Toronto, Ontario — January 20, 2026 — Leads & Copy — Laramide Resources Ltd. (TSX: LAM) (ASX: LAM) (OTCQX: LMRXF) has elected to terminate its Option Agreement with Aral Resources for the Chu-Sarysu Project in Kazakhstan, effective immediately.
The Aral Agreement provided Laramide with exploration access to over 5,500 km2 of the Chu-Sarysu Basin, with granted licences that are near some of Kazatomprom’s uranium deposits and operational mines.
Laramide has been funding exploration programs to identify drilling targets for uranium since Q4/24, and an initial 15,000 meter drill program was planned by Q3/25. Delays receiving work permits from the regional government meant that no drilling commenced in Q4 2025, as planned.
On December 26th, 2025 Kazakhstan’s President formalized amendments to the country’s Subsoil Use legislation, the effect of which reduce the potential participation of any new uranium discovery made in country by any party other than Kazatomprom.
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 greenfield exploration opportunities for uranium discovery. The Chu-Sarysu Basin hosts geology for discovering roll front uranium deposits amenable to In-Situ Recovery but also has potential for the discovery of sediment hosted copper deposits, as well as other critical minerals.
During 2025, Laramide funded and conducted historical data review, ground reconnaissance and ground geophysics, identifying potential uranium mineralisation 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. The final permits necessary to proceed with the initial 15,000 meter, multi-rig program were received on December 24, 2025.
Changes to prospective Subsoil Use Agreements 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. Laramide has terminated the Option Agreement with immediate effect and has ceased funding any further exploration activities.
The company remains focused on developing its two large development stage uranium assets, Churchrock-Crownpoint in New Mexico, USA; and Westmoreland, in Queensland, Australia.
Marc Henderson, Laramide’s President and CEO, commented as follows:
Henderson said that Kazakhstan may have scored an “own goal” with their recent de facto nationalisation of future uranium exploration in country. He added that Kazakhstan appears to have moved pre-emptively to ensure national ownership and control of any new uranium discoveries before they are actually even made.
Henderson also said that Kazatomprom faces a resource renewal challenge, and that greenfield exploration in the uranium sector appears to be under invested. He added that U prices may need to go higher to incentivize the reserve replacement activity that is required to resolve the growing supply deficit.
This news release has been reviewed and approved by a senior executive officer of the Company.
Marc Henderson, President and CEO
Toronto, Canada +1 (416) 599 7363
Ann Baines, Director, Investor Relations
Toronto, Canada +1 (647) 832-9904
Source: Laramide Resources Ltd.
