Myriad Uranium Advances to Phase II Drilling at Wyoming's Copper Mountain Project

• Drilling contractor NISS has been engaged; a diamond core rig is expected to be mobilised in June 2026.
• Phase II is a staged programme totalling 4,500 metres across Stages 1 and 2, with Stage 3 providing for an additional 8,000 to 18,000 feet of drilling subject to positive results.
• Stage 1 targets five historically mineralised deposits underpinning a combined historical estimate of 26.63 million pounds of uranium (U3O8).
• Stage 2 will test more than 15 additional targets, including those identified by a 1982 U.S. Department of Energy survey that outlined a conceptual exploration target of 245 to 655 million pounds of uranium within a defined assessment area.
• Stage 3 objectives include infill drilling to support a maiden mineral resource estimate and early technical studies covering metallurgy, geotechnical conditions, and potential recovery methods.

Myriad Uranium Corp. (CSE: M | OTCQB: MYRUF | FSE: C3Q) is a Canada-based junior mining company focused on uranium exploration in the western United States. Its primary asset is a 75% interest in the Copper Mountain Uranium Project in Wyoming, with an agreement in place to acquire the remaining 25%. The project has a documented history of exploration and development, including an estimated C$125 million invested by Union Pacific in the late 1970s, approximately 2,000 boreholes drilled, and advanced mine planning prior to a uranium market downturn in 1980. The company also holds a 10% free-carried interest in the Red Basin Uranium Project, which was recently sold to Subatomic Industries.

Phase II Drill Programme Commences; Stage 1 Targets Historical Resource Validation

Myriad has engaged NISS to conduct Phase II diamond core drilling at Copper Mountain, with rig mobilisation expected in June 2026. The engagement follows Phase I results that the company described as "highly successful," with final chemical assays confirming positive disequilibrium across key targets. Positive disequilibrium means that actual uranium grades measured through chemical analysis are higher than what older radiometric, or radiation-based, measurements had indicated, which has implications for how the historical estimates at each deposit are interpreted.

Stage 1, totalling 7,500 feet (2,250 metres), will involve two to four drill holes at each of five deposits: Lucky Cliff, Arrowhead, Mint, Hesitation, and Gem. Each carries a historical estimate. Lucky Cliff was drilled by Union Pacific in the late 1970s and returned intersections as wide as 355 feet grading 0.027% uranium oxide, while Arrowhead was an active mine from the 1950s until 1964, producing approximately 500,000 pounds of uranium. The Mint, Hesitation, and Gem deposits carry historical estimates of 2.38 million, 2.20 million, and 1.44 million pounds of uranium, respectively. These are historical estimates and do not constitute current mineral resources or reserves under modern standards; Stage 1 drilling is intended to generate new data to support a formal resource calculation.

CEO Thomas Lamb said:

"Phase II is designed to provide strong validation for the historic resource and to provide the roadmap to define and grow the resource base materially beyond what was historically defined."

Stage 2 and Stage 3 Extend the Programme Beyond the Historical Resource Base

Stage 2 will direct a further 7,500 feet of drilling at more than 15 targets that were identified during the Union Pacific and Bendix study era but were not drilled to a resource level. These targets have since been reassessed using recently completed geophysical surveys, which identified additional priority locations. Hole locations for Stage 2 are still being finalised to incorporate the latest available data before drilling begins.

The scale of Stage 2 is informed by a 1982 survey commissioned by the U.S. Department of Energy and conducted by Bendix Engineering, which estimated a conceptual exploration target of between 245 and 655 million pounds of uranium within a defined assessment area at Copper Mountain. This figure is conceptual and exploratory in nature and does not constitute a mineral resource. Insufficient exploration has been completed to determine whether further drilling will result in a defined resource estimate.

Stage 3, anticipated to add between 8,000 and 18,000 feet, is contingent on positive results from Stages 1 and 2. Its objectives include infill drilling and early technical studies covering metallurgy, geotechnical conditions, and potential recovery methods, aimed at advancing towards a maiden mineral resource estimate.

Copper Mountain's District-Scale Footprint and Historical Background

Copper Mountain has an extensive prior work history. Union Pacific's late 1970s exploration programme included approximately 2,000 boreholes and advanced mine planning before uranium prices declined in 1980, leading to the project being shelved. The project has since remained largely inactive until Myriad's acquisition and subsequent exploration activity.

CEO Thomas Lamb noted:

"Unlike Union Pacific when they estimated resources and planned a large-scale mine at Copper Mountain during the late 1970s, we are armed with advanced district-scale geophysics, Phase I chemical assays which revealed increased grades due to positive disequilibrium, the 1982 Bendix survey and methodology, and above all our top-flight QP George van der Walt, who has proven to be as outstanding as we'd hoped."

George van der Walt of The MSA Group serves as the project's qualified person under Canada's NI 43-101 mineral disclosure standard and has reviewed and approved the technical content of the Phase II programme.

The Phase II programme applies modern geophysical data and updated chemical assay methods to a project base that includes roughly 2,000 historical boreholes and decades of prior study, providing a technical foundation that is less common among early-stage uranium exploration projects.

Milestones and Next Steps

With rig mobilisation expected in June 2026, Stage 1 results from the five historical deposit targets will represent the first data point from the Phase II programme. Stage 2 hole locations are being finalised in parallel. Stage 3, should it proceed, is intended to advance the project towards a maiden mineral resource estimate. The cumulative results from all three stages will determine the scope and timeline of further project development.

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