Mr. Marc Henderson reports

LARAMIDE PEA CONFIRMS POTENTIAL FOR LONG-LIFE, LOW-COST IN SITU RECOVERY URANIUM OPERATION AT CHURCHROCK PROJECT, NEW MEXICO, USA

Laramide Resources Ltd. has released the positive results of an independent preliminary economic assessment (PEA) for the 100-per-cent-owned Churchrock in situ uranium project located in New Mexico, United States. The PEA has been prepared in accordance with the requirements of National Instrument 43-101 by SLR International Corp., an independent consulting firm with considerable expertise in mining and mineral processing, including uranium mining in the United States. All dollars are in U.S. dollars.

"Laramide is pleased with the results described in this PEA analysis of the Churchrock project, which is the first economic study to consider the entirety of the large and robust resource amenable to ISR development. The study confirms that Churchrock has the potential to be a long-life, high-margin project," says Marc Henderson, president and chief executive officer of Laramide Resources. "Importantly, as a late-stage development project located in the western United States, Churchrock is well positioned to address some of the potential nuclear utility security of supply concerns clearly reflected in spot uranium prices which have risen dramatically and now exceed $90/pound."

Summary of economics

The base case economic assessment results in a pre-income tax internal rate of return (IRR) of 62 per cent and a preincome tax net present value (NPV) of $287-million when applying an 8-per-cent discount rate and $75 uranium price.

The economic assessment reflects the development of a steady state 3,000 gpm (gallons per minute) in situ recovery (ISR) operation, which includes Churchrock satellite plants, Crownpoint CPP (central processing plant) and associated wellfields near Churchrock, N.M. The PEA assumes recovery of approximately 68 per cent of the uranium resource in the production area.

Following an initial capital cost of $47.5-million for the development of the initial wellfield and associated process infrastructure, subsequent wellfields are developed sequentially, the cost of which is accounted for in the PEA as sustaining capital.

The capital and operating cost estimates for ISR mineral recovery and yellowcake production in the PEA are based on factored costs from other comparable ISR operations, judgment and analogy. Although there was some previous commercial underground mining production experience at Churchrock area, this technical report concerns only the ISR method for the U3O8 (triuranium octoxide).

An economic analysis was performed using the assumptions outlined in this news release. The SLR qualified persons note that, unlike mineral reserves, Mineral resources do not have demonstrated economic viability. This PEA is preliminary in nature and is based on inferred mineral resources that are considered too geologically speculative to have modifying factors applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that this economic assessment will be realized.

The life of mine average operating cost includes mineral recovery, on-site yellowcake production with hauling cost to Laramide's Crownpoint processing facility approximately 22 miles from Churchrock, general and administration, and freight of the product from the CPP to a point of sale, along with various royalties and taxes.

Project description and resources

The Churchrock project and nearby properties represent one of the largest and highest-grade undeveloped ISR uranium projects in the U.S. The Churchrock project is located on the western end of the Grants mineral belt in the main portion of the historical Churchrock mining district, approximately 10 miles north-northeast of Gallup, in McKinley county, New Mexico. Churchrock is situated within the subdistrict of the Grants mineral belt of northwestern New Mexico, the most prolific historical uranium district in the United States with cumulative production of 340 million pounds from 1948 to 2002.

The Churchrock project consists of two groups of property parcels, Churchrock and Crownpoint, separated by approximately 22 miles. A single U.S. Nuclear Regulatory Commission (US NRC) licence (SUA-1580) covers parts of Churchrock and Crownpoint and is in timely renewal status. Further renewals of the NRC licence and other permits, including a State of New Mexico aquifer injection permit, will be required before production activities can commence. This PEA evaluates uranium mineral recovery by ISR methods at the Churchrock location and processing in a proposed new facility at the nearby Crownpoint location where significant project infrastructure already exists. The purpose of this PEA is to assess the engineering, development and operating design criteria and overall economic and technical merits of the proposed ISR mineral recovery operations at Churchrock. The potential ISR mineral recovery of other mineral resources on the Crownpoint property parcels was not evaluated and is not addressed in this PEA.

The history of exploration and mine development activities for the Churchrock project dates to the late 1950s. Underground mine development occurred at the Section 17 property (Old Churchrock mine) in the early 1960s by Phillips Petroleum and affiliates, and in the early 1980s by United Nuclear Corp. (UNC). Exploration and development activities continued through the early 1990s by Uranium Resources Inc. (URI). The properties were acquired by Laramide in January, 2017, from URI (now Westwater Resources Inc.).

As of the effective date of this report, Laramide and its predecessor companies have completed a total of 1,701 holes totalling 1,867,562 feet, from 1957 to 2023, of which 1,694 drill holes were used to prepare the mineral resource estimates. The Churchrock project area consists of all or portions of eight sections of land totalling approximately 4,683 acres. The properties are accessible from New Mexico State Highway 566, which crosses the project, and locally via dirt roads.

Mineral resources totalling 33.9 million tons at an average grade of 0.075 per cent U3O8 equivalent containing 50.8 million pounds U3O8 (inferred) were reported in 2017. The Churchrock mineral resource estimate was based on results of several historical surface rotary drilling campaigns from 1957 to 1991 and completed utilizing the GT contour method, an industry standard for estimating uranium roll-front-type deposits hosted within groundwater-saturated sandstones. The mineralization at the project has been previously shown to be amenable to ISR techniques. No mineral reserves have been estimated for the project.

Technical report and qualified persons

Technical information contained in this news release has been reviewed and approved by Mark B. Mathisen, CPG, principal geologist, and Stuart E. Collins, PE, principal mining engineer, SLR International, who are considered to be independent qualified persons as defined in National Instrument 43-101 -- Standards of Disclosure for Mineral Projects.

This PEA demonstrates a business case for the further advancement of the project. Certain licensing/permitting issues remain to be resolved and further technical studies are recommended to validate mineral resources and hydrological assumptions.

The Churchrock project PEA has been prepared in accordance with the requirements of NI 43-101 by Mr. Mathisen, CPG, and Mr. Collins, PE, SLR International, Dr. Houmao Liu, PhD, PE, Itasca Denver Inc., Lee (Pat) Gochnour, MMSA (QP), Gochnour & Associate Inc., Walter L. Niccoli, PE, Telesto Solutions Inc., and Benjamin J. Schiffer, PG, WWC Engineering, who are QPs as defined under NI 43-101. The full technical report on the PEA will be filed on SEDAR+ and Laramide Resources' website within 45 days of the issuance of this news release.

About Laramide Resources Ltd.

Laramide is focused on exploring and developing high-quality uranium assets in Australia and the western United States. The company's portfolio comprises five advanced uranium projects in districts with historical production or superior geological prospectivity. Each asset has been carefully chosen for its size and production potential, and 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 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, which is proposed to be developed using in situ recovery production methodology. 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.

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