Wedgemount Establishes New Critical Minerals Division & Options 23 Breccia Pipe Uranium and REE Exploration Targets in Arizona

Wedgemount Resources Corp. has executed a strategic pivot into the critical minerals sector by establishing a new Critical Minerals Division and securing option rights to 23 uranium and rare earth element exploration targets in Northern Arizona's historically prolific uranium district. The company entered into a three-year option agreement with Myriad Uranium Corp. to acquire up to 75% interest in the Breccia Pipe Project, covering 5,600 acres across 15 state mineral leases and 8 split-estate claims, with potential expansion to 6,080 acres pending additional awards.

The crown jewel of this acquisition is the Wate Uranium Breccia Pipe, which contains a historical resource estimate of 71,000 tons grading 0.79% eU₃O₈, equivalent to 1.12 million pounds of uranium oxide. This deposit was formerly owned by Energy Fuels and benefits from previous drilling campaigns that demonstrate the district's mineralization potential. The project's strategic location adjacent to Energy Fuels' active Pinyon Plain Mine, which produced 638,700 pounds of U₃O₈ at 2.23% grade in Q2 2025, validates the geological prospectivity of the area.

The transaction structure requires Wedgemount to pay USD$75,000 upfront, issue shares to give Myriad 9.9% ownership of Wedgemount, and commit CAD$4 million in exploration expenditures over three years to earn 75% interest. Myriad retains the right to earn back to 50% by funding the subsequent CAD$5 million in development costs. This deal represents a significant diversification for Wedgemount, which previously focused on oil and gas assets in the Permian Basin, now positioning the company as a diversified energy provider spanning both traditional hydrocarbons and critical minerals.

The timing of this acquisition aligns with strengthening uranium markets and increased focus on domestic energy security, particularly as the United States seeks to reduce dependence on foreign uranium supplies. The Arizona Strip district's historical production of over 23 million pounds of U₃O₈ through the 1980s, combined with what management believes is continued underexploration, presents significant upside potential for systematic modern exploration across the 23 identified targets.