Corporate Presentation - Laramide€¦ · Tight capital structure, experienced board with global...

Laramide Resources Ltd.

Building a low-cost production portfolio

ASX/TSX: LAM | www.laramide.com

Corporate Presentation November 2017


Disclaimer

2

This presentation is provided on the basis that neither the Company nor its representatives or advisors make any warranty (express

or implied) as to the accuracy, reliability, relevance or completeness of the material contained in the presentation and nothing

contained in the presentation is, or may be relied upon as a promise, representation or warranty, whether as to the past or the future.

The Company hereby excludes all warranties that can be excluded by law. The presentation contains material which is predictive in

nature and may be affected by inaccurate assumptions or by known and unknown risks and uncertainties, and may differ materially

from results ultimately achieved.

To the maximum extent permitted by law the Company and its advisors, affiliates, related bodies corporate, directors, officers,

partners, employees and agents exclude and disclaim all liability without limitation, for any expenses, losses, damages or costs

incurred by you as a result of the information in the presentation being inaccurate or incomplete in any way for any reason, whether

by negligence or otherwise, the use of this information or otherwise arising in connection with it.

This presentation contains projections and forward-looking information that involve various risks and uncertainties regarding future

events. Such forward-looking information can include without limitation statements based on current expectations involving a number

of risks and uncertainties and are not guarantees of future performance of the Company. These risks and uncertainties could cause

actual results and the Company’s plans and objectives to differ materially from those expressed in the forward-looking information.

Actual results and future events could differ materially from anticipated in such information. These and all subsequent written and oral

forward-looking information are based on estimates and opinions of management on the dates they are made and expressly qualified

in their entirety by this notice. The Company assumes no obligation to update forward-looking information should circumstances or

management’s estimates or opinions change.

Exploration Target Size described in this presentation is conceptual in nature and should not be construed as a JORC compliant

Mineral Resource. Target mineralisation is based on projections of established grade ranges over appropriate widths and strike

lengths having regard for geological considerations including mineralisation style and expected mineralisation continuity as

determined by qualified geological assessment. There is insufficient information to establish whether further exploration will result in

the determination of a Mineral Resource.

This presentation is not a prospectus, product disclosure statement or other offering document under Australian law (and will not be

lodged with ASIC) or any other law. This presentation is for information purposes only and is not an invitation or offer of securities for

subscription, purchase or sale in any jurisdiction (and will not be lodged with the U.S. Securities Exchange Commission or Canadian

Securities Exchange).


Qualified Person and Cautionary Statement

3

Qualified Person

The technical information in this presentation has been prepared in accordance with the Canadian regulatory requirements set out in

NI 43-101. The information has been reviewed and approved by Bryn Jones, MMinEng, FAusIMM a Qualified Person under the

definition established by National Instrument 43 101 and JORC. Mr. Jones is the Chief Operating Officer of the Company and a

Fellow of the Australasian Institute of Mining and Metallurgy. Mr. Jones has sufficient experience which is relevant to the style of

mineralization and type of deposit under consideration and to the activity he is undertaking to qualify as a Competent Person as

defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr.

Jones consents to the inclusion in this release of the matters based on his information in the form and context in which it appears.

National Instrument 43-101 Disclosure

Collectively, the Properties’ historical mineral Resources of uranium are considered “historical estimates” for purposes of Canadian

securities legislation and NI 43-101 and are therefore presented in accordance with NI 43-101. They however cannot be considered

current mineral resources. There is one historical resource estimate summarized in the Technical Appendix. It is uncertain that

following evaluation and/or further exploration work that these foreign estimates will be able to be reported as mineral resources or

ore reserves in accordance with the JORC Code.

Cautionary Statement

The Historical/Foreign Estimates are not reported in accordance with the JORC Code; A Competent Person has not yet done

sufficient work to classify the historical or foreign estimates as mineral resources or ore reserves in accordance with the JORC

Code; and It is uncertain that following evaluation and/or further exploration work that these foreign estimates will be able to be

reported as mineral resources or ore reserves in accordance with the JORC Code


Diversified portfolio of large and high-quality

uranium projects located in United States and

Australia. Laramide project jurisdictions benefit

from low cost, low technical risk for U3O8 production

Well positioned in an improving uranium

environment with a longstanding track record

Premier In Situ Recovery (ISR) acquisition –

Church Rock and Crownpoint Projects – provide

near-term production potential. Historical

exploration work exceeds US$100 million

Church Rock Inferred Resource Estimate – 51

million pounds (average grade of 0.075% eU3O8 )

Trading a significant discount based on global

resource estimates on multiple projects

Improved trading liquidity and member of top

Global X Uranium ETF

4

Laramide Resources Today: Well Positioned in Uranium Sector

Trades on Toronto Stock Exchange and Australian Securities Exchange: “LAM”


Project Portfolio

Church Rock and Crownpoint, New Mexico, United States:

Recent acquisition creates a leading In Situ Recovery (ISR) division in

a tier one jurisdiction with enhanced project economics and low

operating costs

51 million pound NI 43-101/JORC Inferred Mineral Resource estimate 1,

excellent grades, simple mining

Production ready assets – most permits in hand

Low initial capital – staged ramp up

Conventional hard-rock assets in New Mexico and Utah, United States:

La Sal – Permits in hand to commence mining and toll-milling

agreement in place; La Jara Mesa – Permitting nearly complete

Westmoreland, Australia:

A wholly owned pre-production project in NW Queensland near NT

border

Former Rio Tinto asset with large Resource – 52 million pounds U3O8 2

Good Grade – 870 ppm U3O8

Updated robust PEA issued; simple mining – open cut with ore from

surface and mild acid tank leach

Strong mining history in the region including Mount Isa district, Century

Zinc

5

1Church Rock Resource Estimate 2017 completed by Roscoe Postle Associates Inc., press release dated Oct. 10, 2017 2Westmoreland Resource Estimate, page 119, May 2009 and Scoping Study 2016. www.laramide.com

Church Rock, New Mexico

Westmoreland, Queensland

La Sal, Utah

Enviable project portfolio of potential low-cost production

http://www.laramide.com/


Laramide’s Projects - Safe, Stable Jurisdictions in Producing Countries

6

Major Global Uranium Suppliers

Laramide Project Locations

Westmoreland

Laramide Project Office

Corporate Office

La Sal

La Jara Mesa Church Rock and Crownpoint

Tier 1, Producing Jurisdictions



Corporate Snapshot

7 Tight capital structure, experienced board with global mining experience

Ticker (ASX1/TSX) LAM

Shares on Issue 114.8M

Fully Diluted 147.1M

Market Price (CAD) 2 $0.26

Market Cap $30M

Cash & Investments3 $2.0M

Loan Facilities4 $4.0M

Management Owns 10%

John Booth – Non-Executive Chairman

• Qualified lawyer (Ontario, NY and DC), 25 years experience as

banker, broker and fund manager in global capital markets

• Previously worked for firms including Merrill Lynch International, ICAP,

CEDEF, ABN AMRO Bank, World Bank and Climate Change Capital

Marc Henderson - Director, President & CEO

• Chartered Financial Analyst with +25 years experience as senior

officer operating mining companies, CEO of Laramide since 2005

• Former President and CEO of Aquiline Resources Inc., developer of

world-class Navidad silver project, Argentina

• Past President of MineFinders (1987-1994)

Scott Patterson – Independent Director

• President and Chief Executive Officer of FirstService Corporation

• Chartered Accountant, previously at Price Waterhouse (1983-1987)

• Formerly investment banker at Canadian-based investment dealer

and before that at Bankers Trust

Paul Wilkens – Independent Director

• +30 years experience with Rochester Gas and Electric (RG&E),

where he served as President and in several senior positions

• Holds an MBA from University of Rochester and a Master of Science

in Nuclear Engineering

1. ASX CDIs are 1:1 into common shares and

included in total Shares on Issue

2. As at October 2017

3. As at October 2017

4. 9% per annum due July 1 2018.

TSX/ASX: LAM


Uranium sector upgraded as uranium prices may have bottomed

Source: Various Media and Analyst Reports, 2017 8

Reactor closures ongoing in certain countries

and lower natural gas prices are two of the

biggest headwinds for the sector

Increase in electricity demand is expected to

increase by 50% by 2035 and grid

connections steadily on the rise

Significant annual primary deficit by 2021-

2030

Return to demand growth with China leading the

way. Nearly 450 units operating globally today

with almost 60 reactors under construction

Early stages of the next uranium cycle bringing

institutional investors to the sector

Supply discipline from largest producers

World’s top uranium producer Kazakhstan to

cut output by 10%

Significant production cuts announced by

Cameco and others

Approximately, 50% of most projects globally are

uneconomical at current uranium term prices

Current administration in U.S. supportive of

nuclear; while US production declines to an all-

time low

Japan reactor restarts finally picking up

Major uranium ETF began to receive in-flows of

new capital in summer 2016

TSX/ASX: LAM


China’s nuclear power forecast versus U.S.

.

9

0

10

20

30

40

50

60

70

USA Actual (1966 – 1980) and China (2007 – 2020)

USA CHINA

2016-2020 Actual + Forecast (under construction or planned)

Additional reactors are planned in China, including some of the world's most advanced, to give a four-fold increase in nuclear capacity to at least 58 GWe by 2020, then possibly 150 GWe by 2030.

Source: WNA and Morgan Stanley. China actual until 2016

(GW)



Church Rock and Crownpoint Projects

10

Laramide’s synergistic acquisition created a leading In-Situ Recovery (ISR) company Enhanced overall project economics and fundability with royalty burden much reduced

Near-term development project that compares well with U.S. listed ISR projects Low capital intensity project and operating costs and attractive grades relative to comparable producers

Uranium mineral resource estimates are significant (see Technical Appendix)

Transaction consolidates substantial package of adjacent assets

Laramide completed a new independent NI 43-101 Mineral Resource Estimate for Church Rock Uranium Project (see press release Oct. 10, 2017) completed by Roscoe Postle Associates Inc.

Church Rock Resource Estimate 2017 Highlights: an Inferred Resource Estimate of 33.9 million tons at an average grade of 0.075% eU3O8 for a contained resource of 50.8 million pounds using a 0.5 ft-% Grade Thickness cutoff. Data from previous operators is consolidated and digitized resulting in a database of 1,667 drill holes totaling approximately 1,841,545 feet of drilling.

Feasibility Study completed on Section 8 and major permitting work completed

Located in a mining district with excellent infrastructure

Laramide will commence in Q4 2017 a Preliminary Economic Assessment on the consolidated project

Attractive acquisition cost of U$0.21 per pound on a Global basis Uranium Resources (URI) can elect to become equity shareholder of Laramide



Church Rock and Crownpoint Project Overview

Church Rock, Mancos and Strathmore/Church Rock

Church Rock – Section 8 and 17

• Initial production area with Section 8 and 17 – most licenses/permits in hand

• High-quality resource (see Technical Appendix)

• Feasibility Study by previous operator completed on Section 8

Mancos and Strathmore-Church Rock

• Provide significant additional resources and mine expansion

Crownpoint Area

Crownpoint

• Located 25 miles from Churchrock

• Large resource and production license/permits

• Permitted 3 million lbs. U3O8/a Central Processing Plant

• No economic study has been completed on a CPP at this time

11

Northwestern end of the Grants Mineral Belt, NM, USA

Newly unencumbered near-term development project

TSX/ASX: LAM


12

Overview of Church Rock and Mancos Resource Area Independent NI

43-101 Resource

Estimate on

mineral resources

for Church Rock

completed by

Roscoe Postle

Associates Inc.

Historical work

completed by

Mobil and

Uranium

resources

exceeds

US$100 million.

Laramide

acquisitions

improve overall

economics of

consolidated New

Mexico uranium

district.



Footer text goes here 13


Church Rock Uranium Project: Jmw B Sand Mineralization


Church Rock Section 8 Feasibility Study1 (prepared by previous

operator URI) highlights for Churchrock Section 8 only:

ISR amenable

NRC Licence in timely renewal from Section 8, 17 at Churchrock and Crownpoint

Output toll-milled through URI’s facility in Texas

Capex of $35M for initial production of 1 million pounds U3O8 per annum

Low operating costs ($20 - $23 per pound)

6.5 million pounds at grade of 0.11 % U3O8 for an initial 6 year mine life

Feasibility showed $65M impact of the royalties (specifically, Laramide’s sliding scale royalty of up to 25% gross revenue)

Assumed conservative recovery rate of 67%

14 1 Feasibility Study compiled by Behre Dolbear & Company, TREC Inc. and Western States Mining

Consultants Inc. (Uranium Resources press release, Dec. 31, 2012)

Properties are located in the northwestern end of the Grants Mineral

Belt, NM.



Conceptual Development Plan for Church Rock and Crownpoint

15 Globally significant production and bottom quartile opex

Laramide’s independent NI 43-101 Mineral Resource Estimate on Church Rock

completed by Roscoe Postle Associates Inc. on the newly consolidated projects (in

accordance with JORC/ NI 43-101) (see press release Oct. 10, 2017)

To be completed, Preliminary Economic Assessment with early production focused on

Church Rock Section 8 and staged expansion to access additional resources – Mancos

and Churchrock/Strathmore

Construct Section 8/17 satellite plant

Develop remaining resources with additional satellite plants as required

Construct Crownpoint Central Processing Plant (CPP)

TSX/ASX: LAM


Laramide’s US Hard Rock Project Portfolio Summary

La Jara Mesa – Ambrosia Lake District, New Mexico

• Mineral Resource estimate of 10.4 million pounds resource (NI 43-101):

• Final permit approvals under way

16 Both projects have exploration and deposit extension potential

La Sal – Lisbon Valley, Utah

• Toll-milling agreement with nearby White Mesa

Mill (Energy Fuels) in place

TSX/ASX: LAM


Excellent jurisdiction for mining development 17

Geological Setting

• Proterozoic uranium province

covers Darwin to Mt Isa

• Sandstone hosted

• Resource along 7km strike

length

• Mineralisation predominantly

uraninite

Location

• Westermoreland Project

located 200km north of Century

Zinc

Grid Power

Skilled workforce

Nearby ports

• Strong local support for

uranium development

Westmoreland: A Premier Asset in a Tier-1 Location

Westmoreland: developing a premier Australian uranium project


18

Redtree deposit

Exploration camp *Resource competed in accordance with NI 43-101 and is reported at a 0.02% cut-off grade

Low risk mining and metallurgy in an area with good infrastructure

Westmoreland Project Highlights

Large Australian uranium

deposit

Westmoreland is one of the 10 largest uranium deposits in Australia,

and only one in a handful in the world not under control of a major

mining company

Significant resource*

Total resource of 51.9 million pounds of uranium (U3O8): 36 million

pounds U3O8 of Indicated with an average grade of 0.089%

(890ppm)and 15.9 million pounds U3O8 of Inferred with an average

grade of 0.083% (830ppm). The resource also has significant near mine

expansion opportunities.

Simple mining

Westmoreland is intended to be an open cut operation using

conventional acid leaching and solvent extraction technology to produce

greater than 3 million pounds per annum. 80% of the resource is within

50m from surface

Excellent metallurgical

results

High uranium recovery of 95% and relatively low acid consumption.

More recent uranium recoveries of 97% were confirmed by ANSTO in

2011/2012 with the use of a conventional mild acid leach route

Long mine life expected –

Updated PEA completed

Mine life is expected to be 13 years with potential to increase to more

than 15 years following further resource/reserve drilling

Located in world class

mining province

Located in a world class mining province with favourable infrastructure

near the Century Zinc Mine

TSX/ASX: LAM


19

Moving Westmoreland into Development


Positive PEA on Westmoreland Uranium Project

Key Highlights of the PEA

• Initial capital expenditures of US$268M plus US$49M contingency are estimated to construct the mine and a 2M tonne per annum (tpa) mill with a nameplate capacity of 4Mlb U3O8 per annum;

• Total sustaining capital of US$58M over the Life of Mine (“LOM”);

• Cash operating cost to average US$21.00/lb U3O8 for the first five years of operation and US$23.20/lb U3O8 LOM;

• Net Present Value at a 10% discount rate of US$598M pre-tax and US$400M post tax.

• Internal Rate of Return of 45.4% pre-tax and 35.8% post tax with a capital payback estimated at 2.5 years post-tax.

• Low 2.3:1 strip ratio for the first 5 years of operation and 4:1 LOM. Simple, open cut mining operation.

• Mine scheduling allows best practice in-pit tailings storage to be employed without the requirement for a temporary tailings storage facility;

• Opportunities have been identified to further reduce operating cost through reagent recycling. Further testwork is required to confirm this assumption before incorporating it into the process model.

20

High quality historical data acquired from Rio Tinto



Exploration Upside: Joint Ventures in the Northern Territory

District scale exploration opportunity 21

Rio Tinto JV

Outstanding exploration

upside from JV strategy

to control most of the large

mineralised system along

the Westmoreland trend

including:

Laramide’s 100%-owned tenure on the Queensland side of the border

JVs with Rio Tinto, Gulf Manganese and Rum Jungle Resources in the Northern Territory

The Company reached new deal terms on the RIO JV for 2016 exploration activities to include verifying targets with surface sampling.

TSX/ASX: LAM


Laramide Well Positioned in a Recovering Market

Strategic Objectives:

U.S. ISR Projects

Advance a preliminary economic study on Church Rock

Complete a JORC/NI 43-101 resource estimate on Crownpoint Uranium

Project

Finalize remaining mine permits and approvals at Church Rock

La Sal project permits are being maintained and La Jara Mesa near

completion

Westmoreland Project

Scoping Study and PEA has been completed (press release, April 21,

2016)

Prepare inputs for permitting process

Field work planned on the Murphy JV in Northern Territory, Australia

Discuss scoping results with key local stakeholders

22



Marc Henderson

President, CEO and Director (CFA)

Marc Henderson has more than 25 years experience as a senior officer operating mining companies including CEO

of Laramide since 2005. Marc is the former President and CEO of Aquiline Resources Inc., which was developing

the world-class Navidad silver project in Argentina and was acquired by Pan American Silver. He is also Past

President of MineFinders (1987 to 1994), responsible for acquiring the Delores property (Mexico). Mr. Henderson is

a Chartered Financial Analyst, and he holds an economics degree from the University of Colorado. He has served

on the Board of Directors for several publicly listed companies, including Lydian (Director) and currently as non-

executive chairman of Treasury Metals Inc.

Bryn Jones

Chief Operating Officer (MMinEng)

Bryn Jones is an industrial chemist and fellow of the Australian Institute of Mining and Metallurgy with 16 years of

experience in the Australian uranium industry covering all aspects of the mining cycle. As Managing Director of

Uranium Equities, Mr. Jones managed and financed the PhosEnergy development from concept to feasibility study

level, which is being jointly developed by Cameco Corp. and PhosEnergy. Mr. Jones also worked in several

technical and operational management roles at Heathgate Resources, the operator of the Beverley uranium mine in

South Australia and has experience at the Olympic Dam expansion project. He also consulted on various in-situ

recovery (ISR) operations around the world and holds a Master’s degree in Mining Engineering.

Dennis Gibson

Chief Financial Officer (CGA)

Dennis Gibson has been the Chief Financial Officer at Laramide since 2006. Mr. Gibson is also the current Chief

Financial Officer of Treasury Metals Inc. Mr. Gibson has held various senior financial positions for the past 30 years.

He is the former Chief Financial Officer of Aquiline Resources Inc. (2006-2009), which was acquired by Pan

American Silver Corp. and Forrester Metals, which was acquired by Zinc One Inc. Mr. Gibson is a CPA, CGA, and

holds a Bachelor of Commerce degree from Concordia University.

Greg Ferron

VP IR & Corp. Development

Greg Ferron has more than 10 years of capital markets experience as well as advising public mining companies.

Prior to joining Laramide, Mr. Ferron held various positions at the Toronto Stock Exchange and the TSX Venture

Exchange. His last position at the Exchange was heading the global business development for the mining sector.

Prior to that, Mr. Ferron was an Analyst at Scotiabank. He is also Vice President of Treasury Metals Inc.

Evan Hughes

GM Australia (CA)

Evan Hughes is a Chartered Accountant with 25 years of experience in the mining industry. His previous positions

include CEO of CH Warman Dubai and Managing Director of L&M Mining Limited in New Zealand. He is Company

Secretary for Lagoon Creek Resources – the Australian subsidiary of Laramide.

Laramide Management Team

23 Experienced in American and Australian uranium and small resource companies

TSX/ASX: LAM


Summary: Why Invest in Laramide?

Late stage development projects, good grades, low technical risk

Experienced management team with strong depth of expertise in

developing and operating uranium mines including ISR

Enviable U.S. project portfolio of ISR projects in New Mexico

Large Australian uranium asset (previously held by a major)

Outstanding Westmoreland district-wide exploration upside

Multiple Projects of Scale at the Right Part of the Cost Curve;

Ideally Positioned for a Renewed Wave of Utility Contracting (2018

and beyond)

Positioned for rapid growth in a strengthening uranium market 24

A premier investment opportunity in uranium



Contact Info

25

Marc Henderson Bryn Jones

President and CEO Phone (Toronto): 416 599 7363 Email: [email protected]

Chief Operating Officer Phone (Brisbane): (07) 3831 3407 Email: [email protected]

Laramide Company Address Greg Ferron

The Exchange Tower

130 King Street West

Suite 3680, PO Box 99

Toronto, Ontario

M5X 1B1

Canada

www.laramide.com

VP, Investor Relations & Corporate Development Phone (Toronto): 416 599 7363 Email: [email protected]

Westmoreland

Competent Persons Statement Information in this report that relates to Exploration Results, Mineral Resources or Ore Reserves is based on information

compiled by Mr Peter Mullens who is a Fellow of the Australasian Institute of Mining and Metallurgy. Mr Mullens is a

consultant of Laramide Resources Ltd, and has sufficient experience which is relevant to the style of mineralisation and type

of deposit under consideration and to the activity he is undertaking to qualify as a Competent Person as defined in the 2012

Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Mullens

consents to the inclusion in this release of the matters based on his information in the form and context in which it appears.

TSX/ASX: LAM


TECHNICAL DATA APPENDIX

26


The Church Rock Resource Estimate was prepared to CIM Definition Standards (2014) as incorporated in NI 43-101 and completed by Roscoe Postle Associates Inc. (“RPA”) in Denver, USA with the assistance of Laramide’s technical team (see press release dated Oct. 10, 2017).

27

Church Rock Resource Estimate Classification Sand Unit Tonnage Grade Contained Metal

(Tons) (% eU3O8) (U3O8 lbs)

Inferred Dakota Sandstone 632,000 0.115 1,452,000

Morrison Formation - Brushy Basin 64,000 0.147 189,000

Morrison Formation - Westwater Canyon (A Sand) 1,714,000 0.075 2,556,000

Morrison Formation - Westwater Canyon (B Sand) 7,890,000 0.077 12,145,000

Morrison Formation - Westwater Canyon (C Sand) 4,498,000 0.092 8,290,000

Morrison Formation - Westwater Canyon (D Sand) 6,588,000 0.067 8,894,000

Morrison Formation - Westwater Canyon (E Sand) 6,110,000 0.068 8,310,000

Morrison Formation - Westwater Canyon (F Sand) 5,557,000 0.068 7,583,000

Morrison Formation - Westwater Canyon (G Sand) 595,000 0.084 1,005,000

Morrison Formation - Westwater Canyon (H Sand) 231,000 0.086 396,000

Inferred Total 33,879,000 0.075 50,820,000

Notes: 1. CIM (2014) definitions were followed for Mineral Resources. 2. Mineral Resources are reported at a grade x thickness (GT) cut-off of 0.5 ft-

%. 3. A minimum thickness of 2.0 feet was used. 4. A minimum cut-off grade of 0.02% eU3O8 (based on historic mining costs

and parameters from the district) was used to define the mineralization envelope.

5. Internal maximum dilution of 5.0 feet was used. 6. Grade values have not been adjusted for disequilibrium (equilibrium factor

= 1.0). 7. Tonnage factor of 15ft3/ton (based on historical density used by the mining

operators) was applied. 8. Totals may not add due to rounding.


28

Cautionary Statements: The supporting information provided in the market announcement “Laramide to acquire a substantial portfolio of ISR Projects” released to the market on 10 November 2015 continues to apply and has not materially changed. Please see page 3 of the presentation for full statements. A qualified person has not completed sufficient work to classify these historic mineral resources as current mineral resources or in accordance with the JORC code; and the Company is not treating the historic resources or reserves as current. It is uncertain that following evaluation and/or further exploration work that these foreign estimates will be able to be reported as mineral resources or ore reserves in accordance with the JORC Code.

Crownpoint Historical Estimated Resources 1

Pounds U3O8 In-Place in Millions

Section Indicated Resource2

9-17-13 2.8

24-17-13 12.53

Total 15.3

1. As of March 1, 2010. Technical Report on the Crownpoint Project of Uranium Resources Inc. (the previous operator) Behre Dolbear & Company (USA) 2. A Douglas Report dated Oct. 2, 1996 described the confidence level as “Proven and Probable Reserve.” The 1996 Report did not separate proven from

probable and Behre Dolbear has assigned the lower level of confidence of “Indicated”. Douglas terminology in 2004 was “Non-Reserve Mineralized Material.” Douglas did not describe tons and grade assigned to the resource.

3. The Douglas Report did not specify which portions of Section 24 were being evaluated. Behre Dolbear assumed that the Douglas estimate includes 100% of the material on the southwest quarter of the Section, 40% of the southeast quarter of the Section (Walker lease), and 100% of the Consol claims.

4. Conforms to NI 43-101 according to Behre Dolbear


Westmoreland Resource Estimate*

*Independent JORC/NI 43-101 Mineral Resource Estimate completed by Mining Associates of Australia (Press release, 04/23/2009). 29

Category Deposit Tonnes Uncut Cut ktonnes Mlbs

Indicated Redtree 12,858,750 0.092 0.090 11.6 25.5

Huarabagoo 1,462,000 0.092 0.083 1.2 2.7

Junnagunna 4,364,750 0.082 0.081 3.5 7.8

18,685,500 0.089 0.088 16.4 36.0

Inferred

Redtree 4,466,750 0.069 0.067 3.0 6.6

Huarabagoo 2,406,000 0.116 0.109 2.6 5.8

Junnagunna 2,149,500 0.077 0.075 1.6 3.6

9,022,250 0.083 0.080 7.2 15.9

Parameters for estimate:

1. Geological model method used was sectional interpretation for 3D wireframes, each

domain separately estimated.

2. Total of 695 drill holes (including 393 open hole percussion and 302 diamond cored)

for 38,363.5 metres evaluated at Redtree Deposit, suspect and duplicate holes not

used.

3. Total of 361 drill holes (including 48 open hole percussion, 28 RC and 285 diamond

cored) for 32,320.3 metres evaluated at Huarabagoo Deposit.

4. Drill composite width of one metre.

5. Missing samples or intervals not used.

6. Cut-off grade of 0.02% used on blocks.

7. Top cut applied and varied for each domain.

8. Estimates made using ordinary krige method.

9. Panel size of 20m by 20m by 4m for estimation and sub-blocked to 5m by 5m by 2m

for volumes.

10. Bulk density of 2.5 throughout. 11. No mining or metallurgical factors applied.



(1) Independent NI 43-101 Scoping Study on Laramide Resources Ltd.’s Westmoreland Uranium Project completed by Lycopodium Minerals Pty Ltd for issue on April 20, 2016 (Press release, April 21, 2016).

30

Westmoreland 2016 Preliminary Economic Assessment comparison to 2007 report

Units Updated Previous

Production

Annual Production MMlb 3.5 3.0

Total Uranium Recovered MMlb 45.8 34.0

Met. Recovery % 95% 90%

Mine Life Years 13 11.3

C1 Cash Cost

LOM Avg. US$/lb 23.30 27.99

Capital Cost

Total Initial Capital US$MM 317 247

Sustaining Capital US$MM 58 45

Economic Parameters

U3O8 Price US$/lb 65 50

Exchange Rate USD:AUD -- 0.70 0.78

Discount Rate % 10 10

Tax Rate % 30 30

State Royalty % 5.0 2.7

IRC (capped at $10 MM indexed) % 1.0 --

Results

IRR (Post-Tax) % 35.8

NPV (Post-Tax) US$MM 400

Pay-back (Post-Tax) Years 2.5 5.5

The preliminary economic assessment is preliminary in nature and includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the preliminary economic assessment will be realized. Mineral resources that are not mineral reserves do not have demonstrated economic viability.


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