Myriad Uranium: Additional Phase 2 Probe Results Announced From Copper Mountain

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As part of the on-going Phase 2 drilling program, Myriad Uranium (M) released preliminary gamma probe equivalent uranium results from drilling at both the Hesitation and Arrowhead deposits, on the wholly-owned Copper Mountain Uranium Project, located in central Wyoming. The gamma probe results released today encompass five completed drill holes for a cumulative 797.1m (or 2,615ft) of drilling. Four of the five drill holes encountered mineralization above a 100ppm eU3O8 threshold. In total, 22 discrete mineralized intervals exceeded 100ppm eU3O8.

HIGHEST PEAK GRADES ATTAINED TO DATE FROM PHASE 2 DRILLING

Both the Hesitation and Arrowhead deposits lie within the northern edge of a Control Area as identified by the Bendix Technical Report, prepared in 1982 for the U.S. Department of Energy. From today’s announced probe results, the longest mineralized interval announced was 34.29m grading 399 ppm eU3O8 with a peak grade of 1,511 ppm at Hesitation. From Arrowhead, the highlight was 1.22m grading 786 ppm eU3O8 with a peak grade of 1,648 ppm. These peak grades have surpassed the peak grades previously disclosed from the Lucky Cliff target (announced on August 20) and from the Gem target (announced on September 10).ulative 797.1m (or 2,615ft) of drilling. Four of the five drill holes encountered mineralization above a 100ppm eU3O8 threshold. In total, 22 discrete mineralized intervals exceeded 100ppm eU3O8.

LOCATED WITHIN COPPER MOUNTAIN’S HISTORICALLY DEFINED CONTROL AREA

Both the Hesitation and Arrowhead deposits lie within the northern edge of a Control Area as identified by the Bendix Technical Report, prepared in 1982 for the U.S. Department of Energy. Recall that from the Hesitation deposit, a historical estimate of 4.38 Mt containing 2.20M lbs at an average grade of 250 ppm eU3O8 was derived from drilling by RMEC in 1977. From the Arrowhead deposit, RMEC also estimated a resource totaling 0.31 Mt containing 0.47M lbs at an average grade of 700 ppm eU3O8 remaining in the Arrowhead deposit.

STAGE 1 OF THE PHASE 2 DRILLING CAMPAIGN NEARING COMPLETION

Drilling at Hesitation and Arrowhead represent the latest sets of drilling data conducted on deposits located within the previously defined Control Area. In addition to previous drilling at the Gem deposit, all targets drilled so far are associated with resource estimates totaling a historic 26.6M lbs eU3O8 contained in 48.9Mt at an average grade of 269 ppm eU3O8. (drilling at the Lucky Cliff target located to the north of the Control Area). With a total of 2,020m drilled from the targeted ~2,250m stage 1 drilling campaign we expect the last results to come from the Mint deposit, also located within the Control Area. To re-cap, the Phase 2 drilling campaign will be executed in three stages:

Stage 1 (~2,250m) will test areas of mineralization and geological controls underlying historic deposit estimates and targets using diamond drilling, sampling and modern QAQC protocols. Starting at the Lucky Cliff target, drilling will take place as well at the Arrowhead, Mint, Hesitation and Gem targets.
Stage 2 (~2,250m) will involve step-out drilling of high‑priority targets identified by the Union Pacific and Bendix studies (there are more than 15 other targets) as well as the recent geophysical interpretations. Stage 2 will focus on identifying growth opportunities beyond the historic resources by testing targets that were not taken to the resource level.
Stage 3 (~2,400m-5,500m) will be contingent on positive stage 1 and stage 2 results. The focus will be on resource delineation drilling at selected targets and preliminary technical studies. Given the planned for infill drilling, the results are expected to support a NI43-101 compliant mineral resource estimate.

VALUATION & CONCLUSION

The on-going Phase II drilling campaign follows up from the successful 34-hole, Phase I campaign which concluded in late 2024 and focused on the Canning deposit. Highlighted by six tightly clustered historical uranium deposits, management estimates an exploration target of 1,111Mt-2,971Mt at 100 ppm eU3O8 (or 222Mt-594Mt at 500 ppm eU3O8) at Copper Mountain. With today’s results, we’ve noticed that as drilling has vectored closer to the Canning deposit periphery (going initially from the Lucky Cliff target, to Gem and now to Hesitation and Arrowhead), peak eU3O8 grades have increased accordingly. We look forward to the probe results from the Mint target and the eventual start of the Stage 2 drilling program.

Provided a successful stage 1, 2 and 3, the basis for a milestone NI43-101 compliant Copper Mountain resource estimate will be established. Given the mix of infill and step-out targets in brand new areas, the potential exists to both increase the size and the prospectivity of the overall deposit. The completion of a NI43-101 compliant resource estimate for Copper Mountain may rank the uranium Project as one of the largest located anywhere in the U.S. We maintain our 0.65x NAV-derived, C$0.95 per share price objective (rounded) which equates to upside of +175% from the most recent close on October 27. Shares of Myriad Uranium currently trade at a 0.24x NAV multiple.