Nothing Changed Hands: Myriad Takes Back 24 Arizona Uranium Pipes

Myriad Uranium Corp. has ended the option it granted over its Arizona uranium ground and taken the whole portfolio back. Neither side paid anything to unwind it.

The company said on 7 October 2026 that it has terminated the option agreement with Wedgemount Resources Corp. covering the Arizona Breccia Pipe Project, executed on 9 June 2026, and has re-assumed 100 per cent ownership of 24 individual breccia pipe prospects. The release states that no consideration is payable by either party. The portfolio is held through 18 State Mineral Leases and 8 Split-Estate Mineral Claims covering 6,080 acres in northern Arizona. President and Chief Executive Thomas Lamb says in the same release that Myriad has now also acquired the State lease covering the Wate Pipe, the single most advanced target in the group.

That is a clean outcome. A junior that farms out an asset in June and has it back in October, undiluted and without a cheque in either direction, has lost four months and nothing else. It has also added the lease over its best target in the interval. Set against the alternative, which is an option partner spending slowly and holding an earn-in over the ground, this is a better position than Myriad had in September.

The distance between that position and proof is the rest of the story.

A breccia pipe is a shape, not a grade

The Arizona targets are breccia pipes: roughly vertical, pipe-shaped columns of collapsed and broken rock, formed where a cavern roof fell in and the rubble was later cemented and, in some cases, mineralised by circulating fluids. They are small in plan, often a few tens of metres across, and they can run very high grades of uranium down hundreds of metres of depth. They are also easy to miss and frequently barren.

The economics of the type come from grade rather than tonnage. Energy Fuels' Pinyon Plain mine, the producing example in the same district, reported about 1.53 million pounds of uranium oxide in 2025 at roughly 1.62 per cent eU₃O₈, and about 625,000 pounds in the first half of 2026 at roughly 0.91 per cent, figures Myriad cites to Energy Fuels releases of 26 February and 5 August 2026. The "e" in eU₃O₈ marks a grade estimated from a radiometric probe reading down a drill hole rather than from a chemical assay of the core; the two usually agree closely in these rocks, and they are not the same measurement.

The ladder this asset is standing on

Uranium exploration has recognised rungs, and the distance between them is the whole subject. Set out in order, with what Myriad has published against each:

1. A target identified. Twenty-four prospects, held across 6,080 acres, per the 7 October 2026 release. Myriad is here on all of them.
2. Historical drilling into the target. Present at Wate, where the release describes mineralization confirmed from 1,300 to 1,600 feet in depth, and at several other pipes the company describes as carrying high-grade historical intercepts. The release gives no intercept figures for those others, so the claim cannot be sized.
3. A historical estimate. Wate carries one: approximately 71,000 short tons at 0.79 per cent eU₃O₈, containing 1.12 million pounds, classified as Inferred under the 2014 CIM definitions, prepared by SRK for Energy Fuels in a report dated 10 March 2015. The release states plainly that this is historical, that it is not current under National Instrument 43-101, that no more recent estimate exists, that data verification is required and that further drilling may be needed before it could be restated. A historical estimate is a number a prior owner's consultant produced under rules that may differ from today's, which no issuer may present as its own resource.
4. A current resource under NI 43-101. Myriad has none on the breccia pipes. Not at Wate, not anywhere in the 24.
5. A reserve and a mine. Pinyon Plain. It belongs to Energy Fuels, and its pre-feasibility reserves average 0.58 per cent eU₃O₈ with a shaft to about 1,470 feet. Myriad's own release uses it as a regional and geological comparison, which is what it is.

The portfolio sits at rung three on one pipe and rung one or two on the rest. The ownership change moved none of those rungs. It moved who holds them.

"Near Pinyon Plain" is doing more work than the release supports

The release's own title places the pipes near the Pinyon Plain mine. No distance appears anywhere in it. What the document says is that the properties lie in the same district in northern Arizona, and it notes proximity to the White Mesa Mill in Utah, which is the only conventional uranium mill operating in the United States and therefore the place ore from this district would go.

District proximity is a real and useful fact, because it speaks to geology of the same type and to a processing route that exists. It is not a grade and it does not travel. The 2012 inferred estimate for Pinyon Plain, then the Canyon Mine, was 83,000 tons at 0.98 per cent eU₃O₈ for 1.63 million pounds, which the release sets beside Wate's 71,000 tons at 0.79 per cent. The comparison is apt in scale and type and it is a comparison between one historical estimate and another company's deposit, not between two assets Myriad owns.

Two further gaps are in the release rather than hidden from it. No terms, date, consideration or lease number are given for the Wate State lease acquisition. And the company states that the project previously held a state exploration permit together with a mining lease application, and that it has not verified the current status of those permits or applications. Permits are the difference between ground a company may drill and ground it may only own.

The technical disclosure is signed by George van der Walt, MSc., Pr.Sci.Nat., FGSSA, principal consultant with The MSA Group, described as independent under NI 43-101.

The money, and where this sits against the rest of the company

Cash and equivalents stood at about C$11.54 million against total liabilities of about C$821,000 at the most recently filed statements, as reported by QuoteMedia on 7 October 2026; those two figures carry the vendor's reporting lag rather than a direct trace to the statements. Shares outstanding were about 141.05 million for a market value of about C$64.18 million, per exchange data on the same date, 15-minute delayed and not verified against SEDAR+. The share count reflects the acquisition of Rush Rare Metals completed on 21 August 2026.

Arizona is also not where Myriad's drills have been. The company's 2026 field season ran at Copper Mountain in Wyoming, where Maple reported Phase II results on 21 and 22 September 2026, including high-pressure slurry ablation test work that concentrated 83.9 per cent of the uranium into 29.3 per cent of the rock. Nothing in the 7 October release changes those figures or redirects that programme. What it changes is the ownership of a second, undrilled front, on a balance sheet of roughly C$11.5 million that now has to cover both.

Where the shares trade, and what the two lines did

Myriad closed at C$0.455 on the CSE on 7 October 2026, down 3.2 per cent, on total volume of 495,140 shares against a 30-day average of 247,408, with a volume-weighted average price of C$0.4481, roughly C$222,000 of turnover. The 52-week range runs from C$0.25 to C$0.70.

The shares also trade in Frankfurt under the symbol C3Q, WKN A3D1E0, ISIN CA62857Y1097, quoted in euros in the Freiverkehr segment. On Tradegate Exchange's order book, read on 7 October 2026, the German line last traded at €0.289, up 2.12 per cent, on 13,082 shares for about €4,000. The two lines moved in opposite directions on the same day's news. On thirteen thousand shares, that is a rounding difference in a thin book rather than a disagreement between two markets, and it is the reason the Canadian print is the one to work from.

Myriad owns all of it again and owes nothing for it. The 1.12 million pounds at Wate are still somebody else's 2015 arithmetic, and the only instrument that can change that is a drill.

Transparency note. This is an independent due-diligence analysis and editorial opinion piece produced by The Maple Markets editorial desk. It is not sponsored, promoted or commissioned, and no compensation of any kind has been received from Myriad Uranium Corp. (CSE: M), Wedgemount Resources Corp. (TSXV: WGM) or Energy Fuels Inc. (NYSE American: UUUU), or any party acting on their behalf. The analysis is based on public disclosure available as of the publish date; every figure is attributed to its primary source. The Maple Markets and its authors may hold positions in securities mentioned; nothing here is a recommendation to buy, sell or hold any security, and readers should not treat it as investment advice. Past disclosure does not guarantee future results. Policies: Editorial Standards · Financial Disclaimer.