Highlights

  • Updated PEA for Westmoreland shows post-tax NPV of US$741.1 million at a US$90/lb U3O8 price
  • Independent NI 43-101 Technical Report filed and recommends a Pre-Feasibility Study
  • Mine plan covers 11 years and about 47.9 million lbs of U3O8
  • Private placement closed with gross proceeds of $5,010,000
  • Uranium development in Queensland remains prohibited

Laramide Resources Ltd (ASX:LAM) is a uranium company, listed on both the Toronto Stock Exchange and the ASX, whose 100%-owned Westmoreland Uranium Project sits in Queensland, Australia. In July 2026 it announced an updated preliminary economic assessment (PEA) for the project, followed in September by a supporting technical report and, in August, the close of a private placement.

What the Updated PEA Outlines

According to the 22 July 2026 announcement, the PEA assumes conventional open-pit mining with processing at 2.9 million tonnes per annum. The ASX:LAM study sets an 11-year mine life, with life-of-mine production of approximately 47.9 million lbs of U3O8 and average annual production of approximately 4.9 million lbs across years 2 to 10.

At a long-term uranium price of US$90/lb, the company reported a post-tax NPV (7.5%) of US$741.1 million and a post-tax IRR of 33%. Pre-tax NPV (7.5%) was US$1,126.3 million, and payback was approximately 2.5 years. Initial capital was estimated at US$456 million plus an 18% contingency of US$84 million, with life-of-mine sustaining capital of US$84 million. The C1 cash cost was US$32.40/lb.

Resource Base and Study Limits

The updated assessment uses reported Mineral Resources consisting of Indicated resources of 27.8 Mt at 770 ppm U3O8 containing 48.1 million lbs, and Inferred resources of 11.8 Mt at 680 ppm containing 17.7 million lbs. The mine plan is about 79% Indicated and 21% Inferred, and no Mineral Reserves have been declared.

The company described the PEA as preliminary, with capital and operating cost estimates at scoping-study accuracy of roughly plus or minus 35%. It stated there is no certainty the results will be realised.

Technical Report Filing

On 3 September 2026 ASX:LAM announced it had filed an independent NI 43-101 Technical Report supporting the PEA, with an effective date of 22 July 2026. The company said there are no material differences from the results announced on that date.

The report covers only the currently reported resources at Redtree, Huarabagoo, Junnagunna and Long Pocket, and assigns no value to wider district exploration, gold or rare earth elements. It recommends advancing the project to a Pre-Feasibility Study.

Exploration is planned for 2026 and 2027 at satellite targets including Link Zone, Amphitheatre, Moogooma and U-Valley.

Policy Backdrop and Placement

Uranium development is currently prohibited in Queensland. The company said it is prepared to lodge a Mining Lease Application once the Queensland Government permits it, and the CEO said the aim is to keep Westmoreland technically ready in case policy changes.

On 13 August 2026 ASX:LAM announced the closing of a private placement of 8,350,000 common shares at $0.60 per share to a strategic investor, for gross proceeds of $5,010,000. Funds are for working capital and general corporate purposes.

Key Insights

Confirmed are the PEA outputs, the technical report filing and the completed placement. The PEA is a scoping-level study that includes Inferred resources, and its economics depend on the stated US$90/lb long-term uranium price and the other assumptions set out by the company.

Whether ASX:LAM can progress Westmoreland beyond the PEA depends on further studies and on a change to Queensland's policy, which the company does not control. Stated next steps are a Pre-Feasibility Study, further exploration and readiness to apply for a Mining Lease, none of them guaranteed.