Laramide Resources Ltd. (TSX: LAM) (ASX: LAM) (OTCQX: LMRXF), a uranium mine development and exploration company with significant projects in the United States and Australia, is pleased to announce the results of an updated Preliminary Economic Assessment for its 100%-owned Westmoreland Uranium Project in Queensland, Australia.

Pursuant to the requirements of National Instrument 43-101 – Standards of Disclosure for Mineral Projects and the ASX Listing Rules for current technical disclosure under the JORC Code (2012 Edition), Laramide commissioned an updated Preliminary Economic Assessment for the Westmoreland Uranium Project, replacing the Company’s previous study completed in 2016. The Study incorporates a decade of technical advancement, including updated engineering, mine planning, metallurgical process design, environmental planning, capital and operating cost estimates, and revised market assumptions, providing a current assessment of the Project’s development potential in today’s uranium market.

The resulting PEA provides an updated assessment of the Project’s technical and economic potential and establishes a current foundation for evaluating the future development of one of Australia’s largest undeveloped uranium projects.

PEA Highlights (US$90/lb U₃O₈):

Strong Project Economics:

• Post-tax NPV (7.5%) of US$741.1 million
• Post-tax IRR of 33%
• Pre-tax NPV (7.5%) of US$1.126 billion
• Pre-tax IRR of 43%
• Initial capital cost of approximately US$456 million (plus US$84 million contingency)
• Sustaining CapEx, (including contingency) US$84 million
• Estimated payback period of approximately 2.5 years
• Average Cash Cost (“C1”) operating cost of US $32.40 per pound

Robust Production Profile:

• Average annual production of approximately 4.9^[1] million pounds U₃O₈
• Total life-of-mine production of approximately 47.9 million pounds U₃O₈
• Initial mine life of 11 years
• Conventional open-pit mining and processing at 2.9 million tonnes per annum

Modern Project Design:

• Overall uranium recovery of 95%
• Filtered tailings strategy incorporating progressive backfilling of the Redtree pit
• Reduced environmental footprint through integrated closure planning
• Multiple power supply options evaluated, including hybrid diesel, solar and battery storage

The updated PEA continues to demonstrate that Westmoreland has the potential to become a large-scale, long-life uranium operation and could be an attractive supplier of choice to global utilities, given its location in a favorable, stable political environment and low technical risk attributes. Based on a long-term uranium price of US$90/lb U₃O₈, the project generates a post-tax Net Present Value (“NPV”) of US$741.1 million (7.5% discount rate), a post-tax Internal Rate of Return (“IRR”) of 33%, and an estimated post-tax payback period of approximately 2.5 years.

Company Commentary:

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

“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.

“The recent State visit of the Prime Minister of India, Shri Narendra Modi, to Australia is noteworthy in this regard as the two nations signed a long-stalled uranium supply agreement and Prime Minister Modi was quoted as saying Australia’s huge uranium reserves are directly connected to India’s nuclear journey.

“While we concur that Australia’s uranium endowment is substantial and applaud the mutual intent that often emerges from these types of high level political meetings, the reality is that Australia’s relevance as a consequential and reliable uranium supplier is diminishing quickly and will require pro-active actions on the part of national and state political leaders in Australia if the country intends to reverse its shrinking share of what is now an expanding global uranium market. Allies in the region – many of whom are highly reliant on nuclear energy – would also welcome policy clarity on the uranium mining issue, as the development and execution of national energy policy strategies are optimized by long-term policy stability.”

Rhys Davies, Vice President Exploration and Qualified Person, further comments:

“This updated PEA reflects a decade of technical advancement since the Company’s previous study. The Project has benefited from updated Mineral Resources, optimized mine planning, enhanced process design, revised capital and operating cost estimates, and a modernized closure strategy incorporating filtered tailings and progressive rehabilitation.

“The study confirms that Westmoreland is a large-scale, technically robust uranium development opportunity. With an average annual production profile approaching five million pounds of U₃O₈, excellent metallurgical recovery and considerable scope for future optimization, we believe the Project provides a strong foundation for the next phase of engineering and project development.

“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.”

PEA Study Details

Since the previous PEA in 2016 Laramide has completed several drilling campaigns, re-estimated the resource and has an improved knowledge of continuity of mineralisation required for cost effective uranium extraction on the Project. The PEA reflects current inputs including currencies, commodity price forecasts, fuel costs and other input costs.

The PEA contemplates a conventional open pit mining operation with a processing facility operating over a 11-year life at a throughput of up to 8,000 tonnes per day (“tpd”) based on 2.9Mt per annum. The study was optimised to maximise production output approaching 5MLbs U₃O₈ per annum, with a peak of 6.2MLbs in Y2. The proposed processing route comprises milling followed by conventional agitated tank leaching with sulphuric acid and pyrolusite. Following filtration and washing of the leach residue, uranium is recovered from the leach liquor using Continuous Ion Exchange (CIX). The recovered uranium is then subjected to neutralisation, precipitation and refining stages to produce a saleable uranium oxide concentrate (UOC).

The updated Preliminary Economic Assessment constitutes a Material Change and a NI 43-101 Technical report will be filed on sedarplus.ca within 45 days of this announcement.

Mineral Resource Estimates

The January 2025 Mineral Resource estimate for Westmoreland has been reviewed to ensure compliance with JORC 2012. The mineral resource estimate has been classified under the Canadian Institute of Mining, Metallurgy and Petroleum’s (CIM) code of mineral classification and complies with National Instrument NI 43-101. The 2025 mineral resource estimate for Westmoreland is outlined in the following tables (refer to notes and other details in Section 14 of the NI 43-101 report).

Table 1: Mineral Resources by deposit for the Westmoreland Uranium Project, Queensland, Australia. Reported above a cut-off grade of 200 ppm U₃O₈. Effective 31^st January 2025.^[2]

Note: reported tonnage and grade figures have been rounded off from raw estimates to the appropriate number of significant figures to reflect the order of accuracy of the estimate. Minor variations may occur during the addition of rounded numbers.

The Life of Mine production targets are based on approximately 79% indicated resources and 21% inferred resources. The inferred resources are predominantly scheduled in the latter stages of the mine-life and have had mining factors applied. There is a low level of geological confidence associated with Inferred Resources and there is no certainty that further exploration work will result in the determination of Indicated Resources, or that the Production Target itself will be realised. No reserves for this project have been made at this time.

District Scale Resource Growth Potential:

It is important to note the PEA considers currently reported Mineral Resources only, relating to the Redtree, Huarabagoo, Junnagunna and Long Pocket deposits. The Company continues to investigate the exploration potential of resource extensions and multiple satellite targets in the district which could enhance this project in the future, such as the zone linking Huarabagoo and Junnagunna (‘Link Zone’), Amphitheatre, Moogooma, U-Valley, plus Mageera in the Northern Territory^[3].

Moreover, this PEA study does not consider the gold or rare earth potential of the deposits which are in the early stages of assessment.

Preliminary Economic Assessment Cautionary Statement

The Preliminary Economic Assessment is preliminary in nature and includes Inferred Mineral Resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as Mineral Reserves. There is no certainty that the results of the PEA will be realized.

Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. Although the PEA includes the application of Modifying Factors to support the assessment of potential development scenarios, there is no certainty that the Project will advance to a Pre-Feasibility Study, Feasibility Study or ultimately into production.

The capital and operating cost estimates presented in the PEA have been prepared to a level of accuracy appropriate for a preliminary economic assessment and are based on engineering studies completed to approximately ±35% accuracy, consistent with accepted industry practice for studies of this nature. Actual costs and project performance may differ materially from those estimated.

The PEA has been prepared in accordance with the requirements of National Instrument 43-101 Standards of Disclosure for Mineral Projects and the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code).

The production target and forecast financial information disclosed in this announcement are based on Mineral Resources and are not Mineral Reserves. There is no certainty that the production target or forecast financial information will be realized.

Qualified/Competent Person Review

The technical information in this news release has been prepared in accordance with the Canadian regulatory requirements set out in NI 43-101. The information has been reviewed and approved by Rhys Davies, MGeol, MSc, MAIG (RPGeo), FGS, a Qualified Person under the definition established by National Instrument 43-101 and JORC. Mr. Davies is the Vice President Exploration of the Company and a Member of the Australasian Institute of Geoscientists.

The information in this report that relates to Mineral Resources is based on, and fairly represents, information and supporting documentation prepared by Mr. R. J. Siddle, MSc, MAIG Principal Resource Geologist for Addison Mining Services Ltd, a Competent Person who is a Member and Chartered Professional of The Australasian Institute of Geoscientists, MAIG(CP). Mr. Siddle is a full-time employee of Addison Mining Services Ltd. Mr. Siddle has sufficient experience, which is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken, to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’ Mr. Siddle consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

The information in this report that relates to Mineral Processing and Infrastructure inputs into the Production Target is based on information compiled by Ms Sandra (Sandy) Hunter, a Competent Person who is a Fellow and Chartered Professional of The Australasian Institute of Mining and Metallurgy, FAusIMM(CP). Ms Hunter is a full-time employee of Lycopodium (APAC) Pty Ltd. Ms Hunter has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activities which she is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Ms Hunter consents to the inclusion in this report of the matters based on his information in the form and context in which it appears.

The information in this report that relates to Mining inputs into the Production Target is based on information compiled by Mr. Anthony Stepcich, a Competent Person who is a Fellow and Chartered Professional of The Australasian Institute of Mining and Metallurgy, FAusIMM(CP). Mr. Stepcich is an Associate of Mining Associates Pty Ltd. Mr. Stepcich has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activities which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Mr. Stepcich consents to the inclusion in this report of the matters based on his information in the form and context in which it appears.

The information in this report that relates to Tailings inputs into the Production Target is based on information compiled by Mr. Timothy Rowles, a Competent Person who is a Fellow and Chartered Professional (Environmental) with The Australasian Institute of Mining and Metallurgy (FAusIMM, CP) and a Member and Registered Profession Geoscientist (Geotechnical & Engineering) with the Australian Institute of Geoscientists (MAIG, RPGeo). Mr. Timothy Rowles is a full-time employee of Knight Piésold Pty Limited. Mr. Rowles has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activities which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Mr. Rowles consents to the inclusion in this report of the matters based on his information in the form and context in which it appears.