Laramide to Abandon Kazakhstan Greenfield Uranium Effort Due to Newly Enacted Government Policy Changes

Core Viewpoint - Laramide Resources Ltd. has decided to terminate its Option Agreement for the Chu-Sarysu Basin uranium Project in Kazakhstan due to significant legislative changes that have diminished the economic viability of foreign investment in uranium exploration in the country [2][6][8]. Company Summary - The Option Agreement, signed in September 2024, provided Laramide with access to 22 Subsoil Use licenses in the Chu-Sarysu Basin, a region recognized for its potential in uranium and other critical minerals [3][8]. - In 2025, Laramide conducted a historical data review and ground reconnaissance, identifying potential drill targets for uranium mineralization, but faced delays in obtaining necessary drilling permits, preventing any drilling from occurring in Q4 2025 [4][8]. - Legislative changes signed into law on December 26, 2025, increased the minimum ownership of newly discovered uranium resources by Kazatomprom, effectively reducing the attractiveness of new uranium discoveries for foreign companies [5][6][8]. Industry Summary - The recent amendments to Kazakhstan's Subsoil Use legislation are seen as a move towards nationalization of uranium exploration, which could deter foreign investment and exploration efforts in the country [6][9]. - Kazatomprom, the national uranium company, is facing a significant resource renewal challenge, with projections indicating a rapid decline in their resource base, potentially exhausting their reserves by 2057 [9][13]. - The uranium sector is perceived to be under-invested in greenfield exploration, which may necessitate higher uranium prices to incentivize reserve replacement and address the growing supply deficit [13].