Myriad Uranium Stock Price, News & Analysis

Myriad Uranium Corp. (MYRUF) is a uranium exploration company focused on advancing uranium projects in the United States. According to multiple company news releases, Myriad holds a 75% interest, or an earnable 75% interest as described in some releases, in the Copper Mountain Uranium Project in Wyoming and a 100% interest, or a recently acquired 100% interest subject to completing a geophysical survey by a specified date, in the Red Basin Uranium Project in New Mexico. The company’s shares trade on the Canadian Securities Exchange under the symbol M and on the OTCQB under the symbol MYRUF, and it is classified in the Basic Materials sector within the Other Industrial Metals & Mining industry.

Core Focus and Projects

Myriad describes itself as a uranium exploration company with its primary focus on the Copper Mountain Uranium Project in Wyoming, USA. Company disclosures state that Copper Mountain hosts several known uranium deposits and historic uranium mines, including the Arrowhead Mine, which produced 500,000 lbs of U3O8 from shallow underground workings in Tertiary sediments during the 1950s and 1960s. Historical work by Union Pacific and its subsidiary Rocky Mountain Energy Corporation in the late 1970s included extensive drilling, development work, and mine planning aimed at supplying uranium to a planned fleet of California Edison reactors. Operations at Copper Mountain ceased in 1980 before mining could commence due to falling uranium prices.

Myriad reports that approximately 2,000 boreholes have been drilled historically at Copper Mountain, and that Union Pacific is estimated to have spent amounts equivalent to over C$100 million in current dollars on exploration and development. These efforts generated significant historical resource estimates and a large historical technical dataset, which Myriad is using, along with its own drilling and studies, to guide modern exploration. The company highlights the historical work of Bendix Field Engineering Corporation for the U.S. Department of Energy, which produced extensive reports in 1982 describing potential uranium endowment at Copper Mountain based on Union Pacific’s data and additional Bendix work. Myriad notes that these estimates are historical in nature and are not being treated as current mineral resources or reserves under NI 43-101.

Copper Mountain Uranium Project (Wyoming, USA)

According to recent news releases, Myriad has earned or holds a 75% interest in the Copper Mountain Uranium Project through expenditures under a property option agreement with Rush Rare Metals Corp. The project area includes several known deposits and historic mines, such as Canning, Arrowhead, Gem, Mint (Fuller West), Lucky Cliff and other target areas. Historical records cited by Myriad indicate that Union Pacific drilled about 900,000 feet across roughly 2,000 boreholes, carried out feasibility-level studies, and developed a large-scale mine concept involving conventional open pit mining and centralized processing.

Myriad’s own work at Copper Mountain includes drilling programs and detailed chemical assay campaigns. Company disclosures describe a 2024 drilling program at the Canning deposit, followed by chemical assays that, in many cases, returned higher uranium grades than earlier gamma probe-derived estimates. Myriad reports that additional sampling and analysis have identified numerous new mineralized intervals and extended existing intervals, leading the company to conclude that more uranium is present than previously accounted for in certain areas. The company also notes evidence of radiometric disequilibrium, where chemical assays indicate higher uranium content on average than indicated by downhole gamma measurements.

Myriad has announced that the Bureau of Land Management approved a Plan of Operations for the Copper Mountain Project Area, allowing for up to 222 boreholes across multiple targets, including Canning, Arrowhead, Mint, Lucky Cliff and Gem. Under an existing drilling notification with the State of Wyoming, the company is bonded for a subset of these holes, with the ability to update bonding as exploration progresses. Myriad states that this plan is a major step forward that enables drilling across the broader district to confirm historically identified mineralization and test additional targets identified in historical and Bendix data.

Historical Studies and Potential Uranium Endowment

Myriad has obtained and summarized a comprehensive 1982 Bendix Field Engineering Corporation report prepared for the U.S. Department of Energy. This work, based on Union Pacific’s full exploration dataset and additional Bendix studies, developed a structural and geological model for uranium mineralization at Copper Mountain. The report defined a high-confidence “Control Area” centered on the Canning deposit and a broader “Assessment Area” of favorable host rocks. Using structural scoring and borehole data, Bendix estimated potential uranium endowment in both Precambrian granites and Tertiary sediments.

Company news releases emphasize that these Bendix estimates, as well as earlier estimates by Union Pacific and Fluor, are historical and do not constitute current mineral resources or reserves under NI 43-101. Myriad and its partner Rush are not treating them as current resources. The company indicates that verifying or restating such historical estimates would require digitization of data, re-logging or re-drilling, and new resource modeling that meets current reporting standards. Nonetheless, Myriad views the Bendix work and associated historical drilling as providing a strong technical foundation and guidance for targeting new drilling and evaluating the broader district potential.

Red Basin Uranium Project (New Mexico, USA)

In addition to Copper Mountain, Myriad reports that it holds a 100% interest, or a recently acquired 100% interest subject to completing a geophysical survey by a specified date, in the Red Basin Uranium Project in New Mexico. Company disclosures describe Red Basin as having near-surface or extensive near-surface uranium mineralisation with significant upside potential. Myriad has also noted, in some releases, that its acreage in Red Basin encompasses a large proportion of historical boreholes in the basin. As at the time of the provided news, Red Basin is positioned as a second key project alongside Copper Mountain, with exploration and advancement funded in part by equity financings.

Corporate and Capital Markets Activity

Myriad Uranium Corp. has announced several financings, including non-brokered private placements and a bought-deal private placement. These offerings have involved the issuance of units consisting of common shares and share purchase warrants, with proceeds stated to be used for exploration and advancement of Copper Mountain and Red Basin, as well as general corporate purposes and working capital. In some financings, directors and officers participated, and the company has described such participation as related party transactions under applicable securities rules, relying on exemptions where the participation did not exceed specified thresholds relative to market capitalization.

The company has also disclosed the grant of incentive stock options and restricted share units to directors, officers and consultants. These equity-based awards vest over time or upon certain conditions, and are exercisable into common shares at specified prices and for defined terms. Myriad has stated that such grants are considered related party transactions but are exempt from certain valuation and minority approval requirements because of their relative size.

Proposed Merger with Rush Rare Metals Corp.

According to a binding and updated letter of intent dated January 7, 2026, Myriad and Rush Rare Metals Corp. have agreed on terms for a proposed merger under which Myriad would acquire 100% of the issued and outstanding common shares of Rush pursuant to a statutory plan of arrangement. Under the LOI, Rush shareholders would receive Myriad shares based on a stated exchange ratio, and Rush’s convertible securities would become exercisable for Myriad shares with appropriate adjustments. The companies note that the proposed transaction is intended to consolidate 100% ownership of Copper Mountain in Myriad, replacing the existing option structure.

The LOI sets out that completion of the merger is subject to conditions including final due diligence, negotiation and execution of a definitive agreement, approval of Rush shareholders, court approval in British Columbia, and approval of the Canadian Securities Exchange. The parties have agreed to use commercially reasonable best efforts to enter into a definitive agreement within a specified period. The news release states that, following completion of the merger, Rush would become a wholly owned subsidiary of Myriad and would be delisted from the CSE. It also notes that it is not anticipated that the transaction will require approval of Myriad shareholders. Earlier, a non-binding LOI between the parties expired without a definitive agreement, though both companies remained in contact regarding a potential transaction.

Exploration Approach and Technical Work

Myriad’s technical disclosures describe a detailed exploration approach at Copper Mountain, including diamond core and reverse circulation drilling, downhole spectral gamma logging, optical and acoustic televiewer surveys, and multi-element geochemical analysis. The company outlines sampling protocols, laboratory preparation and analysis, and quality assurance and quality control procedures, including the insertion of blanks, standards and duplicates. Myriad has highlighted the use of spectral gamma probes to derive eU3O8 estimates and the subsequent comparison with chemical assays to assess radiometric disequilibrium.

The company also explains geological logging of lithology, structure and alteration, and the use of standardized logging templates. Core and RC samples are selected based on lithological changes and downhole gamma data using specified cut-off thresholds. Myriad notes that independent consulting geologists and qualified persons, as defined by NI 43-101, have reviewed and approved scientific and technical information in certain news releases.

Status and Regulatory Context

Based on the provided information, Myriad Uranium Corp. continues to operate as a publicly traded uranium exploration company. The news releases include standard cautionary language regarding forward-looking information, noting that statements about business plans, exploration programs, potential mineral endowment, and economic viability are subject to risks and uncertainties. The company refers readers to its disclosure record on SEDAR+ for additional information and emphasizes that historical estimates from past operators and government-sponsored studies are not current mineral resources or reserves.

Frequently Asked Questions (FAQ)

• What does Myriad Uranium Corp. do?
  Myriad Uranium Corp. describes itself as a uranium exploration company. It focuses on exploring and advancing the Copper Mountain Uranium Project in Wyoming and the Red Basin Uranium Project in New Mexico, using historical datasets and new drilling and assay work.
• Where are Myriad’s main projects located?
  According to company news releases, Myriad’s principal projects are the Copper Mountain Uranium Project in Wyoming, USA, and the Red Basin Uranium Project in New Mexico, USA.
• What interest does Myriad have in Copper Mountain?
  Myriad states that it has earned or holds a 75% interest in the Copper Mountain Uranium Project under a property option agreement with Rush Rare Metals Corp., having incurred required eligible expenditures. The remaining interest is held by Rush, subject to underlying royalties.
• What is significant about the historical work at Copper Mountain?
  Historical operators, including Union Pacific and its subsidiary Rocky Mountain Energy Corporation, conducted extensive drilling and development work at Copper Mountain in the 1970s, generating a large technical dataset and historical resource estimates. Bendix Field Engineering Corporation later used this data in detailed studies for the U.S. Department of Energy, estimating potential uranium endowment in the district. Myriad uses these historical studies as a guide but does not treat their estimates as current resources or reserves.
• How is Myriad advancing exploration at Copper Mountain?
  Myriad has carried out drilling programs, particularly at the Canning deposit, and has reported chemical assay results that in many cases exceed earlier gamma probe-derived grades. The company has also obtained approval of a Plan of Operations allowing for up to 222 boreholes across multiple targets, enabling broader testing of historical targets and new areas identified through structural and geological analysis.
• What is the Red Basin Uranium Project?
  Myriad reports that it holds a 100% interest, or a recently acquired 100% interest subject to completing a geophysical survey by a specified date, in the Red Basin Uranium Project in New Mexico. Company descriptions state that Red Basin hosts near-surface or extensive near-surface uranium mineralisation with significant upside potential, and that the company’s acreage covers a large portion of historical boreholes in the basin in some disclosures.
• What is the proposed merger with Rush Rare Metals Corp.?
  Myriad and Rush have entered into a binding and updated letter of intent for a proposed merger under which Myriad would acquire all of the issued and outstanding shares of Rush through a statutory plan of arrangement. The stated objective is to consolidate 100% ownership of Copper Mountain in Myriad. Completion of the merger is subject to conditions including due diligence, a definitive agreement, regulatory approvals, and Rush shareholder approval.
• Does Myriad have current mineral resource or reserve estimates at Copper Mountain?
  Company disclosures emphasize that historical estimates from Union Pacific, Fluor and Bendix are not current mineral resources or reserves under NI 43-101. Myriad and Rush are not treating these historical estimates as current resources or reserves. Verification would require additional work such as digitizing data, re-logging or re-drilling, and new resource modeling.
• How does Myriad fund its exploration programs?
  Myriad has announced several equity financings, including non-brokered private placements and a bought-deal private placement. These financings involve issuing units composed of common shares and warrants, with proceeds earmarked for exploration and advancement of Copper Mountain and Red Basin, and for general corporate purposes and working capital.
• Where can investors find more detailed technical information?
  Myriad directs readers to its disclosure record on SEDAR+ and to its news releases, which include technical details on drilling, assays, historical studies, and project plans. Some releases also reference technical reports and historical documents prepared by previous operators and government-sponsored studies.