Potentially one of the largest uranium
projects in Wyoming

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• 2006-2012 – Neutron and Strathmore each held parts of the project area.
• The western part of Canning and certain other areas represented Strathmore’s principal project in 2007, and largely on that basis its market cap rose to C$457m.
• Ownership of the entire Copper Mountain Uranium Project area is unified for the first time since 1982, when Union Pacific held it.

UNION PACIFIC PLANNED A LARGE-SCALE
MINE AT COPPER MOUNTAIN

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• Historical data has revealed that Union Pacific spent US$78m (2024$) exploring Copper Mountain during the 1960s and 1970s.
• Union Pacific drilled more than 2,000 boreholes and discovered 7 uranium deposits and numerous prospects.
• Union Pacific had planned to build a large-scale conventional uranium mine to fuel California’s planned Edison reactor fleet but aborted plans after 1979’s Three Mile Island and other factors caused a dramatic fall in uranium prices and the cancellation of new reactor construction in the U.S.
• Many high grade areas, with intercepts at Canning of up to 6720 ppm, with 223 intervals of 3 ft. or greater over 1000 ppm, and 741 intervals greater than 3 ft. over 500 ppm. The longest mineralized interval we have data for at Canning is 291 ft.
• Union Pacific estimated the potential of known deposits and speculated targets at over 65 Mlbs and estimated a resource of 15-30 Mlbs for mine planning purposes.
• The Copper Mountain Uranium Project contains numerous advanced prospects, exploration targets, and past producing mines that will be thoroughly explored.

HISTORICAL EXPLORATION
AND DEVELOPMENT RECORDS

Historical data expected to save significant time and capital

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• Myriad has acquired extensive historical information mostly relating to Union Pacific’s large-scale exploration and development work during the 1970s.
• The information includes detailed mapping, surface geochemistry, extensive drill data, historical resource estimates, and project development and mine plans for the Copper Mountain Uranium Project.
• As new data is acquired, it undergoes digitization and thorough validation, and is incorporated into the geologic model which is expected to save significant time and money as Myriad advances the Project to drilling and an initial resource estimate in Q1 2025.

NEW INSIGHTS

Compilation of significant historical intervals confirm high grade eU3O8 near surface

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• Union Pacific generally never drilled deeper than 600 ft (182m).
• However, more recent interpretations of the mineralization model suggest that high grade uranium is most likely concentrated in vertical structures which go much deeper.
• Going deeper represents an exciting opportunity to increase the Project’s uranium grades and volume.

HISTORICAL DRILLING

High Grade Zone at North Canning Deposit

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• Myriad recently announced historical high grade uranium intervals at the Copper Mountain Uranium Project.
• The intervals relate to 82 boreholes drilled into the High Grade Zone at North Canning, an area slated for open-pit mining by Union Pacific.
• The results confirm high grade uranium is relatively close to surface and gives Myriad a clearer path to reevaluating the resources and determining the feasibility of mining.
• New insights from this data could lead to enhanced average grades and volumes in this zone and elsewhere at the Copper Mountain Uranium Project.

NORTH CANNING HIGH GRADE ZONE

Intercepts at the High Grade Zone and in adjacent zones of up 6720 ppm

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• Union Pacific had intended the High Grade Zone to be the center of a hub-and-spoke mine they were planning in the late 1970s.
• Intercepts at the High Grade Zone (aka “Area of Special Interest”) and in adjacent zones were up to 6720 ppm and included many long mineralized intervals (up to 291 feet).
• Within the data set compiled to-date, which relate to boreholes at the Canning deposit, there were 223 intervals >1000 eU3O8 and 741 intervals >500 ppm eU3O8.

DISTRICT SCALE POTENTIAL

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• Background uranium in the surrounding granites is 50 ppm.
• Modern techniques and updated geological understanding could lead to significant new uranium discoveries.
• Union Pacific was focused on developing low-and-mediumgrade bulk deposits. Numerous high grade structures and deeper areas have not yet been evaluated.
• The high grade is associated with faults and fractures in the basement granite and amphibolite schists, a feature shared with Beaver Lodge (Athabasca) and other high grade uranium districts globally.

POTENTIAL FOR MULTIPLE MAJOR DISCOVERIES

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• Union Pacific had planned a mine at Copper Mountain but aborted in 1982 as prices fell.
• They evaluated the project as a medium-grade, very large volume deposit and planned open pit mining with a central processing plant. This possibility is open to us.
• Union Pacific identified a number of additional promising targets in the area that did not form part of their resource estimates or mine plan, but instead were slated for extensive follow-up.
• The Union Pacific prospects include:
  Knob: Up to 500 klbs at 0.15% with significant upside potential.
  Midnight: Could contain up to 10 Mlbs.
  Bonanza Mine: Produced 780 klbs at 1.3%.

• Summer and Fall 2024 will focus on drilling the ‘High Grade Zone’ at the Canning Deposit, which was the centre of Union Pacific’s 1979 six-pit mine plan, with the aim of delineating an initial current NI 43-101 resource. Canning contains 10-20 Mlbs according to historic estimates.
• This is the first step toward establishing Copper Mountain as the next major uranium district.
• Subsequent programs in 2025 and beyond, will target additional known historical resources, plus high-priority prospects such as Midnight (thought by Union Pacific to contain 10Mlbs).
• Total resource potential was reported by Union Pacific to be over 65 Mlbs within or adjacent to known resources, and possibly much higher in the entire Project area.

• Property Option Agreement signed by Myriad Uranium Corp. and Rush Rare Metals Corp. on October 18, 2023, giving Myriad a 75% earnable interest in the Project, subject to an underlying 2.5% NSR royalty.
• A small part of the project (<10% of the total project area) is subject to additional 1% or 3% NSR royalties payable to local ranchers.
• Myriad is required to spend $1.5M before Oct. 18, 2025 to earn 50%, and an additional $4M before Oct. 18, 2027 to earn 75%.
• Switch to 75/25 JV upon completion of spend requirements.
  • Upfront payment of $135,000 (paid).

• Upfront share issuance of 575,000 common shares to Rush (issued).
• $150,000 in Myriad shares payable on Oct. 18, 2024, and
• $250,000 in shares payable on Oct. 18, 2025.

• Upon completion of a PEA or PFS, $2,500,000 in Myriad shares to be issued to Rush.
• First C$50 million in net proceeds of production to be shared 50/50 (or equivalent economics).
• Myriad to make a US$25,000 annual payment to original property vendors.
• For more details, see Myriad’s Oct 20, 2023 News Release

Myriad has determined that the historical estimates stated herein are relevant to the Copper Mountain Project area, are reasonably reliable given the authors and circumstances of their preparation, and are suitable for public disclosure. However, readers are cautioned to not place undue reliance on these historical estimates as an indicator of current mineral resources or mineral reserves at the project area.

A qualified person (as defined under NI 43-101) has not done sufficient work to classify any of the historical estimates as current mineral resources or mineral
reserves, and Myriad is not treating the historical estimates as a current mineral resource or mineral reserve as Myriad has not been able to verify all of the data underlying the historical estimates. Also, while the Copper Mountain Project area contains all or most of each potential deposit referred to, some of the resources referred to may sit outside Myriad’s current Copper Mountain Project area.

Furthermore, the estimates are decades old and based on drilling data for which the logs are, as of yet, predominantly unavailable, and there may be other
limitations respecting the historical estimates, including that the nature of the mineralization at Copper Mountain (fracture-hosted) makes estimation from drill data less reliable than other deposit types and that the “delayed fission neutron” factor used in some cases to calculate grades is somewhat controversial, in that the approach is viewed by some experts as too conservative. The historical estimates, therefore, should not be unduly relied upon. See Myriad’s news release dated October 31, 2023 for further information respecting the historical estimates.