Mr. Marc Henderson reports

LARAMIDE OUTLINES 2024 AUSTRALIAN EXPLORATION PLANS

Laramide Resources Ltd. has released 2024 work plans for Australia which include a large drill campaign of up to 12,000 metres across multiple targets at the Westmoreland uranium project in northwest Queensland and into the Murphy uranium project in the Northern Territory. Two drill rigs have been secured and logistical plans are well advanced for a campaign that will build on last year's successful exploration effort which saw 40 holes completed across 4,000 cumulative metres. Drilling is expected to commence in approximately six to eight weeks time at the conclusion of the current wet season.

The Westmoreland uranium project in Australia is considered one the world's best development-stage uranium deposits not under control of a major mining company. The current JORC and National Instrument 43-101 resource model defines 51.9 million pounds U3O8 (triuranium octoxide) across three deposits: Redtree, Huarabagoo and Junnagunna. Internal review of the historical data, which was further encouraged by 2023 drilling, has determined that there is potential to significantly increase the size of the deposit at minimal expense due to the shallow nature of the mineralization.

Plans for 2024 include returning to the Murphy project in the Northern Territory to investigate drilling completed in 2007. A 1,500 m drill program will revisit the areas of interest identified in Laramide's 2006 to 2007 exploration program and includes Mageera (formerly called NE Westmoreland) which appears to be a geological analogue of Westmoreland.

Commenting on the 2024 work plans, Laramide's president and chief executive officer, Marc Henderson, said:

"The Westmoreland uranium project is a Tier 1 asset that is likely to become increasingly more important as the world looks for new sources of uranium supply. While the current resource is substantial, we see the potential for significant growth that could serve to increase the attractiveness of the deposit, both economically and for the potential future benefit of Western nuclear utilities and Queensland stakeholders. Two thousand twenty-four is an election year for Queensland and we are encouraged by recent political developments that suggest a change in government -- or government policy -- is a distinct possibility."

Resource extension drilling

Currently mineral resources are defined across three deposits: Redtree, Huarabagoo and Junnagunna. These zones follow the Redtree dike zone (approximately 10 kilometres) on a northwest trend as discrete orebodies. The 2016 preliminary economic assessment optimized pit designs and labelled them as South, Central and North pits, respectively. However, the mineralization in the 2.5 km corridor between the deposits, which is hosted in the coarse-grained to granular Westmoreland conglomerate and includes higher grades (greater than 0.1 per cent) associated with the fractured footwall contact of intrusive dolerite dikes, remains sparsely drill tested. The goal is to investigate whether the three known deposits can be linked and if so, whether this could substantially increase the deposit size.

Accordingly, the company plans to test the linking zone (JG-HB) by drilling northern extensions to the high-grade Huarabagoo northeast toward Junnagunna. The company is encouraged by a zone of mineralization existing halfway between the deposits as reported in 2013 drill program (WDD12-152 -- 11 m at 0.13 per cent U3O8) that remains open to the northeast and southwest.

Further resource growth is targeted through northern extensions to the 11 Mlb U3O8 Junnagunna deposit. The northern extensions of the dike are sparsely drill tested between Junnagunna and the Wanigarango uranium prospect 1.5 km to the northeast.

Long Pocket

Long Pocket is located seven km to the east of Junnagunna. In-house modelling of the Long Pocket deposit has highlighted zones where infill drilling will support a maiden mineral resource estimation. Accordingly, the company has planned up to 1,000 m drilling to ensure drill spacing is appropriate to show continuity of mineralization. It is anticipated that the addition of Long Pocket, which is shallow and easily accessed, to the Westmoreland resource base would enhance the economics of the project or contribute to an extended mine life profile.

Exploration drilling

Black Hills

The Black Hills prospect is located 1.5 km northeast of the Long Pocket prospect and presents as a broad 1.5 by one km east-west airborne radiometric anomaly. Recent exploration drilling at the Black Hills target has discovered multiple zones of mineralization in previously undrilled zones at the project's southern end with results including BH23DD003 -- three m at 1,844 parts per million (0.18 per cent) U3O8 from 88 m.

Those results, combined with a review of historical data from the 1970s, promote Black Hills to one of Laramide's priority exploration targets for the 2024 field season and will include validation and qualification of historical work.

U-Valley

U-Valley presents an interesting greenfield target about 1.5 km south of Long Pocket with previously reported off-scale radiometric anomalism. Four in situ, rock chips samples taken during reconnaissance work in 2023 returned significant uranium mineralization grading up to 1.49 per cent U3O8 over a broad area.

Amphitheatre

Located 16 km northeast of the Junnagunna deposit, exploration drilling at Amphitheatre will focus on building upon the 2022 and 2023 exploration results by testing interpreted northern extensions to mineralization under cover. Potential for discovery where alluvial cover obscures the radiometric response is supported by historical drilling results approximately 300 m north of the Amphitheatre prospect; however, validation drilling is required.

Murphy uranium project, Northern Territory

Mageera

The Mageera prospect (formerly NE Westmoreland (NEWM)) represents a geological analogue to the Westmoreland system. Mineralization is associated with a 10 km northeast-trending mafic dike which truncates the Westmoreland conglomerate and Siegal volcanic package under variable depths of alluvial cover. Historical reports suggest uranium is hosted at dike margins and the adjacent sandstones, but also at the unconformable contact between the Westmoreland conglomerate and Seigal volcanics.

In 2006 to 2007, reconnaissance drilling at Mageera returned encouraging results including, drill hole NEWM204 intercepting four m at 0.42 per cent U3O8. This year, plans include up to 1,000 m follow-up drilling.

Qualified/competent person

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 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 large projects are considered to be late-stage, low-technical-risk projects.

We seek Safe Harbor.