Impact: Positive
Laramide (LAM) announced its acquired exploration licenses from Gilpas (Private) in Sweden’s Hotagen and Arjeplog-Arvidsjaur provinces, which are some of Europe’s most prospective uranium jurisdictions. The timing follows Sweeden’s recent legislative reforms to allow permitting of uranium mining. In our view, LAM has moved early and cheaply, while the district is still being staked into vein and metasomatic ground that sits outside Sweden’s one open regulatory question, at C$600k with the balance payable only against delineated pounds. That said, the near-term re-rating still runs through Churchrock (C$436M of our C$496M NAV), which is where the C$5M raise is going, while Westmoreland (65.8Mlb U3O8, US$741M post-tax NPV) is carried at just C$45.7M in-situ pending Queensland policy making it the largest piece of optionality in the stock. Sweden optionality would now likely rank behind both.