Myriad Uranium Adds 23 Breccia Pipe Uranium and REE Targets in Arizona, Including Wate Pipe Historical Resource

• Myriad Uranium Corp. has acquired 15 state mineral leases and 8 split-estate claims covering 5,600 acres in Northern Arizona, with two additional state awards pending that would bring the total to 6,080 acres.
• The acquired ground contains 23 breccia pipe-hosted uranium targets, a deposit type also considered prospective for rare earth elements, located in the Arizona Strip district.
• The package includes the Wate Pipe, previously held by Energy Fuels, which carries a historical resource estimate of 71,000 tons containing 1.12 million pounds of eU3O8 at a grade of 0.79%.
• Myriad has granted Wedgemount Resources Corp. a three-year option to earn up to 75% interest in the project through cash, share issuances, and exploration spending, with a mechanism for Myriad to increase its joint venture interest back to 50%.
• Copper Mountain in Wyoming remains Myriad's primary development project.

Myriad Uranium Corp. (CSE: M) (OTCQB: MYRUF) (FSE: C3Q) is a Canada-based uranium exploration company holding a 75% interest in the Copper Mountain Uranium Project in Wyoming, with an agreement in place to acquire the remaining 25% through the purchase of Rush Rare Metals Corp. Copper Mountain contains several historic uranium deposits and past-producing mines, including the Arrowhead Mine, and was previously explored by Union Pacific in the late 1970s. Myriad also holds a 10% free carried interest in the Red Basin Uranium Project following its sale to Subatomic Industries, and has now added a portfolio of 23 breccia pipe targets in Arizona, one of which, the Wate Pipe, carries a historical resource estimate dating to its ownership by Energy Fuels.

Acquisition of 23 Breccia Pipe Uranium and REE Targets in Arizona, Including the Wate Pipe Historical Resource

Myriad has acquired a land package in Northern Arizona's Arizona Strip district, covering 15 state mineral leases and 8 split-estate claims totalling 5,600 acres, with two additional state mineral awards pending that would expand the holding to 6,080 acres. The leases and claims host 23 breccia pipe-hosted uranium targets, a deposit type also considered prospective for rare earth elements.

Breccia pipes are vertical, cylindrical rock formations that formed when sedimentary rock collapsed into underlying cavities in limestone on the Colorado Plateau, concentrating uranium ore minerals within the broken rock column over time. According to United States Geological Survey figures cited in the release, this style of mineralization accounted for more than 23 million pounds of uranium oxide production in the district through the 1980s.

The portfolio includes the Wate Pipe, a deposit previously held entirely by Energy Fuels Inc. A 2015 technical report prepared by SRK Consulting outlined a historical inferred resource of approximately 71,000 tons containing 1.12 million pounds of eU3O8 at an average grade of 0.79% eU3O8. This estimate predates current reporting standards and is not treated as a current resource. Myriad has stated it intends to complete further work to determine whether the estimate can be verified and, if warranted, restated under current guidelines. Separately, historical drilling by VANE Minerals between 2007 and 2009 identified anomalous uranium mineralization on at least four other targets within the portfolio, based on monthly reports in Myriad's possession.

Three-Year Option Agreement With Wedgemount Resources for Up to 75% Interest

Myriad has entered into a three-year option agreement with Wedgemount Resources Corp., effective June 8, 2026, allowing Wedgemount to earn up to 75% of the Breccia Pipe Project and its surrounding area of mutual interest. Under the first stage, Wedgemount will pay Myriad US$75,000 within 30 days, issue Wedgemount shares to Myriad on a set schedule over 24 months, and complete a minimum of Cdn$2,250,000 in exploration spending to reach a 50% interest.

A second stage allows Wedgemount to earn an additional 25% interest, for a cumulative 75%, through further share issuances (bringing Myriad's total ownership in Wedgemount to 9.9%) and an additional Cdn$1,750,000 in exploration expenditures by the third anniversary of the agreement. If Wedgemount completes only the first stage, the companies would instead form a 50/50 joint venture. If Wedgemount earns the full 75%, Myriad retains the right to increase its joint venture interest back to 50% by funding the first Cdn$5,000,000 of subsequent exploration costs.

Myriad's Chairman Simon Clarke said:

"The acquisition of these mineral leases places us squarely in a historically significant uranium district with current uranium production nearby. Additionally, it is also a district which we believe is very underexplored and the targets that we have acquired have not had any modern exploration techniques applied to them.”

Strategic Focus on Copper Mountain While Diversifying District-Scale Exploration Portfolio

The Arizona transaction follows a similar structure to Myriad's earlier sale of 90% of its Red Basin Uranium Project to Subatomic Industries, in which Myriad retained a 10% free carried interest. In both cases, Myriad has optioned or sold projects outside its primary focus while retaining a minority ownership position.

Copper Mountain in Wyoming remains Myriad's flagship, large-scale development project. The Arizona targets are located near Energy Fuels' Pinyon Plain Mine, an active high-grade uranium operation, which the release notes for regional context.

Chairman Simon Clarke stated:

"We have been steadily adding key targets and land over the last few months and are now in position to drive the Project forward and have once again determined that, while the Company focuses on our large-scale, flagship project at Copper Mountain, Wyoming, it makes sense to bring in the right partner to drive day to day operations while we retain significant ownership."

Looking Ahead

Under the option agreement, Wedgemount's initial cash payment and share issuance are due within 30 days, followed by scheduled exploration spending and further share issuances over the following 24 months as Wedgemount works toward its 50% interest. Myriad has stated it intends to carry out data verification work on the historical Wate Pipe resource estimate to assess whether it can be updated under current reporting standards. Development at Copper Mountain in Wyoming continues as Myriad's primary project focus.

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