Rush Rare Metals Confirms Expiration of Letter of Intent Respecting Proposed Merger with Myriad Uranium

Executive Summary

• The Letter of Intent dated August 6 2025 for a potential merger between Rush Rare Metals Corp. and Myriad Uranium Corp. has expired.
• Both companies remain in active discussions to negotiate mutually agreeable merger terms, including the procurement of a fairness opinion.
• Rush’s CEO, Peter Smith, has stepped aside from the process to avoid conflicts; progress at Myriad’s Copper Mountain Project is highlighted.

Key Details

• The LOI outlining the proposed Rush‑Myriad merger expired on August 6 2025; no binding agreement is in place.
• An independent committee of Rush is continuing negotiations with Myriad to reach a definitive merger agreement.
• Procurement of a fairness opinion has been identified as a required step, contributing to current delays.
• Rush holds 100% of the Boxi Property (Québec) and a 50% earn‑in interest in the Copper Mountain Project (Wyoming), which is subject to an earn‑in arrangement with Myriad.
• CEO Peter Smith disclosed he has removed himself from the merger process since August 6 2025 to avoid any potential conflicts of interest.
• Smith expressed confidence in Myriad’s ongoing work at Copper Mountain, citing “outstanding progress” by Thomas Lamb and his team.
• No financial terms, consideration, or definitive timeline for a revised agreement have been disclosed.

Notable Quotes

“As a founder of both Rush and Myriad, I am very happy to see that both companies will continue merger discussions… I have also been removed from this process since August 6th to avoid any potential conflicts.” – Peter Smith, CEO, Rush Rare Metals Corp.

The release contains forward‑looking statements regarding the prospective merger and related activities.