Myriad Uranium: Breccia Pipe Project Back to Full Myriad Ownership

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Myriad Uranium (M) announced that it has terminated the previously announced option agreement (June 9) with Wedgemount Resources Corp. (WDGY) relating to the Breccia Pipe Project, located in Arizona. Termination of the option returns 100% control of the Project to Myriad, with no consideration payable by either party.

HIGHLIGHTS OF THE BRECCIA PIPE PROJECT

The claims and leases encompassing the Breccia Pipe Project are located in northern Arizona’s prolific Arizona Strip which is known for being one of the most prolific high grade uranium districts in the U.S. Of note is that among the 23 targets is the Wate Pipe which hosts a historic resource of 1.12M lbs U3O8 grading an average of 0.79% eU3O8. This resource was estimated in 2015 by SRK Consulting and was previously owned by Energy Fuels (UUUU). The Breccia Pipe Project extends across the Arizona strip and Colorado Plateau, a district which produced over 23M lbs U3O8 in the 1980s. Historical drilling was conducted between 2007-2009 by VANE Minerals.

Arizona breccia pipes are typically mineralized between 1,000-1,800 feet depth, particularly the Hermit Shale formations, with a vertical extent of up to 600 feet and pipe diameters of 200 to 400 feet. Wate's mineralization was confirmed from 1,300 to 1,600 feet depth. Pinyon Plain's shaft extends to approximately 1,470 feet. Arizona breccia pipe deposits are commonly developed using underground access methods with relatively limited surface disturbance, although no current mining study has been completed by Myriad for the Wate Pipe. Breccia pipe deposits typically require less than 20 acres of surface disturbance, an advantage from environmental permitting and community relations perspectives. The Wate project previously held a mineral exploration permit on Arizona State lands, with an application filed to convert it to a mining lease.

LOCATED IN CLOSE PROXIMITY TO ENERGY FUELS’ PINYON PLAIN MINE

Wate Pipe is located in close proximity to Energy Fuels’ Pinyon Plain Mine. Both deposits are solution collapse breccia pipe uranium deposits located within the same regional district and within 25 miles of each other. Note that in Q2/2025, Energy Fuels produced 638,700 lbs U3O8 from the Pinyon Plain mine, at an average grade of 2.23% U3O8.

ENTER DISA URANIUM – MAKING BROWNFIELD URANIUM PROJECTS GREAT AGAIN

This past August, IsoEnergy (ISO, Price Objective C$18 per share) announced a landmark definitive agreement with DISA Technologies to form DISA Uranium Corp. With IsoEnergy contributing its Utah uranium portfolio, DISA Uranium will be able to combine a portfolio of permitted, past producing conventional uranium assets with its proprietary High-Pressure Slurry Ablation (HPSA) processing technology and remediation/recovery business. In addition to a concurrent $105M financing, DISA has been positioning itself to become an integrated domestic uranium platform boasting both proprietary processing capabilities and a portfolio of uranium assets located in Utah. The assets being contributed from IsoEnergy include the Tony M Mine, the Daneros Mine, the Rim Mine, the Sage Plain Project and the Flatiron Project – all of which are permitted and past producing assets. DISA announced a further asset purchase agreement last month, this time with Premier American Uranium (PUR, Price Objective C$1.55 per share). Encompassing the Outlaw Mesa, Atkinson Mesa, Monogram Mesa and the Slick Rock Projects, the Colorado portfolio sold to DISA consisted of 8 U.S. Department of Energy leases under the Uranium Leasing Program, and 545 unpatented and patented mining claims.

Founded in 2018 and based out of Wyoming, DISA Technologies is a company that offers solutions to enhance recovery and transform waste material into productive assets across mining and remediation. The company specializes in clean resource recovery and legacy mine remediation using a patented High-Pressure Slurry Ablation (HPSA) processing technology. The core technology uses high pressure slurry jets to selectively fracture and liberate critical minerals from ore or waste, without needing the more traditional methods involving grinding or harsh chemicals. HPSA technology is a scalable and modular platform which can be integrated into multiple points in the processing flowsheet. When applied, HPSA has been proven to extract additional value from lower grade ore in a faster, cleaner and more efficient way. When applied, HPSA has the potential to significantly reduce operating costs by upgrading mineralized feedstock and by reducing waste volumes. This technology has been applied to various minerals including copper, zinc, potash, rare earths, precious metals, nickel and of course, uranium.

VALUATION & CONCLUSION

Recognizing the potential of the Breccia Pipe Project given its strategic location and historic resource, we acknowledge that Myriad Uranium being a developer of two wholly-owned brownfield uranium projects is certainly better than being a solitary developer. The Breccia Pipe Project can prove to be the perfect development complement to Myriad’s primary development project, Copper Mountain located in Wyoming. With DISA Uranium making brownfield uranium projects great again, we note that DISA already has channels of communication open with Myriad. As announced last month, DISA successful completed HPSA testing on samples provided by Myriad, from the Canning deposit, located on the Copper Mountain Project. Details here.

We would argue that the recent emergence of DISA Uranium was one of the drivers prompting Myriad to bring the Breccia Pipe Project back into the Myriad portfolio. We applaud that decision. That said, we maintain our C$0.95 per share price objective (rounded) which equates to upside of +102% from the most recent (October 6) close.

In the midst of a high impact drilling program at the flagship Copper Mountain Project, we continue to apply our $3.25 per lb in-situ valuation along with a target NAV multiple of 0.65x. Using Copper Mountain’s historic resource as a weighted benchmark (incorporating an estimated resource for the Control Area and Assessment Area), we maintain our price objective of C$0.95 per share. This equates to potential upside of +102% from the most recent close on October 6. Shares currently trade at a 0.33x P/NAV multiple.

NEAR-TERM TIMELINE & POTENTIAL CATALYSTS

Drilling at Copper Mountain – on-going.
An eventual U.S. exchange listing.
An announced work program for the Breccia Pipe Project.
An eventual NI43-101 resource estimate for Copper Mountain.