Laramide Increases Uranium Resource at | Commodities

Toronto-based Laramide Assets (ASX:LAM,TSX:LAM,OTCQX:LMRXF) introduced an up to date mineral useful resource estimate (MRE) for its Westmoreland uranium project in Queensland, Australia.

Within the February 28 release, the Australia and US-focused uranium company mentioned that the up to date estimate demonstrates 34 % and 11 % will increase in its indicated and inferred useful resource classes, respectively.

The full indicated useful resource is 48.1 million kilos of uranium oxide (U3O8) at an average grade of 770 components per million (ppm), accounting for 70 % of the full useful resource.

The remaining 30 % is classed as inferred and totals roughly 17.7 million kilos of U3O8 at an average grade of 680 ppm.

Westmoreland is one hundred pc owned by Laramide via its wholly owned subsidiary Sort out Assets. Its final MRE was launched in 2009, 4 years after Laramide started additional advancing the project. The 2025 MRE consolidates drilling outcomes from 2012, 2023 and 2024.

“This updated MRE reiterates our long-held view that Westmoreland is a genuinely world class deposit. At 65-plus million pounds it ranks as one of the largest undeveloped uranium deposits in the world and has the potential to be a top 10 global uranium mine,” Laramide President and CEO Marc Henderson commented.

Henderson added that the project holds potential to be a long operation that would help jobs and regional development in Northwest Queensland, and on a bigger scale present the uranium needed for the nuclear energy industry as half of the transfer in the direction of reaching web zero emissions.

“Pending the support of the new Liberal Queensland Government, we will look forward to quickly transitioning the Project to a Development Phase while concurrently continuing with high-impact exploration to further grow the resource base,” Henderson acknowledged.

Australian uranium and its potential​

In line with the Minerals Council of Australia, Australia presently possesses the biggest recognized uranium reserves globally. A report talked about that it accounts for roughly one-third of the world’s assets and was recorded to have uranium export earnings of roughly AU$1.2 billion within the 2023/2024 fiscal 12 months.

It’s the world’s fourth largest uranium producer however stays banned from utilising nuclear energy domestically.

US Vitality Secretary Chris Wright not too long ago advised The Guardian that he “would love to see Australia get in the game of supplying uranium and maybe going down the nuclear road themselves.”

Within the Investing Information Community’s 2025 Uranium Outlook, it was highlighted that Australia is among the many international locations that the US relies on in phrases of uranium imports, alongside Canada, Kazakhstan, Uzbekistan and Russia. In truth, the US itself solely provides enough uranium to satisfy 5 % of its demand.

Strained relationships with a number of of these international locations might consequence within the US needing various uranium suppliers to satisfy demand, creating an alternative for Australian uranium.

Whereas Canada has a long-standing relationship with the US, new US President Donald Trump has broken it by starting a trade conflict with its neighbour. On March 4, Trump instituted 10 % tariffs on vitality imports from Canada in addition to 25 % blanket tariffs on different items. The state of affairs has led Canadians to search for different trade companions to scale back their dependence on the US.

Moreover, back in Could 2024, the US signed a law banning the importing of Russian uranium, disrupting roughly US$1 billion in annual trade. Nonetheless, it stays to be seen whether or not this can stay in place now that Trump is in workplace as he’s friendlier with Russia than earlier President Joe Biden.

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Securities Disclosure: I, Gabrielle de la Cruz, maintain no direct investment curiosity in any company talked about on this article.

The views and opinions expressed herein are the views and opinions of the creator and don’t essentially mirror these of Nasdaq, Inc.