Historical drilling in the district confirms that the Red Basin Project contains highgrade uranium mineralization of 0.17%-0.31% that is near-surface, with significant potential for associated vanadium up to 1.64% V2O5.

• ~800 of the 1,050 holes drilled the Red Basin are within Myriad’s claims.
• Historic (non 43-101) indicated resource of 0.5 Mlbs and Inferred resources of 1.5 – 6.5 Mlbs
• District potential believed to be up to 45 Mlbs

The following sources of information are relevant to the historic resource or grade estimates referred to in this document:

• Bachman, G.O., Baltz, E.H. and Griggs, R.L (1957). Reconnaissance of Geology and Uranium Occurrences of the Upper Alamosa Creek Valley, Catron County, New Mexico. Trace Elements Investigations Report 521. United States Department of the Interior Geological Survey.

• Chamberlin, R.M. (1981). Uranium Potential of the Datil Mountains-Pietown Area, Catron County, New Mexico. New Mexico Bureau of Mines and Mineral Resources. Open-File Report No. 138.

• McLemore, V.T. (1981). Uranium resources in New Mexico – discussion of the NURE program. New Mexico Bureau of Mines and Mineral Resources, in New Mexico Geology, v. 3, n. 4 pp. 54-58.

• Halterman, L. (2007). A Uranium and Vanadium Prospect, New Mexico. Running Fox Resources.

• McLemore, V.T. (2011). Uranium Resources in the Red Basin-Pietown District, Catron County, New Mexico. New Mexico Bureau of Geology and Mineral Resources, New Mexico Institute of Mining and Technology. Presentation to U2011 Conference, Casper, Wyoming.

• Hiner, J. and Bain, F. for First American Uranium, Inc. (2023). Red Basin Uranium/Vanadium Property National Instrument 43-101 Report.

The historic resources referred to here were estimated on the basis of more than 1,000 historic drill holes that are located on the property. The Department of Energy (DOE, 1980) estimated the Red Basin prospect to contain approximately 1.6 million pounds U3O8 at an average grade of 0.31% U3O8. In 2012, Rio Grande Resources commenced a geologic evaluation of the drill hole gamma ray electric logs (perss. comm. – source reference not available). Stratigraphic cross-sections were constructed, two separate roll-fronts were mapped, and a resource estimate made. Using a grade times thickness (GT) cutoff of 0.25 and grade cutoff of 0.02%, an Indicated in-place resource of 500,000 pounds and an Inferred resource between 1.5 – 6.5 million pounds U3O8 was estimated, in
accordance with definitions of the CIM Definition Standards for Mineral Resources & Mineral Reserves (2014).
These estimates are not current under NI 43-101 and the reader is cautioned that historical resource estimates should not be relied upon to judge the quality of exploration potential of Red Basin. The data collection methods applied at the time are considered appropriate and reliable and the estimates derived from them are considered relevant. However, the resultant gamma logs and core assays that supported the resources were not available to the Qualified Person, therefore a complete and thorough review of the underlying data has not been possible.
Estimates of target and district potential, although based on assumptions with technical merit, are speculative in nature and should be relied upon as an indication of future resources or reserves. A Qualified Person has not done sufficient work to classify the historical estimate as current mineral resources or mineral reserves; and the issuer is not treating the historical estimate as current mineral resources or mineral reserves. Inherent limitations of the historical estimates include that the nature of the mineralisation (fracture hosted) makes estimation from drill data less reliable than other deposit types (e.g. those that are thick and uniform). From Myriad’s viewpoint, limitations include that the Company has not been able to verify the data itself and that the estimate may be
optimistic relative to subsequent work which applied a “delayed fission neutron” (DFN) factor to calculate grades. On the other hand, DFN is controversial, in that the approach is viewed by some experts as too conservative. Nevertheless, it was applied in later resource estimations by Union Pacific relating to Copper Mountain.
In order to verify the historical estimates and potentially re-state them as current resources, a program of digitization of available data is required. This must be followed by re-logging and/or redrilling to generate new data to the extent necessary that it is comparable with the original data, or new data that can be used to establish the correlation and continuity of geology and grades between boreholes with sufficient confidence to estimate mineral resources.