Myriad Uranium (CSE:M) - From Historical Data to Drill-Confirmed Resource: The Phase 2 Plan

Why It Matters

Confirming a multi‑hundred‑million‑pound uranium resource would give Myriad a rare domestic supply foothold, driving investor interest and supporting U.S. energy security goals.

Key Takeaways

• Myriad Uranium launches Phase 2 drilling to verify historic resources.
• Targeting 27 M‑lb historic core and potential 655 M‑lb endowment.
• Expecting 20‑60% grade boost in disequilibrium corrections assays.
• Sale of Red Basin adds $2.5 M cash, boosting bank balance.
• Aim to upgrade historic data into NI 43‑101 compliant resources.

Summary

Myriad Uranium (CSE:M) announced a Phase 2 drilling program aimed at converting its extensive historical uranium data into a modern, NI 43‑101‑compliant resource. The company’s two U.S. projects—Copper Mountain in Wyoming and Red Basin in New Mexico—are positioned for a senior‑exchange listing as the firm seeks to demonstrate tangible resource upside.

The drill plan focuses first on the 27 million‑pound historic core at Copper Mountain, where Department of Energy and Bendix Engineering once estimated a 655 million‑pound endowment down to 600 ft. By executing roughly 4,500 m of drilling—deep and shallow holes—the team expects to confirm and potentially expand these historic grades, leveraging a 20‑60 % disequilibrium correction that could significantly raise assay results. Peripheral targets, including the Lucky Cliff intercept (85 ft at 12,200 ppm), will be tested in subsequent stages.

CEO Thomas Lamb highlighted the grade‑boost potential and cited recent successes, such as the 85‑ft high‑grade intercept and the sale of the Red Basin project to tech investors 8VC and Overmatch for $2.5 million, which lifts the cash balance to roughly C$12 million. The company maintains a low burn rate and plans to fund Phase 2 largely from existing cash, with infill drilling to follow using cost‑effective RC methods.

If Phase 2 validates the historic resource and delivers the anticipated grade uplift, Myriad could file a new NI 43‑101 estimate, attract institutional capital, and position itself for a NASDAQ or NYSE American listing. The outcome also aligns with broader U.S. policy aimed at securing domestic uranium supply amid rising demand for nuclear power and strategic fuel‑cycle initiatives.

Original Description

Interview with Thomas Lamb, CEO, Myriad Uranium

Our previous interview: https://www.cruxinvestor.com/posts/myriad-uranium-corp-csem-radiometric-breakthrough-expands-drill-plans-9453

Recording date: 6th May 2026

Myriad Uranium is advancing a strategic shift from historical resource estimation to active development at its flagship Copper Mountain project in Wyoming, following the release of a comprehensive NI 43-101 technical report. The report confirms a 27 million pound historical uranium resource and highlights a much larger 655 million pound uranium endowment identified by U.S. Department of Energy assessments, establishing a strong foundation for future growth.

The company is launching a 4,500-meter Phase 2 drilling program aimed at validating historical data and expanding known deposits. This program will focus on seven previously identified deposits, peripheral targets with limited past drilling, and entirely new zones identified through recent geophysical surveys. A key factor underpinning potential upside is radioactive disequilibrium, which historically caused uranium grades to be underestimated. Modern assay techniques suggest grades could be 20–60% higher than previously recorded, with possible extensions in mineralized intervals.

Financially, Myriad is strengthening its position through the sale of a 90% stake in its Red Basin project in New Mexico for $2.5 million USD, while retaining a 10% carried interest. The deal, backed by technology-focused investors, reflects growing interest from the tech sector in uranium as a strategic resource for powering AI and data infrastructure. Proceeds from the transaction are expected to increase the company’s cash reserves to approximately $11–12 million CAD, funding ongoing exploration with minimal dilution.

Myriad is also progressing toward a listing on a major U.S. exchange and completing a merger to consolidate ownership of Copper Mountain. Combined with new exploration targets and strong financial backing, the company is positioning itself to capitalize on rising uranium demand and increasing geopolitical focus on domestic energy security.

Learn more: https://www.cruxinvestor.com/companies/myriad-uranium

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