Annual Technical Report for EL 9319 Reporting Period 4 November 2017 to 3 November 2018

Abstract

Lagoon Creek Resources Pty Ltd (LCR), a wholly owned subsidiary of Laramide Resources Ltd, is exploring for sandstone hosted, unconformity related uranium in a number of Northern Territory tenements including EL 9319. Rio Tinto Exploration Pty Ltd (Rio Tinto) is the registered holder of EL 9319 which forms part of LCR's Murphy Project in the Northern Territory. The exploration licence was originally applied for in 1995 and subsequently granted in November 2011. In May 2011 LCR entered into an earn-in and joint venture agreement with Rio Tinto for EL 9319 with LCR appointed as the operator. Details of exploration programs completed by LCR are documented in previous Annual Technical Reports. In July 2018 LCR and Rio Tinto entered into a Sale and Purchase Agreement (SPA) where by LCR would purchase 100% of the Murphy Project, comprising EL 9319 and EL 9414 and a number of ELAs from Rio Tinto. The negotiation of the SPA took 9 months over which time the exploration progress on the Project was paused. During the current reporting period Lagoon Creek Resources advanced the licences that comprise the Murphy Project by undertaking an extensive regional airborne gravity survey as part of the Company's Mineral Systems investigations. In May 2018, a co-funding submission as part of the Creating Opportunities for Resource Exploration (CORE) Initiative was made to the NT Department of Primary Industry and Resources to undertake the gravity survey. The submission was accepted as one of the Geophysics Collaboration projects. Subsequently, CGG Aviation Australia Pty Ltd completed the FALCON Airborne Gravity Gradiometry, Magnetics and DTM Survey. The FALCON AGG system is believed to provide the highest resolution gravity gradiometer data available and should provide the resolution required to achieve the Company's objectives.