Laramide hires Lycopodium for Westmoreland PEA

Executive Summary

• Laramide Resources Ltd. has engaged Lycopodium Ltd. to update the Preliminary Economic Assessment (PEA) for its Westmoreland uranium project in Queensland, Australia.
• The updated study is targeted for completion in the first half of 2026 and will reflect materially higher long-term uranium pricing assumptions and an expanded mineral resource base.
• The update is necessary because the previous 2016 PEA is considered outdated under current securities exchange guidance, and market fundamentals have shifted significantly since then.

Key Details

• Engagement: Lycopodium Ltd. (Brisbane-based engineering firm) engaged to update the Westmoreland PEA.
• Timeline: Updated economic study targeted for completion in the first half of 2026.
• Reason for Update: The 2016 PEA is outdated per securities exchange guidance; uranium market fundamentals have strengthened, and the resource base has expanded.
• Resource Base:
  • Indicated Category: 48.1 million pounds U3O8 at an average grade of 770 ppm.
  • Inferred Category: 17.7 million pounds U3O8 at an average grade of 680 ppm.
• Tenure: Company has secured a mining development licence (MDL), indicating an advanced stage of tenure.
• Study Parameters: The updated PEA will include current uranium pricing assumptions, revised capital and operating cost inputs, and the expanded resource base.
• Production Potential: The study is expected to evaluate potential production rates of approximately 4 million to 5 million pounds U3O8 per annum.
• Regulatory Context: Advancement toward development depends on policy clarity in Queensland; the company remains prepared to move when regulatory conditions align.
• Future Exploration: A 2026 exploration program is planned for the latter half of the year to focus on the broader district, including the adjoining Northern Territory tenement, to showcase district potential.

Notable Quotes

• Marc Henderson, President and CEO: "Westmoreland's economics were robust at $65 (U.S.) per pound in 2016, when uranium was in a prolonged bear market. Today's uranium market presents a fundamentally different pricing environment as nuclear energy growth prospects re-emerge globally. Updating the study allows us to reframe the project's economic profile based on current market conditions and a materially expanded resource base."
• Marc Henderson, President and CEO: "It is also worth noting that the broader district, including our very large adjoining tenement position in the Northern Territory, remains underexplored. Our 2026 exploration program -- to be carried out in the latter half of the year -- will be designed to focus on this district potential in order to showcase that Westmoreland remains one of a few large-scale, late-stage, low-technical-risk uranium development projects available to fill a growing future supply gap."
• Rhys Davies, VP, Exploration: "The resource growth potential around Westmoreland is significant. Beyond the known deposits, multiple satellite prospects exhibit geological characteristics consistent with Westmoreland-style mineralization. The addition of hyperspectral data has materially expanded our target pipeline. We believe the district remains materially underexplored."