Myriad Uranium Sees Up to 60% Grade Boost at Historic Resource

• Myriad Uranium has uranium projects in Wyoming and New Mexico
• Chemical assays reveal up to 60% grade boost over gamma probe results at Copper Mountain
• Hstoric 100 million pound potential at Copper Mountain district 90-95% recovery rates
• Strategic investor participation in recent capital raise
• Tech company interest emerging in uranium sector as AI and data center power demands drive to secure upstream uranium supplies

Myriad Uranium Corp (CSE:M) is positioning itself as a significant player in the North American uranium sector, leveraging advanced chemical assay techniques to unlock previously unrecognized value in its Wyoming and New Mexico projects. Led by CEO Thomas Lamb, the company is capitalizing on historical drilling data while applying modern analytical methods to reveal substantial upside potential in uranium resources that were conservatively estimated decades ago.

A 1970s Legacy Revisited

The company's flagship Copper Mountain project in Wyoming represents one of the most compelling uranium opportunities in North America, built upon the foundation of extensive historical work conducted by Union Pacific in partnership with California Edison during the 1970s. This wasn't merely exploratory drilling – it was preparation for a large-scale conventional uranium mine designed to fuel Edison reactors planned for construction in the 1980s.

The historical work at Copper Mountain identified seven distinct deposits, with six planned for the initial mine development. Beyond these core deposits, the project area contains 12-14 additional prospects in the periphery, each with substantial drilling coverage. This comprehensive historical database provides Myriad with a significant competitive advantage, offering high-confidence geological data that would cost millions to replicate today.

The Disequilibrium Discovery: Unlocking Hidden Uranium

Perhaps the most significant development for Myriad has been the discovery that historical gamma probe measurements substantially underestimated the actual uranium content at Copper Mountain. This revelation stems from uranium disequilibrium effects, a complex geological phenomenon that can cause gamma probes to provide inaccurate readings when uranium deposits are either newly arrived or have undergone extensive decay processes.

The company's recent chemical assay results have demonstrated remarkable improvements over historical gamma probe data. Where historical probes detected 1,000 parts per million (ppm) or higher uranium content, chemical assays have revealed an average 60% boost in grade, with 1,000 ppm intervals now averaging 1,600+ ppm.

"When we did the chemical assays, what we found is that where the grade was 1,000 ppm or higher, that's 0.1% of these probed intervals, we got a 60% boost in grade. So 1,000 ppm on average became 1,600 ppm and up."

This discovery extends beyond simple grade improvements. The chemical assays have also revealed uranium mineralization in areas where gamma probes detected little to no uranium content, effectively extending the length of mineralized intervals and increasing overall resource potential.

From Historical Estimates to Modern Projections

The scale of Copper Mountain's potential is impressive by any standard. Historical estimates from the 1970s Union Pacific work, combined with subsequent US Department of Energy assessments, suggest enormous resource potential. The US Department of Energy, working with engineering firm Bendix in 1983, estimated that Copper Mountain could contain up to 200 million pounds of uranium.

Myriad's presentation materials reference a "100 million pound potential" for the project, a figure that appears increasingly conservative given the disequilibrium advantages being revealed through chemical assaying. The company is currently processing 1,500 additional samples from their late 2024 drill campaign to further quantify this potential.

Interview with CEO, Thomas Lamb

Metallurgical Advantages: Simple Processing, High Recovery

Beyond resource size and grade improvements, Copper Mountain offers significant metallurgical advantages that could translate into operational efficiency and cost benefits. Historical metallurgical testing by Union Pacific demonstrated exceptionally high recovery rates of 90-95% using standard leaching techniques.

The ease of uranium extraction at Copper Mountain has become something of a legend among those familiar with the historical work. Jim Davis, former general manager of Union Pacific's exploration division and now a key advisor to Myriad, has shared anecdotal evidence of the project's favorable metallurgy.

"The joke at Copper Mountain was that you could put the material on the ground and if you peed on it, it would separate."

New Mexico Opportunity: Red Basin's High-Grade Potential

While Copper Mountain represents the company's primary value driver, Myriad's Red Basin project in New Mexico provides additional upside and geographic diversification. The project sits within a basin that the US Geological Survey believes contains up to 45 million pounds of uranium, with Myriad controlling acreage containing approximately 800 of the 1,050 historical drill holes in the basin.

Red Basin offers different but complementary characteristics to Copper Mountain. The mineralization is near-surface roll-front sandstone with high grades ranging from 0.17% to 0.31% uranium, accompanied by significant vanadium content upto 1.64%. Historical resources at Red Basin include 500,000 pounds of indicated and 1.5 to 6.5 million pounds of inferred uranium resources.

The project's location in New Mexico positions it within an increasingly active uranium jurisdiction. New Mexico has historically produced 40% of US uranium output and is experiencing renewed investment interest from both traditional uranium companies and technology sector participants.

Strategic Capital and Technology Sector Interest

Myriad's recent capital raise included strategic investors whose identities remain confidential due to exchange regulations, but the company's management expressed significant enthusiasm about these new stakeholders. The participation of strategic investors suggests growing institutional recognition of the company's potential.

More broadly, the uranium sector is experiencing unprecedented interest from technology companies driven by artificial intelligence and data center power demands. This trend represents a fundamental shift in uranium demand dynamics, with technology giants like Microsoft, Google, and OpenAI beginning to secure upstream uranium supplies.

"They're coming, these tech companies, data AI, Microsoft, Google, etc., plus everybody connected with them in the ecosystem. They're going to have to go after the uranium itself that's in the ground."

Near-Term Catalysts & Development Timeline

Myriad's immediate focus centers on processing the 1,500 samples from their late 2024 drilling campaign, with results expected to further validate the disequilibrium advantages observed in initial chemical assays. These results will inform subsequent drilling plans and potentially expand the known resource base.

At Red Basin, the company plans to complete geophysical surveys before year-end, fulfilling requirements for 100% project acquisition. The geophysical work will guide future drilling targets and help delineate the extent of mineralization within Myriad's acreage position.

The company's development approach emphasizes capital efficiency, leveraging the extensive historical database to minimize exploration risk while maximizing resource confidence. Rather than rushing to complete expensive resource definition drilling, Myriad is strategically building confidence in its resource estimates through targeted verification work.

The Investment Thesis for Myriad Uranium

• Proven Resource Base: 2,000 historical boreholes at Copper Mountain provide high-confidence geological foundation with 100+ million pound potential validated by Union Pacific and US Department of Energy studies
• Technology-Driven Value Creation: Chemical assay techniques revealing 60% grade improvements over historical gamma probe measurements, with 1,500 additional samples in processing to extend mineralized intervals
• Exceptional Metallurgy: Historical testing demonstrated 90-95% uranium recovery rates using standard leaching techniques, indicating low processing costs and operational simplicity
• Strategic Positioning: Wyoming and New Mexico projects in premier US uranium jurisdictions with favorable regulatory environments and proximity to existing infrastructure
• Technology Sector Tailwinds: Growing uranium demand from AI and data center development driving strategic interest from Microsoft, Google, OpenAI, and other tech companies seeking upstream supply security
• Capital Efficiency Model: Leveraging extensive historical data to minimize exploration risk while maximizing resource confidence through targeted verification drilling
• Dual-Asset Portfolio: Copper Mountain's large-scale potential complemented by Red Basin's high-grade, near-surface mineralization providing development optionality
• Experienced Management: Leadership team with direct connections to historical project development and strategic technology sector relationships

The uranium sector is experiencing a fundamental transformation driven by artificial intelligence and cloud computing infrastructure demands. Technology companies are recognizing that their massive data center expansion plans require secure, carbon-free baseload power that only nuclear energy can provide at scale. This realization is driving unprecedented corporate interest in uranium supply chains, with companies like Microsoft, Google, and OpenAI moving beyond traditional power purchase agreements to secure upstream uranium resources directly.

The timing of this technological shift coincides with a uranium supply deficit that has been building for over a decade. Global uranium production remains below consumption levels, with primary supply shortfalls requiring secondary sources including government stockpiles and recycled weapons-grade material. As these secondary sources diminish, the uranium market faces a structural supply constraint that technology sector demand will only intensify.

Myriad Uranium's positioning within this macro environment is particularly compelling. The company's Wyoming and New Mexico projects sit in politically stable, mining-friendly jurisdictions with established nuclear fuel cycle infrastructure. The historical validation of their resources, combined with modern analytical techniques revealing previously unrecognized value, positions Myriad to benefit from both supply scarcity and technology sector demand growth.