Mr. Thomas Lamb reports

MYRIAD URANIUM ENTERS BINDING LETTER OF INTENT TO MERGE WITH RUSH RARE METALS CORP.

Myriad Uranium Corp. has entered into a binding and updated letter of intent (the LOI) dated Jan. 7, 2026, with Rush Rare Metals Corp., in relation to a proposed merger transaction under which Myriad would acquire 100 per cent of the issued and outstanding common shares of Rush pursuant to a statutory plan of arrangement. This binding and updated LOI follows the previously announced non-binding LOI announced on Aug. 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 for every 1.85 Rush shares issued and outstanding, resulting in an exchange ratio of one Rush share to 0.5405 Myriad share. 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 42.5 cents per Myriad share and 19.5 cents per Rush share on Jan. 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 per cent. 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 per cent.

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-per-cent 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 dated as of Oct. 18, 2023, as amended, pursuant to which Myriad has earned a 75-per-cent 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 continuing operations and decision-making in relation to the project.

Myriad chief executive officer 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-per-cent ownership as efficiently as possible.

"Having earned a 75-per-cent 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 derisking 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 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."

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. The parties will continue to work diligently toward completion of the transaction and will provide further updates as warranted.

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 (the CSE). Following completion of the merger, 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.

About Myriad Uranium Corp.

Myriad Uranium is a uranium exploration company which holds a 75-per-cent interest in the Copper Mountain uranium project in Wyoming, United States. Copper Mountain hosts several known uranium deposits and historic uranium mines, including the Arrowhead mine which produced 500,000 pounds U3O8 (triuranium octoxide). 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. Union Pacific is estimated to have spent $117-million (2024 dollars) exploring and developing Copper Mountain, generating significant historical resource estimates. The company also holds a 100-per-cent interest in the Red Basin uranium project in New Mexico, which has a near-surface mineralization, with significant upside potential.

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