Myriad Uranium: Phase II Drilling at Copper Mountain Now Underway

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Myriad Uranium (M-CSE) announced on July 2 that its Phase II drilling campaign at the Copper Mountain Uranium Project in Wyoming has commenced. The Phase II program is expected to encompass 4,500m of drilling spread over two stages. An anticipated third stage would expand the total program to between 7,000m-10,000m.   

The start of the Phase II drilling campaign follows up from the successful 34-hole, Phase I campaign which concluded in late 2024 and focused on the Canning target. Partially using the data ascertained from the Phase I campaign and from recent geophysics and ground truthing, the Phase II campaign will include a combination of infill and step-out drilling on high priority targets. Provided a successful stage 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. We maintain our C$0.87 per share price objective which equates to upside of +83% from the most recent (July 2) close. Note that Myriad currently maintains cash in treasury equivalent to a healthy ~25% of mcap. 

PHASE 2 DRILLING – SETTING THE STAGE FOR A MAIDEN NI43-101 RESOURCE ESTIMATE

The Phase II 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. 

Specifically, the drilling campaign has kicked off with the first four drill holes at Lucky Cliff, a high priority target area (located 2,000m north of the Canning deposit) initially drilled by Union Pacific in the 1970s. Once those initial four holes have been drilled, the Phase II program will turn to drilling areas, other than Canning, that are associated with historical resource estimates totaling a historic 26.6M lbs eU3O8 contained in 44.1Mt at an average grade of 171 ppm eU3O8. Recall that 20 holes were previously drilled at Lucky Cliff in the late 1970s. Highlight intercepts included hole LK-9: 355ft of 0.027% eU3O8 starting at 59 ft and hole LK-11: 31ft of 0.020% at 21.5ft and 59.5ft of 0.025% at 83.5ft.

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” which estimated a low- to intermediate-grade uranium exploration target of between 245M lbs and 655M lbs within a defined “Assessment Area” at Copper Mountain will also be tested.

BUILDING ON THE SUCCESSFUL 2024 DRILLING CAMPAIGN; DOUBLING THE LAND POSITION

The start of the Phase II drilling campaign follows up from the successful 34-hole, Phase I campaign which concluded in late 2024 and focused on the western side of the high-grade zone of the Canning target area. Across all 34 boreholes, drilling encountered 30 intervals greater than 3ft and over 1,000 ppm eU3O8, 56 intervals greater than 3ft over 500 ppm eU3O8, and 165 intervals over a minimum of 3ft that are greater than 200 ppm eU3O8. Not only has the Phase I campaign set the stage for parts of the current Phase II campaign, it also increased management’s confidence in the overall size and scale potential for the greater Copper Mountain Project. With that in mind, recall that this past March, management announced that it had successfully doubled its land position at Copper Mountain. Specifically, the successful staking program doubled the acreage under ownership going from ~9,439 acres initially to the current 18,351 acres. The implications are clear - there is no better way to indicate your confidence in a project than to double your project land position. Before and after updated claims are presented below (in dark blue):

NEXT UP…COPPER MOUNTAIN PROJECT CONSOLIDATION

As announced earlier this year, a definitive merger agreement was agreed upon with Rush Rare Metals Corp. (RSH) whereby Myriad will acquire 100% of Rush’s issued and outstanding common shares pursuant to a plan of arrangement. Once the transaction closes, Myriad’s stake in the Copper Mountain Project would effectively increase from the current 75% to 100%. A special meeting for Rush shareholders has been set for August 17.

VALUATION & CONCLUSION

Partially using the data ascertained from the Phase I campaign and from recent geophysics and ground truthing, the Phase II campaign will include a combination of infill and step-out drilling on high priority targets. Provided a successful stage 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. Copper Mountain may prove to be one of the largest uranium deposits located in the U.S.

With a high-impact Phase II drilling campaign now underway, 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 upside of +83% from the most recent (July 2) close. Note that Myriad currently maintains cash in treasury equivalent to a healthy ~25% of mcap.

NEAR-TERM TIMELINE & POTENTIAL CATALYSTS

• Phase II drilling at Copper Mountain – Ongoing.

• Merger completion with Rush Rare Metals – Summer 2026.

• An eventual U.S. exchange listing.

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