Interview with Thomas Lamb, CEO of Myriad Uranium Corp.

Our previous interview: https://www.cruxinvestor.com/posts/myriad-uranium-csem-60-boost-to-potential-100-mlbs-wyoming-project-7466

Recording date: 4th September 2025

Myriad Uranium (CSE:M) represents a compelling investment opportunity in the rapidly evolving uranium sector, where technological advancement and market dynamics have created significant value creation potential. The company's flagship Copper Mountain project in Wyoming has undergone a transformative resource upgrade through modern measurement techniques, with CEO Thomas Lamb reporting that advanced gamma probe technology and laboratory assaying have delivered 50-60% grade improvements over historical estimates established in the 1970s.

The technological advantage stems from replacing outdated Delayed Fission Neutron probes with modern gamma probe technology, revealing substantially higher uranium concentrations than previously recognized. Laboratory assays have confirmed these improvements, with grades above 1,000 ppm showing 60% boosts and those above 500 ppm demonstrating 50% increases. This upgrade positions the project's resource estimate significantly above the historical 15-30 million pound baseline, with expansion potential to 65 million pounds through surrounding prospects and ultimate potential of 200 million pounds according to US Department of Energy assessments.

Market dynamics have shifted decisively in Myriad's favor as operational challenges at high-profile ISR projects have created investor skepticism toward in-situ recovery methods. Fund managers are now explicitly seeking conventional mining projects, with Lamb noting that sentiment has transformed from questioning conventional approaches to actively pursuing them. This preference shift provides Myriad with a significant competitive advantage, as the Copper Mountain project's geology supports conventional mining in the northern section while maintaining ISR optionality in the southern portion.

The company's strategic consolidation through its planned merger with Rush Rare Metals will eliminate joint venture complexity while adding complementary assets. Currently holding an option to earn 75% of Copper Mountain, the merger will provide 100% ownership while incorporating Rush's high-grade Boxy project in Quebec, which contains 11% uranium and up to 27% niobium grades. This transaction exemplifies the "1 plus 1 equals three" value creation potential in the current uranium market.

Myriad's Red Basin project in New Mexico has emerged as an unexpected value creator following the state's emergence as a nuclear technology hub. Acquired for just $525,000 Canadian, the project now attracts significant attention from major technology companies including Microsoft and Amazon Web Services, which are pursuing uranium supply partnerships to support data center and AI computing infrastructure. The convergence of Los Alamos National Laboratory expertise, state-level funding initiatives, and private technology investment is creating a unique development ecosystem.

With $2.5 million in cash, Myriad maintains sufficient capital for immediate strategic objectives through a capital-efficient validation strategy. The company plans to conduct approximately eight targeted infill holes in Copper Mountain's central pit area to establish grade upgrades definitively before expanding to peripheral prospects. This methodology provides maximum leverage from limited drilling while building investor confidence in broader resource potential.

The company's positioning as a US-focused uranium producer with assets in Wyoming and New Mexico aligns with domestic supply chain security objectives, positioning for potential strategic partnerships or acquisition scenarios. Management's plan to migrate toward US exchange listings could unlock significant valuation multiples while providing enhanced liquidity for investors seeking exposure to the uranium sector recovery.

View Myriad Uranium's company profile: https://www.cruxinvestor.com/companies/myriad-uranium

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