10:27 AM EST, 12/06/2024 (MT Newswires) -- Laramide Resources ( LMRXF ) was at last look down 1.35% on Friday -- but it was lower -- as it closed a three-year option agreement, with an option to extend for an additional year, that includes terms allowing for the acquisition of Aral Resources, which owns the Chu-Sarysu uranium project in Kazakhstan.

Laramide has the right to acquire all outstanding shares of Aral at any time during the option period. The moves gives Laramide the opportunity to explore 22 subsoil use license applications.

Throughout the option period, Laramide will serve as the exclusive operator of the project, assuming responsibility for all operational and exploration expenses.

The mineral licenses included in the option agreement cover nearly 5,500 square kilometers, representing greenfield uranium exploration opportunities.

Each license has an initial term of up to six years, with the option for a one-time renewal for an additional five years.

"While Laramide had not been actively seeking to expand its portfolio, the high-impact exploration potential in Kazakhstan presented an exceptional low-risk, high-reward opportunity to strengthen our pipeline of quality projects," President and CEO Marc Henderson said. "As a company committed to building a uranium producer capable of meeting utility needs, this aligns perfectly with our long-term strategy."

Laramie's share price was last down 1.35% at last look to $0.73 on the TSX.

Price: 0.72, Change: -0.02, Percent Change: -2.70