Laramide Resources Terminates Kazakhstan Uranium Project Agreement

• Laramide Resources Ltd. terminated its Option Agreement with Aral Resources for the Chu-Sarysu Basin uranium project in Kazakhstan, effective immediately.
• The termination follows legislative amendments signed 26 December 2025 that increase minimum national ownership requirements for newly discovered uranium resources.
• The Option Agreement provided access to 22 licences covering over 5,500 square kilometres in the Chu-Sarysu Basin, with a planned 15,000-metre drilling programme.
• Permit delays prevented drilling in the fourth quarter of 2025. Final permits were received 24 December 2025, two days before the new legislation was signed.
• The company will focus on its Churchrock-Crownpoint project in New Mexico and Westmoreland project in Queensland, Australia.

Laramide Resources Ltd. (TSX:LAM) is a Toronto-based junior mining company focused on exploring and developing a portfolio of high-quality, late-stage uranium projects in Australia, the United States, and previously Kazakhstan. The company holds uranium projects in areas with historical production or geological characteristics considered favourable for uranium deposits.

Termination of Kazakhstan Chu-Sarysu Basin Uranium Project Option Agreement

Laramide signed an Option Agreement with Aral Resources in September 2024 for 22 licences in the Chu-Sarysu Basin. The basin has geology considered suitable for discovering roll front uranium deposits amenable to in-situ recovery (a mining method that extracts minerals without removing rock). The area also has potential for copper deposits and other minerals.

During 2025, Laramide funded historical data review, ground reconnaissance, and geophysical work to identify drilling targets. The company submitted exploration work plans to the Ministry of Industry and Construction and applied for drilling permits. Delays in receiving permits meant no drilling occurred in the fourth quarter of 2025 as planned.

The company received final drilling permits on 24 December 2025. Two days later, on 26 December, Kazakhstan's President signed legislative changes to the Subsoil Use Code affecting uranium exploration agreements. Following these changes, Laramide terminated the Option Agreement and stopped funding exploration activities.

Impact of New Government Legislation Increasing National Ownership Requirements

On 26 December 2025, Kazakhstan's President signed amendments to the Subsoil Use Code. The changes, approved by the Senate in November 2025, increase minimum ownership requirements for Kazatomprom, the national uranium company, in newly discovered uranium resources.

The legislative changes occurred after annual property taxes for licence holders approximately doubled earlier in 2025. According to Laramide, these combined regulatory changes altered the economic framework for international companies exploring for uranium in Kazakhstan.

Laramide stated that it believes an economic case for foreign direct investment in uranium exploration no longer exists in Kazakhstan due to these changes. The company cited the combination of increased holding costs and the new ownership requirements as factors in its decision to terminate the agreement.

Refocus on US and Australian Uranium Development Assets

The company stated it remains focused on developing two uranium assets: Churchrock-Crownpoint in New Mexico, USA, and Westmoreland in Queensland, Australia. Both are described by the company as large development stage assets.

President and CEO Marc Henderson commented on industry implications:

"Greenfield exploration in the uranium sector appears to be woefully under invested in our view, and is also focused in far too few places. As a result, U prices may need to go higher - perhaps much higher in our view - to incentivize and catalyze the reserve replacement activity that is clearly required to resolve the large and growing supply deficit."

President and CEO Marc Henderson also noted Kazakhstan's situation:

"Motivated by an effort to address, and ideally reverse, the obvious and severe decline in the resource base of Kazatomprom, their national uranium company, it appears Kazakhstan may have scored a spectacular own goal with their recent de facto nationalisation of future uranium exploration in country." He added: "We plan to do our part to meet this supply side challenge."

Next Steps

Following the termination of the Kazakhstan agreement, Laramide will direct its efforts toward its US and Australian projects. The company has ceased all exploration funding in Kazakhstan. No specific timeline or development milestones for the Churchrock-Crownpoint or Westmoreland projects were provided in this announcement.

‍