The Company owns two royalties on the Churchrock Project (the "Churchrock Project") located in New Mexico, USA, a 4.0% net returns royalty (the "Churchrock 4% Royalty") and a 6% mine price royalty (the “Churchrock 6% Royalty”). Net returns are calculated based on the gross value received by the payor from the sale of ores, metals, minerals and materials from the property, less certain specified deductions for transportation, insurance, storage, sale, tolling and refining costs and any governmental royalties that are paid in respect of such production. Mine price is calculated as the value of U₃0₈ eventually mined/recovered, processed, and sold from the royalty area, considering the costs of transportation and potentially additional costs such as insurance, storage, and other costs required to finalize sale of the product at the point of sale. 

The Churchrock 4% Royalty was created pursuant to a royalty deed between Hydro Resources, Inc. and Uranium Resources, Inc. (now Westwater Resources Inc. ("Westwater")) dated January 5, 2017. Hydro Resources, Inc. was acquired by Laramide Resources Ltd. from Westwater on January 5, 2017. 

The Churchrock 6% Royalty was created pursuant to a royalty deed between Quinta Corporation and Arthur P. Quinn on June 11, 1957. Arthur Quinn located the original claims, Claims No. 16168-1 to 16168-36, in 1955. The claims were subsequently relocated and renamed by United Nuclear Corporation into 10 patented mining claims comprising Mineral Survey 2220 on a portion of Section 8 on the currently defined Churchrock project. The royalty interests were subsequently transferred to two charity organizations through various instruments between 1983 and 2001. 

A preliminary economic assessment is set out in the Churchrock Technical Report and evaluates uranium mineral recovery by in ISR methods at the Churchrock Project location and processing in a proposed new facility at the nearby Crownpoint Project location where significant project infrastructure already exists. The preliminary economic assessment set out in the Churchrock Technical Report highlights a large, long-life project with 31.2 Mlbs produced over 31 years; initial capital costs of US$47.5 million; unit operating costs (including taxes and royalties) of US$27.70/lb. and all-in sustaining costs of US$34.83/lb.; pre- tax internal rate of return of 62% and net present value (8%) of US$278 million (at US$75/lb. U₃0₈); post- tax internal rate of return of 56% and net present value (8%) of US$239 million (at $75/lb. U₃0₈); life of project post-tax cash flow exceeds $1 billion. The foregoing preliminary economic assessment is preliminary in nature and includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves. Accordingly, there is no certainty that the preliminary economic assessment will be realized.

On August 24, 2023, Laramide disclosed that NuFuels has been awarded a U.S. Department of Energy grant in the amount of US$1,756,778 to provide the funding for a joint research project with Los Alamos National Laboratory to develop advanced in-situ recovery related groundwater restoration technology. The 2-year project is designed to develop groundwater restoration technology in the laboratory that will address the modern groundwater restoration standards in New Mexico and lower the full cycle cost related to ISR by reducing the amount of water used during the groundwater restoration process through in-situ restoration techniques. 

On March 24, 2023, Laramide announced results from the diamond drilling program at the Churchrock Project. The diamond drill program, having a total drilled length of 6,030 feet (1,838 meters), was comprised of seven drill holes located in areas of uranium mineralization within Section 17 and located along the boundary between Section 17 and Section 8 of the Churchrock Project. Three of these drill holes were "twin holes" drilled within 20 feet of historic drill holes designed to confirm the stratigraphic position of uranium mineralization, the relative thicknesses of mineralized intervals, the range of uranium grades that were encountered in the historical drill holes and to provide drill core for chemical assays and radiometric equilibrium analysis.

The history of exploration and mine development activities for the Churchrock Uranium Project dates back to the late 1950s. Mine development occurred at the Section 17 property (Old Churchrock Mine), in the early 1960s by Phillips Petroleum and Affiliates, and in the early 1980s by United Nuclear Corporation (UNC).

Exploration and development activities continued through the early 1990s by Uranium Resources, Inc. In 2004, Strathmore Minerals Corp. ("Strathmore Minerals") acquired the Churchrock Project. Strathmore Minerals was subsequently acquired by Energy Fuels in 2013. Energy Fuels transferred the property to Uranium Resources, Inc. in 2015, prior to the property being acquired by Laramide in early 2017.