Myriad Uranium has completed the sale of its Red Basin Uranium Project in New Mexico to Subatomic Red Basin, LLC, a company backed by
Subatomic Industries Corporation.
The agreement delivers US$2.5 million in cash to Myriad while allowing it to retain a 10% free carried interest in the project and surrounding acreage within an agreed area of mutual interest. For the company, the transaction does not fully close the door on Red Basin. Instead, it converts the asset into near-term capital while keeping some exposure to future upside.
Myriad acquired Red Basin around 15 months ago for C$525,000. Based on the company’s figures, the sale represents more than a sixfold cash-on-cash return, before accounting for the retained interest.
That funding arrives as Myriad puts more attention on its
Copper Mountain Uranium Project in Wyoming. The company currently holds a 75% interest in Copper Mountain and has a definitive agreement to acquire the remaining 25% through its planned acquisition of Rush Rare Metals Corp. Myriad has said that transaction remains on track.
Copper Mountain is now the company’s main operating focus. The project includes historic uranium deposits and past-producing mines, including the Arrowhead Mine, which produced approximately 500,000 pounds of U₃O₈. The district was also explored by Union Pacific in the late 1970s, with drilling and mine planning carried out before
uranium market conditions weakened in 1980.
The Red Basin sale gives Myriad additional working capital as it prepares for Phase II drilling at Copper Mountain. It also allows the company to simplify its near-term priorities without losing all economic exposure to the New Mexico asset.
Strategic Alliance Adds U.S. Uranium Optionality
The transaction comes as uranium assets in the United States are drawing renewed attention from investors focused on nuclear power, grid reliability, and long-term fuel security.
Subatomic’s acquisition of Red Basin is linked to a wider strategic alliance with Myriad. The framework gives the two companies room to collaborate on uranium opportunities beyond the New Mexico project.
Subatomic’s parent company is backed by 8VC and Overmatch Ventures, bringing venture capital participation into a uranium market that has traditionally been led by mining companies, utilities, and specialist resource investors. The move points to a broader shift in how parts of the nuclear fuel supply chain are being assessed, particularly as electricity demand rises and policymakers revisit the role of nuclear power in low-carbon energy systems.
For Subatomic, Red Basin provides a platform in the domestic uranium sector. For Myriad, the deal provides cash, a retained project interest, and a strategic relationship that could support future opportunities.
Myriad is also evaluating a potential listing on a major U.S. stock exchange, with the NYSE and Nasdaq both identified as possible options. A U.S. listing could improve access to a broader investor base, but any move will depend on market conditions, regulatory requirements, and continued project execution.
The wider uranium market still carries meaningful uncertainty. Pricing, permitting timelines, development costs, and geopolitical factors will continue to shape how quickly early-stage projects advance. Even so, the Red Basin transaction shows how companies are repositioning portfolios as nuclear energy regains attention in the U.S. energy mix.
