Mr. Marc Henderson reports

LARAMIDE CONFIRMS HIGH-GRADE URANIUM EXPANSION POTENTIAL AT WESTMORELAND

Laramide Resources Ltd. has released assay results received from the 2023 drilling campaign at the Huarabagoo deposit at the Westmoreland project in Northwestern Queensland.

Thirteen drill holes were successfully completed in November, 2023, with the primary objective of infilling zones that had been historically drilled, and to test for potential extensions of mineralization to the northeast, beyond the footprint of the existing resource.

All 13 holes intercepted multiple zones of mineralization (more than 100 parts per million (ppm) triuranium octoxide (U3O8)), with some zones displaying grades exceeding 1 per cent U3O8 (see the table entitled "Huarabagoo significant uranium intercepts (more than 100 ppm U3O8)"). The uranium mineralization is hosted in the Westmoreland sandstone unit adjacent to the intrusive mafic Redtree dike system.

The high-grade mineralization intercepted at Huarabagoo improves the confidence in the integrity of the deposit, with tighter spacing of less than 50 metres in some places. Ultimately, once modelled, this may lead to an improved resource classification of the deposit, which is currently described with 5.8 million pounds (Mlb) U3O8 at 0.109 per cent (inferred) and 2.7 Mlb U3O8 at 0.083 per cent (indicated). Furthermore, some drilling tested 200 m to the northeast of the currently modelled zones and showed continuity of mineralization that requires further investigation.

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

"We are pleased to continue to report more positive results from the drilling campaign at Westmoreland, which was completed in November, 2023. The high-grade results underscore the quality of the Westmoreland asset, lending confidence to the technical merits of the project and that there is significant scope for growth, conceivably doubling the size of the Huarabagoo resource.

"Resource growth is one of key goals of the 2024 field season and the technical team is in the final planning stages of a multirig drilling program.

"In addition to the strong uranium grades, the deposits also host zones of significant gold and vanadium mineralization. Evidence of significant gold grades had been explored in the early 1980s, and while Laramide remains focused on the uranium opportunity, further studies will help us identify whether possible beneficiation of these minerals will enhance the economics of the project as we progress towards development."

Huarabagoo deposit

The Huarabagoo deposit is about three kilometres northeast from the Redtree uranium deposit along the Redtree dike zone, and straddles the contact between the Seigal volcanics and the Westmoreland conglomerate. The mineralization outcrops at the southern end and is concealed to the north under two metres to three metres of sandy alluvium, and five m to eight m of weathered basalt of the Seigal volcanics. The deposit comprises a three km zone of vertical mineralization associated with a complex dike geometry, with vertical and horizontal branches between two principal dikes.

All 13 holes intercepted multiple zones of mineralization (more than 100 ppm U3O8), with some zones displaying grades exceeding 1 per cent U3O8 (see the table entitled "Huarabagoo significant uranium intercepts (more than 100 ppm U3O8)").

Mineralization is hosted in the coarse-grained-to-granular Westmoreland conglomerate with the higher grades (more than 0.1 per cent) associated with the fractured footwall contact of intrusive dolerite dikes. Zones of higher grade generally occur within moderate patchy chlorite-altered sandstone, with highest grade displaying pervasive chlorite and hematite alteration.

The 2.5 km corridor between Huarabagoo deposit and the Junnagunna deposit is a compelling target for resource growth. The results from the northeast extensions provide further confidence in this target as it has historically been very sparsely drilled. Indeed, Laramide previously reported a new zone of significant uranium mineralization 900 m to the northeast of Huarabagoo in 2012.

Gold mineralization

In 2012, Laramide intercepted significant gold mineralization (four m at 30.9 grams per tonne (g/t) Au (gold)) in drill hole WDD12-1674. Drill holes HB23DD002 to 007 were designed to not only test infill of uranium mineralization, but also assess the continuity of the gold mineralization. The results now support extensions to over 250 m strike of the gold zone drilled in 2012. Further work and validation are required, as no systematic assessment of gold mineralization has been undertaken since the 1980s.

Significant results from this year's drilling include:

• HB23DD002:
  • One metre at 0.90 g/t Au from 15 m;
  • Two m at 3.1 g/t Au from 56 m;
  • One m at 0.31 g/t Au from 74.5 m.
• HB23DD004:
  • Eight m at 0.84 g/t Au from 47 m, including:
    • Four m at 1.17 g/t Au from 51 m;
    • 9.55 m at 0.53 g/t Au from 56.45 m, including:
      • 2.38 m at 1.13 g/t Au from 63 m.
• HB23DD005:
  • Eight m at 0.54 g/t Au from 58 m, including:
    • One m at 2.06 g/t Au from 64 m.

Qualified person (QP) statement

The information in this announcement relating to exploration results is based on information compiled or reviewed by 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 (Joint Ore Reserve Committee) (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 western United States. 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 and production potential, and the two largest projects 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 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 Nuclear Regulatory Commission licensed 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 an underground project, called La Sal, in Lisbon Valley, Utah.

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