# Myriad Uranium Enters Binding Letter of Intent to Merge with Rush Rare Metals Corp. *2026-01-08T05:30:00-05:00* Myriad Uranium Enters Binding Letter of Intent to Merge with Rush Rare Metals Corp. Vancouver, British Columbia--(Newsfile Corp. - January 8, 2026) - **Myriad Uranium Corp. **(CSE: M) (OTCQB: MYRUF) (FSE: C3Q) (**"Myriad" **or the **"Company"**) is pleased to announce that it has entered into a binding and updated letter of intent (the "LOI") dated January 7, 2026 with Rush Rare Metals Corp. ("Rush"), in relation to a proposed merger transaction (the "Merger") under which Myriad would acquire 100% of the issued and outstanding common shares of Rush (the "Rush Shares") pursuant to a statutory plan of arrangement (the "Arrangement"). This binding and updated LOI follows the previously announced non-binding LOI announced on August 6, 2025 which expired in October 2025, and reflects the ongoing belief of both parties that a merger of the companies is in their mutual best interests. Under the terms of the LOI, Myriad will acquire all of the Rush Shares by issuing one Myriad common share (each, a "Myriad Share") for every 1.85 Rush Shares issued and outstanding, resulting in an exchange ratio of one (1) Rush Share to 0.5405 Myriad Shares (the "Exchange Ratio"). In addition, all of Rush's convertible securities would cease to be exercisable for Rush Shares and would instead be exercisable for Myriad Shares, with appropriate adjustments made to reflect the Exchange Ratio under the Arrangement. Based on the Closing Prices on the Canadian Securities Exchange ("CSE") of C$0.425 per Myriad Share and C$0.195 per Rush Share on January 6, 2025, the last business day prior to the date of execution of the LOI, the Exchange Ratio represents a premium to Rush shareholders of 18%. Based on a 20-day Volume Weighted Average Price ("VWAP") for the 20 business days prior to the execution of the LOI, the Exchange Ratio represents a premium to Rush shareholders of 22%. As previously announced, Rush will create a subsidiary ("Rush Spinco") to which it will transfer all of its right, title and interest in and to its Boxi Property in Quebec, and as part of the Arrangement, shareholders of Rush as of the effective date and time of the completion of the Merger would receive shares of Rush Spinco, in addition to the Myriad Shares they will receive under the proposed Merger. Myriad's focus is wholly on achieving 100% ownership of Copper Mountain Uranium Project in Wyoming and continuing to unlock its value and the value of its Red Basin Project in New Mexico as quickly and efficiently as possible. Myriad and Rush are parties to a property option agreement (the "Option Agreement") dated as of October 18, 2023, as amended, pursuant to which Myriad has earned a 75% interest in Copper Mountain by incurring over $5.5 million in eligible expenditures on the property. Believing that unified ownership of Copper Mountain is significantly more valuable than the aggregate values of separate ownership, the boards of directors of Myriad and Rush have determined that the Merger is in the best interests of the shareholders of both companies and that the Merger is also the fastest and most efficient way to unify ownership of Copper Mountain in Myriad. They have also determined that consolidating ownership of the Copper Mountain also greatly simplifies and streamlines ongoing operations and decision-making in relation to the project. Myriad CEO Thomas Lamb commented: _"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. 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._ _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._ _I would like to personally thank the Rush team for being excellent partners at Copper Mountain over the past se