Myriad Uranium has 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% carried interest as it enters a strategic alliance with Subatomic, allowing the companies to pursue future projects beyond Red Basin.
In a statement, Myriad’s CEO, Thomas Lamb said Subatomic’s backers understood “the U.S. political landscape better than anyone,” 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 enter the fuel cycle en masse soon, including pre-production uranium projects,” Lamb added.
Subatomic, which is backed by venture capital firms 8VC and Overmatch Ventures, plans to make Red Basin the first step in a broader push into American uranium production, saying the sector is undergoing a structural shift.
“As power generation demand soars, the world is experiencing a structural paradigm shift that will reshape economies for decades to come. Uranium is the essential feedstock powering nearly 10% of global electricity needs,” said Subatomic CEO, Timothy Chilleri. “As the megatrends of energy and decarbonization accelerate, nuclear power will play an increasingly larger role. We are excited to partner with Myriad to advance the Project while exploring opportunities for resource growth,” he concluded.
The sixfold return on Myriad’s 2025 acquisition highlights rising competition for U.S. uranium assets.
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