Myriad Uranium: Sale of the Red Basin Uranium Project Complete; Plenty of Catalysts Ahead

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On May 19, Myriad Uranium (M) announced that it has completed the sale of the Red Basin Uranium Project, located in New Mexico. Pursuant to the asset purchase agreement initially dated March 17, 2026, the sale of the Project to Subatomic Red Basin LLC was for $2.5M. Myriad will retain a 10% financial free carried interest in the Project while a strategic alliance between both parties has also been formed.   

ACCRETIVE MONETIZATION OF A NON-CORE ASSET

Recall that as press-released this past March 18, Myriad announced that it had executed an asset purchase agreement (dated March 17) between Myriad, Myriad Red Basin LLC (Myriad’s incorporated New Mexico subsidiary) and Subatomic Red Basin LLC. According to the agreement, Myriad was to sell the entirety of the claims it holds in the Red Basin Uranium Project, located in New Mexico. With the sales proceeds now in treasury, the $2.5M sale price represents a nearly 6x return on invested capital for an asset purchased by Myriad in February 2025. The Red Basin Project hosts an estimated historical Inferred resource (2012) of between 1.5M-6.5M lbs U3O8.

STRATEGIC ALLIANCE WITH SUBATOMIC LLC

As part of the sale transaction, a strategic alliance between Myriad and Subatomic LLC has also been established. Given certain highly experienced uranium sector individuals at Subatomic LLC, we would expect the strategic alliance to be beneficial to both parties on future collaborations or transactions. Subatomic’s parent, Subatomic Industries Corporation, is backed by 8VC and Overmatch Ventures, combining technical mining expertise with a disciplined, technology-forward approach to resource development.

FOCUS COPPER MOUNTAIN: STAGED EXPLORATION CAMPAIGN TO BEGIN SHORTLY

With a Stage 1 exploration program expected start soon at Copper Mountain, 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 support a maiden, NI43-101 compliant resource estimate for the Copper Mountain Project. The staged program will include 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

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.

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

Recall that this past February, Myriad announced a definitive merger agreement with Rush Rare Metals Corp (RSH-CSE) which would allow Myriad to consolidate the Copper Mountain Uranium Project. A meeting of Rush shareholders is expected in the weeks ahead while the transaction close is expected sometime later this summer.

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. Following the sale of the Red Basin Project, Myriad maintains a healthy C$12.1M in treasury. As announced last month, the upcoming exploration program at Copper Mountain 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 +95% from the most recent close on May 15. Shares currently trade at a 0.32x P/NAV multiple.

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.