11:31 AM EDT, 09/05/2024 (MT Newswires) -- Laramide Resources ( LMRXF ) on Thursday said it entered into a three-year option agreement with Aral Resources, a Kazakh company, for 17 mineral licenses, with an additional five licenses pending approval, covering nearly 6,000 square kilometers of the Chu-Sarysu sedimentary basin of Kazakhstan.

The option can be exercised at any time through a one-time payment of US$14 million in cash and shares. The agreement can be extended for an additional year with a one-time payment of US$400,000 in cash and shares.

Laramide may acquire at any time during the option period, to obtain full ownership of the Chu-Sarysu Project. Throughout the period, Laramide will be the exclusive operator, and assume responsibility for all operational and exploration expenses.

The optionors will retain a 1% net smelter royalty which is subject to a buy down provision.

Laramide shares were last seen up $0.02 to $0.52 on the Toronto Stock Exchange.

Price: 0.52, Change: +0.02, Percent Change: +4.00