Myriad Uranium Announces Expiration of Letter of Intent Respecting Proposed Merger

Rhea-AI Summary

Myriad Uranium (OTCQB: MYRUF) announced on October 30, 2025 that the letter of intent (LOI) dated August 6, 2025 regarding a proposed merger with Rush Rare Metals has expired under its terms.

The release notes that Myriad and Rush remain in contact and continue to pursue a potential transaction on mutually acceptable terms, and Myriad's CEO said both parties are optimistic a deal may be reached in due course.

Positive

• Parties remain in contact regarding a potential merger
• Management expresses optimism a mutually acceptable deal may be reached

Negative

• LOI dated August 6, 2025 has expired, pausing definitive agreement progress
• No binding merger agreement was executed as of October 30, 2025

Vancouver, British Columbia--(Newsfile Corp. - October 30, 2025) - Myriad Uranium Corp. (CSE: M) (OTCQB: MYRUF) (FSE: C3Q) announces that the previously announced letter of intent ("LOI") dated as of August 6, 2025 respecting a merger transaction between Myriad and Rush Rare Metals Corp. ("Rush") has expired. Myriad and Rush continue to be in contact respecting a potential transaction on mutually acceptable terms.

Myriad's CEO Thomas Lamb commented: "Because the parties have not executed a definitive agreement, the LOI has expired in accordance with its terms. However, the parties continue to work towards a mutually acceptable agreement and are optimistic that a deal will be reached in due course."

About Myriad Uranium Corp.

Myriad Uranium Corp. is a uranium exploration company with an earnable 75% interest in the Copper Mountain Uranium Project in Wyoming, USA. A recent press release discussing the 1982 U.S. Department of Energy assessment of Copper Mountain's uranium endowment can be viewed here. Copper Mountain hosts several known uranium deposits and historic uranium mines, including the Arrowhead Mine which produced 500,000 lbs of U₃O₈. 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 area has significant exploration upside. Union Pacific is estimated to have spent C$117 million (2024 dollars) exploring and developing Copper Mountain, generating significant historical resource estimates which are detailed here. The Company also recently acquired, subject to completing a geophysical survey this year, a 100% interest in the Red Basin Uranium Project in New Mexico, which has extensive near-surface uranium mineralisation and significant upside potential. Our Crux Investor overview page including recent interviews can be viewed here. The Company's presentation can be viewed here. News releases regarding historical drilling can be viewed here and here. The final news release regarding chemical assays of 2024 Copper Mountain drilling can be viewed here.

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

Forward-Looking Statements

This news release contains "forward-looking information" that is based on the Company's current expectations, estimates, forecasts and projections. This forward-looking information includes, among other things, the 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. The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect, including with respect to the Company's business plans respecting the exploration and development of the Company's mineral properties, the proposed work program on the Company's mineral properties and the potential and economic viability of the Company's mineral properties. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the Company's actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information. Such factors include, but are not limited to: changes in economic conditions or financial markets; increases in costs; litigation; legislative, environmental and other judicial, regulatory, political and competitive developments; and technological or operational difficulties. This list is not exhaustive of the factors that may affect our forward-looking information. These and other factors should be considered carefully, and readers should not place undue reliance on such forward-looking information. The Company does not intend, and expressly disclaims any intention or obligation to, update or revise any forward-looking information whether as a result of new information, future events or otherwise, except as required by applicable law.

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/272662

FAQ

What did Myriad Uranium (MYRUF) announce on October 30, 2025 about the merger LOI?

Myriad announced the LOI dated August 6, 2025 with Rush Rare Metals expired under its terms and no definitive agreement was executed.

Does the expiration of the LOI mean Myriad Uranium (MYRUF) and Rush Rare Metals have ended talks?

No. The companies said they continue to be in contact and are working toward a potential transaction on mutually acceptable terms.

Will Myriad Uranium (MYRUF) shareholders see an immediate change after the LOI expired on October 30, 2025?

The announcement does not state any immediate capital actions or shareholder impacts; it only confirms the LOI expired and discussions continue.

What was the date of the expired LOI between Myriad Uranium (MYRUF) and Rush Rare Metals?

The LOI was dated August 6, 2025 and was announced expired on October 30, 2025.

Did Myriad Uranium (MYRUF) provide a new timeline for a definitive merger agreement after the LOI expired?

No specific timeline was provided; management said the parties are optimistic a deal will be reached in due course.