Myriad Uranium: New Uranium Project Acquisition/Monetization Announced

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On June 9, Myriad Uranium (M) announced the acquisition of 15 state mineral leases and 8 split-estate claims covering 5,600 acres in Northern Arizona. These leases and claims contain a total of 23 breccia-pipe hosted uranium targets (collectively known as the Breccia Pipe Project) with potential for rare earth elements (REEs) as well. Two additional state mineral awards are pending, which would bring the total to 6,080 acres. In conjunction with the announced acquisitions, Myriad announced that it has granted Wedgemount Resources Corp. (WDGY) a three-year option as of June 8 2026 to acquire up to 75% of the Breccia Pipe Project and an area of mutual interest (across the defined area encompassing/surrounding the existing targets). Myriad retains a back-in right for 25% of the Project.

HIGHLIGHTS OF THE BRECCIA PIPE PROJECT

The acquired claims and leases 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 in 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.

EARN-IN OPTION TERMS

Myriad granted Wedgemount Resources Corp a three-year option as of June 8, 2026 to acquire 50% then 75% of the Breccia Pipe Project for a combination of cash, C$4.0M in exploration/development expenditures and shares in which Myriad would ultimately own 9.9% of Wedgemount. Once Wedgemount earns the full 75%, Myriad will have the right to incur the first C$5.0M in exploration spend in order to regain 25% ownership of the Project. At that point, a 50/50 JV would be established.

Wedgemount Resources is a CSE-listed company (WDGY) focused on the acquisition, development and optimization of oil & gas and other strategic natural resource assets in the U.S. Wedgemount currently has a 100% ownership stake in 131 production wells located in Texas’ Permian Basin. The stated corporate strategy is to “acquire core areas of conventional producing, low-entry cost assets and apply innovative enhanced recovery techniques to optimize production and grow cash flow with limited capital outlays”.

VALUATION & CONCLUSION

The announced deal with Wedgemount demonstrates a low-risk (and low-capital) strategy which allows for participation in meaningful development optionality while retaining a project ownership stake at either 25% or 50% if the back-in right is exercised. Regardless of whether Wedgemount proves to be successful on the development front, Myriad will retain a 25% stake in the Project without having to allocate any development capital. If development looks promising, Myriad retains the right to increase its stake in the Project to 50%. This latest deal follows Myriad’s sale of the Red Basin Uranium Project as concluded last month. Given a nearly 6x return for the non-core Red Basin asset (and retaining a 10% ownership stake), Myriad management has been demonstrating its skill at originating and structuring low-risk transactions which may prove to be meaningful once option partners begin de-risking the asset.

With drilling about to begin 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 0.60x. 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$0.87 per share. This equates to potential upside of +107% from the most recent close on June 8. Shares currently trade at a 0.30x P/NAV multiple. Myriad currently maintains cash in treasury equivalent to a healthy 28% of mcap.

NEAR-TERM TIMELINE & POTENTIAL CATALYSTS

• Start of drilling at Copper Mountain - Q2/2026.

• Merger completion with Rush Rare Metals – Summer 2026.

• An eventual U.S. exchange listing.

• An eventual NI43-101 resource estimate for Copper Mountain.