Myriad Uranium: Phase II Drilling Plans Announced for Copper Mountain

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On April 20, Myriad Uranium (M-CSE) announced plans for a Phase II drill program to be conducted on the advanced-stage Copper Mountain Uranium Project, located in Wyoming. The program will feature a staged exploration and evaluation plan for both mineralisation confirmation and exploration target testing. Consisting of three specific stages to be completed over a 12-month period, the Phase II action plan represents the culmination of an in-depth work campaign (a maiden drill program, follow-up assays, geophysics and permitting) performed on site over the last 15 months. Completion of the Phase II program will support the publication of a NI43-101 compliant maiden resource estimate.

The three specific stages comprising the Phase II Program will involve the following:

• Stage 1, Mineralisation Confirmation – A program focused on targeted diamond drilling and resampling to verify historical resource estimates and uranium grades, geological interpretations, and structural controls at priority historical deposits and targets, using modern QAQC protocols. This includes limited drilling at the Lucky Cliff, Arrowhead, Mint, Hesitation and Gem targets.

• Stage 2, Mineralisation Expansion – This stage will involve step‑out drilling to test lateral and depth continuity of known historical resources estimates and first‑pass drilling of high‑priority targets identified from historical Bendix studies and recent geophysical interpretations (Exhibit 2).

• Stage 3, Resource Delineation, Preliminary Technical Studies – Contingent on positive Stage 1 and 2 results, the stage 3 program will comprise infill drilling to support a maiden Mineral Resource Estimate (MRE), together with preliminary metallurgical, geotechnical, and recovery‑method screening studies.

VALUATION & CONCLUSION

With a Stage 1 expected start date later this quarter, the full Phase II program is expected to be completed in 12 months. With sufficient capital in treasury, the budgeted $5.95M, program illustrates in detail the specific actions needed to achieve a maiden, NI43-101 compliant resource estimate for the Copper Mountain Project. The Phase II action plan represents the culmination of an in-depth work campaign (a maiden drill program, follow-up assays, geophysics and permitting) performed on site over the last 15 months. As forecast in numerous historical technical reports, the Copper Mountain deposit may amount to being one of the largest undeveloped uranium deposits located in the U.S.   Completion of the Phase II program will support the publication of a NI43-101 compliant maiden resource estimate.

The potential to confirm the historic Copper Mountain resource is apparent, but so is the potential to expand and grow the resource – as was evidenced by the recent geophysics conducted at Copper Mountain. Pending positive drilling success, the risk remains on the upside for a continued valuation re-rate higher. With a highly anticipated Phase II drilling campaign about to begin, we see many near-term drivers on the horizon. We also look forward to the successful consolidation of the Copper Mountain Project given the Definitive Merger Agreement announced on February 13 with Rush Rare Metals Corp. 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 +74% from the most recent close on April 17. Shares currently trade at a 0.37x P/NAV multiple.

NEAR-TERM TIMELINE & POTENTIAL CATALYSTS

• Red Basin Transaction Close with Subatomic LLC – end of April.

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

• Merger with Rush Rare Metals. Special Rush shareholder meeting on or before May 2026.

• Regulatory approvals for the Rush merger.

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

• An eventual TSXV listing and/or a US listing.

APPENDIX 1: DOMESTIC URANIUM PEERS