Rankings Commodities & uranium Laramide Resources
Laramide Resources
49
15070100
A view of the same findings, not a new score. How it works
The model found several serious problems. That does not mean the stock will fall.
Biggest deductions
- Margin−12
- Regulation: Queensland−9
- Regulation: Churchrock-Crownpoint−8
Strengths
- Strategic shareholder+3
- Non-dilutive funding+1
Speculative profile
A penny stock under DKK 3. The asymmetry rating is separate from the Bjarvik score and is not a recommendation.
- Asymmetry (1–10)
- 4
- Price
- 2.14 DKK
- Market value
- DKK 625m
- Cash runway
- 8 months
- Cash / debt
- 6.9 / 1.6m CAD
- Dilution, 12 months
- +14%
Bull case
Churchrock gets the discharge permit, and the NRC licence is renewed without intervention, so the company can become a new ISR producer in the USA around 2029. At the same time Queensland opens for uranium. The total PEA NPV of about US$1bn (about C$1.4bn) at 0.25–0.4x NAV gives C$350–550m vs a market cap of about C$135m, i.e. 2.5–4x. Boss Energy is an obvious takeover candidate.
Bear case
The NRC lets New Mexico intervene, and the renewal drags on for years while Navajo opposition blocks in practice. Queensland keeps the ban, and cash runs out in 2027, so money must be raised at C$0.30-0.40 (+15-25% shares) again and again. The stock could halve but hardly go to zero because the assets have strategic value.
Catalysts
- 5 Oct 2026Oral hearing in the NRC's Atomic Safety and Licensing Board of New Mexico's request to intervene in the renewal of the Crownpoint licencebinary navajotimes.com
- 7 Oct 2026The comment deadline for NMED's discharge permit for the Churchrock Section 8 ISR expires; a possible public hearing followsgradual ladailypost.com
- 13 Nov 2026Q3 report (estimated date) – cash after the placementgradual stockanalysis.com
Risk of going to zerolow to medium - two projects with real resources and studies and Boss Energy as anchor shareholder, but only about 8 months of cash, and both main projects are politically blocked.
Next financingCash of C$1.94m at 30/6-2026 plus C$5.01m from the placement on 13/8-2026 gives approx. C$6.9m pro forma. With spending of approx. C$2.4m per quarter (TTM FCF/4) and negative working capital that lasts approx. 8 months, i.e. a new issue in H1 2027. Construction (Westmoreland US$456m, Churchrock ISR) requires a strategic partner or project financing.
Warrants & convertiblesNo convertibles found. The placement in August 2026 (8.35m shares at C$0.60) was without warrants. Outstanding warrants and options are not quantified; share-based compensation of C$1.1m in Q2 2026.
Insiders, last 12 monthsNo purchases or sales found (not systematically checked). Insiders own c. 8% (stockanalysis).
Largest ownersBoss Energy about 19.9% (2025, slightly diluted since). Unidentified strategic investor with 8.35m shares (about 2.9%, August 2026). Institutions about 21%, insiders about 8%.
Circio check(1) Small market cap: partial – approx. DKK 625m, larger than the other uranium pennies. (2) Hot theme: yes – new US uranium production. (3) Upcoming milestones: yes – NRC review 5/10 and NMED hearing. (4) Major partner: yes – Boss Energy 19.9%. (5) Funding for 2+ years: no – approx. 8 months. (6) Price near the bottom: partial – −31–36% in a year and the lowest P/B in five years.
Why this asymmetryA PEA NPV of about US$1bn vs an EV of about C$134m and a producer as anchor shareholder give real upside if just one of the political knots is untied. But it is exactly politics (Queensland ban, New Mexico and Navajo) that decides the outcome, and the cash forces new issues before it happens.
How the score is built
From 100 to 49, step by step: points off for the business, the price and the cracks, back for documented strengths, then three data adjustments.
Start
Score
Hover or select a step to see what drove it. Steps with findings open them below.
Key numbers
As of 2 Nov 2026. Analyst targets tend to be optimistic; read upside as a hint, not a forecast.
- Price
- 0.42 CAD
- Median analyst target
- 1.40 CAD
- Upside to median
- +229.4%
- Analysts
- 3
- Target range
- 1.20 – 1.80 CAD
- 52-week change
- −40%
- P/E (trailing)
- n/a
- Forward P/E
- n/a
- PEG
- n/a
Findings
Every deduction and every plus, with its source. Open a step to read them.
Business
Is the company getting stronger, not just bigger? · 3 findings−19 of −30
- −12MarginNo revenue. The operating result is −C$7.6m TTM and has worsened every year (−2.7m in 2021, −6.9m in 2025). FCF is −C$9.8m TTM. ROE −7.7% is not counted again.
- −4Resource and studiesWestmoreland: 48.1m lb indicated and 17.7m lb inferred. The updated PEA (22/7-2026) gives an after-tax NPV of USD 741m and IRR 33% at USD 90/lb, but requires an initial investment of USD 456m plus 84m in reserve. Both projects are only at PEA level – there is no PFS or FS.
- −3Capital allocationA company with under C$2m in cash at 30/6-2026 is spreading itself across Australia, several US projects and now Sweden (licenses bought 14/8-2026, the day after an emergency placement). Focus and capital are being thinned out.
Price
Today's multiples against the company's own history and its peers. · 1 finding−4 of −35
- −4Valuation vs history and NPVP/B 1.13 vs 1.14–1.73 in 2021–25 (lowest level), and EV approx. CAD 134m vs a combined PEA NPV of approx. US$1bn (approx. 0.1x NAV). It is cheap on paper, but the discount reflects that the largest NPV sits in a state with a uranium ban.
Cracks
Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 4 findings−26 of −35
- −9Regulation: QueenslandQueensland has long banned uranium mining. LNP premier Crisafulli has said that a change is not on his agenda and is up to the federal government. Laramide can only apply for a mining licence for Westmoreland – the highest-value project – 'when permitted'.
- −8Regulation: Churchrock-CrownpointNew Mexico is challenging the NRC's renewal of the licence (SUA-1580) – oral hearing in the Atomic Safety and Licensing Board 5/10-2026. The Navajo Nation's environmental agency is opposed, and the 2005 Diné law bans uranium mining and ISR on Navajo land. An information meeting in August 2026 was taken over by opponents.
- −7Funding and dilutionCash was only C$1.94m at 30/6-2026 with negative working capital (-1.2m), so C$5.01m was raised at C$0.60 in August 2026, only 13 months after an issue of C$12m. The share count is +17% in 15 months to 292.8m, and runway is about 8 months.
- −2SentimentThe stock is −31% over 52 weeks and trades below both the 50- and 200-day averages (C$0.59 and 0.67), RSI 32. It has fallen to C$0.46, while the latest placement was done at C$0.60.
Plus
Only documented strengths. · 2 findings+4 of +15
- +3Strategic shareholderBoss Energy (Australian uranium producer) is the largest shareholder with 19.9% and took part pro rata in the 2025 issue. It is a real validation from a producer.
- +1
Caveats
What the score does not capture, or where the data is weak.
Penny analysis (Under 3 kr). Uranium developer with no revenue and two projects with economic studies: Westmoreland (Queensland, Australia; updated PEA July 2026) and Churchrock-Crownpoint (ISR, New Mexico). Also La Jara Mesa and new licences in Sweden (August 2026). Listed on both TSX and ASX. Latest financial statements as of 30/6-2026; the placement of 5.01m C$ in August has been added to cash. The Churchrock NPV (258m US$, IRR 62%) is from a secondary source (Crux Investor), and I have not seen the technical report. The strategic investor from August 2026 is not named. Warrants and options have not been compiled. Compared with CanAlaska and F3, Laramide is further advanced with resources and studies, but the value is locked by politics (ban in Queensland and opposition in New Mexico/Navajo) – the same type of jurisdiction risk as Global Atomic in Niger, just less acute.
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