Today's news from Myriad
#Uranium $M.CN looks like a very smart move, in my opinion.
Myriad acquired a large package of Arizona breccia pipe uranium targets without paying a third party acquisition cost, essentially securing the ground through leases and staking. Even better, Wedgemount will fund the initial exploration work, meaning no immediate dilution for Myriad shareholders, while Myriad retains the right to earn back up to a 50% interest in the project.
Under the agreement, Wedgemount will spend up to C$4 million on exploration while Myriad retains significant exposure to the upside, including the right to earn back up to a 50% interest in the project. In other words, shareholders gain exposure to a potentially high-impact uranium district without Myriad having to fund the early-stage work itself.
But what really caught my attention is the location.
The project sits in the same district as Energy Fuels' Pinyon Plain Mine. When I reviewed their drill results last year, I was genuinely impressed. Their May 1 release (see screenshot below) included intercepts grading over 20% U₃O₈. That's not a typo. Those are Athabasca-style grades and among the highest uranium grades ever reported in the United States.
In the uranium sector, major discoveries often trigger a staking rush. Companies move quickly to secure prospective ground around successful deposits, hoping to make the next discovery in the same geological trend. We saw that playbook in the Athabasca Basin after the Triple R discovery, where aggressive land consolidation ultimately led to discoveries such as Arrow.
No one can assume Myriad's targets will replicate Pinyon Plain. Exploration is exploration. But shareholders now have exposure to one of North America's highest-grade uranium districts, with another company paying the exploration bill.
That's a setup I like.
Disclosure: Paid partnership with Myriad Uranium. This is not financial advice. Please do your own due diligence.