Rush Rare confirms letter of intent with Myriad expired

Executive Summary

• Rush Rare Metals Corp. confirms that the Letter of Intent (LOI) dated August 6, 2025, regarding a potential merger with Myriad Uranium Corp. has expired.
• Despite the expiration, Rush Rare Metals continues to engage in discussions with Myriad Uranium to find mutually agreeable terms for a transaction.
• CEO Peter Smith has been removed from the negotiation process since August 6 to avoid conflicts of interest, with an independent committee now leading the efforts, including the procurement of a fairness opinion.

Key Details

• Transaction Status: The Letter of Intent for the proposed merger between Rush Rare Metals Corp. and Myriad Uranium Corp. has officially expired.
• Ongoing Negotiations: Both companies remain engaged in discussions to establish new terms for a potential transaction.
• Governance Changes: Peter Smith, CEO of Rush Rare Metals, has stepped back from the merger process since August 6 to avoid potential conflicts, as he is a founder of both entities.
• Independent Oversight: An independent committee is currently managing the negotiations and working on administrative tasks, including obtaining a fairness opinion, which has contributed to delays.
• Counterparty Progress: Myriad Uranium continues to make progress on its Copper Mountain project in Wyoming, which is subject to an earn-in agreement with Rush Rare Metals.
• Asset Ownership: Rush Rare Metals holds a 100% interest in the Boxi property (Quebec, Canada) and a 50% interest in the Copper Mountain project (Wyoming, USA), which is optioned to Myriad Uranium.

Notable Quotes

• "As a founder of both Rush and Myriad, I am very happy to see that both companies will continue merger discussions, but I have also been removed from this process since Aug. 6 to avoid any potential conflicts." — Peter Smith, CEO, Rush Rare Metals Corp.
• "I understand that our independent committee has been working hard towards an agreement, but there are a number of moving parts to administer, including the procurement of a fairness opinion, and this has caused some delay." — Peter Smith, CEO, Rush Rare Metals Corp.