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    Myriad ups stake in Wyoming Copper Mountain: resource and drilling lens for mine planners

    December 11, 2025|

    Reviewed by Joe Ashwell

    Myriad ups stake in Wyoming Copper Mountain: resource and drilling lens for mine planners

    First reported on MINING.com

    30 Second Briefing

    Myriad Uranium has increased its interest in the Copper Mountain uranium project in Wyoming to 75% after spending over US$5.5 million in eligible exploration under an option agreement with Rush Rare Metals, which retains 25% subject to underlying NSR royalties. Historic Union Pacific work in the late 1970s outlined six open pits targeting 245 million lb U₃O₈ after spending about US$25 million (around US$100 million today). A new drilling expansion permit obtained in October positions Myriad to test whether Copper Mountain can rank among the largest US uranium projects, in a state already geared for in-situ recovery operations.

    Technical Brief

    • Myriad’s interest is held under a property option with Rush Rare Metals, both subject to underlying NSR royalties.
    • Union Pacific’s late‑1970s work culminated in a study defining six discrete open pits at Copper Mountain.
    • Historic expenditure of about US$25 million in the 1970s (~US$100 million today) reflects substantial legacy drilling and engineering data.
    • CEO commentary notes phase‑one drilling “significantly exceeded expectations”, implying upside beyond the historic Union Pacific pit outlines.
    • Copper Mountain’s scale potential is framed explicitly against “one of America’s largest” uranium projects, guiding Myriad’s current drilling strategy.

    Our Take

    A historical spend of about $25 million (roughly $100 million in today’s terms) at Copper Mountain signals that Union Pacific had already de-risked much of the basic geology, which can materially compress Myriad Uranium’s timeline and cost for modern resource definition compared with a greenfield Wyoming uranium play.

    The 245 million lb U3O8 target from the legacy Union Pacific work would place Copper Mountain at the upper end of project scales in our uranium-tagged coverage, implying that even partial confirmation of those figures could support a district-scale development strategy rather than a single-pit mine plan.

    With 75% project interest earned for $5.5 million in eligible expenditures, Myriad’s entry cost into a large historical uranium camp appears low relative to other North American uranium stories in our database, suggesting Rush Rare Metals’ 25% residual stake could become a leveraged exposure to any future resource upgrade or permitting progress in Wyoming.

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    Prepared by collating external sources, AI-assisted tools, and Geomechanics.io’s proprietary mining database, then reviewed for technical accuracy & edited by our geotechnical team.

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