Laramide Resources Announces Updated Preliminary Economic Assessment and Positions Westmoreland Uranium Project for the Next Phase of Development

Laramide Resources Ltd. (LAM) released an updated Preliminary Economic Assessment (PEA) for its 100%-owned Westmoreland Uranium Project in Queensland, Australia, on July 22, 2026. The study replaces the outdated 2016 PEA and models an 11-year mine life with an average production of 4.9 million pounds U3O8 annually.

Key economic metrics at a uranium price of US$90/lb U3O8 include a post-tax NPV of US$741.1 million, a post-tax IRR of 33%, and an initial capital cost of approximately US$456 million. C1 operating costs are projected at US$32.40 per pound, with an estimated payback period of ~2.5 years. The project utilizes conventional open-pit mining and processing, with a 95% uranium recovery rate.

The royalty structure includes a 5% levy to the Queensland State Government and a 1% royalty to Royal Gold, capped at $10 million indexed. Management states the company is prepared to lodge a Mining Lease Application as soon as Queensland government policy permits. Exploration upside remains open, with satellite targets and district potential (including gold and rare earths) not yet factored into the PEA.

Laramide Resources Ltd. (LAM) released its Preliminary Economic Assessment (PEA) on July 22, aligning with the February 2026 announcement that Lycopodium would update the study for completion in the first half of 2026. The assessment demonstrates robust economics at US$90/lb, outlining a clear path to development if uranium prices hold. However, the internal rate of return (IRR) and net present value (NPV) are highly sensitive to uranium price movements; a drop below US$80/lb would significantly compress margins and extend payback periods.

The project faces a substantial initial capital cost of US$456 million. With the company currently holding approximately US$5.6 million in liquidity, comprising cash and an undrawn facility, a massive funding gap exists that will require equity dilution, debt issuance, or a strategic joint venture or partnership. Additionally, the Queensland government's uranium mining policy remains an unresolved regulatory overhang. Until a mining lease can be legally lodged, the project remains in a pre-development limbo. The news serves as a positive confirmation of project viability but does not de-risk funding or regulatory approval, representing an expected, incremental step in the development lifecycle.

Laramide Resources Ltd. (LAM) is a uranium exploration and development company focused on late-stage assets in North America and Australia. The company has pivoted away from international greenfield exploration in Kazakhstan to focus exclusively on its US and Australian development-stage assets.

Its flagship project is the Westmoreland Uranium Project in Queensland, Australia, which is 100% owned and holds advanced tenure status with a Mining Development Licence (MDL). A newly released Preliminary Economic Assessment (PEA) for the project outlines a production profile of 4.9 Mlbs/yr.

The company’s secondary assets include the Churchrock-Crownpoint project in New Mexico, USA, which holds an existing Nuclear Regulatory Commission (NRC) license and is advancing through state and federal permitting under FAST-41. The La Jara Mesa project in New Mexico is currently undergoing environmental baseline studies, while the Murphy Project in the Northern Territory is in the early geological evaluation phase.