Laramide Resources Secures Development Licence for Westmoreland Uranium Project

• Mineral Development Licence granted for Westmoreland Uranium Project in Queensland, Australia
• Indigenous Land Use Agreement registered with Gangalidda & Garawa Native Title Aboriginal Corporation
• All uranium deposits covered including Redtree, Huarabagoo, Junnagunna and Long Pocket
• Advanced studies now permitted including feasibility engineering, environmental assessments and metallurgical testing
• Next steps involve mining lease application and permitting processes

Laramide Resources Ltd. (TSX: LAM) is a uranium exploration and development company with a focus on projects in Australia and the United States.The company carefully selects projects based on their size and production potential, targeting areas with historical uranium production or strong geological indicators. Laramide's portfolio includes two large development projects alongside strategic exploration activities in Kazakhstan, where it explores over 5,500 square kilometres of the productive Chu-Sarysu Basin.

Under President and CEO Marc Henderson's leadership, the company has positioned itself to benefit from anticipated growth in nuclear power generation and the corresponding increase in uranium demand. The Westmoreland Project in Queensland represents a key component of this strategy, with the recent regulatory milestone providing a foundation for continued advancement toward potential production.

Regulatory Approval Secured

The Queensland Government's approval of the Mineral Development Licence provides formal recognition that the Westmoreland Project contains economically significant uranium resources. The MDL serves as an intermediate step between exploration and mining operations, allowing advanced studies and planning activities.

The licence approval required comprehensive technical documentation demonstrating the project's resource base and development potential. Queensland's regulatory framework requires companies to meet specific criteria regarding resource definition, environmental considerations, and technical feasibility.

The MDL provides Laramide with security of tenure over the project area, enabling confident investment in advanced studies and long-term planning for project development activities.

Community Engagement & Indigenous Partnerships

The MDL approval was facilitated by the successful registration of an Indigenous Land Use Agreement with the Gangalidda & Garawa Native Title Aboriginal Corporation. This agreement, announced in November 2022, represents a collaborative approach to resource development acknowledging traditional ownership.

The Indigenous Land Use Agreement demonstrates Laramide's commitment to working with traditional landowners. Such agreements provide frameworks for shared benefits and ensure indigenous communities have meaningful participation in development decisions.

The consent of all parties to the MDL's issuance indicates community support for the project's advancement. This social licence represents a valuable asset for long-term operational sustainability.

Project Scope & Technical Foundation

The approved MDL area encompasses all of Westmoreland's defined uranium deposits: Redtree, Huarabagoo, Junnagunna, and Long Pocket. This comprehensive coverage ensures Laramide can evaluate the project's full resource potential and optimise development planning.

Three deposits formed the basis for a 2016 economic analysis, which provided the technical foundation for the MDL application. While this scoping study requires updating to meet current standards, it demonstrated the project's economic potential and supported the approval process.

The MDL area incorporates conceptual locations for key project infrastructure, allowing detailed planning for mining operations, processing facilities, and supporting infrastructure. This comprehensive approach enables efficient development and optimal configuration planning.

Advancing Technical & Economic Studies

The MDL enables Laramide to initiate advanced work programmes essential for project development. These include feasibility-level engineering studies defining optimal mining methods, processing approaches, and infrastructure requirements.

Environmental baseline assessments represent another key focus area under the MDL. These studies establish current environmental conditions and support development of management plans for future mining operations, as required by Queensland's environmental regulatory framework.

Geotechnical and site layout planning will optimise project design and infrastructure placement. These studies inform decisions about facility locations, waste management approaches, and operational logistics, with the MDL providing the regulatory framework for detailed on-site investigations.

Market Context

Marc Henderson, President and CEO of Laramide, highlighted the project's strategic importance:

"With the MDL now in hand, Laramide is excited for the opportunity to expedite further evaluation of the asset; we believe this asset can play a material role in providing security of supply for western nuclear utilities as they confront the now widely acknowledged structural supply deficit of uranium that extends well into the 2030's."

The project's development timeline could align with the anticipated supply shortage, subject to obtaining necessary mining approvals and completing feasibility studies. The current regulatory environment in Queensland presents both opportunities and challenges for uranium development.

Regulatory Pathway

The next critical steps for Westmoreland involve permitting processes and formal mining lease applications. However, the Queensland Government's current policy prohibits granting mining leases for primary uranium mining, representing a consideration for the project's development timeline.

The current policy was implemented by the previous Labour government, which held power for nearly a decade before the October 2024 election that brought the Liberal National Party to majority government. Political changes can influence resource development policies, and administrative policy changes could affect the regulatory pathway.

While the MDL provides important development rights, the ultimate success of the Westmoreland Project depends on potential policy changes that would allow mining lease applications for uranium projects. Laramide's strategy focuses on preparing the project for development while monitoring regulatory developments.