Mr. Marc Henderson reports

LARAMIDE COMMENCES 2023 AUSTRALIAN EXPLORATION CAMPAIGN; DRILLING UNDERWAY AT WESTMORELAND URANIUM PROJECT

Exploration drilling has commenced at Laramide Resources Ltd.'s Amphitheatre uranium prospect, Westmoreland, in Queensland. Resource drilling will then proceed at the nearby Long Pocket and Huarabagoo deposits. Concurrently, fieldwork on strategic, historically known targets at the Murphy project in Northern Territory is also under way. Laramide is embarking on an aggressive program this year with an experienced field team to expand Laramide's global uranium resources as well as to investigate the potential for historically reported and strategic critical metals.

Highlights

Westmoreland update:

• Exploration drilling at Amphitheatre prospect is under way.
• The program includes 10 holes and is planned to validate historical drilling and extend zones of mineralization identified in 2021.
• Resource definition drilling at Long Pocket to follow which will build toward a maiden mineral resource estimation.
• Resource extension drilling at Huarabagoo ahead of a planned global resource update.
• Drilling at Huarabagoo will also target gold mineralization observed in 2012.

Murphy update:

• Ground radiometric surveys are under way.
• First systematic exploration of some uranium and base metal prospects in over 40 years, following up on targets identified by BHP in the 1970s.
• Laramide plans to investigate this large mineral system which has returned notable results from historic sampling and includes significant tin, tungsten, rare earth element, vanadium, as well as copper and gold.

Corporate:

• A mineral development licence (MDL) application over the Westmoreland deposits is progressing.
• Two new exploration lease applications with strategic opportunities for uranium and critical minerals have been submitted in Queensland, contiguous to the Westmoreland project.
• Engagement of Rhys Davies (MGeol, MSc, MAIG, RPGeo, FGS).

Laramide has kicked off the 2023 field season with exploration drilling commencing at Amphitheatre with the company planning to complete up to 4,000 metres of diamond drilling across the Westmoreland project focused on resource definition and exploration at Long Pocket, and resource extension at Huarabagoo.

Concurrently, ground-based radiometric surveys are under way at multiple uranium prospects on the Murphy project, Northern Territory.

Commenting on the proposed exploration, Laramide's president and chief executive officer, Marc Henderson, says:

"After a late and significant wet season, it is great to see the field teams start work on what we think will be a large and consequential exploration effort across our large land package in Northern Australia.

"A successful hiring process brings experienced staff and contractors with the long-term view to build institutional knowledge of the project. We are pleased to have Rhys Davies back on board and leading this aggressive campaign. Rhys has previously worked for Laramide during the 2006 to 2009 resource drilling campaign.

"Resource definition drilling at Long Pocket will expand on the encouraging 2022 drilling results and support resource extension drilling at Huarabagoo as we seek to grow our global resource base at Westmoreland.

"We look forward to following up on the 2022 drilling ore grade intercepts at Amphitheatre, building an understanding of mineralization controls and assessing the potential deposit scale.

"Meanwhile, a systematic sampling and geophysical program of work at the Murphy project will refine uranium and critical metals targets for future exploration drilling."

Amphitheatre

The Amphitheatre uranium prospect is located 16 kilometres northeast of the Junnagunna uranium deposit and expresses as a strong 400 m by 300 m airborne radiometric anomaly. Visible secondary uranium minerals such as carnotite and torbernite are present at surface, hosted within the PTW4 unit of the Westmoreland conglomerate. Mineralization identified in 2022 drilling appears to have a relationship with the mafic intrusive, sharing similarities with other nearby uranium deposits, namely Redtree, Huarabagaoo and Junnagunna, which host a combined 51.9-million-pound U3O8 (triuranium octoxide) resource.

The area was subject to historical exploration in the late 1960s and early 1970s which included percussion drilling and diamond holes with narrow intercepts of up to 0.838 per cent U3O8 displaying visible uraninite and torbernite.

Significant results (greater than 200 parts per million U3O8) from 2022 drilling included:

• AMDD001 -- three m at 507 ppm U3O8 from 59 m, including one m at 1,072 ppm (0.107 per cent) U3O8.

Up to 10 holes for a total 1,000 m drilling have been designed to validate historical drilling and establish the architecture of the mafic intrusive unit to understand geological controls on mineralization.

Long Pocket and Black Hills

Long Pocket is located seven km to the east of the Junnagunna Uranium deposit and 12 km northeast of Redtree.

Encouraged by the 2022 exploration drilling results, Laramide will follow up in the 2023 field season with a more substantial resource definition drilling program at Long Pocket. First-pass exploration drilling is also planned for the nearby Black Hills uranium prospect.

Black Hills, located one km to the northeast of Long Pocket, presents as a broad airborne radiometric anomaly. Historical drilling results include 3.13 at 0.44 per cent U3O8 (DDL018) and 7.77 m at 0.14 per cent U3O8 (DDL013) which have not been followed up during Laramide's tenure.

Significant drilling results (greater than 200 ppm U3O8) from 2022 included:

• LP22DD001 -- two m at 403 ppm U3O8 from surface, and 2.7 m at 718 ppm U3O8 from 39.3 m.

Importantly, the results extend the envelope of known sandstone-hosted uranium mineralization to the northeast. Furthermore, it confirms the shallow and flat-lying nature of mineralization.

Huarabagoo

Laramide has identified zones for potential extension to mineralization at the Huarabagoo deposit which will be tested with up to 1,000 m of resource extension drilling. Huarabagoo is located in the structural corridor between Redtree and Junnagunna and is currently included in the Westmoreland resource. The Huarabagoo deposit and Huarabagoo-Junnagunna structural corridor is the least explored of the three main deposits at Westmoreland and was most recently drill tested in 2012 with new zones of mineralization being identified, showing scope for growth as well as interesting gold results (two m at 6.1 g/t Au and four m at 30.9 g/t Au).

The 2023 drilling campaign is being conducted entirely as a single-shift diamond program providing a combination of NQ and HQ core. The program is expected to be fully complete by October, 2023.

Murphy project

The Murphy project was acquired to strategically control the known geological host of the Westmoreland uranium deposits and is therefore prospective for uranium. However, the Murphy inlier also hosts numerous other mineral occurrences and deposits including tin, tungsten, copper, REEs, vanadium as well as gold.

Concurrent with Westmoreland drilling, the Laramide team has commenced fieldwork at the Murphy project. The project area hosts numerous uranium and base metal targets some of which have not been subject to on-ground investigation for decades. Initial work is focused on ground radiometric surveys to refine airborne radiometric anomalies, and surface rock and soil sampling.

Corporate

Mineral development licence application

A mineral development licence (MDL) application was submitted to the Queensland government in March, 2023, which secures the Westmoreland project assets and signals Laramide's intent to develop the project when policy conditions allow.

Two new exploration leases

In addition to the MDL application, Laramide has applied for two mineral exploration leases to the east and south of the Westmoreland project. The eastern tenure is considered prospective for Westmoreland-style uranium under cover and the southern tenement represents a continuation of the Murphy inlier geological belt which is host to a number of uranium, copper, tin, tungsten, vanadium and gold prospects.

Appointment of Mr. Davies

As part of Laramide's strategy to build its global and Australian project portfolio the company has appointed Mr. Davies to lead the programs. Mr. Davies holds an MGeol (honours) degree in geology and an MSc in nuclear decommissioning and waste management. He is a member of Australian Institute of Geoscientists (MAIG); registered professional geoscientist (RPGeo) in the field of mineral exploration; fellow of the Geological Society of London (FGS); and associate member of the Nuclear Institute.

With over 17 years experience in mineral exploration and project management in the mineral resources industry, Mr. Davies's career spans Australasia, Europe, Middle East and North Africa commodities including uranium, copper, cobalt, gold, tin, REEs and diamonds. In the field of exploration for uranium, copper and gold exploration, he is qualified to act as qualified person (QP) as defined by the Canadian Institute of Mining, Metallurgy and Petroleum and a competent person (CP) as defined by the JORC Code. As a previous employee, Mr. Davies returns to Laramide bringing institutional knowledge of the Westmoreland and Murphy projects.

The information in this announcement relating to exploration results is based on information compiled or reviewed by Mr. 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 under the guidelines of the National Instrument 43-101. 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.

About Laramide Resources Ltd.

Laramide is focused on exploring and developing high-quality uranium assets in Australia and the United States. The company's portfolio comprises five advanced uranium projects. Each asset has been carefully chosen for its size and production potential, and they are considered 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 a preliminary economic assessment which 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 which 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 (U.S. Nuclear Regulatory Commission) Crownpoint-Churchrock uranium project, which is proposed to be developed using in situ recovery (ISR) production methodology. The company also owns the La Jara Mesa project in the historic Grants mining district of New Mexico and the fully permitted underground project, called La Sal, in Lisbon Valley, Utah.

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