underway.

Beyond known deposits, the Assessment Area's estimated 655 million pound potential endowment suggests district-scale opportunity. Myriad now controls approximately 62% of the broader Assessment Area and approximately 80% of the high-confidence Control Area. 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.

The Bureau of Land Management has approved a Plan of Operations for the Copper Mountain Project Area, clearing an expanded footprint of up to 222 boreholes and providing the regulatory foundation for Phase II drilling to commence.

On the corporate front, Myriad has entered into a definitive agreement dated February 13, 2026 to acquire 100% of Rush Rare Metals Corp. by way of a statutory plan of arrangement. Under the terms, Myriad will issue 0.5405 shares per Rush share, implying an 18–22% premium to Rush shareholders, who will also receive shares of a Rush spinco retaining the Boxi property. Upon closing, Myriad would consolidate 100% ownership of Copper Mountain, completing the district consolidation that has been a central strategic objective.

Myriad's market capitalisation stands at approximately C$53 million as of May 2026. In November 2025, the company closed a bought deal private placement raising gross proceeds of C$8.6 million, including the partial exercise of the underwriters' over-allotment option, through the issuance of 21.5 million units at C$0.40 per unit, materially strengthening the balance sheet ahead of Phase II drilling.

The pending sale of the Red Basin Project for US$2.5 million, with a 10% free carried interest retained, will provide additional capital while monetising an asset acquired for approximately C$525,000 roughly one year prior. The combination of the bought deal proceeds and the Red Basin sale positions the company to fund its Phase II programme, with an indicative budget of approximately US$5.95 million over twelve months for the initial drilling stages.

Insider ownership of approximately 24%, including the CEO as a significant shareholder, provides alignment with minority investors. The company has received initiation of coverage from Red Cloud Securities and VSA Capital, the former with a $1.25 price target and the latter with a Speculative Buy recommendation, broadening institutional awareness of the investment case.

Historical resource uncertainty remains, though the Bendix assessment's comprehensive nature, utilising Union Pacific's complete dataset plus additional work, provides higher confidence than typical historical estimates. The study's authors had access to C$117 million worth of exploration data, lending credibility to their conclusions. However, these remain historical estimates requiring modern verification, and Copper Mountain does not yet have a National Instrument 43-101 compliant mineral resource estimate. The recently filed Technical Report represents an important step toward formal resource definition.

Radiometric disequilibrium observed in Myriad's drilling introduces complexity but appears favourable, with chemical assays consistently exceeding gamma readings. The company's expanded assay programme and Phase II drilling are designed to systematically address and quantify this effect across the broader project area.

The identification of deeper mineralisation below 600 feet introduces additional technical uncertainty but also substantial upside potential. The possibility of unconformity-related mineralisation associated with thrust faults represents a different deposit model requiring specialised exploration approaches.

The pending acquisition of Rush Rare Metals introduces execution risk typical of merger transactions, including shareholder approvals and regulatory requirements, though the strategic rationale of achieving 100% project ownership is clear.

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 now holds approximately 80% 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, continues to validate and expand the investment thesis. Key milestones achieved include earning a 75% interest in Copper Mountain, doubling the project's land position, completing a district-wide airborne geophysical survey, filing a formal NI 43-101 Technical Report, announcing a Phase II drill programme, entering a definitive merger agreement to acquire 100% of Rush Rare Metals, and agreeing to monetise Red Basin at a substantial premium to its acquisition cost.

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 further revaluation, positioning Myriad as a strategic domestic uranium supplier in an environment prioritising energy security and supply-chain resilience.