Myriad Uranium Earns 75% Interest in Copper Mountain, a Key Milestone for the Company

Executive Summary

• Myriad Uranium Corp. has earned a 75% working interest in the Copper Mountain Uranium Project (Wyoming, USA) by completing over $5.5 million of eligible expenditures under its option agreement with Rush Rare Metals Corp.
• The acquisition is subject to underlying NSR royalties and gives Myriad majority control of a project that hosts historic uranium deposits, including the Arrowhead Mine (500,000 lb U₃O₈).
• Management views the milestone as a significant step toward developing one of the largest potential uranium assets in the United States.

Key Details

• Expenditure Threshold Met: Over $5.5 M spent on eligible costs under the Option Agreement dated October 18 2023 (as amended).
• Interest Earned: Myriad now holds a 75% working interest; Rush Rare Metals retains 25%. Both interests are subject to underlying NSR royalties.
• Project Background: Copper Mountain hosts multiple known uranium deposits and historic mines; Union Pacific drilled ~2,000 boreholes and invested C$117 M (2024 dollars) in past exploration.
• Historical Production: Arrowhead Mine previously produced 500,000 lb U₃O₈ before operations ceased in 1980.
• Strategic Significance: CEO Thomas Lamb highlighted that the first phase of drilling and exploration has “significantly exceeded expectations,” positioning Copper Mountain as a potential major U.S. uranium source.
• Related Assets: Myriad also holds 100% interest in the Red Basin Uranium Project (New Mexico), noted for near‑surface mineralisation and upside potential.

Notable Quotes

“Reaching the 75% 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, President & CEO, Myriad Uranium Corp.