Vancouver, British Columbia — January 8, 2026 — Leads & Copy — Myriad Uranium Corp. has entered into a binding and updated letter of intent with Rush Rare Metals Corp. for a proposed merger. Myriad would acquire 100% of Rush’s outstanding common shares.
The updated letter of intent (LOI), dated January 7, 2026, follows a previous non-binding LOI announced on August 6, 2025, which expired in October 2025. Both parties believe the merger is in their best interests.
Under the LOI terms, Myriad will acquire all Rush shares by issuing one Myriad common share for every 1.85 Rush shares. This results in an exchange ratio of one Rush share to 0.5405 Myriad shares. Additionally, all of Rush’s convertible securities will become exercisable for Myriad shares, adjusted to reflect the exchange ratio.
Based on the Canadian Securities Exchange (CSE) closing prices on January 6, 2025, of C$0.425 per Myriad share and C$0.195 per Rush share, the exchange ratio represents an 18% premium to Rush shareholders. Based on a 20-day Volume Weighted Average Price (VWAP), the exchange ratio represents a 22% premium.
Rush will create a subsidiary, Rush Spinco, to which it will transfer its Boxi Property in Quebec. Upon completion of the merger, Rush shareholders will receive shares of Rush Spinco, in addition to Myriad shares.
Myriad’s focus is on achieving 100% ownership of the Copper Mountain Uranium Project in Wyoming and unlocking the value of its Red Basin Project in New Mexico.
Myriad and Rush have a property option agreement, dated October 18, 2023, under which Myriad has earned a 75% interest in Copper Mountain by incurring over $5.5 million in eligible expenditures.
The boards of directors of Myriad and Rush believe the merger is in the best interests of both companies’ shareholders and is the fastest way to unify ownership of Copper Mountain in Myriad. Consolidating ownership will streamline operations and decision-making.
Myriad CEO Thomas Lamb stated that strong results from the Fall 2024 drill program and continued exploration success through 2025 have enhanced the understanding of the Copper Mountain project. He noted the U.S. Department of Energy’s Bendix report from 1982, which estimated Copper Mountain’s uranium endowment as among the largest in the United States.
Lamb added that a merger with Rush is the most direct path to full ownership, benefiting both Myriad and Rush shareholders. Myriad is well-financed to continue advancing Copper Mountain through additional drilling and exploration.
Lamb also thanked the Rush team for their partnership at Copper Mountain and their collaboration in defining the project’s potential. He anticipates welcoming Rush shareholders as shareholders of Myriad.
Under the LOI, the parties will negotiate and enter into a definitive agreement within 30 days of the LOI’s execution. They will continue to work toward completing the transaction and will provide further updates as warranted.
The LOI is binding, but the transaction’s closing is subject to conditions, including due diligence, a definitive agreement, Rush shareholder approval, British Columbia Supreme Court approval, and Canadian Securities Exchange (CSE) approval. After the merger, Rush will become a wholly-owned subsidiary of Myriad and will be delisted from the CSE. Myriad shareholder approval is not anticipated.
Myriad Uranium Corp. holds a 75% interest in the Copper Mountain Uranium Project in Wyoming, which hosts several known uranium deposits and historic uranium mines, including the Arrowhead Mine which produced 500,000 lbs U3O8. Union Pacific extensively explored and developed Copper Mountain in the late 1970s. The Company also holds a 100% interest in the Red Basin Uranium Project in New Mexico.
Myriad Contacts:
Thomas Lamb
President and CEO
tlamb@myriaduranium.com
Source: Myriad Uranium Corp.
