Canada's Laramide Resources to invest in uranium exploration in southern Kazakhstan

ALMATY. Dec 12 (Interfax) - Canada's Laramide Resources Ltd has signed an option agreement with Kazakhstan's Aral Resources, which holds 22 mineral development licenses in the Chu-Sarysu sedimentary basin, to explore uranium deposits in the Turkestan region of southern Kazakhstan.

Laramide said it had finalized the terms to obtain licenses covering almost 5,500 square kilometers the Chu-Sarysu basin adjacent to major uranium deposits and mines operated by Kazatomprom.

The three-year option agreement with a possible one-year extension grants Laramide the right to acquire all of Aral's outstanding shares at any time during the option period, thereby obtaining full ownership of the Chu-Sarysu project, the company said.

"Laramide will operate and fund the exploration program towards the discovery of a viable uranium resource," the press release says. Throughout the option period, Laramide will serve as the exclusive operator, assuming responsibility for all operational and exploration expenses, it said.

The company describes the Chu-Sarysu Basin as a prospective but under-explored region. The area also hosts copper deposits in this area. The exploration is scheduled to begin next year.

"While Laramide had not been actively seeking to expand its portfolio, the high-impact exploration potential in Kazakhstan presented an exceptional low-risk, high-reward opportunity to strengthen our pipeline of quality projects," Laramide CEO Marc Henderson is quoted as saying in the statement.

Under the terms of the agreement, Laramide has made a one-time payment of $450,000 (50% cash, 50% of its shares), and will pay $150,000 annually during the term of the option, which is renewable for an annual period for a one-time payment of $400,000. The Kazakh company is provided with an interest-free loan of up to $1.4 million to meet licensing requirements. The option can be exercised by Laramide at any time during the term of the agreement through a one-time payment of $14 million, 50% in cash and 50% in Laramide Shares. The option agreement also allows for an alternative mechanism to develop this opportunity by way of a spin-off transaction.

Laramide Resources is headquartered in Toronto. The company is engaged in the exploration and development of high quality uranium deposits in Australia and the western United States.

Aral Resources Ltd, according to open sources, was registered in 2024 in Astana. The company is engaged in geological exploration.