Vancouver, British Columbia--(Newsfile Corp. - August 19, 2026) - Myriad Uranium Corp. ("Myriad") and Rush Rare Metals Corp. ("Rush", and together with Myriad, the "Parties") are pleased to announce that Rush has obtained a final order (the "Final Order") from the Supreme Court of British Columbia approving the previously announced statutory plan of arrangement (the "Arrangement") under the Business Corporations Act (British Columbia), pursuant to which Myriad will acquire all of the issued and outstanding common shares of Rush (the "Rush Shares").
Receipt of the Final Order follows the special meeting of shareholders of Rush held on August 17, 2026 (the "Meeting"), at which the Arrangement was approved by the requisite majority of Rush shareholders.
Pursuant to the Arrangement, Myriad will acquire all of the Rush Shares in exchange for common shares of Myriad (the "Myriad Shares") on the basis of one (1) Myriad Share for every 1.85 Rush Shares held, subject to adjustment in accordance with the terms of the arrangement agreement dated February 13, 2026 (the "Arrangement Agreement"). In addition, holders of Rush Shares will receive shares of 1577075 B.C. Ltd. ("Rush Spinco") on the basis of one (1) Rush Spinco share for every four (4) Rush Shares held, in connection with the previously announced spin-out of Rush's Boxi Property.
Subject to the satisfaction or waiver of the remaining customary closing conditions set out in the Arrangement Agreement, including receipt of final approval from the Canadian Securities Exchange (the "CSE"), the Parties currently anticipate that the Arrangement will be completed on or about August 21, 2026 (the "Closing Date").
Upon completion of the Arrangement, Rush will become a wholly owned subsidiary of Myriad. The common shares of Rush will be delisted from the CSE, and Rush intends to apply to cease to be a reporting issuer under applicable Canadian securities laws.
On the Closing Date, Rush will have completed all of its responsibilities under the Arrangement except in regard of the spinout of Rush Spinco that will hold the Boxi Property in Quebec. Any remaining share exchanges or return to treasury of shares are expected to be completed by Rush Spinco at some time following the Closing Date, as determined by management of Rush Spinco.
Full details of the Arrangement are set out in the management information circular of Rush dated June 23, 2026, which is available under Rush's profile on SEDAR+ at www.sedarplus.ca.
About Myriad Uranium Corp.
Myriad Uranium Corp. holds a 75% interest in the Copper Mountain Uranium Project in Wyoming, USA, with a definitive agreement in place to acquire the remaining 25% via the acquisition of Rush Rare Metals Corp. Copper Mountain hosts multiple historic uranium deposits and past-producing mines, including the Arrowhead Mine (approximately 500,000 lbs U3O₈ produced). Union Pacific conducted extensive exploration and development in the district during the late 1970s, including approximately 2,000 boreholes and advanced mine planning, before the uranium market downturn in 1980. Union Pacific is estimated to have invested approximately C$125 million (2026 dollars) in the project, generating significant historical resource estimates.
A news release detailing a comprehensive assessment of Copper Mountain's uranium endowment by Bendix Engineering for the US Department of Energy published in 1982 can be viewed here.
Myriad holds a 10% free carried interest in the Red Basin Uranium Project, recently sold to VC- and Overmatch-backed Subatomic Industries. Red Basin carries significant historical resource estimates from extensive drilling by Occidental Oil in the late 1970s, and also hosts vanadium, which has been designated a strategic and critical mineral by the U.S. government. Note the caution on historical estimates below.
Myriad's 100%-owned Breccia Pipe Project in Arizona comprises at least 23 breccia pipes that are prospective for uranium and REEs. One of the pipes, the Wate Pipe, was previously owned and explored by Energy Fuels and is the subject of a historical resource estimate.
Note: A qualified person has not done sufficient work to classify the Copper Mountain, Red Basin, and Breccia Pipe Project historical estimates as current mineral resources or reserves and Myriad is not treating historical estimates as current resources or reserves. Myriad intends to conduct further work to determine whether the historical estimates can be verified and, if appropriate, supported by current mineral resource estimates.
For further information, please refer to Myriad's disclosure record on SEDAR+ (www.sedarplus.ca), contact Myriad by telephone at +1.604.418.2877, or refer to Myriad's website at www.myriaduranium.com.
Myriad Contacts:
Thomas Lamb
President and CEO
tlamb@myriaduranium.com
About Rush Rare Metals Corp.
Rush Rare Metals Corp. is a mineral exploration company focused on its Boxi Property located in the Province of Québec, Canada. Rush also owns the Copper Mountain Project located in Wyoming, USA, which it has optioned to Myriad Uranium Corp. Rush currently has a 100% interest in the Boxi Property, and a 25% interest in the Copper Mountain Project. For further information, please refer to Rush's disclosure record on SEDAR+ (www.sedarplus.ca) or contact Rush by email at psmith@rushraremetals.com or by telephone at (778) 999-7030, or refer to Rush's website at www.rushraremetals.com.
Rush Contact:
Peter Smith
Chief Executive Officer
psmith@rushraremetals.com
Forward-Looking Statements
This news release contains "forward-looking information" that is based on current expectations, estimates, forecasts and projections. This forward-looking information includes, among other things, each company's business, plans, outlook and business strategy. The words "may", "would", "could", "should", "will", "likely", "expect," "anticipate," "intend", "estimate", "plan", "forecast", "project" and "believe" or other similar words and phrases are intended to identify forward-looking information.
All statements in this news release, other than statements of historical facts, including statements regarding future estimates, plans, objectives, timing, assumptions or expectations of future performance are forward-looking statements and contain forward-looking information, including, but not limited to: the terms of the Arrangement, the completion of the Arrangement, including receipt of required shareholder, regulatory, court and CSE approvals; the ability of the parties to satisfy, in a timely manner, the other conditions to the closing of the Arrangement; the prospects of the combined company following completion of the Arrangement; that the anticipated benefits of the Arrangement will be realized; the anticipated timing of completion of the Arrangement; and the delisting of the Rush Shares following the Arrangement. Forward-looking information also involves known and unknown risks and uncertainties and other factors, which may cause actual events or results in future periods to differ materially from any projections of future events or results expressed or implied by such forward-looking information or statements, including, among others: the failure to obtain shareholder, regulatory, court or CSE approvals in connection with the Arrangement, failure to complete the Arrangement, failure to realize the anticipated benefits of the Arrangement or implement the business plan for the combined company, negative operating cash flow and dependence on third party financing, uncertainty of additional financing, no known current mineral reserves or resources, reliance on key management and other personnel, potential downturns in economic conditions, actual results of exploration activities being different than anticipated, changes in exploration programs based upon results, and risks generally associated with the mineral exploration industry, environmental risks, changes in laws and regulations, community relations and delays in obtaining governmental or other approvals and the risk factors with respect to Myriad and with respect to Rush set out in the companies' most recent annual management discussion and analysis and other filings which have been filed with the Canadian securities regulators and available under Myriad's and Rush's respective profiles on SEDAR+ at www.sedarplus.ca.
Although Myriad and Rush have attempted to identify important factors that could cause actual results to differ materially from those contained in the forward-looking information or implied by forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking information and statements will prove to be accurate, as actual results and future events could differ materially from those anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking statements or information. Neither Myriad nor Rush undertakes any obligation to update or reissue forward-looking information as a result of new information or events except as required by applicable securities laws.
The CSE has not reviewed, approved or disapproved the contents of this news release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/310534
Source: Rush Rare Metals Corp.
