Laramide Resources Reveals $741 Million Post-Tax NPV and 33% IRR in Updated Westmoreland Uranium Project Assessment

Strong Financial Indicators Establish Westmoreland as a Prime Development Opportunity

The updated PEA confirms solid financial foundations for Westmoreland under a uranium price of US$90 per pound U9O8. The post-tax net present value of US$741.1 million at a 7.5% discount rate, coupled with a 33% post-tax internal rate of return, underscores the project's attractiveness. Pre-tax metrics are even more compelling, with a net present value of US$1.126 billion and an internal rate of return of 43%, reflecting the project's strength before tax impacts.

A payback period of roughly 2.5 years indicates rapid recovery of capital costs from operational cash flows. These figures are supported by detailed cost modeling, with an average cash cost of US$32.40 per pound U9O8, demonstrating operational efficiency assumptions. The initial capital investment is approximately US$456 million plus a US$84 million contingency, while sustaining capital expenditure over the mine life is projected at US$84 million.

Robust Production Forecasts Total Approximately 47.9 Million Pounds of Uranium Over Mine Life

The project design anticipates an 11-year mine life featuring conventional open-pit mining and processing throughput of 2.9 million tonnes per annum. Average annual uranium production is forecast at about 4.91 million pounds U9O8 from years 2 to 10, with peak output of 6.2 million pounds U9O8 in year 2. Total life-of-mine production is estimated at approximately 47.9 million pounds U9O8, positioning Westmoreland as a large-scale uranium supplier for global markets.

The processing facility is designed for up to 8,000 tonnes per day based on the 2.9 million tonne annual throughput. The processing method includes agitated tank leaching with sulphuric acid and pyrolusite, followed by filtration, continuous ion exchange recovery, acid neutralization, precipitation, and refining to produce saleable uranium oxide concentrate. The study assumes a uranium recovery rate of 95%, with an average diluted feed grade of 788 ppm U9O8 and an open pit strip ratio of 4.2:1 over the mine life.

Decade of Technical Progress and Modern Environmental Design Integrated into Updated Study

The updated PEA reflects technological and engineering advancements since the 2016 study, incorporating revised mineral resource estimates, optimized mine planning, enhanced metallurgical process design, updated capital and operating cost estimates, and current market assumptions including currency, commodity price forecasts, and fuel costs. The assessment aligns with contemporary engineering standards and uranium market conditions.

Modern project design features include a filtered tailings strategy with progressive backfilling of the Redtree pit, reducing environmental impact through integrated closure planning. Multiple power supply options were evaluated, including hybrid diesel, solar, and battery storage systems, addressing sustainability and operational resilience. These elements meet current environmental and regulatory expectations while optimizing operational flexibility and closure outcomes.

Westmoreland's Strategic Role in Australia's Uranium Supply Landscape

Marc Henderson, President and CEO, emphasized that Westmoreland remains a compelling development opportunity amid limited medium- and long-term uranium supply visibility. He highlighted the urgency of new mine developments due to rapidly growing global nuclear energy demand. Henderson referenced the recent Australian Prime Minister's visit and the uranium supply agreement with India as factors bolstering demand, particularly in the Asia-Pacific region.

Henderson noted concerns that Australia's role as a reliable uranium supplier is waning without proactive national and state government action. He positioned Westmoreland within a broader policy context, suggesting regional allies dependent on nuclear energy would welcome clearer uranium mining policies in Australia. This underscores the project's significance not only commercially but also in terms of regional energy security and Australia's potential role in global nuclear fuel supply chains.

Mining Lease Application Preparation Marks Key Development Milestone

Rhys Davies, Vice President Exploration and Qualified Person, stated the company is ready to submit a Mining Lease Application to the Queensland Government as soon as permitted. This indicates that the updated PEA has met internal development milestones and that regulatory engagement is the next phase. The study serves as a technical foundation for permitting and further development activities.

Davies affirmed that Westmoreland is a large-scale, technically sound uranium development project with significant potential for future optimization. The Mining Lease Application represents a critical regulatory step, and investors should monitor government responses and any updates on the project's feasibility study and construction timelines.

Favorable Jurisdictional Factors Enhance Project Appeal

Laramide highlighted Westmoreland's potential as a preferred supplier to global utilities due to its location in a stable, politically favorable environment with low technical risk. Jurisdictional stability and regulatory clarity are vital in uranium mining, where long-term contracts depend on investor confidence. Queensland's established mining regulations and Australia's stable governance offer competitive advantages over other uranium-producing regions.

The project's low technical risk stems from conventional open-pit mining, proven processing methods, and extensive site investigations and resource definition since 2016. These factors reduce execution risks compared to novel mining or processing technologies. The stable political context positions Westmoreland favorably amid global concerns over supply chain security and jurisdictional reliability.

Uranium Price Assumptions and Economic Sensitivity

The PEA is based on a uranium price of US$90 per pound U9O8, underpinning the reported financial metrics. Uranium market fluctuations, driven by global supply-demand dynamics, utility procurement, and inventory management, critically impact project economics. Although the company has not provided sensitivity analyses for alternative price scenarios, investors may seek further insights into economic performance across varying uranium prices.

The study assumes a USD to AUD exchange rate of 0.70, significant for a project with USD-priced output and AUD-denominated costs. Exchange rate variations will influence actual project economics relative to the study baseline. The average cash cost of US$32.40 per pound U9O8 offers a profitability benchmark, though actual costs may vary with energy prices, labor availability, and consumables. Commodity price and exchange rate assumptions notably affect the disclosed financial outcomes.

Resource and Grade Data Support Production Estimates

The updated assessment incorporates enhanced mineralization continuity and resource estimates from multiple drilling campaigns since 2016. The average diluted feed grade of 788 ppm U9O8 forms the basis for production forecasts, with a 4.2:1 open pit strip ratio reflecting waste-to-ore relationships. These technical parameters underpin life-of-mine production and cost estimates.

A metallurgical recovery rate of 95% supports efficient uranium extraction using established processing techniques, reinforcing the life-of-mine production estimate of 47.9 million pounds U9O8. The conventional processing approach reduces technological risk compared to emerging methods. Ongoing drilling and resource re-estimation have strengthened the project's technical foundation.

Regulatory and Development Timeline Outlook

While Laramide is prepared to lodge a Mining Lease Application with the Queensland Government when permitted, specific timelines for regulatory approvals, feasibility study initiation, or construction commencement remain undisclosed. Uranium mining in Queensland requires multiple regulatory approvals, environmental impact assessments, and government endorsements. The progression from application to construction can span several years due to rigorous regulatory scrutiny.

The company has not provided dates for feasibility study start, regulatory approval completion, or construction milestones. Investors should monitor announcements related to Mining Lease Application submission, government responses, and project development scheduling. Key upcoming milestones include regulatory feedback, feasibility study advancement, and any disclosures on strategic partnerships or financing relevant to project progression.