Laramide Resources Ltd. Updated PEA Outlines Post-Tax NPV of US$741 Million for Westmoreland Uranium Project

• Post-tax net present value (NPV) of US$741.1 million and post-tax internal rate of return (IRR) of 33%, based on a long-term uranium price of US$90 per pound U3O8
• Average annual production of approximately 4.9 million pounds U3O8 over an initial 11-year mine life, with total life-of-mine production of 47.9 million pounds
• Average cash operating cost (C1) of US$32.40 per pound, alongside an initial capital cost of approximately US$456 million plus an US$84 million contingency
• Overall uranium recovery of 95%, supported by a filtered tailings strategy with progressive backfilling of the Redtree pit
• Company preparing to lodge a Mining Lease Application once permitted by the Queensland Government, with a technical report to follow within 45 days

Laramide Resources Ltd. (TSX: LAM) (ASX: LAM) (OTCQX: LMRXF) is a Canada-based uranium company focused on exploring and developing uranium assets in Tier-1 jurisdictions. Its portfolio is centred on advanced-stage projects located in districts with either a history of production or strong geological prospectivity. The company's two largest development projects, selected for their scale and production potential, are described as late-stage with comparatively low technical risk.

Updated PEA Delivering Post-Tax NPV of US$741 Million and 33% IRR at US$90/lb U3O8 for Westmoreland Uranium Project

Laramide has completed an updated Preliminary Economic Assessment (PEA) for its wholly owned Westmoreland Uranium Project, replacing the previous study from 2016. The new assessment incorporates a decade of technical work, including updated engineering, mine planning, metallurgical process design, environmental planning, and revised capital and operating cost estimates, reflecting current market conditions.

The updated study reports a post-tax NPV of US$741.1 million at a 7.5% discount rate, with a post-tax IRR of 33%. On a pre-tax basis, the figures are higher, at an NPV of US$1.126 billion and an IRR of 43%. NPV represents the estimated present value of a project's future cash flows, while IRR measures the annual rate of return the project is expected to generate on invested capital. The estimated payback period is approximately 2.5 years, based on an initial capital cost of about US$456 million plus an US$84 million contingency, and sustaining capital of US$84 million over the life of the mine.

These figures are based on a long-term uranium price assumption of US$90 per pound U3O8.

Marc Henderson, President and Chief Executive Officer of Laramide, said:

"This PEA confirms that Westmoreland remains a compelling development proposition in a sector with limited supply visibility, particularly in the medium and longer term. Identifying and supporting new mine development is becoming an increasingly urgent priority, especially given the rapidly increasing demand requirements of a global nuclear energy industry that is once again growing strongly."

Robust Production Profile of 4.9 Million Pounds U3O8 Annually Over 11-Year Mine Life at C1 Cost of US$32.40/lb

The PEA outlines a conventional open pit mining operation feeding a processing facility over an 11-year mine life, at a throughput of up to 2.9 million tonnes per year. Average annual production is estimated at approximately 4.9 million pounds U3O8 between years two and ten, with a peak of 6.2 million pounds in year two. Total production over the life of the mine is estimated at 47.9 million pounds U3O8.

The proposed processing route involves milling followed by agitated tank leaching using sulphuric acid and pyrolusite, a manganese-bearing mineral used to help dissolve uranium from the ore. Uranium is then recovered from the leach solution using Continuous Ion Exchange, a method that separates and concentrates uranium, before undergoing neutralisation, precipitation and refining into a saleable uranium oxide concentrate. Overall recovery is estimated at 95%.

The average C1 cash operating cost is estimated at US$32.40 per pound, against a uranium price assumption of US$90 per pound used in the study. The average diluted feed grade is 788 parts per million U3O8, with a strip ratio of 4.2 to 1 over the life of the mine.

Modern Project Design Incorporating Filtered Tailings Strategy and Mining Lease Application Readiness Positioning Project for Next Development Phase

The updated PEA incorporates a filtered tailings strategy, which removes most of the water from tailings before disposal and allows for progressive backfilling of the Redtree pit as mining advances. This is paired with integrated closure planning from the outset. The study also evaluated multiple power supply options, including hybrid diesel, solar and battery storage.

Rhys Davies, Vice President Exploration and Qualified Person, said:

"Significantly, this Study positions Westmoreland for the next stage of development. The Company is prepared to lodge a Mining Lease Application as soon as permitted by the Queensland Government."

A National Instrument 43-101 technical report supporting the PEA is expected to be filed within 45 days of this announcement.

The current PEA is based on the reported Mineral Resources at the Redtree, Huarabagoo, Junnagunna and Long Pocket deposits. Laramide continues to evaluate additional targets in the district, including a zone linking Huarabagoo and Junnagunna, along with Amphitheatre, Moogooma and U-Valley in Queensland and Mageera in the Northern Territory. The study does not include potential gold or rare earth values within the deposits, which remain in early-stage assessment.

Milestones and Next Steps

Laramide's near-term steps include filing the NI 43-101 technical report on SEDAR+ within 45 days and lodging a Mining Lease Application once permitted by Queensland regulators. The company also continues to assess exploration targets across the wider district as part of its ongoing work on the project.

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