TORONTO, March 17, 2025 /CNW/ - Laramide Resources Ltd. ("Laramide" or the "Company") (TSX: LAM) (ASX: LAM) (OTCQX: LMRXF) a uranium mine development and exploration company with a portfolio of globally significant projects, advises that it had received notice from Extract Advisors LLC ("Extract") on March 13th, 2025 of a decision to convert all of Extract's USD $3.5 million convertible debt position in Laramide. The debt was convertible at CDN $0.40 and had a term that would have expired on April 1st, 2026.
Laramide Resources Ltd. logo (CNW Group/Laramide Resources Ltd.)
On March 14th, 2025, Boss Energy, an ASX- listed uranium producer announced that it has added to its shareholdings in Laramide Resources, and once their arrangement is completed, will hold an 18.4% interest in Laramide. According to their ASX Announcement dated March 13, 2025, the increased investment was made based on the strength of Laramide's flagship Westmoreland Project in Queensland. This asset could become even more attractive if the recently elected Liberal National Party ("LNP") Queensland Government accepts permit applications to allow uranium mining development; an activity which was prohibited by a party policy of the Australian Labor Party ("ALP") which held power in Queensland for 30 of the previous 35 years until its defeat in late October 2024. Notably, under the most recent tenure of the LNP in Queensland (from 2012 to 2015), a similar policy reversal was communicated within six months of taking office.
Laramide further advises that Boss participated in the Company's November 2023 equity raising in Australia and that one of the Board of Director's for Boss Energy has previously served as a Chief Operations Officer for Laramide, including during the period when the most recent Westmoreland PEA was completed in 2016. Laramide welcomes Boss's investment as a strong endorsement of Westmoreland as a Tier One uranium development asset and shares their view that the development of Westmoreland seems inevitable, given the strategic importance of Australian uranium and critical minerals to Western energy security.
In addition to the Westmoreland asset, where recently, a meaningful expansion to the Mineral Resource Estimate was announced (see Laramide release February 28, 2025), Laramide owns other significant late-stage development assets in the United States and is about to initiate greenfield exploration in Kazakhstan, the world's largest primary uranium producing country.
To learn more about Laramide, please visit the Company's website at www.laramide.com
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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 km2 of the prolific Chu-Sarysu Basin for world class roll-front deposits which are amenable to in-situ recovery.
Forward-looking Statements and Cautionary Language
This release includes certain statements that may be deemed to be "forward-looking statements." All statements in this release, other than statements of historical facts, that address events or developments that the management of the Company expect, are forward-looking statements. Forward-looking statements are frequently, but not always, identified by words such as "expects", "anticipates", "believes", "plans", "projects", "intends", "estimates", "envisages", "potential", "possible", "strategy", "goals", "objectives", or variations thereof or stating that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved, or the negative of any of these terms and similar expressions. Actual results or developments may differ materially from those in forward-looking statements. Laramide disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, save and except as may be required by applicable securities laws.
Since forward-looking information addresses future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, exploration and production for uranium; delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of resource estimates; health, safety and environmental risks; worldwide demand for uranium; uranium price and other commodity price and exchange rate fluctuations; environmental risks; competition; incorrect assessment of the value of acquisitions; ability to access sufficient capital from internal and external sources; and changes in legislation, including but not limited to tax laws, royalties and environmental regulations.
