In short: Named alongside Peninsula in the same dismissal — "Peninsula, Laramide, they all suck. They're not going anywhere. These are recycled projects from previous. They didn't work." The generic charge is the one he levels at the whole developer cohort: old projects re-optioned into each cycle that only work at prices far above today's.
1:11:46But I think that if you're just going to say, well, I get a lot of complaints because people like, "This guy's been talking about the uranium bull market. I lost money." Well, yeah, because — can't buy these shitcos. They all blow up. Peninsula, Laramide, they all suck. They're not going anywhere.
In short: Reported as a headwind event, not a rating: "New Mexico's Department of Justice has ordered work stopped at the Crown Point and Church Rock in situ recovery projects held by Laramide Resources, the only company currently licensed to produce uranium in the state," citing the region's history of environmental damage, existing tailings ponds and water-contamination risk. Frostad's broader read is that "American supply faces political headwinds even in historic producing regions" — a company-specific setback inside a bullish price argument.
Laramide is the only company currently licensed to produce uranium in New Mexico, and this week the state's Department of Justice ordered it to stop work at its Crown Point and Church Rock projects. Those are in-situ recovery operations — instead of digging rock out, you pump a solution underground, dissolve the uranium in place and pump it back up. That method is cheap and low-footprint, but it works by moving liquid through the same aquifers people drink from, which is precisely what the objection is about: New Mexico cited the region's long history of uranium contamination, the existing tailings ponds, and the risk to water.
Read this as a news event rather than a rating — the show is a market brief, not a recommendation service. But the direction is unambiguous for the company: its only near-term path to production is halted by a state government, and the state is separately drafting a ban on uranium mining in the Chama Basin after another Canadian company started drilling there. Political risk in a "safe" jurisdiction is still political risk.
The uncomfortable irony Frostad draws out is that the same event is bullish for uranium generally. America consumes roughly 50 million pounds a year and produces one; blocking domestic supply does not reduce the need for pounds, it just moves the buying to the contract market — "every domestic project pushed to the sidelines will make that wave harder to absorb."
6:04Utilities remember these episodes when they negotiate long-term contracts, and they're increasingly willing to pay a premium for pounds from politically stable ground. — Back in the United States, New Mexico's Department of Justice has ordered work stopped at the Crown Point and Church Rock in situ recovery projects held by Laramide Resources, the only company currently licensed to produce uranium in the state.
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