Myriad Uranium: Binding Letter of Intent to Consolidate Copper Mountain

DISCLAIMER: Any written content contained herein should be viewed strictly as analysis & opinion and not in any way as investment advice. Visitors to this site are encouraged to conduct their own due diligence. As a Research Spotlight product, HoldCo Markets has received financial compensation for the written content and analysis below. Please read the full disclaimer here: holdcomarkets.com/disclaimer

Myriad Uranium (M) announced this morning that it has entered into a binding and updated Letter of Intent (LOI) with Rush Rare Metals Corp. (RSH) related to a proposed merger transaction under which Myriad would acquire 100% of the issued and outstanding common shares of Rush by way of a statutory plan of arrangement. This latest LOI updates the previously announced non-binding LOI which expired in October 2025. According to 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 (1) Rush share to 0.5405 Myriad shares. We maintain our C$0.62 per share price objective which equates to upside of +48% from the most recent (January 7) close.   

FRAMEWORK TO CONSOLIDATE THE COPPER MOUNTAIN PROJECT

In line with Myriad management, we have long felt that the consolidation of Copper Mountain was not just a necessity, but an actual eventuality as well. That said, a definitive agreement is expected within thirty days of the execution of the LOI. Based on the closing prices on the Canadian Securities Exchange of C$0.425 per Myriad share and C$0.195 per Rush share (January 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%. Based on a 20-day VWAP for the 20 business days prior to the execution of the LOI, the exchange ratio represents a premium to Rush shareholders of 22%.

COPPER MOUNTAIN APPROVED FOR UP TO 222 BOREHOLES

Recall that as announced on October 9 2025, the Bureau of Land Management (BLM) approved the Plan of Operations for the company's Copper Mountain Uranium Project. The Plan of Operations was submitted as a technical amendment to the existing Drilling Notification put in place for the 2024 drilling season. The amendment allows for an expanded drilling campaign now comprising up to 222 boreholes spread across the entirety of the project. Under the current Drilling Notification with the State of Wyoming, Myriad is bonded for 70 of those holes (of which, 50 holes are carried over from the Canning area. The Drilling Notification can be updated to bond the remaining holes in subsequent phases. Details for the drilling program will be disclosed later this quarter.

Located in central Wyoming, the Copper Mountain Project is strategically located near the needed infrastructure and in close proximity to the Sweetwater uranium mill. The Project currently hosts numerous deposits (historic) and target areas. Spread across the entirety of the Copper Mountain Uranium Project, the approved Plan of Operation includes highly prospective areas such as Mint, Arrowhead, Lucky Cliff and Gem, in addition to the main Canning target area. Of the 70 total holes currently bonded, 50 are specifically carried over from the Canning area. The Plan will be amended and additional drilling bonded on an ongoing basis as the Company’s exploration strategy for Copper Mountain progresses. Myriad's strategy is to continue to confirm the presence of historically identified mineralization while also demonstrating the broader potential of Copper Mountain to host many more large deposits.

RECENT DRILLING – MYRIAD URANIUM (2024)

When Myriad Uranium announced the conclusion of its maiden Copper Mountain drilling campaign in November, 2024, this marked the first drilling campaign on site since 1979. In total, the company drilled 34 boreholes in which initial probe results indicated over 30 intervals greater than 3.0 ft and over 1,000 ppm eU3O8. Moreover, eleven holes were able to validate the historical drilling while also delivering higher than expected grades. Just as importantly, the maiden drill program confirmed that mineralisation also occurs below the maximum depth of 500-600 ft as from the historic drilling program. As per targeted areas, Myriad’s drilling program prioritized Canning due to Union Pacific’s 1979 mine plan which identified it as the largest mineralized area and the central pit of an initial six pit mining plan. Once all assay results were received from the 34 boreholes (June 2025), it was concluded that the gamma probe results underestimated many of the grades. Of the total boreholes, the assay results indicated that the U3O8 grades were on average:  

• 60% higher at a 1,000 ppm cut-off.

• 50% higher at a 500 ppm cut-off.

• 20% higher at a 200 ppm cut-off.

Many intervals with initially low or near-zero probe readings have been confirmed as mineralized by chemical assays. In addition to the confirmation program, one of the aims of the drilling program was to test for deeper mineralisation, below the levels that RMEC reached during its drilling program in the late 1970s (around 500-600 feet on average). Of note, Myriad’s deepest drill hole (CAN0034 – drilled to a depth of 1,556 ft) returned 832.5 ppm U3O8. This represents a 242% increase over its equivalent probe grade.

More recently, Myriad announced on October 27, 2025 that updated chemical assays received from samples obtained while drilling last fall have provided material positive implications for Copper Mountain’s overall resource potential. Specifically, the updated assay results from the Canning deposit have indicated both enhanced uranium grades and extended mineralised intervals. The updated assays have positive implications for the Project’s overall resource potential. The assays have extended 12 already known intervals while also revealing 70 new intervals. Ultimately, the additional samples have illustrated that there is significantly more uranium reported than was previously accounted for.

VALUATION & CONCLUSION

We look forward to the eventual definitive agreement (and subsequent approvals) so that afterwards, management can focus squarely on maximizing value with the upcoming Copper Mountain drilling campaign. Using the historic resource as a weighted benchmark, we continue to apply our $3.25 per lb in-situ valuation along with a target NAV multiple of 0.60x. Factoring in the other assets along with corporate adjustments (a recent C$8.6M financing), we maintain our in-situ based price objective (12 months) of C$0.62 per share. This equates to potential upside of +48% from the most recent close on January 7. Recall that along with the recent 100% ownership secured at the Red Basin Uranium Project (announced on November 26), management is clearly signaling confidence in both assets. For additional details, see our initiation of coverage report dated August 8, 2025, or any subsequent note. Myriad shares currently trade at a 0.43x NAV multiple.

NEAR-TERM TIMELINE & POTENTIAL CATALYSTS

• Consolidation of the Copper Mountain project. Definitive Agreement with Rush Rare Metals.

• Details for any upcoming drilling campaign.

• An eventual NI43-101 resource estimate for Copper Basin.

• An eventual TSXV listing and/or a US listing.