The reason for Laramide Resources' exit from the project was a change in national legislation.
According to Exclusive.kz, Laramide planned to conduct drilling at depths of up to 15,000 meters, but in fact, they never commenced work due to prolonged bureaucratic procedures. The company's statement indicated that the main factor forcing them to exit the project was the amendments made to the Subsoil Code, which were signed in December 2025. These amendments increase the mandatory participation share of "Kazatomprom" in new uranium projects, which Laramide views as "de facto nationalization" of all new uranium discoveries.
Mark Henderson, president of Laramide Resources, noted that under the new conditions, participation in the Kazakhstan project has lost both economic and strategic significance. He added that this concerns not only their company but also many other foreign players in the uranium industry.
As a result, Laramide Resources has already ceased funding its operations in Kazakhstan and will now focus on developing uranium projects in the USA and Australia.
