Myriad Uranium regains full control of 24 Arizona breccia-pipe prospects
Wedgemount’s three-year option ended with no termination payment, removing a route to C$4M in staged exploration spending.
Ines Halvorsen
As of Oct. 7, an option over 24 Arizona breccia-pipe prospects had ended, leaving Myriad Uranium Corp. CNSXM OTCMKTSMYRUF with full control of the portfolio. The June agreement set C$4 million of staged exploration spending as part of the former partner's path to a 75 per cent interest. That partner, Wedgemount Resources Corp. CNSXWDGY, held a three-year option signed in June 2026.
Myriad said neither party owes consideration for ending the arrangement. Its Oct. 7 release does not say how much of Wedgemount's original cash, share or exploration commitments had already been met, leaving the amount of spending removed from the Arizona program unclear.
Myriad shares CNSXM closed at C$0.47 on the Canadian Securities Exchange on Oct. 6 at 4 p.m. EDT, before the announcement. That prior close cannot show how investors received the termination.
Myriad plans geophysical and radiometric surveys to rank targets before drilling, according to its Oct. 7 release. The company gave no date or budget for the Arizona work and did not announce a replacement partner.
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The original option terms required Wedgemount to pay Myriad US$75,000 and issue two million shares within 30 days of the June 8 effective date. Further share issuances and exploration spending would have followed in stages if Wedgemount continued toward a controlling interest. Myriad retained a right to earn back to a 50 per cent stake by funding the next C$5 million of qualifying expenditures, a provision that also ends with the option.
Under the June 8, 2026 option, Wedgemount's first exploration threshold was C$500,000 within eight months. The agreement set further thresholds at the 16-month and 24-month marks, dates that no longer govern the Arizona work.
The portfolio described in Myriad's Oct. 7 release comprises 18 state mineral leases and eight split-estate claims covering 6,080 acres. Wedgemount's June description listed 15 leases and eight claims over 5,600 acres and counted 23 prospects. The October release counts 24 prospects, although it does not explain the change in the tally.
Wate's Permit Status Is Unverified
The Wate pipe carries a 2015 historical inferred estimate of 1.12 million pounds of eU₃O₈ at an average grade of 0.79 per cent, according to Myriad's release. Myriad cautions that a qualified person has not done enough work to classify the historical estimate as a current NI 43-101 resource. Myriad has not completed a current mining study for Wate.
Myriad says Wate previously had an exploration permit and that an application to convert it to a mining lease was filed. It also says it has not independently verified the present status of those historical permits or applications, so the Oct. 7 release cannot establish a current mining authorization.
"Geophysics, social engagement, permitting, and drilling are all planned," Myriad chief executive Thomas Lamb said in the Oct. 7 release.
Those steps would be Myriad's own responsibility after the Wedgemount option ended. The next verifiable Arizona milestone is a dated survey program or permit update; neither was scheduled in the Oct. 7 announcement.
