Myriad Uranium - Unlocking Value in U.S. and African Projects

• Myriad Uranium has a large 1,800+ sq km exploration package in Niger near major uranium deposits
• Acquired 75% interest in promising Copper Mountain uranium project in Wyoming with a path to 100%
• Historical work at Copper Mountain identified six deposits with 15-30M lb resource and 63M lb exploration target
• High-grade sections up to 0.3% U3O8 at Copper Mountain with potential for low-cost heap leach or ISR recovery
• Myriad pivoting to Wyoming while the political situation stabilizes in Niger, providing two paths to value creation

Well-Positioned for the Uranium Bull Market

The uranium market is heating up as the world increasingly turns to nuclear power as a reliable, carbon-free energy source. Uranium juniors with quality projects in stable jurisdictions are poised to benefit. One company that stands out is Myriad Uranium (CSE:M), which offers investors exposure to promising projects in both Niger and the United States.

Copper Mountain -A Game-Changing U.S. Asset?

Faced with uncertainty in Niger, Myriad pivoted in 2023 and acquired a 75% interest in the past-producing Copper Mountain uranium project in Wyoming, with a path to 100% ownership. What started as a speculative deal quickly became a potential company-maker as Myriad obtained extensive historical data on the project.

"Union Pacific had spent $117 million in today's dollars developing this project," noted Lamb. "2,000 drill holes identified six uranium deposits with an estimated resource of 15 to 30 million pounds for mine planning purposes, and an exploration target of above 63 million pounds relating to two of the six deposits."

The historical data indicates the mineralization is highly amenable to low-cost heap leach processing, with recoveries around 95%. There is also potential for in-situ recovery (ISR), the lowest-cost uranium mining method.

"Union Pacific was cautiously optimistic about ISR recovery potential in the 1970s and we still are," said Lamb. "If we can get good recoveries putting the ore on a heap leach that would be excellent, but even better potentially is ISR."

High-Grade Zones Provide Upside

Importantly, Myriad has identified high-grade zones at Copper Mountain that were largely overlooked in Union Pacific's historical resource estimates, which focused on a bulk tonnage mining approach.

"There's high grade there - instead of 200 to 600 parts per million (ppm), there's thousand ppm up to 3,000 ppm if you focus on the veins," explained Lamb. "Union Pacific in the 1970s was focused on a moderate grade bulk tonnage approach. We get to [focus on the high grade] because we understand it now based on the data."

This high-grade potential could drive a significant increase in the project's value. Myriad is working to bring the historical resource estimates up to current standards, incorporating the high-grade zones.

The Path Forward

With a large historical database and promising targets identified, Myriad is well-positioned to advance Copper Mountain rapidly. The initial focus will be on upgrading the historical resources to current standards, prioritising delineating the high-grade mineralization.

Metallurgical test work to optimize the processing approach and initial economic studies will also be key near-term catalysts. Permitting is expected to be straightforward given the project's brownfield nature and location in mining-friendly Wyoming.

Myriad will continue to monitor the political situation in Niger and advance its projects there when appropriate. In the meantime, Copper Mountain gives the company a strong foundation in a top-tier jurisdiction.

Myriad Uranium offers a unique combination of a large, prospective land package in a world-class uranium district in Niger and a highly promising, past-producing project in Wyoming. With a market capitalization of just C$12 million, the company appears significantly undervalued based on the potential of its assets. As the uranium market continues to strengthen, Myriad is well-positioned to unlock the value of its projects and deliver strong returns for shareholders.

Niger Projects Offer Long-Term Optionality

Myriad has assembled an impressive 1,800 square kilometer land package in the heart of Niger's uranium-rich Tim Mersoi Basin. The properties are near some of the largest and highest-grade uranium deposits in Africa, including Orano's Imouraren deposit and Global Atomic's Dasa project.

"We have 1,800 square kilometers plus in Niger across four licenses. These are old Areva/Orano licenses that they were forced to relinquish after Fukushima. They sit just a few kilometers from Imouraren, which is the world's second-largest uranium deposit."

While a coup in Niger in July 2023 has slowed Myriad's activities in the country, the situation appears to be stabilizing. The projects provide long-term optionality on a potential world-class uranium district as Niger returns to normal.

The Investment Thesis for Myriad Uranium

• Exposure to both near-term production potential in Wyoming and long-term optionality in Niger's premier uranium district
• Copper Mountain hosts 15-30 million pounds of historical uranium resources with substantial expansion potential
• High-grade zones at Copper Mountain could drive a step-change increase in project economics
• Extensive historical database allows for rapid resource delineation and development at Copper Mountain
• Niger projects offer long-term "call option" on a world-class uranium district as political situation improves
• Tight share structure with just 34.2 million shares outstanding
• Proven management team with a track record of delivering shareholder value

Myriad Uranium provides a unique investment opportunity in the strengthening uranium sector. Its Copper Mountain project in Wyoming has the potential to become a near-term, low-cost uranium producer, with substantial exploration upside. The company's large land position in Niger's world-class Tim Mersoi Basin offers additional long-term optionality. With a modest market capitalization, an experienced management team, and exposure to both near-term production and district-scale exploration, Myriad is an attractive option for uranium investors.

The outlook for the uranium industry is highly positive due to the convergence of several macro factors. Firstly, global demand for carbon-free, baseload electricity is growing rapidly as countries seek to decrease emissions and improve energy security. Nuclear power, which generates virtually no carbon emissions during operation, is increasingly considered a critical part of the solution. Secondly, supply is constrained due to years of low uranium prices that led to mine curtailments and a lack of investment in new production. The COVID-19 pandemic exacerbated this trend, leading to further supply disruption. Thirdly, inventories have been drawn down to unsustainably low levels as utilities worked through long-term stockpiles in the low-price environment. As a result, utilities are increasingly looking to secure new long-term supply contracts, but are finding a lack of ready production to fill their needs.

These factors are creating a widening structural deficit in the uranium market that is putting upward pressure on prices. As Thomas Lamb, CEO of Myriad Uranium notes, "A year ago our company had the same market cap at $50 uranium as it does now at almost $100 uranium." Higher prices will be required to incentivize the new production needed to fill the growing supply gap, creating a compelling opportunity for uranium companies. While explorers and developers offer the greatest upside potential, they also carry the highest risk. Companies like Myriad that offer exposure to both near-term production and exploration are well-positioned to benefit from the strengthening uranium market.