Uranium in the Tim Mersoï Basin, Niger

Myriad Highlights

  • New. New uranium explorer. CSE-listed (CSE:M). Frankfurt and OTC tickers imminent.
  • Goal is to find more Dasas in one of the world’s great uranium basins, the Tim MersoÏ.
  • Location. 1,800 km² across four exploration licences which are on-structure and next to several of Africa’s (and the world’s) most significant uranium deposits.
  • Imouraren. We are immediately adjacent to Africa’s largest uranium deposit at (380 Mlbs eU3O8) and on the same structures.
  • Dasa. We are on the same fault 30km from Dasa, Africa’s highest grade development-stage deposit. Imouraren’s fault merges with Dasa’s inside our licence.
  • Excellent structure. ~26.5m shares outstanding, majority held by management and local West African partners and subject to 3 year trickle-out.
  • Lean. Low overhead. Money goes into the ground, managed by our outstanding technical team.
  • Interests aligned. Our local operating partner Loxcroft is our largest shareholder. Excellent track record and long-standing private sector and government relationships in Niger.

Historic Data + New Insights

  • We have historic data worth millions. Before insights from Dasa were available, Orano and its predecessors engaged in significant regional-scale exploration of Myriad’s licence areas, which included at least 161 relatively shallow boreholes (~24,000m), airborne and ground geophysics, geological mapping, and seismic surveys.
  • We have Orano’s Plans. Our areas were targeted by Orano for intensive exploration. We have those plans.
  • Our licences contain uranium. Approximately 20% of the historic boreholes within our licence areas intersected significant (at least 100 ppm eU) mineralization. Our licences may also contain molybdenum, and this will be investigated. It is reported in small quantities nearby.
  • Structural dihedrals. All Myriad licences show important structural dihedrals defined by the major faults that control uranium mineralization.
  • High grade is deeper. We now understand that high uranium grades can lie in secondary fault structures and at depths not previously investigated – Dasa.
  • Strong technical team. The Company has a world-class technical team led by George van der Walt and will now build on a wellspring of historical information, with a goal of drilling in 2023.

Niger & The Tim Mersoï Basin

Myriad Licenses In The Tim Mersoï Basin


Agebout Targets


Afouday Targets

Afouday Seismic Profiles

Tagait 2 & 3

Tagait 2 & 3 Targets

Niger & The Tim Mersoï Basin

  • According to the World Nuclear Association, Niger Is the world’s 6th largest producer of uranium
  • Has two significant uranium mines providing about 5-7% of world mining output from Africa’s highest-grade uranium ores
  • Has strong government support for expanding uranium mining
  • There are several foreign uranium mining and exploration companies successfully operating in Niger

Going Forward

Myriad is developing a phased exploration plan

Current – Q1 2023
  • Further examination and analysis of historic data.
  • Field-based confirmation of surface radiation anomalies and related geologic observations (currently underway).
  • Construction of more detailed geologic maps and cross sections from existing data to identify and constrain the target horizons and depths.
Q2 2023 – Q3 2023
  • Possible high resolution magnetic geophysical surveys to better constrain the primary fault locations for drill targeting.
  • Surveying selected historic boreholes to confirm previous uranium occurrences.
  • Reconnaissance test drilling at selected locations based on assessment of the data.
Q4 2023
and beyond
  • Target and resource delineation drilling, based on success of the earlier phases.


CEO and Board Member

Thomas Lamb is a graduate of London Business School, holding MSc, JD, and BA degrees. With 20 plus years of pubco experience, and many of those specific to exploration in Africa, he co-founded M2 Cobalt (sold to Jervois Global), Goldgroup, Rift Copper, and J2 Metals. He is a former Jervois executive, and speaks French, English and Russian.

Senior Geologist/ Qualified Person

George van der Walt is a Senior Economic Geologist with significant uranium experience. He managed the exploration and development of Peninsula’s vast Karoo uranium project in RSA. His experience includes exposure to Bushveld Complex PGE-Cu-Ni, lithium and rare metal pegmatites, and more. He currently serves as a Geological Operations Manager at The MSA Group, a multinational consulting group with offices in South Africa, Egypt, Saudi Arabia and Kazakhstan.

ISR/ISL Uranium Expert

David Miller is a professional economic geologist and previous Wyoming politician. Primarily focused in uranium exploration, development, and mining, his career has included senior roles at producers Utah International, Areva and Strathmore Minerals (where he was CEO). A recognized expert in the nuclear and energy fields, and in ISR/ISL extraction, he has been featured in the New York Times, BBC, CNBC, CNN, and more as a uranium expert.


Loxcroft is a significant shareholder of Myriad and appoints two board members to Myriad’s board of directors.

Board Member

Daye Kaba is a partner at Asafo & Co., an Africa-based international law firm. Mr. Kaba previously worked as a partner at McCarthy Tetrault LLP and Fasken Martineau DuMoulin LLP in Toronto and Coudert Brothers LLP in Paris.  He received his JD from the University of Michigan and is called to the New York bar and the Ontario bar.  He is fluent in English, French and Portuguese.

Board Member

Cyril has 20 years’ experience in the mining industry as an engineer, banker and advisor. He has worked on debt advisory, technical risk analysis, modelling and structuring of mining finance transactions with leading institutions such as Endeavour Financial, WestLB and Unicredit. Cyril holds a Bachelor of Science degree in Engineering and an MBA from the Freiberg University of Mining in Germany.

Equity Partner

With Loxcroft as an equity partner with Myriad in Niger, Myriad gained (1) all of Loxcroft’s substantial local Niger knowledge and experience, (2) access to local exploration contractors, (3) influence within the Niger mining sector, and (4) access to new license areas if and when they become available in the future.


Board Member

Guy Pinsent, Myriad Metals board member since 2019, and current CEO of Less Mess Storage, was educated at Cambridge University. He holds a Master’s degree in economics. He worked at Colliers, Citibank, and for the British Foreign Service (focussing primarily on nuclear weapons proliferation issues). In 2013, he co-founded Less Mess Storage, a self-storage business based in Central and Eastern Europe.

Board Member

Mr. Bonner received an Honours Geology from St. Mary’s University in Halifax and Master’s Degrees in both Applied Science and Urban and Rural Planning from Dalhousie University, Halifax. He is a professional geologist, a Fellow of Geoscientists Canada, and a Fellow of the Society of Economic Geologists. He worked in the Nova Scotia government for 22 years where he initiated projects in environmental geology, land reclamation, and public safety.

Board Member

Mr. Nelson Lamb is a CPA, CA, experienced in corporate finance, financial reporting, and strategic planning. He holds a Bachelor of Commerce from the University of Victoria and obtained his CPA, CA designation while working at PricewaterhouseCoopers. From December 2015 to May 2021, Mr. Lamb worked as the Manager of Accounting Services at Pubco Reporting Solutions Inc., a boutique accounting and consulting firm. Mr. Lamb currently serves as the CFO of Oragin Foods Inc. (TSXV: OG).

Niger Option Terms

  • Myriad Uranium (CSE:M) issued 8.5m shares to vendor, Loxcroft Resources Ltd., for an 80% interest in the 4 licenses covering 1822 km2.
  • Spending commitment is $2m over 2 years from August 2022.
  • Myriad has 6 years to buy the remaining 20% for $6m.
  • Myriad may issue a further $5m equivalent in cash or shares to Loxcroft based on future positive, value-add milestones, such as definition of 10 Mlbs and 50 Mlbs eU3O8, PEA, grant of mining permit.
  • Loxcroft retains a 1% NSR.

Local Exploration Team

  • Under the option, Loxcroft manages exploration activities in Niger, under the direction of the Myriad board and an appointed Technical Committee.
  • Loxcroft geologists have direct experience in the Tim Mersoï Basin, with most having previous experience with Orano, Goviex and Global Atomic.
  • Early exploration has been highly efficient, with a great deal of emphasis on the compilation and analysis of previous work by Orano, and limited field work to follow up on and re-verify promising old data.
  • Loxcroft has pre-existing business relationships with local drillers and other important service providers operating in the Tim Mersoï Basin.
  • Strong and long-standing relationships with regulators and government officials.
  • As a large equity partner in Myriad, Loxcroft has a vested interest in Myriad’s ultimate success in Niger.

Uranium for a Greener Planet

  • United Nations has identified climate change as “the defining issue of our time”
  • International efforts to increase wind and solar power have failed to displace fossil fuels
  • Fossil fuels are now used to produce more electricity than ever before
  • Nuclear power plants produce no greenhouse gas emissions
  • Decarbonization will not be possible without an increased role for nuclear power

Global Uranium Supply & Demand


  • Global increased awareness of nuclear power as a clean energy source
  • Globally, 50+ reactors under construction, 100+ reactors planned, 300+ reactors proposed
  • WNA predicts 3.4% compound annual demand growth over 15 years


  • Legacy mines closing – global uranium production decreased by ~20% between 2016 and 2020
  • Global conflict/tension reducing supply from Russia, Ukraine, Kazakhstan, etc.
  • At current uranium prices, exploitation of all but the most favourable deposits not feasible

Uranium Explorers in Niger

  • Some very successful uranium-focused public companies currently operate in Niger (see table to the right).
  • ENRG Elements is the most direct comparable, as an early-stage new entrant at roughly the same “exploration stage” as Myriad.
  • Myriad sits at a fraction of its peers, including ENRG Elements – ENRG 726 km2, Myriad 1,800+
  • Myriad has sufficient cash on hand to execute its initial plans. No pressure.
Company Market Cap C$
Global Atomic (TSX) 727.13M
Goviex (TSX) 135.34M
ENRG Elements (ASX) 22.67M
Myriad Uranium (CSE) 7.47M

Myriad Structure

Initial shares, majority held by founders and management and released over 3 years 15,409,295
Shares issued in connection with the acquisition of the Niger licenses (escrowed and released over 3 years) 8,925,000
Recent $0.25 financing  2,200,000
Issued and Outstanding 26,534,295
Options (vast majority at $0.20 or higher) 2,307,500
Warrants at $0.30 strike (expire January 2025) 2,200,000*
Warrants at $0.40 strike (expire September 2024) 6,315,000
Fully Diluted 37,356,795*


  • Over 1800 km²  of exploration licences in some of the most prospective uranium ground (the Tim Mersoï Basin), within one of the world’s leading uranium producing countries (Niger).
  • Immediately adjacent to Imouraren, Africa’s largest uranium deposit.
  • The Azouza Fault which hosts Global Atomic’s high-grade Dasa mine, and the Arlit Fault which hosts Imouraren, intersect within Myriad’s license areas.
  • Multiple other mines and deposits, such as China NNC’s Azelik and Goviex’s Madaouela, are within 50 kms of the Myriad license areas.
  • Extensive historic data, giving Myriad a significant head start. A number of high-priority targets identified.
  • Orano developed extensive plans to conduct intensive exploration within Myriad licences, but exited their exploration licences in the wake of Fukushima and was unable to initiate those plans.
  • Board members and West African partners are Myriad’s largest shareholders – equity interests are aligned.
  • Niger is a highly active uranium mining jurisdiction with deep expertise across the private sector and government.