Myriad Uranium New Mexico sale: value, upside and project shift for mine planners
Reviewed by Joe Ashwell
First reported on MINING.com
30 Second Briefing
Myriad Uranium is selling its Red Basin uranium project in New Mexico to Subatomic Industries, a new mining tech venture backed by 8VC and Overmatch Ventures, for $2.5 million cash while retaining a 10% free-carried interest. The deal delivers more than a 6x return on Myriad’s C$525,000 acquisition cost and shifts its focus to the Copper Mountain project in Wyoming, where it holds a 75% interest via an option with Rush Rare Metals. Red Basin sits in a district with a potential 45 million lb uranium endowment based on New Mexico Bureau of Mines estimates.
Technical Brief
- Transaction structure includes a 10% free-carried interest for Myriad through to project development.
- Cash consideration is US$2.5 million, funded by Subatomic Industries’ backers 8VC and Overmatch Ventures.
- Red Basin covers historical uranium claims in a New Mexico district with minor 1950s-era production.
- District-scale potential mineral endowment is estimated at up to 45 million lb U by the state bureau.
- Myriad’s market capitalisation dropped to C$44.1 million after a 15% share price fall on announcement.
- Copper Mountain in Wyoming has been recently doubled in size and is described as a historical resource area.
- Myriad currently holds a 75% interest in Copper Mountain via an option agreement with Rush Rare Metals.
- Strategic alliance between Myriad and Subatomic extends beyond Red Basin to future uranium exploration and development targets.
- New investor class targeting nuclear power for “uninterruptible, clean power” is explicitly linked to technology-sector demand.
Our Take
The 6X return on Red Basin crystallises value from one of Myriad Uranium’s two US projects and, combined with the 75% interest at Copper Mountain in Wyoming, effectively concentrates its operating risk and exploration spend into a single, much larger uranium district footprint documented in our March 2026 coverage.
In our database, Copper Mountain is one of the few US uranium assets where historic US Department of Energy and Bendix Field Engineering datasets are being systematically reworked, which likely makes the 10% free-carried interest at Red Basin more of an upside kicker than a core value driver for Myriad’s portfolio.
Prepared by collating external sources, AI-assisted tools, and Geomechanics.io’s proprietary mining database, then reviewed for technical accuracy & edited by our geotechnical team.
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