Laramide Resources to pursue large greenfield exploration opportunity in Kazakhstan: Acquires option on 6,000 km² land position in prolific Chu-Sarysu Basin

Highlights:

• 22 subsoil use license applications for approximately 6,000 km² comprising the Chu-Sarysu Project (as defined below) located in the Suzak District of the South Kazakhstan Oblast, Republic of Kazakhstan.
• Proximal to some of Kazatomprom largest uranium deposits and operational mines such as Inkai, Budenovskoye and Muyunkum-Tortkuduk.
• The Chu-Sarysu Project area includes a number of mapped, paleo-channel roll-fronts, associated with uranium deposits and amenable to ISR mining.
• Laramide to operate and fund exploration program towards discovery of a viable uranium resource.

TORONTO, Sept. 5, 2024 - Laramide Resources Ltd. ("Laramide" or the "Company") (TSX: LAM) (ASX: LAM) (OTCQX: LMRXF) is pleased to announce that it has entered into a three-year option agreement (the "Option Agreement"), with an option to extend for an additional year, with Aral Resources Ltd. ("Aral"), a Kazakh company registered with the Astana International Financial Center and the shareholders of Aral (the "Optionors"). Aral has secured 17 mineral licenses, with an additional 5 licenses pending approval, covering nearly 6,000 square kilometers of the Chu-Sarysu sedimentary basin of Kazakhstan (collectively, the "Chu-Sarysu Project").

Under the terms of the Option Agreement, Laramide has the right (the "Option") to acquire all outstanding shares of Aral at any time during the option period, thereby obtaining full ownership of the Chu-Sarysu Project. Throughout the option period, Laramide will serve as the exclusive operator, assuming responsibility for all operational and exploration expenses.

The mineral licenses included in the option agreement cover nearly 6,000 square kilometres and represent a unique greenfield exploration opportunity. Each license has an initial term of up to six years, with the option for a one-time renewal for an additional five years.

The Option Agreement remains subject to the approval of the Toronto Stock Exchange (the "TSX").

"The opportunity to explore in one of the world's most prolific and prospective uranium basins appears to us to be a very compelling and overlooked opportunity," says Marc Henderson, President and CEO Laramide, "particularly within an industry dynamic where the uranium supply deficit is now consensus thinking, and where nuclear power's global growth ambitions will absolutely require greenfield discovery of new deposits.

"In spite of its proximity to world class ore bodies like Inkai and Budenovskoye, the large area represented in this Option has had very limited exploration in the post-Soviet era, and with Kazakhstan now actively encouraging foreign investment, we have secured an early advantage and are looking forward to getting started."

Option Agreement Highlights:

• Following the definitive grant to Aral of all license applications related to the Chu-Sarysu Project and approval from the TSX, Laramide will make a one-time payment of US$450,000 in cash and shares to the Optionors and annual payments of US$150,000 payable in cash on each anniversary of the Option Agreement, commencing on the first anniversary.
• The Option is exercisable for a term of three years and may be extended for an additional one-year term with a one-time payment of US$400,000 in cash and shares.
• The Option can be exercised by Laramide at any time during the term of the agreement through a one-time payment of US$14,000,000 in cash and shares.
• The Option Agreement also contemplates and allows for an alternative mechanism to develop this opportunity by way of a spin-off transaction.

With the exception of the annual payments, all payments outlined above are payable as follows: (i) 50% in United States dollars; and (ii) 50% in common shares in the capital of the Company ("Laramide Shares"), the value of which shall be determined in accordance with the 20-day volume-weighted average sale price per share of the Laramide Shares on the TSX as of the date prior to the relevant date of each of the payments as described above.

During the term of the Option Agreement, Laramide will be the operator of the Property and will exercise exclusive supervision, direction and control over any and all operations, programs and budgets relating to the Property. Laramide will provide funding to Aral for the purposes of satisfying and fulfilling minimum economic commitments and expenditures in relation to each license comprising the Property, as required under Kazakhstan's mining regulations.

In connection with the Option Agreement, and in order to ensure Aral's compliance with the bonding requirements of Kazakhstan's mining regulations for the licenses comprising the Property, Laramide agreed to provide funding to Aral in an amount of up to US$1,450,000 in the form of interest-free loans pursuant to the terms and conditions of a grid promissory note and credit facility agreement dated as of June 24, 2024 (the "Promissory Note") issued by Aral for the benefit of Laramide. Laramide loaned Aral an aggregate amount of US$900,000 in connection with the Promissory Note and Aral has successfully obtained appropriate bonding for the 17 licenses issued to date and for 2 license applications which are awaiting final sign off from the Ministry of Industry and Construction. The funds loaned under the Promissory Note are repayable by Aral to Laramide in the event Laramide does not exercise the Option, or the Option Agreement is terminated for any reason, or in part if a license is terminated or withdrawn.

The Optionors will retain a 1% net smelter royalty which is subject to a buy down provision where Laramide may, at is discretion, repurchase 25% at a price to be agreed among the parties or by an independent third-party appraiser. In addition, Laramide holds a right of first offer regarding the sale, transfer or assignment of any portion of the net smelter royalty.

About the Chu-Sarysu Project

The Chu-Sarysu Project is located in the Suzak District of the South Kazakhstan Oblast, Republic of Kazakhstan.

In 2023 Kazakhstan accounted for over 43% of global U₃O₈ production. Of the five main producing basins in the country the Chu-Sarysu and Syr Darya basins in the south of the country, account for over 75% of national production. These basins host major deposits and operational in-situ recovery ("ISR") mines such as Inkai, Budenovskoye and Tortkuduk/Muyunkum, which are Joint Ventures between Kazatomprom and Cameco, Uranium One and Orano respectively.

In an effort to promote foreign investment, in 2018 Kazakhstan revamped its Mining Code to follow western standards which involved a revision of subsoil and subsoil use licencing and provisions.

Exploration Program

Following TSX approval, over the coming weeks initial work will focus on historical technical data review including translation and target generation. Immediate focus will be to utilise airborne and ground geophysics to validate known, mapped, roll fronts to generate near-term drilling targets and potentially identify new high priority areas which remain underexplored within the basin.

Qualified/Competent Person

The information in this announcement relating to Exploration Results is based on information compiled or reviewed by Mr. Rhys Davies, a contractor to the Company. Mr. Davies is a Member of The Australasian Institute of Geoscientists and has sufficient experience which is relevant to the style of mineralization and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the JORC 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves', and is a "Qualified Person" as defined by National Instrument 43-101 - Standards of Disclosure for Mineral Projects. Mr. Davies consents to the inclusion in this announcement of the matters based on his information in the form and context in which it appears.

Follow us on Twitter @LaramideRes

About Laramide Resources Ltd.

Laramide is focused on exploring and developing high-quality uranium assets in Tier-1 uranium Jurisdictions of Australia, United States and Kazakhstan. 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, production potential, and the two large projects are considered to be late-stage, low-technical risk projects.

The Westmoreland project in Queensland, Australia, is one of the largest uranium development assets held by a junior mining company. This project has Mineral Resource of 51.9 Mlbs contained U₃O₈ (Measured and Indicated 18.7 Mt @ 0.09% for 36 Mlbs U₃O₈ and Inferred 9.0 Mt @ 0.08% for 15.9 Mlbs U₃O₈) and a PEA that describes an economically robust, open-pit mining project with a mine-life of 13 years. Additionally, the adjacent Murphy Project in the Northern Territory of Australia is a greenfield asset that Laramide strategically acquired to control the majority of the mineralized system along the Westmoreland trend.

In the United States, Laramide's assets include the NRC licensed Crownpoint-Churchrock Uranium Project with over 50 MLbs U₃O₈ (Inferred 38.04 Mt @0.075% for 50.8 mLbs U₃O₈). An NI 43-101 PEA study completed in 2023 has described an ISR production methodology over a 31-year mine life. The Company also owns the La Jara Mesa project in the historic Grants mining district of New Mexico and an underground project, called La Sal, in Lisbon Valley, Utah.

In Kazakhstan the company is exploring over 6,000km² 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 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 address 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.

SOURCE Laramide Resources Ltd.