Laramide Resources, through its Australian subsidiary Tackle Resources, has received approval from the Queensland Government for a mineral development licence (MDL) for the Westmoreland uranium project in Northwest Queensland. The approval marks a key step, enabling the company to advance permitting, feasibility studies, and other preparatory activities for a future mining lease application.

The MDL signifies formal recognition of the Westmoreland Project’s potential for development.

The MDL covers all of Westmoreland’s defined uranium deposits—Redtree, Huarabagoo, Junnagunna, and Long Pocket—which were included in an economic analysis conducted in 2016. The licence confirms the project’s potential for development and follows the establishment of an indigenous land use agreement with the Gangalidda & Garawa Native Title Aboriginal Corporation in November 2022.

Marc Henderson, president and CEO of Laramide, stated: “The grant of the MDL is a significant milestone for the Westmoreland Project. It provides regulatory confirmation that the project hosts a defined and economically significant resource capable of supporting long-term development.” He added: “Furthermore, it provides the company with a security of tenure that allows us to continue with advanced mining studies, which in turn maintains our commitment to significant investment in regional Northwest Queensland. With the MDL now in hand, Laramide is excited for the opportunity to expedite further evaluation of the asset; we believe this asset can play a material role in providing security of supply for western nuclear utilities as they confront the now widely acknowledged structural supply deficit of uranium that extends well into the 2030s.”

While the Queensland Government’s current policy restricts uranium mining leases, the recent election of a Liberal National majority government may lead to a policy shift, potentially facilitating Laramide’s future mining lease application. The MDL strengthens the company’s position to advance the project, supporting economic growth in the region through investment and development opportunities.

In March, Boss Energy acquired 23.5 million shares in Laramide Resources, signaling confidence in the company’s prospects. The Westmoreland project is poised to contribute to the global uranium supply, addressing anticipated demand growth in the nuclear energy sector through the 2030s. Laramide’s progress underscores its commitment to sustainable resource development and regional economic contributions.