Myriad Uranium: Red Basin Uranium Project to be Sold, Strategic Alliance Signed

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On March 18, Myriad Uranium Corp (M) announced that it had executed an asset purchase agreement (dated March 17) between Myriad, Myriad Red Basin LLC (Myriad’s newly incorporated New Mexico subsidiary) and Subatomic Red Basin LLC. According to the agreement, Myriad is to sell the entirety of the claims it holds in the Red Basin Uranium Project, located in New Mexico.

The asset purchase agreement for the Red Basin Project is with Subatomic LLC,  a company active in the uranium and nuclear space (among others). The $2.5M cash component is expected on closing (on or before April 17). In addition to the cash component of the transaction, Myriad will retain a 10% free carried interest on the Project. Note that the strategic alliance with Subatomic LLC involves a joint focus on uranium opportunities beyond the Red Basin Project.

SOON TO BE A PURE-PLAY ON A 100% OWNED COPPER MOUNTAIN URANIUM PROJECT

The sale of the Red Basin Project is expected to conclude slightly ahead of the shareholder vote to consolidate the Copper Mountain Uranium Project (Rush Rare Metals Corp. shareholders are expected to vote to approve the arrangement at a special meeting scheduled in or before May).

COPPER MOUNTAIN DRILLING CAMPAIGN EXPECTED TO COMMENCE IN Q2/2026

As data continues to be interpreted, management is currently refining targets for the highly anticipated drilling program, expected to commence next quarter. Recall that as announced on October 9 2025, the Bureau of Land Management (BLM) approved the Plan of Operations for the company's Copper Mountain Uranium Project. The Plan of Operations was submitted as a technical amendment to the existing Drilling Notification put in place for the 2024 drilling season, when the initial drill campaign took place. The amendment allows for an expanded drilling campaign now comprising up to 222 boreholes spread across the entirety of the project. Under the current Drilling Notification with the State of Wyoming, Myriad is bonded for 70 of those holes (of which, 50 holes are carried over from the Canning area. The Drilling Notification can be updated to bond the remaining holes in subsequent phases.

VALUATION & CONCLUSION

The sale of the Red Basin Uranium Project is a testament to management’s deal making savvy given a nearly 6x return for a non-core asset which was originally purchased approximately one year ago. While the $2.5M in cash owed on closing (on or before April 17) will further bolster the corporate treasury ahead of a highly impactful drilling campaign at Copper Mountain, the peripheral deals included in the transaction may likely prove to be much more material over the longer term. The retained 10% free carried interest in the Red Basin Project will ensure continued upside participation (at no cost) in the further development and de-risking of the asset. The strategic alliance with Subatomic may likely prove to be invaluable for numerous other uranium related initiatives over the long run.

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 Q2/2026 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 March 17. Shares currently trade at a 0.37x P/NAV multiple.

NEAR-TERM TIMELINE & POTENTIAL CATALYSTS

• Red Basin Transaction Close with Subatomic LLC – On or before April 17, 2026.

• 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.