Rush Rare Metals Announces Renewed Letter of Intent for Proposed Merger

Vancouver, British Columbia--(Newsfile Corp. - January 8, 2026) - Rush Rare Metals Corp. (CSE: RSH) ("Rush" or, the "Company") is pleased to announce that, further to the Company's news releases dated August 6, 2025 and October 30, 2025, on January 7^th, 2026 Rush has entered into a renewed letter of intent (the "LOI") with Myriad Uranium Corp. ("Myriad"), respecting 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").

Under the terms of the LOI, Myriad would acquire all of the Rush Shares by issuing 1 Myriad common share (each, a "Myriad Share") for every 1.85 Rush Shares issued and outstanding, resulting in an exchange ratio of 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.

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 the Boxi Property in Quebec, and as part of the Arrangement, shareholders of Rush as of its effective date and time would receive shares of Rush Spinco.

Rush and Myriad 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 the Copper Mountain Uranium Project (the "Property") located in Wyoming, USA by incurring over $5.5 million in eligible expenditures on the Property. Believing that 100% ownership of the Property is significantly more valuable than the aggregate values of separate ownership, the companies have determined that a merger would be in the best interests of the shareholders of both companies, subject to the fulfillment of all conditions of the Arrangement.

Under the LOI, the parties have agreed to use commercially reasonable best efforts to negotiate and enter into a definitive agreement respecting the Arrangement within thirty (30) days of the execution of the LOI. The parties will continue to work diligently toward completion of the transaction and will provide further updates as warranted.

Closing of the transaction remains subject to a number of conditions, including negotiation and execution of a definitive agreement, approval of the Rush shareholders, approval of the British Columbia Supreme Court, and approval of the Canadian Securities Exchange (the "CSE"). Following completion of the Arrangement, Rush would become a wholly owned subsidiary of Myriad and would be delisted from the CSE. It is not anticipated that the transaction will require approval of Myriad shareholders.