Myriad Aims to Fast-Track Historic Wyoming Producer Towards Production

• Myriad Uranium acquired a 75% interest in the historic Copper Mountain uranium project in Wyoming as an alternative to projects in Niger.
• The project previously produced 500,000 pounds of uranium in the 1950s-60s and has estimated historic resources of 15-30 million pounds U3O8.
• Extensive historical data includes 2,000 drill holes, feasibility studies, mine plans, and metallurgical test results.
• Priority is validating and expanding resources by twinning old drill holes and digitizing data.
• The project could potentially be fast-tracked to production given its advanced status and amenability to ISR mining.

About Myriad Uranium

Myriad Uranium Corp is a uranium exploration company focused on projects in Wyoming, USA and Niger, Africa. Their flagship asset is the Copper Mountain Uranium Project in Wyoming, where they have an earnable 75% interest. Copper Mountain hosts several known uranium deposits and historic mines, including the Arrowhead Mine which produced 500,000 pounds of U3O8. Previous operators invested approximately $74 million exploring and partially developing Copper Mountain before operations ceased in 1980 due to low uranium prices. Myriad believes there is significant exploration upside remaining at Copper Mountain based on the 2,000 drill holes completed to date.

In Niger, Myriad holds 80% ownership of over 1,800 sq km of uranium exploration licenses in the Tim Mersoï Basin. These licenses surround major uranium deposits operated by Orano, Global Atomic, and Goviex. Myriad also has the option to earn up to 100% ownership.

Additionally, Myriad Uranium has a 50% interest in the Millen Mountain Property in Nova Scotia, Canada, with the other 50% held by Probe Metals Inc. Overall, Myriad Uranium Corp has a portfolio of uranium assets at various stages of exploration and development in North America and Africa.

Interview with CEO, Thomas Lamb

Project Overview

Myriad Uranium has acquired a 75% earn-in interest in the historic Copper Mountain uranium project in Wyoming. The project area produced 500,000 pounds of uranium in the 1950s and 1960s. The company has pivoted to the US amid turmoil in Niger and acquired the Wyoming project's extensive dataset, which details significant historic resources, mine plans, feasibility studies, and metallurgical results. Myriad is now focused on validating and expanding these historic resources as it advances the formerly production-ready project back towards development.

The Copper Mountain project covers 1,900 acres in the Powder River Basin of Wyoming. Historic operator Rocky Mountain Energy explored the property extensively and estimated resources of 15 to 30 million pounds of U3O8 across five or six uranium deposits. One historic estimate for just two of the deposits totals 63.8 million pounds U3O8. Rocky Mountain spent approximately $74 million developing the project and drilled over 2,000 holes. Plans were underway for conventional mining and heap leaching in the late 1970s before the project was mothballed.

Extensive Historic Data

A key aspect of the deal was Myriad's acquisition of Copper Mountain's extensive historical data. This includes drill logs, feasibility studies, mine plans, and metallurgical test results. Lamb states: "It was a real treasure trove." The data indicates the mineralization could be amenable to low-cost in situ recovery (ISR) mining based on strongly leachable uranium ore and high anticipated recoveries above 90%.

Lamb explains the opportunity this presents: “If this turns out to be ISR amenable then we can go with what we’ve got right now.” The data also points to areas of higher-grade mineralization above 500 ppm U3O8 which could be targeted to increase the project’s overall grade profile.

Validating and Expanding Resources

A top priority is validating and expanding the historic resources by twinning old drill holes and digitizing data. Myriad is already well underway with this. Lamb expects resource updates over the coming months to significantly expand pounds in the ground. He states: “For not very much spending we can potentially give that return to our shareholders.”

The current focus is on the Central North Canning deposit which hosts lower-grade resources around a few hundred ppm U3O8. However, Lamb highlights the large exploration upside, with high-grade intercepts across the project up to 8,000 ppm U3O8. Extensive data collected by Rocky Mountain points to the potential for discoveries across the large land package.

Advancing Towards Production

Given the project's advanced status, Myriad could move relatively quickly to production if ISR mining is proven feasible. As Lamb states: “This was production-ready in 1979.” Fast-tracking Copper Mountain would be supported by its location in uranium-friendly Wyoming amid a push for US energy security. Lamb adds: “The North American agenda for critical minerals and energy self-sufficiency is well known.”

Myriad will require additional funding to continue advancing Copper Mountain. However, the company aims to minimize dilution after already completing its earn-in payments. As Lamb notes: “We like to keep dilution to a minimum.” The company’s strong leverage potential is clear as Copper Mountain progresses from resource validation into development studies.

The Investment Thesis for Myriad Uranium

• Historic production and resources point to major upside potential.
• Extensive data and advanced status could fast-track a low-cost ISR project.
• Resource updates expected over coming months to significantly expand pounds in the ground.
• Exploration upside remains across the large land package with high-grade intercepts.
• Wyoming location suits US security of supply objectives.

Myriad Uranium's acquisition of Copper Mountain and its treasure trove of data provides near-term resource expansion potential and a clear path towards bringing a formerly production-ready uranium project back online. As the company validates and grows resources over the coming months, it will demonstrate the significant value provided by its historic data set. The project's advanced status and amenability to low-cost ISR mining add to the investment case amid a favorable backdrop for US uranium.