Myriad Uranium - Historic Data Indicates Large Scale & High-Grade Uranium Find in Wyoming

• Myriad Uranium is advancing the Copper Mountain uranium project in Wyoming, which was previously explored by Union Pacific in the 1970s.
• The project has an estimated potential of over 65 million pounds of uranium based on historic data from 2,000 bore holes.
• Myriad is currently raising funds and plans to start drilling in about two weeks to validate and potentially expand the historic resource.
• The company is focusing on high-grade zones and plans to drill deeper than previous efforts, potentially uncovering additional mineralization.
• Myriad has attracted sophisticated investors, including a uranium fund from Switzerland, despite its small market cap.

About Myriad Uranium

Myriad Uranium Corp is a junior exploration company focused on advancing the Copper Mountain uranium project in central Wyoming. Led by CEO Thomas Lamb, the company has recently pivoted from projects in Niger to consolidate ownership of this promising uranium asset in the United States.

The Copper Mountain project has a rich history, having been extensively explored by Union Pacific in the 1970s. Union Pacific invested approximately 117 million Canadian dollars (in today's terms) into the project, drilling 2,000 boreholes and identifying seven uranium deposits. Their work suggested a potential of over 65 million pounds of uranium across the project area, with historic resource estimates ranging from 15 to 30 million pounds for mine planning purposes.

What makes Myriad's position unique is that they are the first group to consolidate ownership of the entire project area since 1982. The company is now leveraging the wealth of historical data to guide their exploration efforts. They are particularly excited about the potential for high-grade uranium in vertical structures, which were not the focus of historical exploration.

Myriad is currently in the midst of a successful capital raise, attracting sophisticated investors despite challenging market conditions. The company is preparing to commence a drilling program aimed at validating and potentially expanding upon the historical data. Their immediate focus is on the high-grade zone of the Canning deposit, with plans to drill deeper than previous efforts and explore the potential for vertical mineralization structures.

Interview with Chief Executive Officer, Thomas Lamb

The Nuclear Renaissance

As the world grapples with the dual challenges of climate change and increasing energy demand, uranium is emerging as a critical component of the global energy mix. The nuclear power industry, fueled by uranium, is experiencing a renaissance that presents compelling investment opportunities. This resurgence is driven by the growing recognition of nuclear energy's role in providing reliable, carbon-free baseload power. For investors seeking exposure to the clean energy transition, uranium offers a unique proposition with significant potential for long-term growth.

Nuclear Power's Role in Decarbonization

The urgent need to reduce greenhouse gas emissions has put nuclear power back in the spotlight. As countries strive to meet ambitious climate targets, many are recognizing that renewable energy sources alone may not be sufficient to meet baseload power needs while simultaneously reducing carbon emissions. Nuclear power, with its ability to provide consistent, large-scale electricity generation without direct carbon emissions, is increasingly seen as a crucial component of a low-carbon energy future.

Global Demand Growth

The demand for uranium is being driven by several factors:

• New Reactor Construction: Countries like China, Russia, and India are aggressively expanding their nuclear power capacities, with dozens of new reactors under construction or planned.
• Reactor Lifetime Extensions: Many countries are extending the operational lives of existing reactors, ensuring continued demand for uranium fuel.
• Small Modular Reactors (SMRs): The development of SMRs promises to make nuclear power more accessible and adaptable, potentially opening up new markets.
• Emerging Applications: Nuclear power is being considered for new applications beyond electricity generation, such as hydrogen production and desalination.

Supply Constraints

While demand for uranium is growing, the supply side of the equation presents significant challenges that create a compelling investment case.

• Historical Underinvestment: The uranium industry has suffered from years of underinvestment following the Fukushima disaster in 2011. Low uranium prices led to mine closures, project deferrals, and a lack of exploration for new deposits. This has resulted in a situation where the industry is ill-prepared to meet the projected increase in demand.
• Limited New Production: Bringing new uranium mines into production is a time-consuming and capital-intensive process. The lead time from discovery to production can often exceed a decade. This creates a significant lag between increased demand and new supply coming online.
• Geopolitical Considerations: The concentration of uranium production in a handful of countries, including Kazakhstan, Canada, and Australia, has raised concerns about supply security. Recent geopolitical events have highlighted the risks of relying too heavily on any single source, prompting utilities and governments to seek diversification of supply.
• Technical Expertise Shortage: One of the most significant challenges facing the uranium industry is the shortage of experienced teams capable of bringing new projects into production. This shortage of expertise could potentially lead to delays or challenges for new projects entering the market.

Market Dynamics

The uranium market is characterized by unique dynamics that create opportunities for investors:

• Long-Term Contracts: Unlike many commodities, uranium is typically sold through long-term contracts between miners and utilities. This structure can provide stability but also means that spot prices may not always reflect the true state of supply and demand.
• Inventory Drawdown: In recent years, the market has relied heavily on secondary supplies, including inventories and recycled materials. However, these inventories are being depleted, increasing the need for new primary production.
• Price Momentum: After years of depressed prices, uranium has seen significant price appreciation in recent years. However, current prices are still below the levels needed to incentivize substantial new production, suggesting potential for further increases.

Investment Opportunities in the Uranium Sector

For investors looking to gain exposure to the uranium market, there are several avenues to consider:

• Uranium Producers: Established uranium producers with existing operations are well-positioned to benefit from rising prices and increased demand. These companies can often ramp up production relatively quickly in response to market conditions.
• Development-Stage Companies: Companies with advanced-stage uranium projects offer leveraged exposure to rising uranium prices. As projects become economically viable at higher prices, these companies may see substantial value appreciation.
• Exploration Companies: For investors with higher risk tolerance, early-stage uranium exploration companies provide speculative opportunities. Successful discoveries or resource expansions could lead to significant returns, especially in an environment of rising uranium prices.
• Uranium ETFs and Funds: For those seeking broader exposure to the sector, uranium-focused ETFs and investment funds offer diversified portfolios of uranium-related equities and, in some cases, physical uranium holdings.

The Myriad Uranium Opportunity

Myriad Uranium Corporation presents an interesting case study within the uranium sector. The company is advancing the Copper Mountain uranium project in Wyoming, which offers several unique features that make it stand out in the current market.

• Historical Significance and Data Advantage: One of the key strengths of Myriad's Copper Mountain project is its rich historical dataset. As Thomas Lamb, CEO of Myriad Uranium, explains: "Union Pacific had spent 117 million Canadian in today's dollars drilling 2,000 bore holes, identifying seven uranium deposits, lots of prospects, and estimating the potential across the deposits and prospects of over 65 million pounds of uranium." This extensive historical work provides Myriad with a significant head start compared to many other exploration companies. The company has access to a wealth of data that can guide its exploration efforts and potentially accelerate the path to resource definition.
• Strategic Location: The Copper Mountain project is located in the center of Wyoming, a jurisdiction with a long history of uranium mining and a supportive regulatory environment. This location offers several advantages, including existing infrastructure, skilled labor, and potential synergies with other uranium operations in the region.
• High-Grade Potential: While much of the historical work focused on lower-grade, shallow mineralization, Myriad has identified the potential for high-grade uranium in vertical structures. Lamb notes: "We've since discovered... that the high-grade mineralization sits in almost vertical structures instead of these flat-lying pods. The high grade is in these near vertical structures." This insight opens up the possibility of discovering higher-grade resources that could significantly enhance the project's economic potential.
• Exploration Upside: Myriad's planned exploration program aims to not only validate the historical data but also expand upon it. The company plans to drill deeper than previous efforts, potentially uncovering additional mineralization. As Lamb states: "Some of these holes terminated in significant uranium mineralization. Union Pacific never drilled deeper than 600 feet... We are drilling orthogonal to the structures, we're going to hopefully intersect these the high grade in the structures, and we're going deeper." This approach could lead to resource expansion and new discoveries within the project area.
• Experienced Management and Strong Investor Base: Despite being a relatively small company by market capitalization, Myriad has attracted the attention of sophisticated investors. Lamb highlights this point: "We have very sophisticated investors for such a small market cap company... We had one group several months ago do a six-week deep dive into our data room, and that led to a million-dollar personal check from Steven Toth's funds out of Toronto." The ability to attract such investors suggests confidence in both the project's potential and the management team's ability to execute on their plans.

Challenges & Risks

While Myriad Uranium presents an intriguing opportunity, investors should be aware of the risks associated with early-stage uranium exploration:

• Resource Uncertainty: While the historical data is promising, the company still needs to validate and bring these resources up to current standards.
• Exploration Risk: There's no guarantee that the planned drilling program will successfully intercept high-grade mineralization or expand the known resource.
• Market Volatility: The uranium market can be subject to significant price swings, which could impact the project's economic viability and the company's ability to raise capital.
• Financing Risk: As an early-stage company, Myriad will likely need to raise additional capital in the future, which could lead to dilution for existing shareholders.

The uranium market stands at a critical juncture, with growing demand for nuclear power set against a backdrop of constrained supply. This dynamic creates a compelling opportunity for investors to gain exposure to a sector poised for potential significant growth. Companies like Myriad Uranium, with projects that leverage extensive historical data and offer exploration upside, provide an intriguing entry point into this market.

As Lamb observes regarding the current market conditions:

"Fundamentals are great. For those of us who are lucky and have a solid project, everybody wants to talk to us."

This sentiment underscores the potential opportunity for well-positioned companies in the uranium sector.

For investors willing to navigate the complexities of this unique market, uranium presents an opportunity to potentially benefit from one of the defining energy trends of the coming decades. As the world continues to grapple with the challenges of climate change and energy security, uranium's role in the global energy mix is likely to grow, potentially rewarding those who have positioned themselves ahead of this long-term trend.

The Investment Thesis for Myriad Uranium

• Extensive historical data providing a significant head start in resource definition
• Strategic location in Wyoming, a uranium-friendly jurisdiction with existing infrastructure
• Potential for high-grade discoveries in vertical structures, previously unexplored
• Exploration upside through deeper drilling and new target identification
• Attracted sophisticated investors despite small market capitalization
• Experienced management team with a clear strategy for project advancement
• Positioned to benefit from anticipated growth in uranium demand and prices

The uranium market is poised for significant growth driven by increasing global demand for clean, baseload power and a looming supply shortage. Myriad Uranium, with its Copper Mountain project in Wyoming, represents a compelling opportunity within this sector. The company's access to extensive historical data, combined with its strategy to target high-grade mineralization, positions it well to potentially capitalize on rising uranium prices. However, investors should carefully consider the risks associated with early-stage exploration projects and broader market dynamics. As the global energy landscape continues to evolve, uranium investments like Myriad offer exposure to a critical component of the world's future energy mix, with the potential for significant long-term value creation.

Macro Thematic Analysis

The uranium market is at the intersection of several powerful global trends, creating a potentially transformative investment landscape. At the forefront is the urgent need to address climate change, which has repositioned nuclear power as a crucial component of low-carbon energy strategies worldwide. This shift is evidenced by the increasing number of countries incorporating nuclear into their long-term energy plans, from established markets like China and Russia to emerging nuclear nations.

Simultaneously, the global focus on energy security, heightened by recent geopolitical events, has underscored the strategic importance of domestic nuclear capabilities. This has led to a reevaluation of nuclear power in many countries and a push to secure long-term uranium supplies from stable jurisdictions.

The supply side of the equation is equally compelling. Years of underinvestment following the Fukushima disaster have left the uranium industry ill-prepared to meet rising demand. With many existing mines nearing the end of their lives and few new projects in the pipeline, a significant supply gap is emerging. This situation is exacerbated by the long lead times required to bring new uranium projects online, creating a potential bottleneck in the coming years.

Furthermore, the uranium market is increasingly influenced by new players beyond traditional utilities. The emergence of financial investors, including uranium-focused funds and ETFs, adds another layer of demand to an already tightening market.

The confluence of these factors – growing nuclear power adoption, emphasis on supply security, constrained production, and increased financial interest – sets the stage for a potential sustained bull market in uranium. However, the industry faces significant challenges in scaling up to meet this demand, particularly in terms of bringing new projects online in a timely manner.

Thomas Lamb's statement encapsulates both the opportunity and the current market dynamics in the uranium sector:

"Fundamentals are great. For those of us who are lucky and have a solid project, everybody wants to talk to us."

This perspective underscores the growing interest in uranium projects with strong fundamentals, even as the broader market experiences volatility.

For investors, this macro thematic presents a compelling long-term opportunity. The uranium market is poised for a potential structural shift, with demand growth outpacing supply capabilities for the foreseeable future. Companies with quality projects in stable jurisdictions, particularly those with a head start in resource definition, stand to benefit significantly. However, investors must also be prepared for the challenges inherent in this sector, including regulatory uncertainties, long development timelines, and the need for substantial capital investment.