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

Key Concepts

• 43-101 Technical Report: A standard for the disclosure of mineral projects in Canada.
• Disequilibrium: A geological phenomenon where the radioactive decay products of uranium are not in balance, often causing gamma probes to under-report actual uranium grades.
• Torque: The potential for significant valuation growth (leverage) as uranium prices rise and historical resources are upgraded to current status.
• Call Option on Uranium: The strategic view that the company’s large, lower-grade historical resource becomes highly economic as uranium prices increase.
• RC Drilling (Reverse Circulation): A cost-effective drilling method used for resource definition.
• Radiometric/Magnetic Signatures: Geophysical data used to identify potential uranium-bearing geological structures.

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1. Project Overview and Strategic Pivot

Myriad Uranium is transitioning from a "historical data" company to a "modern resource development" company. The firm holds two primary assets:

• Copper Mountain (Wyoming): The flagship project featuring a 27-million-pound historical resource and a broader regional endowment estimated by the Department of Energy (DOE) at 655 million pounds.
• Red Basin (New Mexico): Recently sold to Subatomic (backed by 8VC and Overmatch) for $2.5 million USD plus a 10% free-carried interest through production.

The company is currently pivoting to Phase 2 drilling at Copper Mountain to verify historical data and expand known mineralization.

2. Phase 2 Drilling Methodology

The drilling program is structured in three stages to maximize capital efficiency:

• Stage 1 (Deposit Verification): Drilling ~4,500 meters (a mix of deep and shallow holes) at known historical deposits to confirm mineralization and test for "disequilibrium."
• Stage 2 (Prospect Expansion): Testing peripheral prospects that showed promising historical intercepts (e.g., Lucky Cliff, where historical data indicated 85 ft at 12,200 ppm).
• Stage 3 (Infill Drilling): Increasing drill density to bring historical resources into current 43-101 compliant categories.

Technical Insight: The company expects a 20% to 60% grade boost from assaying compared to historical gamma probe data due to the disequilibrium effect, which historically caused under-reporting of uranium content.

3. Financial Position and Corporate Strategy

• Capital Allocation: With approximately $8.5 million CAD in the bank (bolstered by the Red Basin sale), the company is well-funded for Phase 2.
• US Listing: Myriad is 80% prepared (legal/accounting) to move to a senior US exchange (NASDAQ or NYSE American) to increase visibility and liquidity.
• Strategic Alliances: The sale of the New Mexico asset to tech-focused investors (8VC/Overmatch) provides more than just cash; it offers insight into how tech and AI sectors view the uranium fuel cycle. CEO Thomas Lamb suggests these groups are "not price sensitive" and are positioning for a future where uranium prices reach $150–$200/lb.

4. Key Arguments and Perspectives

• The "Call Option" Thesis: Lamb argues that Myriad’s large, lower-grade endowment acts as a call option on the uranium market. As prices rise, previously uneconomic historical resources become viable, creating significant "torque" for the company’s valuation.
• Tech Sector Involvement: Lamb posits that tech and AI companies are entering the uranium space to secure long-term fuel supplies, potentially leveraging political connections and advanced technology to bypass traditional, slower-moving mining development timelines.
• Geophysical Exploration: Recent geophysical surveys (magnetic and radiometric) have identified a large, unexplored signature to the east of the main project area. The company is currently "ground truthing" these targets to potentially expand the resource footprint beyond historical boundaries.

5. Notable Quotes

• "We have a very large, lower-grade historical resource because the mine plan and the work that was done in the 1970s was very conservative." — Thomas Lamb
• "The tech and AI companies are coming... they are not price sensitive. For them, they anticipate $150 or $200 uranium price in the not-too-distant future." — Thomas Lamb
• "We’re always trying to put ourselves in the position of the investor... when we drill it ourselves, we make it real." — Thomas Lamb

6. Synthesis and Conclusion

Myriad Uranium is aggressively moving to modernize its asset base by verifying historical data through a systematic, three-stage drilling program. By leveraging the "disequilibrium" grade boost and focusing on high-torque, low-cost exploration, the company aims to prove the economic viability of its massive historical endowment. The strategic sale of the New Mexico project and the pursuit of a US listing signal a shift toward institutional-grade development, positioning the company to benefit from both rising uranium prices and the growing interest from tech-sector capital.