Myriad Uranium Receives Federal Approval for 222-Borehole Exploration Programme at Copper Mountain

• Bureau of Land Management approves Plan of Operations for 222 boreholes across Copper Mountain Project, submitted as technical amendment to existing 2024 Drilling Notification
• Current State of Wyoming Drilling Notification covers 70 holes, with 50 carried over from 2024 Canning season; remaining holes to be bonded in subsequent phases
• Approved areas include Lucky Cliff, Arrowhead, Gem, Mint and additional drilling at Canning; potential near-term additions include Hesitation, Fuller, Knob and Cedar Ridge
• Company grants 1,300,000 stock options exercisable at $0.43 for five years and 925,000 restricted share units expiring December 31, 2028 to directors, officers and consultants
• Historical drilling by Union Pacific included 22 holes at Lucky Cliff intersecting mineralisation up to 108 metres thick and production of over 500,000 lbs uranium from Arrowhead Mine

Myriad Uranium Corp. (CSE:M) is a uranium exploration company with an earnable 75% interest in the Copper Mountain Uranium Project in Wyoming and a recently acquired 100% interest in the Red Basin Uranium Project in New Mexico, subject to completing a geophysical survey. Copper Mountain hosts several known uranium deposits and historic mines, including the Arrowhead Mine which produced 500,000 lbs of U3O8 in the 1950s and 1960s. Union Pacific conducted extensive drilling and development at Copper Mountain during the late 1970s, including approximately 2,000 boreholes and development of mining plans to supply California Edison reactors, before operations ceased in 1980 due to falling uranium prices following the Three Mile Island incident.

Bureau of Land Management Plan of Operations Approval for 222 Boreholes

The Bureau of Land Management approved a Plan of Operations for the Copper Mountain Project Area, submitted as a technical amendment to the existing Drilling Notification from the 2024 drilling season. The Plan authorises drilling of up to 222 boreholes across numerous targets in the project area. Under the existing Drilling Notification with the State of Wyoming, Myriad is currently bonded for 70 holes, including 50 carried over from Canning during the 2024 drilling season.

The Drilling Notification can be updated to bond the remaining holes in subsequent phases as the company's exploration strategy progresses. The areas currently covered by the Plan include Mint, Arrowhead, Lucky Cliff and Gem, as well as additional drilling at Canning. Several other targets such as Hesitation, Fuller, Knob and Cedar Ridge may be considered in the near term for drilling, pending amendments to the approved Plan.

CEO Thomas Lamb stated:

"Having verified much of the original drilling conducted by Union Pacific at Canning, we now have the permit we need to continue drilling not only at Canning, but also at other target areas to confirm the entire Project's vast potential."

Union Pacific had planned to advance development at seven historical resource estimate areas and continue exploration at 15 other target areas with known mineralisation during the 1980s, but these plans ceased following the Three Mile Island incident in 1979.

Historical Target Areas and Uranium Mineralisation Characteristics

The target areas included in the Plan of Operations have confirmed uranium mineralisation, as described in historic reports by Union Pacific and summarised in a 1997 Technical Report. At Arrowhead, the historic Arrowhead-Little Moe Mine produced in excess of 500,000 lbs of uranium at a recorded grade of 1,500 ppm U3O8 from shallow underground workings in Tertiary sediments during the 1950s and 1960s, according to public records. Union Pacific estimated that significant uranium remains in the Tertiary sediments at Arrowhead and possibly in the underlying granites.

Union Pacific drilled 22 holes at Lucky Cliff and intersected relatively shallow mineralisation hosted in faulted granite, with several intersections showing mineralisation up to 108 metres (355 feet) thick starting at 59 feet. The Gem deposit was estimated by Union Pacific to contain indicated and inferred resources of 3.07 million tonnes containing 1.44 million lbs eU3O8 at an average grade of 234 ppm eU3O8. Mineralisation at Gem occurs within granitic rocks in the top 60 metres from the surface. Several thousand tonnes of uraniferous granite was reportedly mined from the Gem deposit in the 1950s and stockpiled near the mine, though none was shipped for milling.

At the Mint deposit, at least 50 holes were drilled by Union Pacific. The deposit was reported to contain indicated and inferred resources of 3.68 million tonnes containing 1.41 million lbs of eU3O8 at an average grade of 141 ppm eU3O8. Mineralisation is hosted in granitic basement and overlying sediment. Union Pacific reported that all areas have expansion potential beyond known mineralisation, including at depth. A qualified person has not done sufficient work to classify the historical estimates as current mineral resources or mineral reserves, and Myriad Uranium is not treating the historical estimates as current mineral resources or mineral reserves.

Next Steps

The approved Plan of Operations allows Myriad to proceed with drilling across multiple target areas at Copper Mountain beyond the Canning Deposit. The company will update the Drilling Notification with the State of Wyoming to bond additional holes as exploration activities advance. The Canning deposit area was the focus of confirmation drilling during the 2024 season and is one of seven deposits identified by Union Pacific during the late 1970s. After drilling approximately 900,000 feet across 2,000 boreholes and spending US$85 million (in 2025 dollars), Union Pacific upgraded the Copper Mountain Project from exploration to development status before work was suspended in 1980.

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