Myriad Uranium: Copper Mountain Now 100% Owned; Increasing Price Objective

HoldCo Markets
11 minutes ago
4 min read

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Myriad Uranium (M) announced on August 21 that it has successfully completed the acquisition of Rush Rare Metals Corp. pursuant to a statutory plan of arrangement initially announced on February 13, 2026. Under the arrangement, Myriad agreed to issue an aggregate of 24.98M Myriad common shares to Rush shareholders, representing approximately 1 Rush share to 0.5405 Myriad shares. Following a Rush shareholder vote on August 17, the Supreme Court of British Columbia issued the final order to approve the arrangement on August 19. With the acquisition now complete, Myriad’s ownership of the flagship Copper Mountain Uranium Project increases from 75% previously, to 100% today.

Though the deal to close full ownership was gradually getting priced in the closer we got to the Rush shareholder vote, officially having 100% control of the flagship asset lifts an ownership overhang and warrants a premium valuation. We increase our NAV-derived valuation multiple from 0.60x to 0.65x while also factoring in 100% of our in-situ lb U3O8 estimate. We continue to apply our $3.25 per lb in-situ valuation for the historic resource as a weighted benchmark. As such, our price objective increases to $0.95 per share (from $0.87) which equates to upside of +96% from the most recent (August 21) close.

PHASE 2 DRILLING CAMPAIGN AT COPPER MOUNTAIN JUST GETTING STARTED

With initial drilling results announced last week from four completed drill holes totaling 716.6m, recall that the Phase 2 drilling campaign just got started last month. The campaign envisions ~4,500m of drilling spread over two separate stages. Though the first probe results have been released for the Lucky Cliff target, additional drilling will be undertaken at the Arrowhead, Mint, Hesitation and Gem 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 located much nearer to 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.

Refer to our note dated August 19, 2026 for a review of the initial Phase 2 probe results, here

VALUATION & CONCLUSION

Full ownership of Copper Mountain allows for faster decision making, and a much simpler structure to advance critical work programs needed to de-risk the Project. Myriad management has worked quickly and diligently to secure 100% ownership, recall that at this time last year, only 50% of Copper Mountain was owned by Myriad. The consolidation timing could not have been better seeing as a high impact Phase 2 drilling campaign just started on the Project last month. Initial results announced last week were encouraging, showing that all four drill holes encountered uranium mineralization at a target (Lucky Cliff) located outside of the Bendix control area and furthest away from the Canning periphery, which was the focus of the Phase 1 drilling. Upcoming results from drilling at the Mint, Hesitation and Gem targets are all located inside of the Bendix control area and much nearer to Canning periphery. Provided a successful stage 1, 2 and 3, the basis for a milestone NI43-101 compliant Copper Mountain resource estimate will be established.

EXHIBIT 1 – PEER VALUATION