Copper Mountain, Wyoming, USA

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Project Presentation

Technical Report

WYOMING URANIUM THESIS

  • Exciting stage in the uranium cycle Uranium price is rising fast ($30 to over $100/lb in 18 months)
  • Junior uranium equities will follow the majors upwards
  • Last cycle, quality juniors like Myriad went parabolic
  • U.S. consumes ~50,000,000 lbs of uranium per year but produces just ~165,000 lbs
  • This is about to change as the U.S. focuses on securing domestic supply
  • Myriad’s focus is Wyoming and a high proportion of U.S. investment will go there
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WYOMING

Wyoming is the historic and also current centre of uranium mining in the USA

  • 3 of 4 current producing U.S. mines are in Wyoming
  • Sen. John Barrasso (R-WY) is leading the charge to ban Russian uranium, increase US production, secure U.S. uranium independence
  • Bipartisan support
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COPPER MOUNTAIN, Wyoming, USA

COPPER MOUNTAIN URANIUM

  • It is the first time since 1982 that there is unified ownership of the entire project area.
  • 75% earnable interest; path to 100%
  • Union Pacific drilled 2,000+ boreholes, identified 6+ deposits, and was planning a mine centred on North Canning
  • They estimated the potential of 2 of the deposits at up to 63.8 Mlbs, and estimated resources between 15.7 and 30.1 Mlbs (non-43-101)
  • Ore is highly leachable (~90-95% recoveries).
  • Historic and present-day experts cautiously optimistic re ISR
  • New Knob Prospect: target 0.5 Mlbs at 0.15% with significant potential for expansion (non-43-101)

We have obtained a vast paper-based data trove, mostly from the 10970s, which is enabling us to leverage Union Pacific’s extensive work.

It is revealing drill results, resource estimates, deposit locations, and a large number of high grade targets at Copper Mountain.

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POTENTIAL FOR MAJOR DISCOVERIES

  • 50 ppm background in the granites
  • “Modern” techniques could lead to new uranium discoveries.
  • Union Pacific in the 1970s was focused on medium grade bulk deposits. High grade structures not yet evaluated. They will be followed-up.
  • High grade is associated with amphibolite schists, a feature shared with Beaver Lodge (Athabasca) and other high grade districts globally.
  • New genetic models suggest a high chance for discovery of world-class deposits in both the hard rock and sandstone.
– Neutron Energy internal memo, 2010.
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MINING POTENTIAL

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  • Union Pacific had planned a mine at Copper Mountain but aborted in 1980 as prices fell.
  • Evaluated as a medium grade, very large volume deposit, with potential for open pit mining
  • Potential for hub and spoke production from one or several open pit mines with a central processing plant
  • Data confirms ore highly amenable to leach (mid-90s%), with ISR potential.

PROPERTY OPTION DETAILS

  • Property Option Agreement signed by Myriad Uranium Corp. and Rush Rare Metals on October 18, 2023.
  • 75% earnable interest in 110 claims (1,911 acres and growing) in central Wyoming.
  • $1.5M spend within 2 years to earn 50%, $4M within 4 years to earn 75%.
  • Switch to 75/25 Joint Venture with Rush Uranium Corp. upon completion of spend requirements.
  • Upfront payment of $135,000 (paid).
  • Upfront share issuance of 575,000 common shares to Rush Rare Metals (issued).
  • $150,000 in Myriad shares payable at 1st anniversary, $250,000 in shares payable at 2nd anniversary.
  • Upon completion of a Preliminary Economic Assessment or Prefeasibility Study, $2,500,000 in shares issued to Rush
  • First C$50 million in net proceeds of production to be shared 50/50 (or equivalent economics).
  • For more details, see our Oct 20, 2023 News Release.
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