Mr. Peter Smith reports

RUSH RARE METALS ANNOUNCES RENEWED LETTER OF INTENT FOR PROPOSED MERGER

Further to the company's news releases dated Aug. 6, 2025, and Oct. 30, 2025, on Jan. 7, 2026, Rush entered into a renewed letter of intent with Myriad Uranium Corp., respecting 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.

Under the terms of the LOI, Myriad would 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.

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 dated as of Oct. 18, 2023, as amended, pursuant to which Myriad has earned a 75-per-cent interest in the Copper Mountain uranium project located in Wyoming, United States, by incurring over $5.5-million in eligible expenditures on the property. Believing that 100-per-cent 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 fulfilment 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 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 B.C. Supreme Court, and approval of the Canadian Securities Exchange. 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.

Rush chief executive officer Peter Smith commented: "This is a significant step we've been working toward, and we've already made good headway surrounding the required underlying work, including both companies having already obtained draft fairness opinions. We now have a relatively short period of 30 days to complete a definitive merger agreement, at which point all needed steps will be taken to consummate this transaction through a plan of arrangement. With the ownership of Copper Mountain simplified, we fully expect the value of Myriad and, by extension, any shares in Myriad ultimately held by Rush shareholders to gain additional positive market traction and interest. The Myriad team has proven itself a highly capable group, and we are very excited to see how things develop with Myriad and Copper Mountain in the coming months. In addition, we have high hopes for the resulting spinco, which we expect will have the Boxi property and a new team, and could potentially give current Rush shareholders some exciting additional value over and above what the Myriad team can accomplish with Copper Mountain going forward."

About Rush Rare Metals Corp.

Rush is a mineral exploration company focused on its Boxi property located in the province of Quebec, Canada. Rush also owns the Copper Mountain project located in Wyoming, United States, which it has optioned to Myriad Uranium. Rush currently has a 100-per-cent interest in the Boxi property and a 25-per-cent interest in the Copper Mountain project.

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