Laramide Announces an Increase in Mineral Resource Estimate for Westmoreland Uranium Project

Published: 2025-03-03 10:27:43 ET LAM.TO

Laramide Resources Ltd. ('Laramide' or the 'Company') (TSX: LAM; ASX: LAM; OTCQX: LMRXF) a uranium mine development and exploration company with a portfolio of globally significant projects, is pleased to provide an updated Mineral Resource Estimate ('MRE') for the Westmoreland Project in northwest Queensland Australia ('Westmoreland').

The updated Mineral Resource Estimate represents a 34% increase in Indicated Resources and an 11% increase in Inferred Resources, compared to the 2009 estimate. The updated MRE now reports Total Indicated Resource of 48.1 million pounds of U3O8 and Total Inferred 17.7 million pounds across four deposits: Redtree, Huarabagoo, Junnagunna and Long Pocket.

Laramide President and CEO Marc Henderson commented: 'This updated MRE reiterates our long-held view that Westmoreland is a genuinely world class deposit. At 65-plus million pounds it ranks as one of the largest undeveloped uranium deposits in the world and has the potential to be a top 10 global uranium mine. It has demonstrable attributes that support a long-life mining operation that could support ongoing jobs and regional development in North-West Queensland while providing the world with the raw materials required for the burgeoning Nuclear Power industry and drive towards Net Zero. Moreover, we have identified extensions to mineralisation and targets in the mineral system so have a clear line of sight to adding yet more pounds.

'Building on a few years of significant effort and work, this update is a credit to our Australian Exploration team and all contractors involved.

'Pending the support of the new Liberal Queensland Government, we will look forward to quickly transitioning the Project to a Development Phase while concurrently continuing with high-impact exploration to further grow the resource base.'

About the Westmoreland Project

The Westmoreland Uranium Project is located in far northwest Queensland, Australia, approximately 380km northwest of the mining township of Mt Isa. The Project is 100% owned by Laramide Resources through its wholly owned subsidiary Tackle Resources Pty Ltd. The Project comprises three granted and contiguous Exploration Permits for Minerals (EPMs) - EPM 14558, EPM 14672 and EPM 28807. Also, a Mineral Development Licence (MDL), MDL 2026, is pending grant.

The Project area has been subject to exploration for uranium since the 1950's and is host to numerous mineral occurrences and deposits, including the four largest: Redtree, Huarabagoo, Junnagunna, and Long Pocket.

Mineral Resource Statement

An update to the Mineral Resource Estimate for the Westmoreland Uranium Project, Queensland, Australia has been prepared by Addsion Mining Services of the United Kingdom on behalf of Laramide Resources Ltd. ('the issuer'). The issuer is a dual listed entity on the TSX and ASX stock exchanges of Canada and Australia respectively, as such the estimate is reported in accordance with National Instrument 43-101, Standards of Disclosure for Mineral Projects, ('NI 43-101') and prepared under Canadian Institute of Mining, Metallurgy and Petroleum ('CIM') Definition Standards. CIM Definition Standards for Mineral Resources (2014) and Best Practices Guidelines outline by CIM (2019) have been followed. The estimate is also reported in accordance with The Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves ('the JORC Code' 2012 edition.)

The updated Mineral Resource Estimate has an effective date of January 31st, 2025, and is reported above a cut-off grade of 200 ppm U3O8 and comprises of:

Indicated Resources of 27.8 million tonnes at an average grade of 770 ppm U3O8 for 48.1 million contained Lbs. of U3O8.

Inferred Resources of approximately 11.8 million tonnes at an average grade of 680 ppm U3O8 for 17.7 million contained Lbs. of U3O8.

The updated estimate supersedes all previous estimates. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. The estimate of Mineral Resources may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues. It is important to note that currently, only exploration, and not mining for uranium is permitted in Queensland, Australia. However, it is reasonable to expect that the policy may change in the future as there is a historical precedent for uranium mining within the State.

Estimation Techniques

The estimate was completed using Micromine Origin and Beyond 2025 software. Wireframe restricted block models, one for each deposit, were estimated by Ordinary Kriging using increasingly larger search radii to inform the block models until all blocks were populated. In the first pass a minimum of three drillholes were required within the search radii equal to approximately 1.5 times the drill spacing in the search direction. Directional semi variograms were modelled for each deposit and used to weight the two-meter downhole composites of original assays during grade estimation. A combination of top-cutting and grade clamping was applied to restrict the influence of very high-grade samples. During grade clamping high-grade values are given their original value inside a given distance, and outside that distance the value is reduced, different parameters were used for each deposit based on the grade distributions and observed continuity.

Variable anisotropy was used during implicit modelling of wireframes and block estimation to better honour the geometry of the deposit; typically, mineralization is steep to sub vertical within proximity to the Westmoreland dyke system which spans the length of Redtree, Junnagunna and Huarabagoo, rolling over to horizontal to sub horizontal mineralization approximately 20 m from the dyke edged. At Huarabagoo mineralization is dominantly sub vertical. Mineralization occurs as uranium oxides (such as uraninite and carnotite) hosted almost exclusively in the 'PTW4' Westmoreland conglomerate with the underlying 'PTW3' unit acting as a base to truncate mineralization. All models were validated through review of local and global statistics comparing the input to the output data and by visual inspection. Bulk Density determinations were used to inform the model with density values of 2.5 to 2.6 g/cm3 used within the PTW4 conglomerate.

The estimate was classified according to the Qualified/Competent Persons view of the estimation confidence. Indicated Resources are reported in areas where the spacing and quality of data are sufficient to allow estimation to a level of confidence which can be used for mine planning and economic evaluation. Those areas classified as Indicated Resources are typically informed by data with spacing 30 to 50 m and estimated into blocks approximately one third of the data spacing.

Comparison of Previous Estimates

The previous Mineral Resource Estimate had an effective date of May 11th 2009 and is superseded by this estimate dated effective January 31st 2025.

Differences in the estimate are attributed to the following items.

Additional drilling and receipt of assay results post May 2009 to January 2025 at Junnagunna and Huarabagoo.

Additional exploration at Long Pocket, which was not included in the previous estimate.

Application of more sophisticated 3D modelling techniques, including implicit modelling which was not commonly employed in 2009, and is more adept at modelling complex geometry than traditional cross section interpretation.

The Redtree deposit, which has not seen further exploration has no material change and this helps to support the veracity of the estimates.

Environmental and Social Considerations

The project area is on land which has significance to the local Indigenous people and who are the traditional custodians of the land. While the area is remote, Laramide, through its local subsidiary Lagoon Creek Resources has an existing Indigenous Land Use Agreement (ILUA) in place and has maintained a working relationship with the local indigenous groups since 2006 and has involved them in exploration activities. An activity exclusion zone exists at the southern end of the Huarabagoo deposit which will require further negotiation for future access and exploration activities.

Only preliminary environmental studies have been completed in the area. It is acknowledged that environmental constraints will be present should the project advance through the permitting steps to production. Environmental constraints include species of concern and threatened species within the region and site. However, the exact extent and distribution is currently unknown and further environmental studies are required to map the local distribution of species.

Recommendations

It is noted that exploration drilling in the Link zone, between the Huarabagoo and Junnagunna deposits, has identified uranium mineralisation. However, the drill spacing is insufficient for resource estimation. Further drilling is recommended to potentially incorporate this zone in future resource estimates. Furthermore, drilling data to the north of Junnagunna suggests the deposit remain open and presents a compelling exploration target.

Additional recommendations to advance the project include further environmental studies, continued exploration of satellite prospects on the property and infill and extensional drilling at all prospects. A gap analysis to review the steps and data required to advance the project to Pre-Feasibility is also advised.

Mr. Siddle has reviewed and verified the technical information that forms the basis of, and has been used in the preparation of, the Mineral Resource Estimate and this announcement, including analytical data, drilling logs, QC data, density measurements, and sampling. Mr. Siddle consents to the inclusion in this announcement of the matters based on the information, in the form and context in which it appears.

The update to Mineral Resources constitutes a Material Change and a NI 43-101 Technical report will be filed on sedarplus.com within 45 days of this announcement.

This announcement dated 28th February 2025 has been authorised for release to the TSX and ASX by President and CEO of Laramide Resources.

Contact:

Marc Henderson

President and CEO

Tel: +1 (416) 599 7363

Ann Baines

Director, Investor Relations

Tel: +1 (647) 832-9904

About Laramide Resources Ltd.

Laramide is focused on exploring and developing high-quality uranium assets in Tier-1 uranium jurisdictions. The company's portfolio comprises predominantly advanced uranium projects in districts with historical production or superior geological prospectivity. The assets have been carefully chosen for their size and production potential, and the two large development projects are considered to be late-stage, low-technical risk projects. As well, Laramide has expanded its pipeline with strategic exploration in Kazakhstan where the company is exploring over 5,500 km2 of the prolific Chu-Sarysu Basin for world class roll-front deposits which are amenable to in-situ recovery.

Forward-looking Statements and Cautionary Language

This release includes certain statements that may be deemed to be 'forward-looking statements.' All statements in this release, other than statements of historical facts, that address events or developments that the management of the Company expect, are forward-looking statements. Forward-looking statements are frequently, but not always, identified by words such as 'expects', 'anticipates', 'believes', 'plans', 'projects', 'intends', 'estimates', 'envisages', 'potential', 'possible', 'strategy', 'goals', 'objectives', or variations thereof or stating that certain actions, events or results 'may', 'could', 'would', 'might' or 'will' be taken, occur or be achieved, or the negative of any of these terms and similar expressions. Actual results or developments may differ materially from those in forward-looking statements. Laramide disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, save and except as may be required by applicable securities laws.

Since forward-looking information addresses future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, exploration and production for uranium; delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of resource estimates; health, safety and environmental risks; worldwide demand for uranium; uranium price and other commodity price and exchange rate fluctuations; environmental risks; competition; incorrect assessment of the value of acquisitions; ability to access sufficient capital from internal and external sources and changes in legislation, including but not limited to tax laws, royalties and environmental regulations.