Mr. Thomas Lamb reports

MYRIAD URANIUM ANNOUNCES APPROVAL OF PLAN OF OPERATIONS WHICH PROVIDES CLEARANCE FOR 222 BOREHOLES AT COPPER MOUNTAIN

The Bureau of Land Management has approved a plan of operations for Myriad Uranium Corp.'s Copper Mountain project area. The plan of operations was submitted as a technical amendment to the existing drilling notification in place for the 2024 drilling season and allows for an expanded footprint of activities up to 222 boreholes across the project, including high-priority targets such as Lucky Cliff which has exciting historical intercepts. Currently, under the existing drilling notification with the state of Wyoming, Myriad is bonded for 70 of those holes. The drilling notification can be updated to bond the remaining holes in subsequent phases. This is a major step forward for the project and will enable Myriad to demonstrate the broader potential of the Copper Mountain district beyond the Canning deposit.

Myriad chief executive officer Thomas Lamb commented, "Having verified much of the original drilling conducted by Union Pacific at Canning, we now have the permit we need to continue drilling not only at Canning, but also at other target areas to confirm the entire project's vast potential."

Plan of operations

The approved plan of operations allows for the drilling of up to 222 holes at numerous targets across the Copper Mountain project area. Currently, under the existing drilling notification with the state of Wyoming, Myriad is bonded for 70 of those holes, 50 of which were carried over from Canning during the previous drilling season in 2024. The plan will be amended and additional drilling bonded on a continuing basis as the company's exploration strategy for Copper Mountain progresses. The areas currently covered by the plan include Mint, Arrowhead, Lucky Cliff and Gem, as well as additional drilling at Canning. The company's strategy is to continue to confirm the presence of historically identified mineralization while also demonstrating the broader potential of Copper Mountain to host many more large deposits, as was discussed in the company's Oct. 1, 2025, news release which can be viewed on-line. Union Pacific had plans to advance development at the seven historical resource estimate areas and continue exploration at 15 other target areas with known mineralization during the 1980s, but these plans were cut short by the Three Mile Island incident in 1979, which had a major negative impact on the uranium sector and the commodity price, particularly in the United States. In addition to the targets currently allowed for in the plan, several others such as Hesitation, Fuller, Knob and Cedar Ridge may be considered in the near-term for drilling, pending amendments to the approved plan.

The additional target areas included on the plan of operations have confirmed uranium mineralization, as described in historic reports by Union Pacific and summarized in a technical report by Howe (1997):

• Arrowhead: The Arrowhead mine area included the historic Arrowhead-Little Moe mine which, according to public records, produced in excess of 500,000 pounds of uranium at a recorded grade of 1,500 parts per million U3O8 (triuranium octoxide) from shallow underground workings in Tertiary sediments during the 1950s and 1960s. Union Pacific estimated that significant uranium remains in the Tertiary sediments at Arrowhead and possibly in the underlying granites.
• Lucky Cliff: Union Pacific drilled 22 holes at Lucky Cliff and intersected relatively shallow mineralization hosted in faulted granite in several very thick, shallow mineralization of up to 108 metres (355 feet) thick starting at 59 feet.
• Gem: The Gem deposit was estimated by Union Pacific to contain indicated and inferred resources of 3.07 Mt (million tonnes) containing 1.44 Mlb (million pound) eU3O8 (radiometric equivalent triuranium octoxide) at an average grade of 234 ppm eU3O8 (Union Pacific/RMEC, 1977). Mineralization at the Gem deposit occurs within granitic rocks in the top 60 metres (200 feet) from the surface. Several thousand tons of uraniferous granite was reportedly mined from the Gem deposit in the 1950s by a prospector and stockpiled in the vicinity of the mine. None of this material was shipped for milling.
• Mint (Fuller West): At least 50 holes were drilled by Union Pacific at the Mint deposit. The deposit was reported (Fluor, 1980) to contain indicated and inferred resources of 3.68 Mt containing 1.41 Mlb of eU3O8 at an average grade of 141 ppm eU3O8. Mineralization is hosted in granitic basement and overlying sediment.

A qualified person has not done sufficient work to classify the historical estimates as current mineral resources or mineral reserves; and Myriad Uranium is not treating the historical estimates as current mineral resources or mineral reserves.

Union Pacific reported that all areas have significant expansion potential beyond known mineralization, including at depth.

Background

The Canning deposit area, which was the focus of confirmation drilling last season, is one of seven deposits identified by Union Pacific during the late 1970s via its subsidiary Rocky Mountain Energy Corp. (RMEC). Canning was to form part of a large-scale, conventional mining operation focused on supplying uranium to California Edison.

After drilling approximately 900,000 feet across 2,000 boreholes and spending $85-million (U.S.) (2025 dollars), a decision was made by Union Pacific to upgrade the Copper Mountain project from exploration to development status. An analog front-end (AFE) feasibility study determined the potential for conventional open pit mining feeding a centralized mill facility (heap leach) for processing.

A smaller, higher-grade deposit within Canning was also to be further assessed, but this work was cut short by the subsequent suspension of work at Copper Mountain following the decline in the global uranium market associated with Three Mile Island in 1979. At the time of this incident, at least 15 other potential target areas across the broader Copper Mountain project area had been evaluated to some extent but not in sufficient detail to estimate maiden resources or exploration targets. However, most of these locations had some drilling undertaken or additional exploration work which underpinned the estimates of significant mineral endowment in the district by Union Pacific and Bendix Engineering for the U.S. Department of Energy. The Bendix estimates of Copper Mountain's uranium endowment are detailed in a recent news release which can be viewed on-line.

Issuance of stock options and RSUs

The company also announces that it has granted an aggregate of 1.3 million incentive stock options and an aggregate of 925,000 restricted share units (RSUs) to certain of its directors, officers and consultants. Each option vests immediately and is exercisable to acquire one common share of the company at 43 cents for a period of five years from the date of grant. Each RSU is exchangeable for one common share of the company and expire on Dec. 31, 2028. The RSUs vest on the first, second and third anniversaries of the date of grant, subject to accelerated vesting in the event of: a change of control of the company; the sale by the company of a material asset of the company (as determined by the company's board of directors); or the closing price of the common shares of the company on the Canadian Securities Exchange is $1.00 or greater at any time.

Certain directors and officers of the company received options and RSIS, and each such issuance is considered to be a related party transaction as defined under Multilateral Instrument 61-101. This is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 as the fair market value of such issuances does not exceed 25 per cent of the market capitalization of the company, as determined in accordance with MI 61-101.

Qualified person

The scientific or technical information in this news release respecting the company's Copper Mountain project has been reviewed and approved by George van der Walt, PrSciNat, FGSSA, Myriad's consulting geologist and a qualified person as defined in National Instrument 43-101 -- Standards of Disclosure for Mineral Projects. While the content of the reports is considered to be relevant and reliable, the underlying data, such as original drill logs, sampling, analytical and test data certificates, quality assurance, and quality control, is not available for verification. Further work, such as drilling and sampling, will be required to verify or create supplementary information to support the underlying assumptions and conclusions.

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 pounds of U3O8. Copper Mountain saw extensive drilling and development by Union Pacific during the late 1970s including the development of a mine plan to fuel a planned fleet of California Edison reactors. 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. Union Pacific is estimated to have spent $117-million (2024 dollars) exploring and developing Copper Mountain, generating significant historical resource estimates which are detailed on-line. The company also recently acquired, subject to completing a geophysical survey this year, a 100-per-cent interest in the Red Basin uranium project in New Mexico, which has extensive near-surface uranium mineralization and significant upside potential.

We seek Safe Harbor.