Myriad Uranium Delivers 60% Grade Boost Through Technology Upgrade Along Rush Merger Expansion

• Myriad Uranium's advanced gamma probe technology and laboratory assays have revealed 50-60% higher uranium grades than historical estimates at their Copper Mountain project in Wyoming, significantly upgrading the resource potential above the baseline 15-30 million pounds.
• The uranium market has experienced a decisive shift toward conventional mining projects as operational challenges with in-situ recovery (ISR) methods have created investor skepticism, positioning Myriad's conventional mining approach as highly advantageous.
• The company's planned merger with Rush Rare Metals will provide 100% ownership of the Copper Mountain project while adding the high-grade Boxy project in Quebec, creating operational synergies and eliminating joint venture complexity.
• Myriad's Red Basin project in New Mexico, acquired for just $525,000 Canadian, has emerged as a significant value creator due to major technology companies and local funding initiatives flooding into the state's nuclear sector.
• With $2.5 million in cash and a capital-efficient strategy of conducting eight targeted infill holes to validate grade upgrades, Myriad can execute near-term objectives while preserving options for larger expansion programs.

The uranium sector is experiencing a fundamental shift in investor preferences, with conventional mining gaining favor over in-situ recovery (ISR) methods following operational setbacks across multiple ISR projects. Myriad Uranium (CSE:M), led by CEO Thomas Lamb, is capitalizing on this trend with two strategically positioned projects that offer significant upside potential through updated technology and favorable jurisdiction positioning.

Technology Upgrade Reveals Hidden Value

Myriad's flagship Copper Mountain project in Wyoming is demonstrating the power of modern measurement techniques in unlocking previously underestimated resources. The project's historical foundation, established through Union Pacific Railway's extensive 2,000-hole drilling program in the 1970s, used Delayed Fission Neutron (DFN) probes to estimate resources. However, Myriad's recent 34-hole drilling program employed advanced gamma probe technology, revealing substantially higher uranium concentrations.

CEO Thomas Lamb explained during a recent industry conference:

"We drilled 34 holes last year and we used a gamma probe with photon emission and - we probes have changed; we've got higher sensitivity probably and more advanced technology - and we got much better results than the historical results. We sent everything to the laboratory for assay and we got way higher results. There's much more."

The laboratory assay results have proven even more encouraging than the improved probe readings. This technological advantage positions Myriad to potentially upgrade the project's resource estimate significantly above the historical 15-30 million pound baseline.

Lamb reported, "Anything over 1,000 ppm, we got a 60% boost. Anything over 500 ppm, we got a 50% boost. So these are big boosts."

One particularly compelling example of the upgrade potential lies in the Lucky Cliff prospect, where historical drilling intersected 85 ft of 1200 ppm. With the disequilibrium issue now better understood through modern assaying techniques, Lamb believes re-drilling this target would be the most exciting intercept in Wyoming.

Interview with CEO Thomas Lamb

Strategic Resource Base and Expansion Potential

The Copper Mountain project's resource foundation extends well beyond the core area that established the historical 15-30 million pound estimate. Surrounding the central deposit are approximately 15 prospects, each containing between 5-20 historical drill holes from the 1970s exploration campaign. These peripheral targets collectively represent potential for expanding the resource to 65 million pounds, while the US Department of Energy's 1983 assessment suggested Copper Mountain could ultimately contain 200 million pounds.

Lamb noted, emphasising the project's original scope and scale.

"This was going to be the starter resource for a large scale conventional uranium mine. Around that core, we call it about 15 prospects. And advancing those, they each saw between 15-20 bore holes in the 1970s. If those get advanced, we maybe have 65 million pounds."

The company's current strategy involves a measured approach to resource expansion, balancing thorough validation with capital efficiency. Rather than immediately embarking on extensive drilling programs, Myriad plans to conduct targeted infill drilling in the core area to establish the upgrade factor definitively, then expand to peripheral prospects for validation work.

Corporate Consolidation Strategy

Myriad's planned merger with Rush Rare Metals represents a strategic consolidation that will streamline the Copper Mountain project's ownership structure. Currently, Myriad can earn up to 75% of the project through its option agreement with Rush, but the merger will provide 100% ownership while adding complementary assets to the combined entity.

The transaction, expected to reach definitive agreement within 30 days of the interview, exemplifies the "1 plus 1 equals three" value creation potential in the current uranium market. While currently subject to Quebec's uranium moratorium, the asset provides future optionality should regulatory conditions change.

Rush Rare Metals brings the Boxy project in Quebec, a former Atomic Energy of Canada Limited (AECL) asset containing exceptionally high-grade uranium mineralization.

"They have the Boxy project in Quebec. That's an old AERVA project with really high uranium grades, noting 11% uranium and up to 27% niobium."

Conventional Mining Gains Market Favor

The uranium exploration sector has witnessed a notable shift in investor sentiment, with conventional mining projects gaining preference over ISR operations. This change stems from operational challenges encountered by several high-profile ISR projects, creating uncertainty around the methodology's reliability and cost-effectiveness.

"A year ago everybody was saying what about in-situ recovery projects," Lamb observed. "Now everybody's talking about conventional mining of uranium... so we're getting a ton of attention."

This sentiment shift has created a tangible advantage for Myriad. The Copper Mountain project's geology supports both conventional and ISR approaches, with the northern section consisting of fractured granite basement rock suitable for conventional mining, while the southern portion offers potential for ISR operations. This flexibility provides operational optionality while positioning the project to benefit from the current conventional mining preference.

New Mexico Opportunity Emerges

Myriad's Red Basin project in New Mexico, acquired for $525,000 Canadian in a combination of cash and shares, has emerged as an unexpected value creator. The project contains 0.5 million indicated and 1.5-6.5 million inferred pounds of uranium from historical drilling programs, but recent developments in New Mexico's nuclear sector have elevated its strategic importance.

"It's worth a big multiple of that now. We realise New Mexico is coming on. There's a lot of money flooding in. It's not just in uranium exploration. It's in conversion enrichment and technology companies are coming in," Lamb reported.

The influx includes major technology companies, with Microsoft and Amazon Web Services among the entities showing interest in New Mexico uranium assets.

The state's nuclear expertise, centered around Los Alamos National Laboratory and local universities, combined with sovereign wealth fund involvement and technology sector interest, is creating a unique ecosystem for uranium development. Lamb acknowledged the presence of local funds that needs to be spent in New Mexico and to have technology people who have strong ties to New Mexico.

Execution Strategy and Capital Allocation

With approximately $2.5 million in cash, Myriad maintains sufficient capital for near-term strategic objectives while preserving the option to raise additional funds for more ambitious expansion programs. The company's immediate focus centers on conducting targeted drilling to validate the grade upgrade hypothesis before expanding to peripheral prospects.

"We feel like we're already mostly there. This was going to be a large scale uranium mine, in 1983 that was cut short by Three Mile Island. We've done enough drilling to be really confident about the core area."

The strategic approach involves conducting approximately eight infill holes in the central pit area to establish the grade upgrade definitively, then expanding validation work to peripheral prospects. This methodology provides maximum leverage from limited drilling while building investor confidence in the broader resource potential.

US Market Positioning and Listing Strategy

Myriad's positioning as a US-focused uranium company with assets in Wyoming and New Mexico aligns with broader strategic initiatives to secure domestic uranium supply chains. The company's current listing on the Canadian Securities Exchange may evolve as the uranium sector consolidates and migrates toward US exchanges for enhanced liquidity and valuation multiples.

"I like that we companies like like Myriad and Rush have what the US needs on the market," Lamb explained. "The US, the NASDAQ, NYSC American, they need companies and assets like the ones we have, but we need to be listed in the US to be really effective. I think we'd have a big multiple of our current be at multiple of our current value."

This strategic positioning becomes increasingly relevant as domestic uranium production gains policy support and technology companies seek reliable supply chain partnerships. The combination of conventional mining capability, favorable jurisdiction, and strategic resource scale positions Myriad advantageously for potential partnerships or acquisition scenarios.

The Investment Thesis for Myriad Uranium

• Technology-Driven Resource Upgrade: Modern gamma probe technology and laboratory assaying are delivering 50-60% grade improvements over historical estimates, providing immediate value uplift without additional capital deployment.
• Conventional Mining Advantage: Market preference shift away from ISR toward conventional mining positions Myriad favorably, with fund managers explicitly seeking conventional projects due to ISR operational challenges.
• Scalable Resource Base: Historical foundation of 15-30 million pounds with expansion potential to 65 million pounds through prospect advancement, supported by US Department of Energy estimates of 200 million pounds ultimate potential.
• Strategic Consolidation: Rush Rare Metals merger will provide 100% Copper Mountain ownership while adding high-grade Quebec asset, eliminating joint venture complexity and creating operational synergies.
• Emerging New Mexico Value: Red Basin project acquired for $525,000 Canadian now attracting significant attention from technology companies and local funding initiatives, providing asymmetric upside potential.
• Capital-Efficient Validation Strategy: Targeted eight-hole drilling program can establish grade upgrade definitively with existing cash, providing maximum leverage before expanding to larger development programs.
• US Strategic Positioning: Wyoming and New Mexico assets align with domestic uranium supply chain objectives, positioning for potential strategic partnerships or acquisition premium.
• Management Execution Track Record: Technical team includes Union's former general manager from 1970s development period, providing deep project knowledge and operational expertise.

Myriad Uranium represents a compelling investment opportunity in the evolving uranium sector, where conventional mining projects are gaining preference over ISR operations due to operational reliability concerns. The company's technology-driven approach to resource upgrading at Copper Mountain, combined with strategic positioning in favorable US jurisdictions, creates multiple value creation pathways. The planned Rush Rare Metals merger will streamline operations while adding complementary assets, positioning the combined entity for enhanced market recognition and potential US exchange listing. With sufficient capital for near-term validation work and asymmetric upside potential through both proven resource expansion and emerging New Mexico opportunities, Myriad offers investors exposure to uranium sector recovery with reduced execution risk compared to early-stage exploration plays.

TL;DR

Myriad Uranium offers investors exposure to uranium sector recovery through technology-upgraded resources showing 50-60% grade improvements, conventional mining advantage amid ISR project failures, strategic merger providing 100% project ownership, emerging New Mexico tech company interest, and capital-efficient validation strategy with $2.5M cash position.

Frequently Asked Questions (FAQs) AI-Generated

Q: How significant is the 50-60% grade upgrade at Copper Mountain?

A: The grade improvements are based on modern gamma probe technology and laboratory assays replacing 1970s Delayed Fission Neutron measurements. With grades above 1,000 ppm showing 60% boosts and those above 500 ppm demonstrating 50% increases, this positions the project's resource estimate significantly above the historical 15-30 million pound baseline.

Q: Why has the market shifted against ISR projects in favor of conventional mining?

A: Multiple high-profile ISR projects have experienced operational setbacks, creating uncertainty around the methodology's reliability and cost-effectiveness. Fund managers are now explicitly seeking conventional mining projects, with one telling CEO Lamb, "I'm done with ISR," creating a competitive advantage for Myriad's conventional approach.

Q: What makes the New Mexico project valuable despite its small acquisition cost?

A: The Red Basin project was acquired for $525,000 Canadian but has gained significant value as major technology companies including Microsoft and Amazon Web Services enter New Mexico's nuclear sector. The state's emergence as a nuclear technology hub, supported by Los Alamos National Laboratory and local funding initiatives, has created unique development opportunities.

Q: How will the Rush Rare Metals merger benefit shareholders?

A: The merger will provide 100% ownership of Copper Mountain (currently optioned at 75%), eliminate joint venture complexity, and add Rush's high-grade Boxy project in Quebec containing 11% uranium and up to 27% niobium. This represents a "1 plus 1 equals three" value creation scenario according to management.

Q: Does Myriad have sufficient capital to execute its strategy?

A: With $2.5 million in cash, Myriad can conduct its planned eight-hole validation drilling program to establish grade upgrades definitively. The capital-efficient strategy provides maximum leverage from limited drilling while preserving options to raise additional funds for larger expansion programs.