Published: January 29, 2026 |

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Myriad Uranium has entered into a binding and updated letter of intent with Rush Rare Metals Corp. where Myriad would acquire 100 percent of the issued and outstanding common shares of Rare Metals. This binding and updated LOI reflects the ongoing belief of both parties that a merger of the companies is in their mutual best interests.

Rush Rare Metals will create a subsidiary Rush Spinco where 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 Rare Metals 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 percent 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.

“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 percent ownership as efficiently as possible,” said Myriad CEO Thomas Lamb.

“Having earned a 75 percent 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,” added Lamb.

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.

“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,” said Lamb.

“I would like to personally thank the Rush team for being excellent partners at Copper Mountain over the past several years and for their collaboration in helping to define the project’s full potential. We look forward to welcoming Rush shareholders as shareholders of Myriad,” concluded Lamb.

Under the LOI, the parties have agreed to use commercially reasonable best efforts to negotiate and enter into a definitive agreement respecting the merger within 30 days of the execution of the LOI.

While the LOI is binding on both parties, until replaced by an executed definitive agreement, closing of the transaction remains subject to a number of conditions, including completion of final due diligence by both companies, negotiation and execution of an appropriate definitive agreement, approval of the Rush shareholders in general meeting, approval of the British Columbia Supreme Court, and approval of the Canadian Securities Exchange. Following completion of the merger, Rush would become a wholly owned subsidiary of Myriad and would be delisted from the CSE.

Myriad Uranium is a uranium exploration company which holds a 75 percent interest in the Copper Mountain Uranium Project in Wyoming. Copper Mountain hosts several known uranium deposits and historic uranium mines, including the Arrowhead Mine which produced 500,000 lbs U3O8. Copper Mountain saw extensive drilling and development by Union Pacific during the late 1970s including the development of a mine plan to fuel a planned fleet of California Edison reactors. Operations ceased in 1980 before mining could commence due to falling uranium prices. Approximately 2,000 boreholes have been drilled at Copper Mountain, and the project has significant exploration upside. The company also holds a 100 percent interest in the Red Basin Uranium Project in New Mexico, which has a near-surface mineralization, with significant upside potential.

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