Mr. Marc Henderson reports

LARAMIDE TO ABANDON KAZAKHSTAN GREENFIELD URANIUM EFFORT DUE TO NEWLY ENACTED GOVERNMENT POLICY CHANGES

Laramide Resources Ltd. has elected to terminate its option agreement for the Chu-Sarysu basin uranium project.

The option agreement, signed in September, 2024, with Aral Resources, provided Laramide with optionality on 22 subsoil use licences in one of the globe's foremost greenfield exploration opportunities for uranium discovery. The Chu-Sarysu basin hosts promising, relatively underexplored geology for discovering large, low-cost roll front uranium deposits amenable to in situ recovery but also has widely acknowledged potential for the discovery of sediment-hosted copper deposits, as well as other critical minerals.

During 2025, Laramide financed and conducted historical data review, ground reconnaissance and ground geophysics, identifying potential uranium mineralization drill targets. Laramide submitted the required exploration work plans to the Ministry of Industry and Construction and sought the required remaining permits needed to proceed with drilling activities. Delays in receiving the necessary drilling permits mean that no drilling was able to be conducted in fourth quarter 2025 as planned. The final permits necessary to proceed with the initial 15,000-metre, multirig program were received on Dec. 24, 2025.

On Dec. 26, 2025, the President of Kazakhstan signed into law legislative changes to the Subsoil Use Code, which had been previously approved by the Senate in November, 2025, and provided for, amongst other changes, a materially increased level of minimum ownership of any newly discovered uranium resources by the national company Kazatomprom.

As a result of these sweeping changes to prospective subsoil use agreements, which also followed an approximate doubling of cash holding costs for annual property taxes earlier in 2025, Laramide believes an economic case for foreign direct investment in uranium exploration no longer exists in Kazakhstan.

Accordingly, Laramide has terminated the option agreement with immediate effect and has ceased financing any further exploration activities.

The company remains fully focused on developing its two large development-stage uranium assets, Churchrock-Crownpoint in New Mexico, United States, and Westmoreland in Queensland, Australia.

Marc Henderson, Laramide's president and chief executive officer, commented as follows:

"Motivated by an effort to address, and ideally reverse, the obvious and severe decline in the resource base of Kazatomprom, their national uranium company, it appears Kazakhstan may have scored a spectacular own goal with their recent de facto nationalization of future uranium exploration in country. Political risk, country risk and in the worst case nationalisation risk are all known unknowns in the resource business, but generally don't impact new entrant players (such as Laramide) until obvious value gets created.

"However, in what may be a world's first, Kazakhstan appears to have moved pre-emptively to ensure national ownership and control of any new uranium discoveries before they are actually even made. If Kazatomprom had a unique and singular track record of exploration success, perhaps this new strategy might make sense, but their own history suggests otherwise and was confirmed by their November, 2025, investor presentation.

"If Kazatomprom were a bit player in the U business and not the largest current uranium producer globally -- not to mention one of the most systemically important companies in the nuclear power business generally -- their November, 2025, exercise in radical transparency might be seen as an insignificant misstep in corporate communications and not what it should be viewed as, which is a gigantic wake-up call for the nuclear utility industry.

"At Laramide, we are disappointed at developments in Kazakhstan because our shareholders will now not get the benefit of what we think would have been a potentially high-impact exploration opportunity in a very promising geological province. Of course, the counterbalancing factor to this from an industry standpoint is that this opportunity is now essentially closed for every other commercially oriented company as well.

"Kazatomprom faces a huge resource renewal challenge but so does the entire industry, which is really the read-through from this unfortunate geopolitical development. Greenfield exploration in the uranium sector appears to be woefully underinvested in our view and is also focused in far too few places. As a result, U prices may need to go higher -- perhaps much higher in our view -- to incentivize and catalyze the reserve replacement activity that is clearly required to resolve the large and growing supply deficit.

"We plan to do our part to meet this supply-side challenge."

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.

We seek Safe Harbor.