Myriad Uranium: Additional Phase 2 Probe Results Announced; Peak eU3O8 PPM & Lengths Increasing
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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 the Gem deposit, located on the Copper Mountain Uranium Project, in central Wyoming. The gamma probe results released today encompass three completed drill holes for a cumulative 507m (or 1,663ft) of drilling. All of the drill holes encountered broad intervals of uranium mineralization with a total of 21 mineralized intervals exceeding values of 100 ppm eU3O8.
INITIAL PROBE RESULTS FROM GEM SURPASSING EARLIER RESULTS FROM LUCKY CLIFF
Gamma probe results the Gem deposit area include three completed drill holes which total a cumulative 507m (or 1,663ft) of drilling. All of the drill holes encountered broad intervals of uranium mineralization with a total of 21 mineralized intervals exceeding values of 100 ppm eU3O8. Drill hole GEM0002DD returned the longest interval at 34.9m at 210 ppm eU3O8 from 10.65m. The highest grade intercept was from the very same drill hole reaching a peak 1,368 ppm eU3O8. Recall that initial Phase 2 drilling from the Lucky Cliff target was disclosed three weeks ago - given the results today from drilling at the Gem deposit, we’ve seen that as drilling has vectored closer to the Canning deposit (going from Lucky Cliff to Gem), peak eU3O8 grades and lengths have correspondingly increased. The Gem probe highlights are presented below. For a review of the Lucky Cliff drilling results, refer to our note dated August 20, 2026, here:
Situated approximately 1.6km south of the main Canning deposit, the Gem deposit lies within historical resource control area as identified by the Bendix Technical Report, prepared in 1982 for the U.S. Department of Energy. Several thousand tons of uraniferous granite were reportedly excavated from the Gem Mine in the 1950’s by the original owner. Stockpiles adjacent to the mine were reported to average 0.07% eU3O8. Initial resource estimates (from the 1970s) showed approximately 3.07M tons of mineralised granite containing 1.44M lbs eU3O8 at an average grade of 0.023% eU3O8 in the Inferred and Indicated categories using a 100 ppm cut-off.
PLENTY MORE TO COME FROM THE PHASE 2 DRILLING CAMPAIGN
With results from seven completed drill holes (four from Lucky Cliff and three from Gem) totaling a combined 1,223.6m, recall that the Phase 2 campaign envisions ~4,500m of drilling spread over two separate stages. Additional drilling will be undertaken at the Arrowhead, Mint, and Hesitation targets as well. These are all targets associated with historical resource estimates totaling a historic 26.6M lbs eU3O8 contained in 48.9Mt at an average grade of 269 ppm eU3O8. These other targets are in Canning’s periphery, within the Bendix Report’s Control Area. That said, 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 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.
Stage 2 will focus on identifying growth opportunities beyond the historic resources by testing targets that were not taken to resource level. New targets identified by the recent geophysical work and the U.S. Department of Energy’s Bendix Report.
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. Given the initial results from the Phase 2 campaign, as probe results from drilling has vectored closer to the Canning deposit (going from Lucky Cliff to Gem), peak eU3O8 grades and lengths have correspondingly increased. We look forward to the probe results from the Arrowhead, Mint and Hesitation targets as well and note that like Gem, these targets are all within the historic Control Area.
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. 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. As seen below, 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. Post-Copper Mountain consolidation (August 24), we maintain our 0.65x NAV-derived, C$0.95 per share price objective (rounded) which equates to upside of +120% from intra-day trade on September 10. Shares of Myriad Uranium currently trade at a 0.31x NAV multiple.
NEAR-TERM TIMELINE & POTENTIAL CATALYSTS
Phase II drilling at Copper Mountain – Ongoing.
An eventual U.S. exchange listing.
An eventual NI43-101 resource estimate for Copper Mountain.
