Mr. Marc Henderson reports

LARAMIDE GRANTED MINERAL DEVELOPMENT LICENCE FOR WESTMORELAND URANIUM PROJECT

Laramide Resources Ltd.'s 100-per-cent-owned Australian subsidiary, Tackle Resources Pty. Ltd., has received approval of a mineral development licence (MDL) for the Westmoreland uranium project in Queensland, Australia.

The approval of the MDL provides a strong foundation for Laramide to advance project permitting and to undertake mining feasibility studies, metallurgical testing and marketing, as well as environmental, engineering and design studies required to support a future mining lease (ML) application.

This approval represents a key regulatory milestone and a formal recognition by the Queensland government that the Westmoreland project can be evaluated for its development potential. The MDL was granted following the registration of an indigenous land use agreement (ILUA) with the Gangalidda & Garawa Native Title Aboriginal Corp. (GGNTAC), announced Nov. 29, 2022, under which all parties consented to the MDL's issuance.

Marc Henderson, president and chief executive officer of Laramide, commented: "The grant of the MDL is a significant milestone for the Westmoreland project. It provides regulatory confirmation that the project hosts a defined and economically significant resource capable of supporting long-term development. Furthermore, it provides the company with a security of tenure that allows us to continue with advanced mining studies, which in turn maintains our commitment to significant investment in regional northwest Queensland.

"With the MDL now in hand, Laramide is excited for the opportunity to expedite further evaluation of the asset; we believe this asset can play a material role in providing security of supply for Western nuclear utilities as they confront the now widely acknowledged structural supply deficit of uranium that extends well into the 2030s."

Permitting and a formal mining lease application are the next critical steps in the advancement of Westmoreland. The Queensland government's current stated policy is that it will not grant a mining lease for the purpose of mining uranium; however, an administrative change in policy by the government could direct the Mines Department of Queensland to allow an ML application to be accepted for a primary uranium mine. The current policy was initiated by the previous Labor government, which held power for almost a decade before the last election in October, 2024, when Queensland elected a Liberal National (LNP) majority government.

The approved MDL area includes all of Westmoreland's defined uranium deposits: Redtree, Huarabagoo, Junnagunna and Long Pocket. Three of the deposits (Redtree, Huarabagoo and Junnagunna) were used for a 2016 economic analysis (scoping study), which, while now not current under National Instrument 43-101, had provided the foundation for the MDL application. The MDL area incorporates conceptual locations for key project infrastructure. The MDL enables Laramide to initiate a range of advanced work programs, including feasibility-level engineering, environmental baseline assessments, geotechnical and site layout planning.

Qualified/competent person

The information in this announcement relating to mineral resource estimates 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 that 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 (Joint Ore Reserves Committee) 2012 edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves and is a Qualified Person as defined by NI 43-101, Standards of Disclosure for Mineral Projects. 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.

This news release has been reviewed and approved by a senior executive officer of the company.

About Laramide Resources Ltd.

Laramide is focused on exploring and developing high-quality uranium assets in Tier 1 uranium jurisdictions. 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 development projects are considered to be late-stage, low-technical-risk projects. As well, Laramide has expanded its pipeline with strategic exploration in Kazakhstan, where the company is exploring over 5,500 square kilometres of the prolific Chu-Sarysu basin for world-class roll-front deposits, which are amenable to in situ recovery.

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