Myriad Uranium obtains 75% interest in Copper Mountain

Executive Summary

• Myriad Uranium Corp. has secured a 75 % working interest in the Copper Mountain uranium project by meeting a $5.5 M expenditure threshold under its option agreement with Rush Rare Metals Corp.
• The milestone triggers ownership of the majority stake, subject to net smelter return (NSR) royalties payable to Rush (25 %).
• Management highlights that initial drilling and exploration have exceeded expectations, positioning Copper Mountain as a potentially large‑scale U.S. uranium asset.

Key Details

• Expenditure Requirement Met: Over $5.5 million in eligible spending satisfied the option agreement dated Oct. 18 2023 (as amended).
• Ownership Structure: Myriad now holds 75 % interest; Rush Rare Metals retains 25 %, both subject to underlying NSR royalties.
• Project Background: Copper Mountain, Wyoming, contains historic uranium deposits (e.g., Arrowhead mine with 500,000 lb U₃O₈ produced) and ~2,000 boreholes drilled historically. Union Pacific previously invested $117 million (2024 dollars) in exploration/development.
• Exploration Outlook: First‑phase drilling “significantly exceeded expectations,” suggesting the project could become one of the largest uranium developments in the United States.
• CEO Comment: Thomas Lamb emphasized the strategic importance of reaching the expenditure threshold and the clear upside of the project’s scale and potential.

Notable Quotes

“Reaching the 75‑percent expenditure threshold is an important milestone for the company, and it comes at a moment when the scale and potential of Copper Mountain are becoming increasingly clear. Our first phase of drilling and exploration has significantly exceeded expectations and the project has the potential to be one of America’s largest.” – Thomas Lamb, CEO, Myriad Uranium Corp.