Myriad Uranium: Uranium metal up from $30 to over $80 per pound

According to Myriad Uranium’s CEO Thomas Lamb artificial intelligence favors uranium. Myriad Uranium Corp. is a uranium exploration company with an earnable 75% interest in the Copper Mountain Uranium Project in Wyoming, USA. Copper Mountain hosts uranium deposits and historic uranium mines, including the Arrowhead Mine which produced 500,000 lbs of eU3O8.

Operations ceased in 1980 before mining could commence due to falling uranium prices. According to Myriad, Union Pacific is estimated to have spent C$117 million (2024 dollars) exploring and developing Copper Mountain. Lamb noted that uranium prices are up sharply over the past two years, rising from $30 to over $80 per pound.

Reasons for the jump include nuclear power plant construction in China, the depletion of global uranium inventories, and the end of the Megatons to Megawatts program, a 1990s U.S. Energy Department program that converted 500 metric tons of Russian highly enriched uranium from nuclear warheads to low-enriched uranium to fuel U.S. nuclear reactors.

Lamb said that the nuclear power industry is increasingly seen as essential for providing stable, carbon-free baseload energy, particularly as wind and solar technologies face intermittency challenges. Lam said that AI will require nuclear. “It’s a giant wave that is coming,” said Lamb. “Big tech needs stable power for decades to run their data centers…The only answer is nuclear.”