Laramide Resources Ltd. (LAM:TSX; LMRXF:OTCQX: LAM:ASX) is a uranium exploration and development company with projects in the western United States, Australia, and Kazakhstan, Beacon Securities Analyst Michael Curran wrote in an updated research note on November 3.
Earlier this year, Laramide announced an updated mineral resource estimate (MRE) for its Westmoreland project in Queensland, Australia, he wrote. The indicated resources are now 48.1 million pounds of U3O8, with inferred resources at 17.7 million pounds of U3O8.
In early June, Laramide reported that its Crownpoint-Churchrock uranium project in New Mexico was designated a FAST-41 Covered Project, Curran said. This designation is expected to streamline the permitting process as part of the U.S. government's initiative to advance domestic critical mineral and metal projects toward production. This followed a similar designation for LAM’s La Jara Mesa project in early May, also in New Mexico.
"In mid-July, LAM’s Westmoreland project in Queensland Australia received a Mineral Development License (MDL), which allows Laramide to proceed with studies to advance the project towards a Mining Lease (ML) application," the analyst wrote. "This work is likely to include metallurgical testing, environmental, engineering and design studies, as well as feasibility-related work."
In July, Laramide raised gross proceeds of CA$12 million by issuing 20 million common shares at CA$0.60 each, he noted.
Exploration Plans and Valuation
A 15,000-meter drilling program is expected to commence this quarter at LAM’s Chu-Sarysu project in Kazakhstan, targeting roll-front type uranium mineralization, as well as copper and rare earths, according to Curran's note.
He also said Beacon had adjusted for the recent change in capital structure and rolled forward its valuation basis to 2026 (from 2025). Consequently, its 12-month fair value increased from CA$1.45 to CA$1.50 per LAM share. As this still represents significant upside from current price levels, the firm maintained its BUY rating for Laramide Resources.
"In our view, Laramide represents an attractive investment for exposure to uranium developments in the top-tier mining jurisdictions of the USA, Australia, and now Kazakhstan," Curran wrote. "Laramide’s assets are in areas of historical uranium mining, thus should have lower barriers to development than other jurisdictions."
Valuation Methodology
Curran said the firm's preferred valuation for mining equities uses cash flow-based metrics such as P/CF and P/NAV, utilizing life-of-mine production forecasts and our commodity price assumptions.
"However, for earlier-staged explorers where it is arguably too early to create a DCF model with much accuracy, we employ a more basic valuation metric of Adjusted Market Capitalization per total resource (AMC/lb) or Enterprise Value per resource pound (EV/lb)," the analyst wrote.
He said for Laramide, he employed a hybrid model using DCF-based valuation for Churchrock and EV/lb valuation methods for the company’s other U.S. and Australian assets. Curran said Beacon currently did not attribute any value to the Kazakhstan assets.
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- Laramide Resources Ltd. is a billboard sponsor of Streetwise Reports and pays SWR a monthly sponsorship fee between US$3,000 and US$6,000.
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Disclosures for Beacon Securities, Laramide Resources Ltd., November 3, 2025:
Does Beacon, or its affiliates or analysts collectively, beneficially own 1% or more of any class of the issuer's equity securities? ☐ Yes ☒ No Does the analyst who prepared this research report have a position, either long or short, in any of the issuer’s securities? ☐ Yes ☒ No Has any director, partner, or officer of Beacon Securities, or the analyst involved in the preparation of the research report, received remuneration for any services provided to the securities issuer during the preceding 12 months? ☐ Yes ☒ No Has Beacon Securities performed investment banking services in the past 12 months and received compensation for investment banking services for this issuer in the past 12 months? ☒ Yes ☐ No Was the analyst who prepared this research report compensated from revenues generated solely by the Beacon Securities Investment Banking Department? ☐ Yes ☒ No Does any director, officer, or employee of Beacon Securities serve as a director, officer, or in any advisory capacity to the issuer? ☐ Yes ☒ No Are there any material conflicts of interest with Beacon Securities or the analyst who prepared the report and the issuer? ☐ Yes ☒ No Is Beacon Securities a market maker in the equity of the issuer? ☐ Yes ☒ No Has the analyst visited the issuer’s material operation(s)? ☐ Yes ☒ No Did the issuer pay for or reimburse the analyst for the travel expenses? ☐ Yes ☒ No All information contained herein has been collected and compiled by Beacon Securities Limited, an independently owned and operated member of the Canadian Investment Regulatory Organization (CIRO). All facts and statistical data have been obtained or ascertained from sources, which we believe to be reliable, but are not warranted as accurate or complete. All projections and estimates are the expressed opinion of Beacon Securities Limited, and are subject to change without notice. Beacon Securities Limited takes no responsibility for any errors or omissions contained herein, and accepts no legal responsibility from any losses resulting from investment decisions based on the content of this report. This report is provided for informational purposes only and does not constitute an offer or solicitation to buy or sell securities discussed herein. Based on their volatility, income structure, or eligibility for sale, the securities mentioned herein may not be suitable or available for all investors in all countries. As at October 31, 2025 # Stocks Distribution Buy 66 76% Buy Total 12-month return expected to be >15% Speculative BUY 14 16% Speculative Buy Potential total 12-month return is high (>15%) but given elevated risk, investment could result in a material loss Hold 2 2% Hold Total 12-month return expected to be between 0% and 15% Sell 0 0% Sell Total 12-month return expected to be negative Under Review 4 5% Under Review No current rating/target Tender 1 1% Tender Clients are advised to tender their shares to takeover bid or similar offer Total 87 100% Dissemination Beacon Securities distributes its research products simultaneously, via email, to its authorized client base. All research is then available on www.beaconsecurities.ca via login and password. Analyst Certification The Beacon Securities Analyst named on the report hereby certifies that the recommendations and/or opinions expressed herein accurately reflect such research analyst’s personal views about the company and securities that are the subject of the report; or any other companies mentioned in the report that are also covered by the named analyst. In addition, no part of the research analyst’s compensation is, or will be, directly or indirectly, related to the specific recommendations or views expressed by such research analyst in this report.
