Laramide Resources’ (TSX:LAM,ASX:LAM,OTCQX:LMRXF) Crownpoint-Churchrock and La Jara Mesa uranium projects in New Mexico have received covered project status under the federal FAST-41 permitting initiative.
Enacted in 2015, the FAST-41 designation is intended to streamline the environmental review and permitting process for infrastructure projects considered important to national interests.
Since taking office, President Donald Trump has issued several executive orders and initiated a Section 232 investigation into energy security as part of a broader focus on accelerating domestic energy and critical minerals development.
Laramide’s Crownpoint-Churchrock project, located in McKinley County, is comprised of two uranium deposits that are amenable to in-situ recovery (ISR) and holds a US Nuclear Regulatory Commission license.
According to the 2023 technical report, the project holds a 50.8 million pound U3O8 inferred resource.
The La Jara Mesa project, situated in the Grants Mineral Belt of Cibola County, is a sandstone-hosted uranium deposit currently working through the uranium production permitting process.
The Laramide news comes after the US Department of the Interior expedited the environmental assessment for Anfield Energy’s (TSXV:AEC,OTCQB:ANLDF) Velvet-Wood uranium project in Utah last month. According to reports, the review was completed in 14 days — a timeline significantly shorter than the standard review process.
Nuclear deals fuel market optimism
Shares of Laramide are up 4.69 percent on the TSX since the Monday (June 2) news, trading for C$0.67.
The uranium sector has seen a broad wave of positivity since Trump signed several executive orders geared at supporting the country’s nuclear industry, with players across the value chain benefiting.
Tuesday (June 3) brought another boost for the sector, with energy provider Constellation Energy (NASDAQ:CEG) announcing a major deal. In a significant development for the US nuclear energy sector, Constellation and Meta Platforms (NASDAQ:META) have entered into a 20 year agreement through which Mark Zuckerberg’s Meta will purchase power from the Clinton Clean Energy Center in Illinois, starting in June 2027.
The deal is part of a wider initiative by Meta to meet its growing energy needs, in particular the energy required for its artificial intelligence and data center operations. The agreement will ensure the continued operation of the Clinton nuclear facility beyond the expiration of Illinois’ zero-emission credit program.
Clinton’s output will increase by 30 megawatts via the deal.
This partnership highlights the ongoing trend of tech companies investing in nuclear energy to meet escalating power demands and aligns with federal initiatives to bolster domestic nuclear capacity.
Securities Disclosure: I, Georgia Williams, hold no direct investment interest in any company mentioned in this article.