Laramide Resources Ltd. announced the positive results of an independent Preliminary Economic Assessment for the 100% owned Churchrock In-Situ Uranium Project located in New Mexico, U.S. The PEA has been prepared in accordance with the requirements of National Instrument 43-101 by SLR International Corporation. 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) license (SUA-1580) covers parts of Churchrock and Crownpoint and is in timely renewal status.

Further renewals of the NRC license 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.

Table 1 summarizes the Mineral Resource estimate for the Project (by Section) prepared by SLR, based on drill hole data available as of September 30, 2017, with an effective date of May 16, 2023. Mineral Resources totaling 33.9 million tons at an average grade of 0.075% eU3O8 containing 50.8 million pounds U.3O8 (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.