Laramide Resources (ASX:LAM) will abandon its greenfield uranium exploration efforts in Kazakhstan, terminating its option agreement with Aral Resources for the Chu-Sarysu Project with immediate effect.
The agreement, signed in September 2024, had granted Laramide access to over 5,500km2 in the prolific Chu-Sarysu Basin, near some of Kazatomprom’s largest uranium deposits.
Since late 2024, Laramide had been funding exploration programs, including geological surveys and data analysis, to identify high-priority drilling targets for an initial 15,000-meter multi-rig drill campaign planned for 2025.
However, delays in securing regional work permits prevented any drilling in Q4 2025.
Compounding these challenges, on Dec. 26, 2025, Kazakhstan’s President enacted amendments to the country’s subsoil use code, increasing the national company Kazatomprom’s required ownership of any new uranium discoveries, effectively reducing the economic viability for foreign investors.