Myriad Uranium sold its New Mexico Red Basin project to Subatomic for $3.43 million, more than six times what it paid for the property in 2025.
The Canadian mineral exploration company will retain a 10% stake when it enters into a strategic alliance with Subatomic, allowing the companies to pursue future projects outside of Red Basin.
In a statement, Myriad CEO Thomas Lamb said Sopatomik’s backers understand “the American political landscape better than anyone else,” in his view. “This investment by Subatomic is the first step in the paradigm shift our sector requires, and I believe we will see other technologists entering the fuel cycle en masse soon, including pre-production uranium projects,” Lamb added.
Subatomic, backed by venture capital firms 8VC and Overmatch Ventures, plans to make Red Basin the first step in a broader push into U.S. uranium production, saying the sector is undergoing a structural shift.
“With demand for power generation on the rise, the world is witnessing a structural paradigm shift that will reshape economies for decades to come,” said Timothy Chilery, CEO of Subatomic. “Uranium is the primary raw material that fuels approximately 10% of global electricity needs.” “As energy and decarbonization megatrends accelerate, nuclear will play an increasingly larger role. We are excited to partner with Myriad to advance the project while exploring resource growth opportunities,” he concluded.
The six-fold return from Myriad’s 2025 acquisition highlights the growing competition for US uranium assets.
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