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Friday
Jul312015

Ur-Energy Releases 2015 Q2 Results; Webcast to be Held August 4, 2015

Littleton, Colorado (PR Newswire – July 31, 2015) Ur-Energy Inc. (NYSE MKT:URG, TSX:URE)  (the “Company” or “Ur-Energy”) has filed the Company’s Form 10-Q for the quarter ended June 30, 2015, with the U.S. Securities and Exchange Commission at www.sec.gov/edgar.shtml and with Canadian securities authorities on SEDAR at www.sedar.com.  

Lost Creek Uranium Production and Sales

The Lost Creek Project continued to exhibit quarter over quarter increases in pounds captured with 207,268 pounds U3O8 in Q2 and 399,548 pounds YTD.  Drummed and shipped pounds exhibited the same trend as pounds captured allowing for the quarter over quarter downward trend of cash and non-cash costs per pound to continue. The Q2 cash cost per produced pound sold was $16.15 and the average total cost per produced pound sold was $28.98 ($32.29 YTD). In addition to Lost Creek production sold into contracts, the Company purchased 200,000 pounds and accelerated a contractual delivery requirement by several months. The Company also made its first spot sale of 70,000 pounds during Q2.  In total, 404,000 pounds were sold at an average price of $45.08 during Q2 yielding a gross profit of $10.94 per pound, or 24.3%. More importantly, the Company showed its first quarterly profit with slightly more than one million dollars net profit during the period.

Jeff Klenda, Executive Director and Acting CEO, notes “Our production team continues to deliver outstanding performance by consistently lowering our production costs per pound while routinely increasing production rates.  This has all been done while growing our resource base and developing our current and planned production areas. Great job!”

The Lost Creek Project also reached a major milestone during Q2 when it produced, drummed and shipped its millionth pound since the start of production. Ten of the originally-planned 13 header houses in Mine Unit 1 (MU1) are now in operation as surface construction development continues on the remaining 3 houses. All the original planned wells have already been installed and await only surface hookup. 

The geology and exploration team completed a mineral resource estimate update for Lost Creek. The report detailed a 2.308 million pound Measured mineral resource addition to MU1 after revising the GT cutoff, providing a 95% increase to the last reported estimate. After taking into consideration the pounds produced to the data cutoff of March 31 2015, the Measured Resource for MU1 increased by 1.329 million pounds to a revised total of 3.757 million pounds, a 55% increase to the last reported MU1 resource in the 2013 Lost Creek PEA.  As well, the analysis completed following the first portion of an exploration drilling program conducted immediately south and adjacent to the production area resulted in identification of 121,000 pounds U3O8 in the Measured and Indicated categories of mineral resource and 296,000 pounds Inferred mineral resource (both based upon the lowered GT cutoff). The revised and updated mineral resource estimate became a part of an updated NI 43-101 Technical Report for Lost Creek Property, issued June 17, 2015.

During the six months ended June 30, 2015, 399,548 pounds of U3O8 were captured within the Lost Creek plant. 360,915 of those pounds were packaged in drums and 351,177 pounds of the drummed inventory were shipped to the conversion facility where 350,000 pounds were sold to utility customers.  

Inventory, production and sales figures for the Lost Creek Project are presented in the following tables.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    


















 

The cost of sales includes ad valorem and severance taxes related to the extraction of uranium, all costs of wellfield, plant and site operations including the related depreciation and amortization of capitalized assets, reclamation and mineral property costs, plus product distribution costs. These costs are also used to value inventory and the resulting inventoried cost per pound is compared to the estimated sales prices based on the contracts or spot sales anticipated for the distribution of the product. Any costs in excess of the calculated market value are charged to cost of sales.

Continuing Guidance for 2015

We accelerated the timing of one delivery of 200,000 pounds from September to April 2015. To fulfill the delivery, we purchased 200,000 pounds from a trader at the then current spot price. This generated net cash proceeds of approximately $4.0 million and lowered our production requirements for the year by 200,000 pounds.  Nevertheless, our current production plan for 2015 is still to maintain an average production rate of approximately 70,000 pounds per month and produce between 750,000 and 850,000 pounds of U3O8. Excess production will be used to build inventory, which may be utilized to complete discretionary spot sales transactions on an as needed basis if market conditions warrant.  The production rate may be adjusted based on continuing operational refinements, and indicators in the market, including uranium spot market pricing and other factors. The Q3 2015 production target for Lost Creek is 210,000 pounds U3O8 dried and drummed.

We ended the quarter with 96,320 pounds of dried and drummed U3O8 in ending inventory.  Of those, 66,314 pounds were held at the conversion facility at a total cost per pound of $27.37.  The total cost per pound was comprised of ad valorem and severance taxes ($2.30), cash costs ($15.48) and non-cash costs ($9.59), thus demonstrating a continuing trend of lower costs per pound as we gradually increase production towards are targeted rates. We expect this trend to continue so long as our production levels continue to rise and our costs remain consistent.

As at July 30, 2015, our unrestricted cash position was $3.6 million.

Our Form 10-Q may be accessed on the Company’s website at www.ur-energy.com.


August 4, 2015 Webcast

The Ur-Energy management team will provide a review of the 2015 second quarter operations and sales, corporate strategy and guidance via a webcast on August 4, 2015. A Q&A session will follow the presentation. Those wishing to participate by phone can do so by calling:

 

US Number 1-877-226-2859  

Canada Number 1-866-605-3851

International Number 1-412-542-4134

Ask to be joined into the Ur-Energy call.

The call is being webcast by PR Newswire. The webcast can be accessed 10 minutes prior to the call. Pre-registration and participation access is available by copying the following URL into your web browser:

https://www.webcaster4.com/Webcast/Page/1186/9654

If you are unable to join the call, a link will be available following the webcast on the Company’s website www.ur-energy.com.

About Ur-Energy

Ur-Energy is a uranium mining company operating the Lost Creek in-situ recovery uranium facility in south-central Wyoming. The Lost Creek processing facility has a two million pounds per year nameplate design capacity. Shirley Basin, our newest project, is one of the Pathfinder Mines assets we acquired in 2013. Baseline studies necessary for permitting and licensing of the project are currently being advanced. Ur-Energy is engaged in uranium mining, recovery and processing activities, including the acquisition, exploration, development and operation of uranium mineral properties in the United States. Shares of Ur-Energy trade on the NYSE MKT under the symbol “URG” and on the Toronto Stock Exchange under the symbol “URE.” Ur-Energy’s corporate office is located in Littleton, Colorado; its registered office is in Ottawa, Ontario. Ur-Energy’s website is www.ur-energy.com. 

 

FOR FURTHER INFORMATION, PLEASE CONTACT

Rich Boberg, Senior Director IR/PR

 

Jeff Klenda, Chair and Acting CEO

866-981-4588     

 

866-981-4588

rich.boberg@ur-energy.com 

 

jeff.klenda@ur-energy.com

 

Cautionary Note Regarding Forward-Looking Information

This release may contain “forward-looking statements” within the meaning of applicable securities laws regarding events or conditions that may occur in the future (e.g., results of production and continued efforts to ramp up production at the Lost Creek facility; ability to meet production targets, continue to lower cost per pound,  and to timely deliver into existing contractual obligations; ability to deliver into spot sales if the market conditions warrant) and are based on current expectations that, while considered reasonable by management at this time, inherently involve a number of significant business, economic and competitive risks, uncertainties and contingencies. Factors that could cause actual results to differ materially from any forward-looking statements include, but are not limited to, capital and other costs varying significantly from estimates; failure to establish estimated resources and reserves; the grade and recovery of ore which is mined varying from estimates; production rates, methods and amounts varying from estimates; delays in obtaining or failures to obtain required governmental, environmental or other project approvals; inflation; changes in exchange rates; fluctuations in commodity prices; delays in development and other factors described in the public filings made by the Company at www.sedar.com and www.sec.gov. Readers should not place undue reliance on forward-looking statements. The forward-looking statements contained herein are based on the beliefs, expectations and opinions of management as of the date hereof and Ur-Energy disclaims any intent or obligation to update them or revise them to reflect any change in circumstances or in management’s beliefs, expectations or opinions that occur in the future.

Monday
Jul272015

Ur-Energy to Host 2015 Second Quarter Webcast and Teleconference on Tuesday, August 4, 2015

Littleton, Colorado (PR Newswire – July 27, 2015) Ur-Energy Inc. (NYSE MKT:URG, TSX:URE) (the “Company” or “Ur-Energy”) will host a webcast and teleconference on Tuesday, August 4, 2015 at 11:00 AM Eastern Time. 

The Ur-Energy management team will provide a review of the 2015 second quarter operations and sales, corporate strategy and guidance. A Q&A session will follow the presentation. Those wishing to participate by phone can do so by calling:

US Number 1-877-226-2859  

Canada Number 1-866-605-3851

International Number 1-412-542-4134

Ask to be joined into the Ur-Energy call.

The call is being webcast by PR Newswire. The webcast can be accessed 10 minutes prior to the call. Pre-registration and participation access is available by clicking here or by copying the following URL into your web browser:

https://www.webcaster4.com/Webcast/Page/1186/9654

If you are unable to join the call, a link will be available following the webcast on the Company’s website www.ur-energy.com.

 

About Ur-Energy

Ur-Energy is a uranium mining company operating the Lost Creek in-situ recovery uranium facility in south-central Wyoming. The Lost Creek processing facility has a two million pounds per year nameplate design capacity. Shirley Basin, our newest project, is one of the Pathfinder Mines assets we acquired in 2013. Baseline studies necessary for permitting and licensing of the project are currently being advanced. Ur-Energy is engaged in uranium mining, recovery and processing activities, including the acquisition, exploration, development and operation of uranium mineral properties in the United States. Shares of Ur-Energy trade on the NYSE MKT under the symbol “URG” and on the Toronto Stock Exchange under the symbol “URE.” Ur-Energy’s corporate office is located in Littleton, Colorado; its registered office is in Ottawa, Ontario. Ur-Energy’s website is www.ur-energy.com.

 

FOR FURTHER INFORMATION, PLEASE CONTACT

Rich Boberg, Senior Director IR/PR

 

Jeffrey Klenda, Executive Director, Acting CEO

866-981-4588     

 

866-981-4588

Rich.Boberg@ur-energy.com

               

 

Jeff.Klenda@ur-energy.com

Friday
Jul102015

Ur-Energy Provides 2015 Q2 Operational Results

 

Littleton, Colorado (PR Newswire – July 10, 2015) Ur-Energy Inc. (NYSE MKT:URG, TSX:URE) (the “Company” or “Ur-Energy”) provides the following report of operational results for second quarter 2015, which includes having drummed and shipped the one millionth pound of U3O8 from Lost Creek Project during the quarter. 

Highlights

 

Lost Creek Uranium Production and Sales

In addition to making sales into its term contractual commitments for the seventh consecutive quarter, Lost Creek made its first sale into the spot market of 70,000 pounds in June. Together, contract and spot sales from U3O8 produced at Lost Creek totaled 204,000 pound at an average price of $31.21 per pound for sales revenues of $6.37 million. The Company also accelerated, from September to April, the delivery of 200,000 pounds at a price of $59.94.  To fulfill the delivery, we purchased 200,000 pounds from a trader at the then-current spot price,  which generated net cash proceeds of approximately $4.0 million.   In total,  product sales for the quarter totaled 404,000 pounds at an average sales price of $45.08 per pound. 

Captured pounds and production flow both continued to increase quarter-over-quarter. Production was sourced from nine header houses in the first mine unit for much of the quarter with header house 10 being brought on line in mid-June.  All the initially planned wells in the first mine unit (“MU1”) have been installed and surface construction of the eleventh header house is under way. Plant head grades continue to be significantly higher than originally projected. For the quarter, 207,269 pounds of U3O8 were captured within the Lost Creek plant; 183,858 pounds U3O8 were packaged in drums; and 179,672 pounds U3O8 of drummed inventory were shipped from the Lost Creek processing plant to the converter.

Updated Technical Report and Additional Operational Highlights

During the quarter, the Company’s geology and exploration teams completed their work on an updated mineral resource for MU1 at Lost Creek, with recognition that a lower grade-thickness (GT) cutoff was appropriate. The updated mineral resource estimate also included resources estimated from results of the exploration drill program initiated south of the production area earlier this year (see Company news release May 6, 2015). That mineral resource update was then confirmed in an NI 43-101 Technical Report issued on June 17, 2015. We anticipate completing the remaining 60 holes of the 150-hole program during third quarter.

Continuing Guidance for 2015

The Q3 2015 production target for Lost Creek is 210,000 pounds U3O8 dried and drummed. Our production rate may be adjusted based on operational refinements, and indicators in the market, including uranium spot market pricing and other factors.    

About Ur-Energy

Ur-Energy is a uranium mining company operating the Lost Creek in-situ recovery uranium facility in south-central Wyoming. The Lost Creek processing facility has a two million pounds per year nameplate design capacity. Shirley Basin, our newest project, is one of the Pathfinder Mines assets we acquired in 2013. Baseline studies necessary for permitting and licensing of the project are currently being advanced. Ur-Energy is engaged in uranium mining, recovery and processing activities, including the acquisition, exploration, development and operation of uranium mineral properties in the United States. Shares of Ur-Energy trade on the NYSE MKT under the symbol “URG” and on the Toronto Stock Exchange under the symbol “URE.” Ur-Energy’s corporate office is located in Littleton, Colorado; its registered office is in Ottawa, Ontario. Ur-Energy’s website is www.ur-energy.com. 

 

FOR FURTHER INFORMATION, PLEASE CONTACT

Rich Boberg, Senior Director IR/PR

 

Jeffrey Klenda, Executive Director, Acting CEO

866-981-4588     

 

866-981-4588

Rich.Boberg@ur-energy.com

               

 

Jeff.Klenda@ur-energy.com

 

Cautionary Note Regarding Forward-Looking Information

This release may contain “forward-looking statements” within the meaning of applicable securities laws regarding events or conditions that may occur in the future (e.g., future results of operational activities at the Lost Creek facility; ability to meet production targets for third quarter) and are based on current expectations that, while considered reasonable by management at this time, inherently involve a number of significant business, economic and competitive risks, uncertainties and contingencies. Factors that could cause actual results to differ materially from any forward-looking statements include, but are not limited to, capital and other costs varying significantly from estimates; failure to establish estimated resources and reserves; the grade and recovery of ore which is mined varying from estimates; production rates, methods and amounts varying from estimates; delays in obtaining or failures to obtain required governmental, environmental or other project approvals; inflation; fluctuations in commodity prices; delays in development and other factors described in the public filings made by the Company at www.sedar.com and www.sec.gov. Readers should not place undue reliance on forward-looking statements. The forward-looking statements contained herein are based on the beliefs, expectations and opinions of management as of the date hereof and Ur-Energy disclaims any intent or obligation to update them or revise them to reflect any change in circumstances or in management’s beliefs, expectations or opinions that occur in the future.

Wednesday
Jun242015

Ur-Energy Achieves One Million Pound Milestone at Lost Creek

Littleton, Colorado (PR Newswire – June 24, 2015) Ur-Energy Inc. (NYSE MKT:URG, TSX:URE) (“Ur‑Energy” or the “Company”) is pleased to announce that they reached a major production milestone at their Lost Creek Project when they drummed and shipped their one millionth pound of U3O8. The drum containing the millionth pound was filled on June 15, 2015 and it was shipped to the conversion facility on June 19, 2015.  This was the thirtieth shipment to leave the Lost Creek Plant since production started in August 2013.

Steve Hatten, Vice President Operations, stated, “We are very proud of our team and their continued ability to meet and surpass the goals we set. The one million pound mark is a significant milestone in the operational achievements of this Project and we look forward to continued success in our future production efforts.”

Lost Creek is currently producing from the first ten header houses in mine unit one, whose measured mineral resource was recently increased in the Technical Report dated June 17, 2015.  The staff at Lost Creek is also planning on initiating its 2015 drilling program with development work in mine unit two and additional resource replacement drilling on the Lost Creek Project.

 

About Ur-Energy

Ur-Energy is a uranium mining company operating the Lost Creek in-situ recovery uranium facility in south-central Wyoming. The Lost Creek processing facility has a two million pounds per year nameplate design capacity. Shirley Basin, our newest project, is one of the Pathfinder Mines assets we acquired in 2013. Baseline studies necessary for permitting and licensing of the project are currently being advanced. Ur-Energy is engaged in uranium mining, recovery and processing activities, including the acquisition, exploration, development and operation of uranium mineral properties in the United States. Shares of Ur-Energy trade on the NYSE MKT under the symbol “URG” and on the Toronto Stock Exchange under the symbol “URE.” Ur-Energy’s corporate office is located in Littleton, Colorado; its registered office is in Ottawa, Ontario. Ur-Energy’s website is www.ur-energy.com.

 

FOR FURTHER INFORMATION, PLEASE CONTACT

Rich Boberg, Senior Director IR/PR

 

Jeff Klenda, Executive Director and Acting CEO

866-981-4588     

 

866-981-4588

rich.boberg@ur-energy.com           

 

jeff.klenda@ur-energy.com

 

Cautionary Note Regarding Forward-Looking Information: This release may contain “forward-looking statements” within the meaning of applicable securities laws regarding events or conditions that may occur in the future (e.g., the potential to develop additional resources at Lost Creek; the outcome of drill programs, and the timing and results of the development of mine unit two; and the results of continued production operations) and are based on current expectations that, while considered reasonable by management at this time, inherently involve a number of significant business, economic and competitive risks, uncertainties and contingencies. Factors that could cause actual results to differ materially from any forward-looking statements include, but are not limited to, capital and other costs varying significantly from estimates; failure to establish estimated resources and reserves; the grade and recovery of ore which is mined varying from estimates; production rates, methods and amounts varying from estimates; delays in obtaining or failures to obtain required governmental, environmental or other project approvals; inflation; fluctuations in commodity prices; delays in development and other factors described in the public filings made by the Company at www.sedar.com and www.sec.gov. Readers should not place undue reliance on forward-looking statements. The forward-looking statements contained herein are based on the beliefs, expectations and opinions of management as of the date hereof and Ur-Energy disclaims any intent or obligation to update them or revise them to reflect any change in circumstances or in management’s beliefs, expectations or opinions that occur in the future.

Wednesday
Jun172015

Ur-Energy Announces Updated Technical Report for Lost Creek Property 

     Report Confirms 2.308MLb Gross Increase to Last Reported Resources in Mine Unit 1

Littleton, Colorado (PR Newswire – June 17, 2015) Ur-Energy Inc. (NYSE MKT:URG, TSX:URE) (“Ur-Energy” or the “Company”) is pleased to announce the completion of an independent Technical Report (“Report”) for its Lost Creek Property in Sweetwater County, Wyoming, which confirms the increase in mineral resources previously announced, see News Release May 6, 2015. The Report serves to replace the most recent Preliminary Economic Assessment for the Lost Creek Property dated December 30, 2013 (the “2013 PEA”).

The purpose of this Report is to update the resource base of the Lost Creek Property with data through March 31, 2015. Included in this disclosure is an increase to the Measured Resources of the Company’s operating Mine Unit 1 (MU1). Due to the assessment of drill hole data obtained from recently completed wellfield installation within MU1, 2.308 million pounds of Measured Resources were added to the earlier resource total for MU1 (for a 95% increase to the last reported resource estimate). Experience gained from the higher uranium recoveries during production operations was also factored into this assessment, resulting in lowering the uranium grade X thickness (GT) cut-off used in resource estimation from 0.30 to 0.20.  An adjustment to the new mineral resource figure was then made because of the production of approximately 979,000 pounds of uranium from MU1, through March 31, 2015.  After taking into consideration the pounds produced, the current Measured Resource for MU1 increased by 1.329 million pounds to a revised total of 3.757 million pounds, a 55% increase to the last reported MU1 resource in the 2013 PEA. This production reconciliation is the only difference in the resources between the Report and an earlier disclosure in the May 6, 2015 news release.

In addition, using this new GT cut-off, 121,000 pounds of Measured and Indicated Resources, along with 296,000 pounds of Inferred Resources were delineated in the Lost Creek Project by exploratory drilling in Q1 2015, adjacent and immediately south of MU1. The exploration drilling program was temporarily suspended, and will recommence in July 2015. 

This independent Report for the Lost Creek Property has been prepared for Ur-Energy and its subsidiary, Lost Creek ISR, LLC, by TREC, Inc. (TREC) and Roughstock Mining Services, LLC (Roughstock), in accordance with Canadian National Instrument 43-101 Standards of Disclosure for Mineral Projects (NI 43-101). Completion of this Report was under the supervision of Mr. Douglass H. Graves, P.E, representing TREC, and Mr. Steve Cutler, C.P.G. (American Institute of Professional Geologists), of Roughstock, a subcontractor to TREC, Inc. Both individuals are independent Qualified Persons as defined by NI 43-101.

The majority of resources within the Lost Creek Property remain as previously estimated using the original 0.30 GT cut-off.  Ur-Energy plans to update the other resources within the Lost Creek Property in the near future using the new 0.20 GT cut-off. As well, an updated economic evaluation of the Property, addressing increased resources and an expected longer life of mine, will be completed following the comprehensive resource update. Therefore, the economic assessment of the Property in the Report remains, for now, the same as set forth in the Lost Creek 2013 PEA based upon the mineral resources then identified.

The full report titled “Technical Report for the Lost Creek Property, Sweetwater County, Wyoming” dated June 17, 2015, is available on the Company’s profile on SEDAR (www.sedar.com) and is also available on the Company’s website at www.ur‐energy.com. Messrs. Graves and Cutler, independent qualified persons for the Report, have reviewed and approved the technical disclosure contained in this news release. 

 

Cautionary statement: This Technical Report 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. Mineral resources that are not mineral reserves do not have demonstrated economic viability. The estimated mineral recovery used in this Technical Report is based on site-specific laboratory recovery data as well as URE personnel and industry experience at similar facilities. There can be no assurance that recovery at this level will be achieved.

About Ur-Energy

Ur-Energy is a uranium mining company operating the Lost Creek in-situ recovery uranium facility in south-central Wyoming. The Lost Creek processing facility has a two million pounds per year nameplate design capacity. Shirley Basin, our newest project, is one of the Pathfinder Mines assets we acquired in 2013. Baseline studies necessary for permitting and licensing of the project are currently being advanced. Ur-Energy is engaged in uranium mining, recovery and processing activities, including the acquisition, exploration, development and operation of uranium mineral properties in the United States. Shares of Ur-Energy trade on the NYSE MKT under the symbol “URG” and on the Toronto Stock Exchange under the symbol “URE.” Ur-Energy’s corporate office is located in Littleton, Colorado; its registered office is in Ottawa, Ontario. Ur-Energy’s website is www.ur-energy.com. 

 

FOR FURTHER INFORMATION, PLEASE CONTACT

Rich Boberg, Senior Director IR/PR

 

Jeff Klenda, Executive Director and Acting CEO

866-981-4588     

 

866-981-4588

rich.boberg@ur-energy.com           

 

jeff.klenda@ur-energy.com

 

Cautionary Note to U.S. Investors:  The terms “mineral resource,” “measured mineral resource,” “indicated mineral resource,” and “inferred mineral resource” as used in this news release are Canadian mining terms that are defined in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”). These Canadian terms are not defined terms under United States Securities and Exchange Commission (“SEC”) Industry Guide 7 and are normally not permitted to be used in reports and registration statements filed with the SEC by U.S. registered companies.  The SEC permits U.S. companies, in their filings with the SEC, to disclose only those mineral deposits that a company can economically and legally extract or produce. Accordingly, note that information contained in this news release describing the Company’s “mineral resources” is not directly comparable to information made public by U.S. companies subject to reporting requirements under U.S. securities laws.  U.S. investors are cautioned not to assume that any part or all of the mineral resources in these categories will ever be converted into Mineral Reserves.  U.S. investors are urged to consider closely the disclosure in our Form 10-K which may be secured from us, or online at http://www.sec.gov/edgar.shtml

 

Cautionary Note Regarding Forward-Looking Information: This release may contain “forward-looking statements” within the meaning of applicable securities laws regarding events or conditions that may occur in the future (e.g., what increases will result from the lowered GT cutoff in other areas of the Property with current data; whether changes in economics may result following the comprehensive resource update, including an anticipated longer life of mine) and are based on current expectations that, while considered reasonable by management at this time, inherently involve a number of significant business, economic and competitive risks, uncertainties and contingencies. Factors that could cause actual results to differ materially from any forward-looking statements include, but are not limited to, capital and other costs varying significantly from estimates; failure to establish estimated resources and reserves; the grade and recovery of ore which is mined varying from estimates; production rates, methods and amounts varying from estimates; delays in obtaining or failures to obtain required governmental, environmental or other project approvals; inflation; fluctuations in commodity prices; delays in development and other factors described in the public filings made by the Company at www.sedar.com and www.sec.gov. Readers should not place undue reliance on forward-looking statements. The forward-looking statements contained herein are based on the beliefs, expectations and opinions of management as of the date hereof and Ur-Energy disclaims any intent or obligation to update them or revise them to reflect any change in circumstances or in management’s beliefs, expectations or opinions that occur in the future.