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.
Laramide cited these legislative changes, alongside rising property taxes, as making further exploration in Kazakhstan financially unfeasible.
"Kazakhstan has pre-emptively nationalised future uranium discoveries, creating substantial political and economic risk for new entrants," said Laramide CEO Marc Henderson.
The company emphasised that while it is stepping back from Kazakhstan, it remains focused on advancing its two major uranium development projects: Churchrock-Crownpoint in New Mexico, USA, and Westmoreland in Queensland, Australia, aiming to contribute to global uranium supply amid a tightening market.
At the time of reporting, Laramide Resources' share price was $0.77.