Myriad Uranium Advances Wyoming's Copper Mountain Following $8.6M Financing and Grade Enhancement Discovery

• Myriad Uranium raised C$8.6 million (exceeding C$6 million target) to expand land holdings, advance drilling at Copper Mountain, and convert historic resources to NI 43-101 compliance
• Chemical assays reveal radiometric disequilibrium at Copper Mountain: zones above 1,000 ppm show 60% more uranium than gamma probe readings, transforming economics and expanding mineralization
• 1982 Bendix report indicates 655 million pounds uranium endowment in broader Copper Mountain area; company controls 70% of core 245 million pound zone down to 600 feet depth
• Merger discussions with Rush Rare Metals continue beyond initial 60-day LOI window; company currently owns 50% of Copper Mountain, earning toward 75%, with merger providing 100% ownership
• Deep drilling discovered uranium at 1,495 feet (below Union Pacific's 600-foot limit), supporting thesis of deeper unconformity-style system controlled by major east-west fault structures

Myriad Uranium Corp is leveraging modern analytical techniques to unlock value from one of Wyoming's most extensively explored but undeveloped uranium projects. In a comprehensive discussion, CEO Thomas Lamb outlined how recent financing, groundbreaking assay results, and strategic consolidation efforts are transforming the company's Copper Mountain project from a well-documented historic resource into a potentially world-class uranium asset.

Successful Financing Provides Strategic Flexibility

Myriad recently completed a bought deal financing that exceeded expectations, raising C$8.6 million against an initial target of C$6 million. The offering, led by Research Capital and Red Cloud Securities, generated strong institutional interest despite anticipated warrant stripping that has temporarily pressured the stock price.

"We knew that there would be some warrant stripping. We decided to take the money effectively... we're cashed up. We're at almost $10 million cash in the bank and we have tons of uranium."

The financing positions Myriad with approximately 21.5 million new units and 1.2 million broker warrants, bringing total cash to nearly $10 million. While management anticipated short-term selling pressure, Lamb emphasized that sophisticated investors are accumulating shares. 

"We have a lot of smart money funds, sophisticated groups that are on the buy side and they're just absolutely buying every share... they think this is a tremendous opportunity to get a big multiple of their investment if they buy right now."

The capital will fund three primary initiatives: expanding land holdings to capture more of the Bendix-identified uranium endowment, converting historic resources to current NI 43-101 standards, and aggressive drilling of high-priority targets in previously inaccessible areas.

The Bendix Report: A 655 Million Pound Opportunity

Central to Myriad's investment thesis is a 1982 U.S. Department of Energy assessment known as the Bendix report, which estimated Copper Mountain's uranium endowment at 655 million pounds in the broader project area and 245 million pounds in a more discrete central zone. Critically, Myriad controls approximately 70% of the acreage associated with the 245 million pound core area.

"That's just down to 600 feet," Lamb emphasized, highlighting the potential for additional resources at depth. The company is now using proceeds from the recent financing to acquire additional acreage to increase its control over this substantial uranium endowment.

The Bendix assessment builds on $85 million in exploration expenditures (in today's dollars) by Union Pacific Railway, backed by Southern California Edison, during the 1970s. That work included 2,000 drill holes across seven identified deposits, with Union Pacific planning to commence large-scale conventional production in 1983 before the uranium market collapse halted development.

Chemical Assays Reveal Major Grade Enhancement

Perhaps the most significant technical development at Copper Mountain involves Myriad's systematic chemical assaying program, which has revealed substantial radiometric disequilibrium that dramatically understates the actual uranium content detected by conventional gamma probing methods.

Union Pacific's 1970s-era exploration relied exclusively on downhole gamma and neutron probe readings to estimate uranium grades, occasionally using fluorometric methods that consistently returned higher grades but were disregarded in favour of the more conservative probe results. Modern chemical assaying has vindicated those early fluorometric readings.

"Anything over 1,000 ppm equivalent grade... actually, there's 60% on average more uranium in that rock than the probe was able to detect. Anything with 500 ppm or higher, there's 50% more uranium."

This discovery extends beyond known mineralized intervals. Myriad submitted nearly 800 additional samples from zones where probes detected little or no uranium. The results were transformative: 

"A lot of this rock that we thought was going to be waste has a lot of uranium in it. We've taken grades up...these 20, 50, 75, 100 ppm zones, maybe you're up into the hundreds of ppm and in some cases the boosts were really significant."

The implications are substantial. Union Pacific's mine planning was based on conservative probe readings with significant waste dilution. Myriad's assay program demonstrates that much of this "waste" material actually contains economic uranium grades, expanding grade shells while simultaneously increasing contained metal within those shells.

Interview with Thomas Lamb, CEO, Myriad Uranium

Deep Drilling Unlocks Additional Potential

Myriad's drilling program has also targeted depths beyond Union Pacific's 600-foot exploration limit, with encouraging results that support a potentially transformative geological model. The company has encountered uranium mineralization as deep as 1,495 feet, with assays up to 800+ ppm.

"We have encountered uranium down to 1,495 feet. That is below the 600-foot hard deck that Union Pacific drilled down to," Lamb noted. This deeper mineralization may relate to a major east-west fault structure that could have channeled uranium-bearing fluids from depth across the entire project area.

Previous work by Anaconda Mining in the adjacent Railroad area (now owned by Myriad) explored this deep uranium thesis, encountering mineralization at 940 feet and deeper. If confirmed across Copper Mountain's extensive footprint, this deeper uranium system could represent a significant resource addition beyond the already substantial Bendix estimates.

Structural Controls and Untested Targets

Union Pacific's 1970s exploration focused on easily accessible areas - valley floors and gentle ridges where drill rigs could be positioned without significant site preparation. The more challenging terrain, requiring road construction and earthmoving equipment, remained largely undrilled despite compelling geological indicators.

The Canning deposit represents Copper Mountain's largest identified resource, and internal assessments suggest multiple additional "Canning-scale" deposits may exist in underexplored areas where favourable structures remain untested.

Myriad has permitted 222 new drill holes and bonded 70 of them, with drilling locations informed by digitized historic data, modern geological interpretation, and the expanding understanding of structural controls. The company is actively incorporating the Bendix data and thousands of historic drill logs into 3D modeling systems to guide this exploration.

Rush Merger: Path to 100% Ownership

Myriad currently owns 50% of the Copper Mountain project through a joint venture with Rush Rare Metals Corp., with the right to earn up to 75% through additional expenditures. A proposed merger would give Myriad 100% ownership, simplifying the corporate structure and eliminating potential funding complications as the project advances.

The companies executed a letter of intent earlier this year, but the 60-day window expired as Myriad pursued its bought deal financing. 

"We had to put that news release out in order to advance our bought deal... however, the merger talks with Rush are still continuing. There is no contention between the parties."

Independent committees from both boards are working with independent advisors to finalize terms, with discussions expected to resume shortly. The proposed transaction would be structured as a share-for-share exchange to provide tax rollover treatment for shareholders.

Institutional investors have indicated that 100% ownership would enhance Myriad's attractiveness. "People are coming back at us saying, great asset... but if you could own 100% of the asset and not have divided ownership, that would be even better. Kind of one plus one equals three." Lamb noted.

U.S. Listing and Market Capitalization Strategy

Despite having an OTC ticker, Myriad's primary listing remains on the Canadian exchanges, which management views as suboptimal given the company's U.S. asset base and investor interest. 

"We have a lot of US people that are interested in investing in the company. It's not ideal that we have a Canadian primary listing."

The company is actively pursuing a proper U.S. listing, with options including self-listing on NASDAQ or the NYSE, or potentially combining with an existing U.S.-listed entity. This move would address multiple strategic objectives simultaneously.

Achieving a market capitalization above $30-50 million would trigger ETF inclusion and meet minimum thresholds for numerous institutional funds currently unable to invest. "We go talk to funds and sometimes they say we're extremely interested as soon as you meet our criteria we're investing," Lamb explained. The Rush merger would contribute to this market cap expansion while also consolidating ownership.

Favourable Policy and Funding Environment

Myriad's development timeline aligns with increasingly supportive U.S. policy for domestic uranium production. Recent designation of uranium as a critical mineral unlocks fast-track permitting, federal grants, tax incentives, and state-level matching funds. Wyoming offers drilling cost-sharing programs, while New Mexico is developing similar support mechanisms.

"You've got sovereign funds and state sovereign funds available. Wyoming, New Mexico matching funds in Wyoming for drilling," Lamb detailed. He also expects increasing involvement from technology companies and utilities, noting that "tech VCs, utilities... software companies, data and AI companies... they're coming in too."

An analyst Lamb recently spoke with, characterized the situation bluntly: "The utilities are way behind here. The problems are very real... There is no escape. The shortages are real. The geopolitics are real. The utilities have not been helping with the investment in exploration development to find uranium and build new mines."

The Investment Thesis for Myriad Uranium

• Massive Resource Base: Control of 70% of a 245-million-pound uranium endowment (655 million pounds in broader area) identified by the U.S. Department of Energy, representing one of North America's largest undeveloped uranium assets
• Grade Enhancement Through Modern Technology: Chemical assays reveal 50-60% more uranium than historic gamma probe readings in mineralized zones, with significant uranium discovered in previously classified waste rock, fundamentally improving project economics
• Underexplored High-Priority Targets: Union Pacific's $85 million historic investment focused on easily accessible areas; numerous high-potential targets in difficult terrain remain undrilled despite favourable structural controls and geological indicators
• Deep Resource Potential: Recent drilling encountered uranium mineralization to 1,495 feet - well below the 600-foot depth limit of historic work - suggesting a potentially significant unconformity-style system that could substantially expand the resource base
• Path to 100% Ownership: Proposed merger with Rush Rare Metals would consolidate 100% ownership of Copper Mountain, simplifying corporate structure and enhancing institutional attractiveness while increasing market capitalization
• Strong Balance Sheet: Recent C$8.6 million financing provides ~C$10 million working capital to fund land acquisitions, resource conversion drilling, and aggressive exploration without near-term dilution pressure
• Multiple Value Inflection Points: Near-term catalysts include NI 43-101 resource estimate incorporating grade enhancements, Rush merger completion, U.S. exchange listing, ETF inclusion upon reaching $30-50M market cap threshold, and ongoing drill results from 222-hole permitted program
• Supportive Policy Environment: U.S. critical mineral designation provides access to fast-track permitting, federal/state grants, tax incentives, and matching funds programs in Wyoming and New Mexico
• Strategic M&A Target Profile: Large undeveloped U.S. uranium asset with exceptional exploration upside positions Myriad as attractive acquisition target for major producers, utilities, or technology companies seeking to secure domestic uranium supply
• Experienced Management: Team with proven uranium development experience, strong banking relationships, and institutional investor access executing systematic value creation strategy in favorable market conditions

Macro Thematic Analysis

The convergence of energy security concerns, AI-driven power demand growth, and geopolitical supply constraints is driving unprecedented interest in domestic U.S. uranium production. Following decades of underinvestment in exploration and mine development, utilities face structural supply deficits precisely as nuclear power gains recognition as essential for grid stability and data center expansion. Federal and state governments are responding with fast-track permitting, direct financial support, and critical mineral designations that fundamentally improve the economics of U.S. uranium projects. 

Technology companies and utilities, recognizing the strategic imperative of secure fuel supply chains, are beginning to engage directly and indirectly in uranium acquisition and fuel cycle investments. As one analyst told Lamb: "Myriad is the call option on uranium in the U.S... because of our giant endowment of uranium, especially Copper Mountain... as prices rise the world will come for it." Wyoming's favorable regulatory environment and extensive infrastructure, combined with projects like Copper Mountain that offer scale sufficient to move the supply needle, positions domestic uranium developers as critical enablers of America's energy and technological future.

TL;DR: Executive Summary

Myriad Uranium controls 70% of a 245-million-pound uranium endowment at Wyoming's Copper Mountain project, where modern chemical assays reveal 50-60% more uranium than historic gamma probe readings indicated, transforming project economics. With C$10 million in working capital, the company is aggressively drilling untested high-priority targets, pursuing 100% ownership through a merger with Rush Rare Metals, and advancing toward a U.S. exchange listing that would unlock institutional investment and ETF inclusion. Recent deep drilling to 1,495 feet suggests significant additional resource potential beyond the 600-foot depth limit of $85 million in historic work.

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