Uranium Explorer Takes 100% Control of Rush Rare Metals in CA$10.49M Deal as Wyoming Drill Program Advances

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1. Ownership and Share Structure Information

The information listed above was updated on the date this article was published and was compiled from information from the company and various other data providers.

Myriad Uranium Corp. (M:CSE; MYRUF:OTCMKTS) announced that it acquired 46,223,258 common shares of Rush Rare Metals Corp.  (RSH:CSE) pursuant to a statutory plan of arrangement previously announced on August 21, 2026.

Under the arrangement, Myriad issued 24,983,671 common shares to Rush shareholders at a deemed price of CA$0.42 per Myriad share, representing aggregate consideration of CA$10,493,141.80. Prior to the arrangement, Myriad did not hold any Rush shares.

Following completion of the arrangement, Myriad holds 46,223,258 Rush shares, representing 100% of Rush's issued and outstanding common shares.

The company's July 2026 investor deck had identified consolidation of 100% ownership of the Copper Mountain Uranium Project and completion of the merger with Rush as recent and upcoming milestones. At the time of the presentation, the deck stated that Myriad owned 75% of Copper Mountain and planned to acquire the remaining interest through its merger with Rush.

Uranium Contracting and Nuclear Demand Remained in Focus

FX Empire wrote on August 21 that uranium had maintained a bullish price structure despite interest-rate risks, while nuclear fuel security and growing electricity requirements remained central themes for the sector. The report stated that "nuclear fuel security strengthens uranium's long-term outlook" and cited AI-driven power demand among the factors supporting uranium market interest.

According to an August 25 report by Jackson Chen, uranium utility contracting had remained below the volumes required to replace annual reactor consumption. The report stated that "utility contracting remains well below the volumes required to replace annual reactor consumption," leaving a growing share of requirements uncovered beyond the end of the decade.

The report said European uranium coverage, assuming utilities exercised the full-volume flexibility available under existing contracts, fell from 100% in 2030 to 81% in 2031, 78% in 2032, and 36% by 2034. Conversion coverage fell to 20% by 2034. It noted that uranium typically had to be secured through long-term contracts before proceeding through conversion, enrichment, and fuel fabrication.

In the United States, the report said maximum uranium coverage under existing contracts and available flexibility fell from about 98% of requirements in 2026 to 60% in 2030 and 9% by 2033. Domestic material accounted for 7% of U.S. utility deliveries in 2025, compared with approximately 93% from foreign suppliers. Canada accounted for 32% of deliveries, Kazakhstan for 28%, and Australia for 15%.

Global contracting also remained below replacement levels. The August 25 report said approximately 37 million pounds of uranium had been contracted globally as of August 10, excluding two purchase agreements announced by India. It said the market was on track for a 14th consecutive year of below-replacement contracting. The report added that the long-term uranium price had reached US$94 per pound, described as its highest level in 18 years.

The same report connected uranium requirements with activity across the nuclear power sector. Reactor life extensions and restarts had preserved demand that previously had been expected to disappear, while reactor uprates had increased requirements from existing facilities. New reactor construction was also advancing, particularly in China, while India had announced in July that it planned to have at least five small modular reactors ready by 2033. The report cited the International Atomic Energy Agency as saying that sufficient uranium resources existed to support nuclear power growth through 2050 and beyond, while "timely investment in exploration, mining, and processing will be needed" for that material to reach the market when required.

A separate uranium market data source from Trading Economics on August 25 showed uranium at US$89.55 per pound, up 20.04% over the preceding year. The source said uranium futures had remained within a relatively narrow range after an earlier rally and described spot buying by utilities as muted, as they drew on long-term contracts. It said geopolitical tensions had contributed to interest in nuclear power and stated that "power markets in major economies" had become increasingly volatile.

The market summary also connected nuclear power interest with rising electricity requirements associated with data centers. It said governments and "power-hungry AI hyperscalers that develop datacenters" had shown increased interest in nuclear generation, while several countries had taken steps toward expanding or restoring nuclear power as electricity consumers sought additional generation sources.

Analysts Point to Drilling, Merger, and U.S. Uranium Positioning

VSA Capital analyst Oliver O'Donnell described Myriad's initial Phase II results at Lucky Cliff as "a positive start to exploration outside the Canning area of historical focus and Phase 1 Drilling" in an August 20 report. He noted that all four holes had intersected broad, near-surface uranium mineralization and said the intervals at Lucky Cliff had been "both longer and shallower" than those returned during Phase I at Canning. O'Donnell also wrote that final court approval of the arrangement had "removed the last material execution risk on the path to 100% ownership of Copper Mountain." VSA reiterated its "Speculative Buy" recommendation and listed no target price.

Red Cloud Securities analyst David A. Talbot maintained a "BUY (S)" rating and CA$1.25 per-share target in an August 21 research report. Talbot described Lucky Cliff as having "so far delivered four hits on four holes, with broad intervals from 18m on ground carrying no historical resource credits." He said the combination of the drilling results and final order meant Myriad had headed "into the back half of the drill program owning 100% of the district, with the equity story cleaned up." Red Cloud based its CA$1.25 target on a 1.2x multiple of its probability-weighted average NPV of CA$124.49 million and identified chemical assays from Lucky Cliff, Stage 2 drilling of eastern-corridor targets, and a potential U.S. uplisting as upcoming catalysts.

HoldCo Markets wrote in its August 24 Research Spotlight that "full ownership of Copper Mountain allows for faster decision making, and a much simpler structure to advance critical work programs needed to de-risk the Project." The firm described the initial Phase II results as "encouraging" and said that having 100% control of the flagship asset "lifts an ownership overhang and warrants a premium valuation." HoldCo increased its NAV-derived valuation multiple from 0.60x to 0.65x and raised its price objective to CA$0.95 per share from CA$0.87, which it said represented 96% upside from the August 21 closing price.

Drilling, Ground-Truthing, and Corporate Milestones

Myriad's July 2026 investor deck outlined a three-stage exploration program for the Copper Mountain Uranium Project, while the company's 2026 investor materials incorporated the staged approach into its Phase II exploration plans. The fully funded program was designed to test targets identified through recent geophysics, historical technical data, and results from Phase I drilling.

Stage 1 calls for approximately 2,300 meters, or 7,500 feet, of drilling across up to 15 holes. As of August 20, Myriad had completed four holes at Lucky Cliff totaling 716.6 meters. The program calls for four holes at Lucky Cliff, three at Arrowhead, three at Mint, two at Hesitation, and three at Gem. The stated objectives are to verify the reliability and spatial continuity of uranium mineralization identified by historical drilling and establish a geological and mineralization database suitable for future mineral resource estimation.

Stage 2 also consists of 2,300 meters, or 7,500 feet, across 15 holes and focuses on mineralization expansion and exploration target testing. Radiometric ground-truthing was underway as of the investor deck. The stage is intended to test priority exploration targets identified from historical Bendix studies and recent geophysical interpretations, and assess the district-scale mineral endowment target potential of the project area.

The company's district-wide magnetic and radiometric surveys covered 2,114 line-kilometers using 100-meter line spacing and a 30-meter flying height. The work identified 140 radiometric anomaly points for follow-up investigation. The investor deck stated that known historical resources are west of a major north-south structure and that the eastern extent remains untested.

The deck identified Midnight, Lucky Cliff, and Cedar Ridge among the key Phase II targets, along with Gem, Hesitation, Mint, and Arrowhead. It also called for continued evaluation of the thrust fault zone using seismic work, followed by testing.

Stage 3 is contingent on results from the first two stages and would focus on resource delineation and preliminary technical studies. The program calls for infill drilling in areas where Stage 1 and Stage 2 results demonstrate geological and grade continuity, with drilling density intended to support a maiden NI 43-101-compliant Mineral Resource Estimate. The company also plans to begin early-stage technical evaluations to identify potential development pathways.

Separate from drilling, the company reported that chemical assays from its Phase I drilling were higher than gamma-probe equivalents by an average of 60% at a 1,000-ppm cutoff, 50% at 500 ppm, and 20% at 200 ppm, with additional samples being submitted for assay.

The deck also identified preparation for a U.S. listing as an upcoming corporate milestone. It stated that accounting and legal work for a Nasdaq or NYSE American listing was 80% complete at the time of the July 2026 presentation. 

Myriad's other portfolio activity included its June 8, 2026, acquisition of a 23-target Arizona breccia pipe portfolio. The company granted Wedgemount Resources a three-year option to earn up to 75%, while retaining the right to establish a 50/50 joint venture. The investor deck described the exploration as partner-funded at no cost to Myriad.

Ownership & Share Information¹

Myriad Uranium Corp. has a market cap of CA$46.50 million, with 110.70 million shares outstanding. The company's 52-week range is CA$0.22-CA$0.70.

Institutions own 5.50% of shares, while Management & Insiders own 4.40%.