Myriad Announces Acquisition of 23 Breccia Pipe Uranium and REE Exploration Targets in Historically Significant Uranium District in Arizona - Including the Wate Pipe with a Historical Resource Estimate

Executive Summary

• Myriad Uranium Corp. acquired 15 state mineral leases and 8 split-estate claims in Arizona, covering 5,600 acres (with 2 additional awards pending for 6,080 total), encompassing 23 breccia pipe-hosted uranium and REE targets.
• The company granted Wedgemount Resources Corp. a 3-year option to acquire up to 75% of the "Breccia Pipe Project" through a combination of cash payments, common share issuances, and qualifying exploration expenditures.
• Myriad retains the right to earn back to a 50% interest by funding the next Cdn$5,000,000 of expenditures, with the goal of establishing either a 50/50 or 75/25 joint venture depending on the option exercise level.

Key Details

• Land Acquisition: 15 state mineral leases and 8 split-estate claims awarded; 2 additional state mineral awards pending. Total acreage: 5,600 acres (6,080 acres with pending awards). Located in the Arizona Strip/Northern Arizona.
• Project Targets: 23 breccia pipe-hosted uranium targets with potential for associated rare earth elements (REEs).
• Historical Resource Estimate: Wate Pipe historical estimate (SRK Consulting, 2015): 71,000 short tons containing 1.12 million lbs eU₃O₈ at an average grade of 0.79% eU₃O₈ (classified as Inferred, not current under NI 43-101).
• First Option (50% Interest):
• Cash payment: US$75,000 within 30 days.
• Share issuances: 2,000,000 shares within 30 days; 1,500,000 shares by 8-month anniversary; 1,500,000 shares by 16-month anniversary; 1,500,000 shares by 24-month anniversary.
• Minimum expenditures: Cdn$500,000 by 8 months; Cdn$750,000 by 16 months; Cdn$1,000,000 by 24 months.
• Second Option (Additional 25% for 75% Cumulative):
• By 3rd anniversary, issue shares equating to a 9.9% aggregate ownership interest in Wedgemount.
• By 3rd anniversary, incur an additional Cdn$1,750,000 in exploration expenditures.
• Joint Venture Structure:
• If 75% is earned: Establishes a 75/25 JV. Myriad may earn back to 50% by funding 100% of the next Cdn$5,000,000 of JV exploration expenditures.
• If only first option is exercised: Establishes a 50/50 JV.
• Standard industry dilution terms apply to the JV.
• Regional & Operational Context:
• Targets are located near Energy Fuels' active Pinyon Plain Mine (Q2 2025 avg grade: 2.23% U₃O₈).
• Breccia pipes typically mineralized at 1,000–1,800 ft depth, with vertical extents up to 600 ft and diameters of 200–400 ft.
• Low surface footprint (<20 acres disturbance) and proximity to Energy Fuels' White Mesa Mill in Utah.
• Myriad's strategy focuses on its Copper Mountain, Wyoming flagship project while leveraging partners for day-to-day operations on new acquisitions to retain ownership upside.

Notable Quotes

• "The acquisition of these mineral leases places us squarely in a historically significant uranium district with current uranium production nearby. Additionally, it is also a district which we believe is very underexplored and the targets that we have acquired have not had any modern exploration techniques applied to them." – Chairman Simon Clarke
• "We believe that Wedgemount is the right partner to do this and, with them bearing the costs of exploration and development over the next 3 years, our ability to keep up to 50% ownership represents good upside potential for Myriad and its shareholders with additional exposure to the Project coming from the share ownership we will also acquire in Wedgemount." – Chairman Simon Clarke
• "We believe that Wedgemount is an ideal partner for this project and its knowledge of delivering energy in the US as it builds a stable base of producing Oil and Gas assets is an intriguing and timely fit, especially with its knowledge of the energy requirements of data centres, fuelled by natural gas today but likely nuclear and SMRs tomorrow." – Chairman Simon Clarke