Myriad Uranium and Rush Rare Metals Ink Binding Merger Agreement

Myriad Uranium Eyes Full Control of Copper Mountain in Proposed Merger with Rush Rare Metals

Myriad Uranium Corp. (OTCQB: MYRUF) is advancing its strategy to consolidate 100% ownership of the significant Copper Mountain Uranium Project in Wyoming through a binding merger agreement with Rush Rare Metals Corp. The companies entered into an updated letter of intent (LOI) on January 7, 2026, outlining terms for Myriad to acquire all outstanding shares of Rush via a statutory plan of arrangement.

This strategic move follows a previously announced non-binding LOI and underscores the parties’ shared conviction that a combined entity will unlock greater value. The proposed merger, at an exchange ratio of 1.85 Rush shares for every one Myriad share, represents a compelling valuation for Rush shareholders. Based on closing prices on the Canadian Securities Exchange (CSE) on January 6, 2025, this exchange ratio implies an 18% premium for Rush shareholders, escalating to a 22% premium when considering the 20-day volume-weighted average price (VWAP) leading up to the LOI.

A key component of the transaction involves Rush spinning out its Boxi property into a new entity, “Rush Spinco.” Upon completion of the merger, Rush shareholders will receive shares in Rush Spinco in addition to their Myriad shares, effectively allowing them to retain an interest in the Boxi assets while participating in the consolidated Myriad entity.

Myriad’s primary objective is to gain full control of the Copper Mountain project, a move that promises to streamline operations and decision-making. The company has already secured a substantial 75% interest in Copper Mountain by investing over $5.5 million in eligible expenditures, demonstrating its commitment to the project’s development. This consolidation is viewed as significantly enhancing the project’s overall value compared to a scenario of split ownership.

“Strong results from our Fall 2024 drill program, continued exploration success through 2025, and the discovery of substantial additional historical data at Copper Mountain have significantly enhanced our understanding of both the project and the broader district,” stated Thomas Lamb, CEO of Myriad Uranium. “Notably, this includes 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. Against this backdrop, it makes eminent sense to consolidate 100% ownership as efficiently as possible.”

Lamb further emphasized the strategic advantages of full ownership: “Having earned a 75% interest under the existing option agreement, we believe that a merger with Rush represents the most direct and effective path to full ownership. This outcome is clearly in the best interests of both Myriad and Rush. Myriad is well-financed to continue advancing Copper Mountain through additional drilling and exploration, and our technical team is delivering strong results in de-risking the project while steadily expanding our geological and data-driven understanding of its scale and potential. Full ownership would allow both sets of shareholders to benefit from increased sector momentum, greater market traction, and a unified strategy as we continue to unlock value at Copper Mountain. The project exhibits large-scale potential at a time when secure domestic sources of uranium are becoming increasingly critical.”

The LOI sets a 30-day timeline for the parties to negotiate and execute a definitive merger agreement. While the LOI is binding, the transaction’s closing is contingent on several critical approvals: the completion of satisfactory due diligence by both Myriad and Rush, shareholder approval from Rush, confirmation from the British Columbia Supreme Court, and endorsement from the CSE. Following the merger’s completion, Rush will cease to be an independent entity and will be delisted from the CSE, operating as a wholly-owned subsidiary of Myriad. It is not anticipated that Myriad’s shareholders will require approval for this transaction.

Myriad Uranium Corp. holds a 75% interest in the Copper Mountain Uranium Project in Wyoming, a site known for its historical uranium deposits and past production, including the Arrowhead Mine. Extensive exploration by Union Pacific in the late 1970s, which included developing a mine plan, highlights the project’s significant past investment and potential. The company also wholly owns the Red Basin Uranium Project in New Mexico, which features near-surface mineralization and considerable exploration upside.

The merger with Rush Rare Metals is strategically positioned to capitalize on a renewed global interest in domestic uranium supply, driven by energy security concerns and the increasing demand for clean energy solutions. The successful integration of Copper Mountain’s potential under a single, well-capitalized entity like Myriad could accelerate its development and contribute significantly to the U.S. uranium market.