Myriad Uranium receives approval for 222 drill holes

Executive Summary

• The Bureau of Land Management approved Myriad Uranium’s plan of operations, permitting up to 222 boreholes at the Copper Mountain project, a substantial increase from the 70‑hole limit currently bonded.
• The expanded footprint includes high‑priority targets such as Lucky Cliff, Arrowhead, Mint, Gem, and additional drilling at the Canning deposit, enabling broader exploration of the district’s uranium potential.
• Concurrently, Myriad granted 1.3 M incentive stock options (exercise price $0.43) and 925 k RSUs to directors, officers and consultants.

Key Details

• Permit Scope: Approved for drilling up to 222 boreholes across multiple targets (Lucky Cliff, Arrowhead, Mint/Fuller West, Gem, Canning).
• Current Bonded Holes: 70 holes are presently bonded under Wyoming’s existing drilling notification; 50 of these were carried over from the 2024 season.
• Future Bonding: Additional bonding will be sought in subsequent phases as exploration progresses.
• Historical Context & Target Highlights:
• Arrowhead: Historic production >500,000 lb U₃O₈ at ~1,500 ppm; significant remaining uranium suspected.
• Lucky Cliff: 22 historic holes intersected up to 108 m of shallow mineralization starting at 59 ft depth.
• Gem: Indicated & inferred resources of 3.07 Mt containing 1.44 Mlb eU₃O₈ at 234 ppm; shallow granitic host.
• Mint (Fuller West): ~50 historic holes; indicated & inferred resources of 3.68 Mt containing 1.41 Mlb eU₃O₈ at 141 ppm.
• CEO Comment: “Having verified much of the original drilling conducted by Union Pacific at Canning, we now have the permit we need to continue drilling not only at Canning, but also at other target areas to confirm the entire project's vast potential.” – Thomas Lamb, CEO.
• Stock Option & RSU Grants:
• Options: 1.3 M ISOs, $0.43 exercise price, five‑year term, vesting immediately.
• RSUs: 925 k units, vest on the 1st, 2nd and 3rd anniversaries of grant; accelerated vesting upon change of control, sale of material asset, or share price ≥ $1.00.
• Regulatory Exemption: Issuances qualify as related‑party transactions exempt from MI 61‑101 valuation/approval thresholds (≤25 % market cap).
• Qualified Person Review: Technical content reviewed and approved by George van der Walt, PrSciNat, FGSSA, qualified under NI 43‑101.

Notable Quotes

“Having verified much of the original drilling conducted by Union Pacific at Canning, we now have the permit we need to continue drilling not only at Canning, but also at other target areas to confirm the entire project's vast potential.” – Thomas Lamb, CEO, Myriad Uranium Corp.