Myriad Uranium Corp. (CSE: M) (OTCQB: MYRUF) (FSE: C3Q) announced on October 7, 2026, that it has terminated its option agreement with Wedgemount Resources Corp., re-assuming full ownership of its Arizona Breccia Pipe Project. The termination, executed with no consideration payable by either party, returns a portfolio of 24 breccia pipe prospects entirely to Myriad. The project sits in the same northern Arizona district as Energy Fuels' Pinyon Plain Mine, which Energy Fuels describes as the highest-grade uranium mine in the United States, making the development closely watched by uranium-focused investors.

Key Points

  • Myriad Uranium Corp. (CSE: M) terminated its Wedgemount option, regaining 100% ownership of the Arizona Breccia Pipe Project
  • The project comprises 18 State Mineral Leases and 8 Split-Estate Mineral Claims totalling 6,080 acres hosting 24 breccia pipe prospects
  • The Wate Pipe carries a 2015 historical inferred estimate of 71,000 tons at 0.79% eU₃O₈ (1.12 million lb), which is not current under NI 43-101
  • Investors may be watching planned geophysical and radiometric surveys and subsequent drilling activity as near-term milestones

Wedgemount Option Terminated With No Payment on Either Side

The option agreement with Wedgemount Resources Corp. was originally executed on June 9, 2026, and has now been terminated by mutual action, with no consideration changing hands. Myriad states the process gave it a better understanding of the project's high-grade and district-scale potential. The company says the Arizona Breccia Pipe Project will provide an additional pathway to deliver 100%-owned U.S.-based uranium assets, complementing its Copper Mountain Uranium Project in Wyoming. The immediate share price impact was not clear from available public information.

Wate Pipe Historical Estimate and Geological Setting

The project's principal asset is the Wate Pipe, formerly held by Energy Fuels Inc. SRK Consulting reported a historical inferred resource of approximately 71,000 short tons at 0.79% eU₃O₈, totalling 1.12 million pounds, in a technical report dated March 10, 2015. Myriad cautions this estimate is historical and not current under NI 43-101. Data verification will be required before any restatement as a current resource. The company also notes it has acquired the State lease covering the Wate Pipe, a claim referenced in Energy Fuels' 2026 annual filing as a pipeline project.

District Geology Links Arizona Pipes to Colorado Plateau Uranium Style

All 24 prospects are solution-collapse breccia pipe deposits, the same geological type as the nearby Pinyon Plain Mine, hosted in the same Colorado Plateau sedimentary sequence. The pipes are typically mineralised between 1,000 and 1,800 feet depth with pipe diameters of 200 to 400 feet, and historically require less than 20 acres of surface disturbance. The release also notes published literature identifying rare earth element enrichment potential in some northern Arizona breccia systems, though Myriad states it has not completed sufficient work to determine the extent or economic significance of any REE mineralisation on the project.

Planned Surveys and Drilling to Define Targets Across the Portfolio

Myriad disclosed that next steps include modern geophysical and radiometric surveys calibrated against historical drill holes and known resources, intended to rank existing drill targets and identify new ones ahead of drilling. The company has retained a consultant geologist who participated in drilling several of the historical holes during the 2000s. Geophysics, community engagement, permitting, and drilling are all described as planned activities. The qualified person for this disclosure is George van der Walt, MSc., Pr.Sci.Nat., FGSSA, a principal consultant with The MSA Group (Pty) Ltd., independent of the company.