Copper Mountain, Wyoming, USA

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Project Presentation

Technical Report

WYOMING - TIER 1 JURISDICTION

Wyoming hosts the largest-known uranium ore reserves in the United States and is now the focus of incoming investment.

  • The state also leads the U.S. in uranium production, hosting 4 out of America’s 5 operating uranium mines (2023).
  • Wyoming produces 69% of U.S. mined uranium and is highly prospective for large-scale uranium discoveries.
Source: Wyoming State Geological Survey, Jan 2024

Wyoming hosts the largest-known uranium ore reserves in the United States and is now the focus of incoming investment.

  • The state also leads the U.S. in uranium production, hosting 4 out of America’s 5 operating uranium mines (2023).
  • Wyoming produces 69% of U.S. mined uranium and is highly prospective for large-scale uranium discoveries.
Operating mines and development-stage uranium projects in Wyoming
Operator
Owner
Capacity
(lb U3O8/yr)
Status
Lance-Ross
Peninsula
3,000,000
Operations expected to resume late 2024–2025
Lost Creek
UR-Energy
2,200,000
Resumed commercial operations mid-2023
Moore Ranch
UEC
3,000,000
Not yet constructed
Nichols Ranch
Energy Fuels
2,000,000
Standby
Reno Creek
UEC
2,000,000
Not yet constructed
Shirley Basin
UR-Energy
2,000,000
Not yet constructed
Smith Ranch-Highland
Cameco
5,500,000
Standby
Willow Creek
UEC
2,500,000
Irigaray and Christensen Ranch restarted Aug 2024; Ludeman site not yet constructed

COPPER MOUNTAIN URANIUM PROJECT

Potentially one of the largest uranium
projects in Wyoming

.

  • 2006-2012 – Neutron and Strathmore each held parts of the project area.
  • Strathmore held the western part of North Canning and a few other areas (Neutron held the eastern part of North Canning). Partly on this basis Strathmore’s market cap rose to a peak of C$457m.
  • Ownership of the entire Copper Mountain Uranium Project area is unified for the first time since 1982, when Union Pacific held it.
The information on this slide is historical and not NI 43-101 compliant. See the final slide of this presentation for further information respecting historical estimates.

COPPER MOUNTAIN URANIUM PROJECT

History

  • 1950s and 60s: several uranium mines including Arrowhead (0.5 Mlbs @ 0.15%) and the Bonanza Trend (0.78 Mlbs @ 1.3%).
  • 1970s Union Pacific and California Edison planned a large-scale conventional mine with an initial resource of 15-30 Mlbs, identifying 7 deposits plus many advanced prospects.
  • Union Pacific estimated the potential of the deposits and prospects to be over 65 Mlbs.

 

Other historical estimates of Copper Mountain’s potential

  • 200 Mlbs in known deposit areas (US Dept of Energy, 1982).
  • 600 Mlbs in Copper Mtn District (US Dept of Energy 1982).
  • “Several hundred million pounds” (Neutron ~2008).

COPPER MOUNTAIN URANIUM PROJECT

The information on this slide is historical and not NI 43-101 compliant. See the final slide of this presentation for further information respecting historical estimates.

COPPER MOUNTAIN URANIUM PROJECT

COPPER MOUNTAIN WAS INTENDED TO BE A LARGE-SCALE CONVENTIONAL URANIUM MINE

Historical data has revealed that Union Pacific spent C$117m (2024$) exploring Copper Mountain during the 1960s and 1970s.

  • They drilled more than 2,000 boreholes and discovered 7 uranium deposits with estimated resources of 15-30 Mlbs for mine planning purposes and numerous prospects, which together they estimated hold over 65 Mlbs.
  • In partnership with Southern California Edison, they’d planned to mine Copper Mountain to fuel California’s planned Edison reactor fleet but aborted plans after 1979’s Three Mile Island incident caused a dramatic fall in uranium prices and the cancellation of new reactor construction in the U.S.
  • Copper Mountain encompasses many high grade areas, with the latest (Oct/Nov 2024) intercepts at Canning reaching 8060 ppm. Across the 34 holes, there were 30 intercepts over 1000 ppm. HIstorical drilling across ~182 boreholes included 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.
  • Neutron Energy estimated the potential of the entire Copper Mountain area at “several hundred million pounds“.
  • The Copper Mountain Uranium Project contains numerous advanced prospects, exploration targets, and past producing mines that will be thoroughly explored.
The information on this slide is historical and not NI 43-101 compliant. See the final slide of this presentation for further information respecting historical estimates.

COPPER MOUNTAIN PHOTO GALLERY

COPPER MOUNTAIN URANIUM PROJECT

HISTORICAL EXPLORATION
AND DEVELOPMENT RECORDS

Historical Data is Saving 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 creating significant value by enabling highaccuracy drilling and the acquisition and targeting of highpotential prospects in the area.
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COPPER MOUNTAIN URANIUM PROJECT

MINERALISATION AT COPPER MOUNTAIN

Compilation of significant historical intervals confirm high grade eU3O8 near surface

  • Union Pacific generally never drilled deeper than 500 ft (154m).
  • However, more recent interpretations of the mineralization model suggest that high grade uranium is most likely concentrated in vertical structures which go much deeper.
  • In an exciting development, the maiden drill program completed in November 2024 intercepted significant uranium mineralisation at depths below Union Pacific’s historic “hard deck”. This brings an important new dimension to the project.
  • Deeper uranium could “crack the Copper Mountain project wide open”, as the CEO of a major uranium company operating Wyoming put it.
The information on this slide is historical and not NI 43-101 compliant. See the final slide of this presentation for further information respecting historical estimates.

COPPER MOUNTAIN URANIUM PROJECT

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 Trend: Produced 780 klbs at 1.3%.
The information on this slide is historical and not NI 43-101 compliant. See the final slide of this presentation for further information respecting historical estimates.

COPPER MOUNTAIN URANIUM PROJECT

13-1

COPPER MOUNTAIN HAS “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.
13-2
The information on this slide is historical and not NI 43-101 compliant. See the final slide of this presentation for further information respecting historical estimates.

COPPER MOUNTAIN URANIUM PROJECT

OUTSTANDING 2024 MAIDEN DRILL PROGRAM (probe results) 

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  • October-November 2024 results VERIFY and SURPASS historic drill data.
  • Results confirm the potential for high-grade uranium, with 30 intervals across 34 holes reporting greater than 1,000 ppm eU3O8.
  • Peak grade in borehole CAN0006 reaching up to 8,060 ppm eU3O8.
  • US DOE calibration test indicates reported grades for boreholes 1 to 6 may be understated by as much as 13%, including CAN0006’s reported peak grade of 8,060 ppm.
  • Assays recently increased avg grades by 20%.
Some of these results are still to be confirmed by chemical assay of core and reverse circulation samples being collected from the drilling. Chemical assay results may differ from spectral gamma ray results.

EXPLORATION PLAN

2024 Exploration Plan Was Successfully Executed with Excellent Results

Objective

Summer and Fall 2024 focused on drilling the Canning Deposit, which was the centre of Union Pacific’s 1979 six-pit mine plan. Canning contains 10-20 Mlbs according to historic estimates.

Drill results were outstanding.

  • This drill program was 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.
Copper Mountain 2024 Exploration Plan (historical)
myriad-uranium-oct-1-2024-16
A comprehensive news release discussing gamma probe results is available here. The information on this slide is historical and not NI 43-101 compliant. See the finalslide of this presentation for further information respecting historical estimates.

COPPER MOUNTAIN URANIUM PROJECT

2024: Deeper Drilling Encounters Entirely New Mineralisation

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  • Union Pacific’s “hard deck” depth was 500-600 ft.
  • We’ve drilled deeper and found significant uranium.
  • This is very exciting because mineralisation deeper than 600 feet is entirely new relative to historical resource estimates.
  • Could represent a significant jump in the project’s potential and value.
These results are still to be confirmed by chemical assay of core and reverse circulation samples being collected from the drilling. Chemical assay results may differ from spectral gamma ray results.

COPPER MOUNTAIN TIMELINE

The information on this slide is historical and not NI 43-101 compliant. See the final slide of this presentation for further information respecting historical estimates.

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.
The information on this slide is historical and not NI 43-101 compliant. See the final slide of this presentation for further information respecting historical estimates.

COPPER MTN. PLAN & MAJOR CATALYSTS

Major Catalysts are based on results, estimates and market conditions, and are subject to change.

HISTORICAL ESTIMATES

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.

myriad-presentation-feb-2024-21

PROPERTY OPTION DETAILS

  • Property Option Agreement signed by Myriad Uranium Corp. and Rush Rare Metals Corp. on October 18, 2023, giving Myriad a 75% earnable interest (50% has already been exercised) 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