Mr. Thomas Lamb reports

MYRIAD ACQUIRES EARNABLE 75% INTEREST IN THE COPPER MOUNTAIN URANIUM PROJECT IN WYOMING, USA

Myriad Uranium Corp. has signed a property option agreement dated as of Oct. 18, 2023, with Rush Rare Metals Corp. pursuant to which Myriad has the option to earn up to a 75-per-cent interest in and to Rush's Copper Mountain project, comprising 110 mineral claims in the state of Wyoming covering approximately 1,911 acres. The option agreement replaces the binding letter of intent between the parties, as previously announced (see Myriad's news release dated Sept. 18, 2023).

"This is a transformative deal for us with a superb partner in Rush," stated Myriad's chief executive officer, Thomas Lamb. "Copper Mountain is a historic producer. One of its mines, the Arrowhead, produced 500,000 pounds eU3O8 [triuranium octoxide equivalent] in the 1950s and 1960s. The property contains a number of other known uranium deposits and there is good potential to discover more. Rocky Mountain Energy, a subsidiary of Union Pacific, drilled approximately 2,000 boreholes at Copper Mountain between 1969 and 1980. They spent upwards of $78-million (U.S.) advancing Copper Mountain (2023 dollars), planned a mine for one of its deposits and built a leach pad. Operations came to a halt in 1980 due to falling uranium prices. There is also a great deal of exciting exploration upside at Copper Mountain. Known high-grade areas have not yet been followed up, and new, more modern paragenesis theories could guide us to big discoveries. Finally, historical reports suggest the ore at Copper Mountain is leachable and does not require a mill, and it may even be ISR amenable. Wyoming is the centre of uranium mining in the U.S. and many of its operations are ISR."

Under the option agreement, Myriad has the option to acquire an initial 50-per-cent interest in the property by: (1) making an initial cash payment of $100,000 to Rush and issuing 576,209 common shares of Myriad to Rush on the date of execution of the agreement; (2) making an additional cash payment of $35,000 to Rush on the date which is 90 days from the effective date; (3) issuing an additional $150,000 worth of shares to Rush on the date which is one year from the effective date; (4) issuing an additional $250,000 worth of shares to Rush on the date which is two years from the effective date; and (5) within two years of the effective date, making expenditures of no less than $1.5-million on the property. On successfully earning a 50-per-cent interest in the property, Myriad will have the option to acquire an additional 25-per-cent interest (for a total interest of 75 per cent) in the property by making additional expenditures of no less than $4-million (for total expenditures of no less than $5.5-million) on the property within four years of the effective date. In addition, upon completion of a preliminary economic assessment or prefeasibility study respecting the property, Myriad shall be obligated to issue an additional $2.5-million worth of shares to Rush.

Upon Myriad successfully earning a 50-per-cent or 75-per-cent interest in and to the property, as the case may be, the parties will form a joint venture for the purposes of the continued exploration, development and exploitation of the property and will negotiate, execute and deliver a joint venture agreement which shall include such terms and conditions normally provided for in commercial transactions of such nature that are mutually acceptable to the parties, including without limitation: (i) the operator of the joint venture from time to time; (ii) Myriad's potential right to earn an additional 25-per-cent interest (for a total interest of 100 per cent) in and to the property at fair market value; and (iii) a 50-per-cent net profit interest held by Rush on the initial $50-million in net profits from the property, following commencement of commercial production.

Any shares issued under the agreement will be subject to a four-month hold period under applicable securities laws. The shares issued as of the effective date are subject to a four-month hold period expiring Feb. 20, 2024. The value of any shares issued under the agreement following the effective date will be the value-weighted average trading price of the shares on the Canadian Securities Exchange (or such other Canadian stock exchange on which the shares are trading at the applicable time) for the 10 trading days preceding the date on which such shares are issued.

About Myriad Uranium Corp.

Myriad Uranium is a uranium exploration company with an earnable 75-per-cent interest in the Copper Mountain uranium project in Wyoming, United States. Copper Mountain hosts several known uranium deposits and historic uranium mines, including the Arrowhead mine which produced 500,000 lb of eU3O8. Copper Mountain saw extensive drilling and development by Rocky Mountain Energy, a subsidiary of Union Pacific, which developed a mine plan and built a leach pad for one of the deposits at Copper Mountain. Operations ceased in 1980 before mining could commence due to falling uranium prices. Approximately 2,000 boreholes have been drilled at Copper Mountain and the project area has significant exploration upside.

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