Myriad Uranium Consolidates Wyoming Asset as Revised Grade Data Lifts Shares

Myriad Uranium completes Rush Rare Metals takeover, boosts Copper Mountain grade estimate to 269 ppm, and reports positive drilling results.

Investors pushed Myriad Uranium shares up 7.6% to EUR 0.3100 on Monday, a move that came as the company wrapped up a long-awaited acquisition and simultaneously sharpened the picture of what lies beneath its flagship Wyoming project. The gain leaves the stock trading roughly 6.2% above its 50-day moving average and extends a year-to-date advance of 48%.

The rally followed two pieces of news that arrived within days of each other. On Friday, Myriad completed its takeover of Rush Rare Metals Corp., securing 100% ownership of the Copper Mountain uranium project. The all-share deal saw Myriad issue 24,983,671 common shares to Rush stockholders at an exchange ratio of 0.5405 Myriad shares for each Rush share held. Roughly 2.1 million Rush options were also swapped for equivalent Myriad options. The transaction had cleared its final hurdles the previous Wednesday, when the Supreme Court of British Columbia issued its approval, and shareholders had already voted in favor on August 17.

Full control of Copper Mountain removes the operational friction that came with a split ownership structure, giving the company a freer hand to develop what it considers one of its core US assets. The consolidation is part of a broader push into the American uranium sector, supported by the April appointment of Eric Miller as Strategic Advisor, who is tasked with advancing Copper Mountain through federal programs aimed at shoring up domestic uranium supply. In June, Myriad also secured access to 15 state mining licenses in Arizona spanning roughly 5,600 acres, with targets covering both uranium and rare earths. The company separately retains a free-carried 10% interest in the Red Basin project in New Mexico, which was divested to Subatomic Red Basin in March.

Alongside the corporate milestone, Myriad released corrected historical resource figures for Copper Mountain that materially raised the estimated grade of the deposit. The revised numbers, drawn from 1979 reports by Rocky Mountain Energy, put the historical estimate at 26.63 million pounds of eU3O8 across 48.95 million tonnes of material, with an average grade of 269 ppm at a 100 ppm cut-off. That compares with the 44.1 million tonnes at 171 ppm cited in the company's August 20 statement. The correction reflects a significant upward revision in uranium concentration, a factor that can heavily influence the potential economics of any future mining operation.

The company stressed that these remain historical estimates, not current mineral resources under modern classification standards. They serve primarily as a guide for targeting further exploration, and verifying them will require fresh drilling programs. The company is already working toward that goal: preliminary radiometric results from the Lucky Cliff area, announced Thursday, identified more than 50 intervals exceeding 100 ppm eU3O8 across four holes totaling 716.6 meters drilled in the second phase of the program. Those readings still await confirmation through chemical laboratory analysis.

With the ownership question settled and the grade picture clarified, the market's attention now shifts to how quickly Myriad can convert historical data into modern, verifiable resource estimates. The company's market capitalization stood at roughly EUR 32.27 million following Monday's move, leaving plenty of room for the share price to respond to drill results as they emerge in the coming months.