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Thursday
Sep072017

Ur-Energy Announces Appointment of New Board Member: Kathy E. Walker

Ur-Energy Announces Appointment of New Board Member:  Kathy E. Walker

Littleton, Colorado (PR Newswire – September 7, 2017) Ur-Energy Inc. (NYSE American:URG, TSX:URE) (the “Company” or “Ur-Energy”) is pleased to announce the appointment of Kathy E. Walker to its Board of Directors (the “Board”).  The appointment is effective September 7, 2017, and expands the size of the Board to seven.

Ms.  Walker is the president and chief executive officer of Elm Street Resources Inc., an energy marketing company based in Paintsville, Kentucky. She brings more than 30 years’ experience in various energy-related business endeavors to our Board. 

“We are very pleased to welcome Kathy Walker to the Board,” Ur-Energy Chairman and CEO Jeffrey Klenda said. “Ms. Walker’s strong business and market acumen, together with her years of experience with wide-ranging political and regulatory processes, will greatly benefit the Company and our shareholders.”

Ms. Walker holds an MBA from Xavier University. Prior to starting Elm Street Resources, she served as Secretary and Controller of Agip Coal, USA, a subsidiary of the Italian National Energy Agency ENI. She is currently a member of the National Coal Council and Board member of the Kentucky Coal Association; a member of the Kentucky Judicial Campaign Conduct Committee; and a member of the Morehead State University Board of Regents. Previously, Ms. Walker served as the Chair of the Energy and Environment transition team for Kentucky Governor Matt Bevin; was a founder and Board member of First Security Bank, Lexington, Kentucky and of Great Nations Bank, Norman, Oklahoma.

About Ur-Energy

Ur-Energy is a uranium mining company operating the Lost Creek in-situ recovery uranium facility in south-central Wyoming. We have produced, packaged and shipped more than two million pounds from Lost Creek since the commencement of operations. Applications are under review by various agencies to incorporate our LC East project area into the Lost Creek permits, and we have begun to submit applications for permits and licenses to construct and operate at our Shirley Basin Project. 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 NYSE American under the symbol “URG” and on the Toronto Stock Exchange under the symbol “URE.” Ur-Energy’s corporate office is in Littleton, Colorado; its registered office is in Ottawa, Ontario. Ur-Energy’s website is www.ur-energy.com.

FOR FURTHER INFORMATION, PLEASE CONTACT

 

Jeffrey Klenda, Chairman & CEO

 

866-981-4588

 

 

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 skills and experience Ms. Walker may bring to the Board, as well as the benefits expected from adding her to the Board) 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.

Thursday
Aug242017

Ur-Energy to Present August 31 at the Midwest IDEAS Investor Conference

Ur-Energy to Present August 31 at the Midwest IDEAS Investor Conference

Littleton, Colorado (PR Newswire – August 24, 2017) Ur-Energy Inc. (NYSE American:URG, TSX:URE) announces that Jeffrey Klenda, Chairman and CEO, will present at the Midwest IDEAS Investor Conference taking place August 30 -31, 2017 in Chicago.

Mr. Klenda will provide an overview of the Company’s business during the presentation and will be available to participate in one-on-one meetings with investors who are registered to attend the Conference.

Ur-Energy’s presentation will begin at 10:00 a.m. on Thursday, August 31, 2017. The presentation will be at the Hard Rock Hotel, Chicago (Presenting Room 2). 

Unlike traditional bank-sponsored events, IDEAS Investor Conferences are “Sponsored BY the Buyside FOR the Buyside” and for the benefit of regional investment communities. Conference sponsors collectively have more than $200 billion in assets under management. The IDEAS Investor Conferences are held annually in Boston, Chicago and Dallas and are produced by Three Part Advisors, LLC. Additional information about the events can be located at www.IDEASconferences.com.

About Ur-Energy

Ur-Energy is a uranium mining company operating the Lost Creek in-situ recovery uranium facility in south-central Wyoming. We have produced, packaged and shipped more than two million pounds from Lost Creek since the commencement of operations. Applications are under review by various agencies to incorporate our LC East project area into the Lost Creek permits, and we have begun to submit applications for permits and licenses to construct and operate at our Shirley Basin Project. 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 NYSE American under the symbol “URG” and on the Toronto Stock Exchange under the symbol “URE.” Ur-Energy’s corporate office is in Littleton, Colorado; its registered office is in Ottawa, Ontario. Ur-Energy’s website is www.ur-energy.com.

FOR FURTHER INFORMATION, PLEASE CONTACT

 

Jeffrey Klenda, Chairman & CEO

 

866-981-4588

 

 

Jeff.Klenda@ur-energy.com

 

Friday
Jul282017

Ur-Energy Releases 2017 Q2 Results

Ur-Energy Releases 2017 Q2 Results 

Littleton, Colorado (PR Newswire – July 28, 2017) Ur-Energy Inc. (NYSE American:URG, TSX:URE)  (“Ur-Energy” or the “Company”) has filed the Company’s Form 10-Q for the quarter ended June 30, 2017, 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

Ur-Energy Chairman Jeff Klenda observed, “Once again, we lowered our average cost per pound sold by supplementing production with low-cost purchases and delivering those pounds into our high-priced, long-term, sales contracts. This strategy has enabled us to build inventory, generate cash and develop our second mine unit, which is on time and under budget. In times of persistently low uranium prices, we have and will continue to take full advantage of our high-priced sales contracts, which continue into the next decade.” 

Lost Creek Production and Sales

During the three months ended June 30, 2017, a total of 65,257 pounds of U3O8 were captured within the Lost Creek plant. 70,833 pounds were packaged in drums and 74,406 pounds of the drummed inventory were shipped to the conversion facility. We sold 241,000 pounds of U3O8 during the period of which 210,000 pounds were purchased. Inventory, production and sales figures for the Lost Creek Project are presented in the following tables.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Production and Production Costs

    

Unit

    

2017 Q2

    

2017 Q1

    

2016 Q4

    

2016 Q3

    

2017 YTD

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pounds captured

 

lb

 

 

 65,257

 

 

 79,340

 

 

 103,558

 

 

 141,774

 

 

 144,597

 

Ad valorem and severance tax

 

$000

 

$

 227

 

$

 241

 

$

 247

 

$

 552

 

$

 468

 

Wellfield cash cost (1)

 

$000

 

$

 599

 

$

 889

 

$

 864

 

$

 858

 

$

 1,488

 

Wellfield non-cash cost (2)

 

$000

 

$

 780

 

$

 776

 

$

 777

 

$

 778

 

$

 1,556

 

Ad valorem and severance tax per pound captured

 

$/lb

 

$

 3.48

 

$

 3.04

 

$

 2.39

 

$

 3.89

 

$

 3.23

 

Cash cost per pound captured

 

$/lb

 

$

 9.18

 

$

 11.20

 

$

 8.34

 

$

 6.05

 

$

 10.29

 

Non-cash cost per pound captured

 

$/lb

 

$

 11.95

 

$

 9.78

 

$

 7.50

 

$

 5.49

 

$

 10.76

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pounds drummed

 

lb

 

 

 70,833

 

 

 74,382

 

 

 111,049

 

 

 145,893

 

 

 145,215

 

Plant cash cost (3)

 

$000

 

$

 1,270

 

$

 1,488

 

$

 1,336

 

$

 1,564

 

$

 2,758

 

Plant non-cash cost (2)

 

$000

 

$

 491

 

$

 491

 

$

 493

 

$

 495

 

$

 982

 

Cash cost per pound drummed

 

$/lb

 

$

 17.89

 

$

 20.00

 

$

 12.03

 

$

 10.72

 

$

 18.99

 

Non-cash cost per pound drummed

 

$/lb

 

$

 6.93

 

$

 6.60

 

$

 4.44

 

$

 3.40

 

$

 6.77

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pounds shipped to conversion facility

 

lb

 

 

 74,406

 

 

 72,643

 

 

 98,775

 

 

 149,540

 

 

 147,049

 

Distribution cash cost (4)

 

$000

 

$

 26

 

$

 47

 

$

 68

 

$

 86

 

$

 73

 

Cash cost per pound shipped

 

$/lb

 

$

 0.35

 

$

 0.65

 

$

 0.69

 

$

 0.58

 

$

 0.50

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pounds purchased

 

lb

 

 

 210,000

 

 

 200,000

 

 

 -

 

 

 -

 

 

 410,000

 

Purchase costs

 

$000

 

$

 4,870

 

$

 4,015

 

$

 -

 

$

 -

 

$

 8,885

 

Cash cost per pound purchased

 

$/lb

 

$

 23.19

 

$

 20.08

 

$

 -

 

$

 -

 

$

 21.67

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Notes:

1  Wellfield cash costs include all wellfield operating costs. Wellfield construction and development costs, which include wellfield drilling, header houses, pipelines, power lines, roads, fences and disposal wells, are treated as development expense and are not included in wellfield operating costs.

2  Non-cash costs include the amortization of the investment in the mineral property acquisition costs and the depreciation of plant equipment, and the depreciation of their related asset retirement obligation costs. The expenses are calculated on a straight line basis so the expenses are typically constant for each quarter. The cost per pound from these costs will therefore typically vary based on production levels only.

3  Plant cash costs include all plant operating costs and site overhead costs.

4  Distribution cash costs include all shipping costs and costs charged by the conversion facility for weighing, sampling, assaying and storing the U3O8 prior to sale. 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sales and cost of sales

    

Unit

    

2017 Q2

    

2017 Q1

    

2016 Q4

    

2016 Q3

    

2017 YTD

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pounds sold

 

lb

 

 

 241,000

 

 

 250,000

 

 

 100,000

 

 

 200,000

 

 

 491,000

 

U3O8 sales

 

$000

 

$

 11,797

 

$

 14,819

 

$

 3,270

 

$

 9,471

 

$

 26,616

 

Average contract price

 

$/lb

 

$

 48.95

 

$

 59.28

 

$

 32.70

 

$

 47.36

 

$

 54.21

 

Average spot price

 

$/lb

 

$

 -

 

$

 -

 

$

 -

 

$

 -

 

$

 -

 

Average price per pound sold

 

$/lb

 

$

 48.95

 

$

 59.28

 

$

 32.70

 

$

 47.36

 

$

 54.21

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U3O8 cost of sales (1)

 

$000

 

$

 6,573

 

$

 6,295

 

$

 3,082

 

$

 5,818

 

$

 12,868

 

Ad valorem and severance tax cost per pound sold

 

$/lb

 

$

 4.26

 

$

 4.00

 

$

 2.98

 

$

 3.09

 

$

 4.09

 

Cash cost per pound sold

 

$/lb

 

$

 31.54

 

$

 26.12

 

$

 18.27

 

$

 17.50

 

$

 28.18

 

Non-cash cost per pound sold

 

$/lb

 

$

 19.13

 

$

 15.48

 

$

 9.57

 

$

 8.50

 

$

 16.90

 

Cost per pound sold - produced

 

$/lb

 

$

 54.93

 

$

 45.60

 

$

 30.82

 

$

 29.09

 

 

 49.15

 

Cost per pound sold - purchased

 

$/lb

 

$

 23.19

 

$

 20.08

 

$

 -

 

$

 -

 

 

 21.67

 

Average cost per pound sold

 

$/lb

 

$

 27.26

 

$

 25.18

 

$

 30.82

 

$

 29.09

 

$

 26.21

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U3O8 gross profit

 

$000

 

$

 5,224

 

$

 8,524

 

$

 188

 

$

 3,653

 

 

 13,748

 

Gross profit per pound sold

 

$/lb

 

$

 21.68

 

$

 34.10

 

$

 1.88

 

$

 18.27

 

 

 28.00

 

Gross profit margin

 

%

 

 

44.3%

 

 

57.5%

 

 

5.7%

 

 

38.6%

 

 

51.7%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ending Inventory Balances

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pounds

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

In-process inventory

 

lb

 

 

 19,010

 

 

 28,164

 

 

 29,891

 

 

 57,647

 

 

 

 

Plant inventory

 

lb

 

 

 10,446

 

 

 14,019

 

 

 12,274

 

 

 -

 

 

 

 

Conversion facility inventory

 

lb

 

 

 160,094

 

 

 113,528

 

 

 84,689

 

 

 84,808

 

 

 

 

Total inventory

 

lb

 

 

 189,550

 

 

 155,711

 

 

 126,854

 

 

 142,455

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total cost

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

In-process inventory

 

$000

 

$

 352

 

$

 712

 

$

 897

 

$

 866

 

 

 

 

Plant inventory

 

$000

 

$

 479

 

$

 670

 

$

 461

 

$

 -

 

 

 

 

Conversion facility inventory

 

$000

 

$

 6,620

 

$

 4,379

 

$

 2,751

 

$

 2,539

 

 

 

 

Total inventory

 

$000

 

$

 7,451

 

$

 5,761

 

$

 4,109

 

$

 3,405

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost per pound

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

In-process inventory

 

$/lb

 

$

 18.46

 

$

 25.28

 

$

 30.01

 

$

 15.02

 

 

 

 

Plant inventory

 

$/lb

 

$

 45.85

 

$

 47.79

 

$

 37.56

 

$

 -

 

 

 

 

Conversion facility inventory

 

$/lb

 

$

 41.35

 

$

 38.57

 

$

 32.48

 

$

 29.94

 

 

 

 

 

Note:

1  Cost of sales include all production costs (notes 1, 2, 3 and 4 in the previous Production and Production Cost table) adjusted for changes in inventory values.

U3O8 sales of $11.8 million for 2017 Q2 were based on selling 241,000 pounds at an average price of $48.95 into term contract deliveries.  We did not make any spot sales during the quarter. Of the 241,000 pounds sold, 31,000 were from produced inventory at a cost per pound sold of $54.93 and 210,000 were sold from purchased inventory at a cost per pound sold of $23.19.  For the quarter, our cost of sales totaled $6.6 million at an average cost of $27.26 per pound.

The $54.93 cost per pound sold from produced inventory included a lower of cost or net realizable value $456 thousand adjustment to our combined inventory during the quarter. The adjustment was largely driven by the fixed nature of our non-cash costs, which do not change regardless of the quantity of pounds produced, and was charged to the cost of sales for the quarter.  During the quarter, we only sold 31,000 pounds from production and the charge amounted to an additional $14.71 per pound sold from produced inventory. Before the adjustment, our total cost per pound sold from produced inventory was $40.13 and the cash cost component was $24.16 per pound sold.

The gross profit from the sale of produced uranium for the quarter was $0.1 million, which represents a gross profit margin of approximately four percent. Gross profit from the sale of purchased uranium was $5.1 million, which represents a gross margin of approximately 51%.  Total gross profit was $5.2 million, or approximately 44%.  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Cost Per Pound Sold

Reconciliation 1

    

Unit

 

2017 Q2

    

2017 Q1

    

2016 Q4

    

2016 Q3

    

2017 YTD

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ad valorem & severance taxes

 

$000

 

$

 227

 

$

 241

 

$

 247

 

$

 552

 

$

 468

Wellfield costs

 

$000

 

$

 1,379

 

$

 1,665

 

$

 1,641

 

$

 1,636

 

$

 3,044

Plant and site costs

 

$000

 

$

 1,761

 

$

 1,979

 

$

 1,829

 

$

 2,059

 

$

 37,408

Distribution costs

 

$000

 

$

 26

 

$

 47

 

$

 68

 

$

 86

 

 

 73

Inventory change

 

$000

 

$

 (1,690)

 

$

 (1,652)

 

$

 (703)

 

$

 1,485

 

$

 (3,342)

Cost of sales - produced

 

$000

 

$

 1,703

 

$

 2,280

 

$

 3,082

 

$

 5,818

 

$

 3,983

Cost of sales - purchased

 

$000

 

$

 4,870

 

$

 4,015

 

$

 —

 

$

 —

 

 

 8,885

Total cost of sales

 

$000

 

$

 6,573

 

$

 6,295

 

$

 3,082

 

$

 5,818

 

 

 12,868

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pounds sold produced

 

lb

 

 

 31,000

 

 

 50,000

 

 

 100,000

 

 

 200,000

 

 

 81,000

Pounds sold purchased

 

lb

 

 

 210,000

 

 

 200,000

 

 

 —

 

 

 —

 

 

 410,000

Total pounds sold

 

lb

 

 

 241,000

 

 

 250,000

 

 

 100,000

 

 

 200,000

 

 

 491,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average cost per pound sold - produced (1)

 

$/lb

 

$

 54.93

 

$

 45.60

 

$

 30.82

 

$

 29.09

 

$

 49.17

Average cost per pound sold - purchased

 

$/lb

 

$

 23.19

 

$

 20.08

 

$

 -

 

$

 -

 

$

 21.67

Total average cost per pound sold

 

$/lb

 

$

 27.27

 

$

 25.18

 

$

 30.82

 

$

 29.09

 

$

 26.21

 

 

Note:

1  The cost per pound sold reflects both cash and non-cash costs, which are combined as cost of sales in the statement of operations included in this filing.  The cash and non-cash cost components are identified in the above inventory, production and sales table.

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 2017

At the end of the second quarter of 2017, the average spot price of U3O8, as reported by Ux Consulting Company, LLC and TradeTech, LLC, was approximately $20.15 per pound. Market fundamentals have not changed sufficiently to warrant the accelerated development of Mine Unit 2 (“MU2”). We are developing MU2 at a controlled rate as approved by our Board of Directors in the first quarter which will allow us to produce at a level that will satisfy a portion of our term contracts. 

For 2017, we have 600,000 pounds of U3O8 under contract at an average price of approximately $51 per pound.  We purchased 410,000 pounds during the first two quarters of the year and will purchase 109,000 pounds in the third quarter for a total of 519,000 purchased pounds at an average cost of $21 per pound. The remaining 81,000 pounds were delivered from our produced inventory during the first two quarters of the year. We may make one small spot sale later this year, which will be delivered from Lost Creek production.  The spot sale will significantly lower the average sales price from produced inventory that will be used to calculate the 2017 ad valorem and severance taxes, which are based on total mine production for the year, and thereby significantly lower the amount of taxes to be paid.

The 2017 Q3 production target for Lost Creek is between 60,000 and 70,000 pounds U3O8 dried and drummed.  Full year 2017 production guidance is unchanged at between 250,000 and 300,000 pounds. We do expect to bring the first MU2 header house on line in 2017 Q3, but our production rate may be adjusted based on continuing operational matters and other indicators in the market.

As at July 26, 2017, our unrestricted cash position was $7.6 million

 

About Ur-Energy 

Ur-Energy is a uranium mining company operating the Lost Creek in-situ recovery uranium facility in south-central Wyoming. We have produced, packaged and shipped more than two million pounds from Lost Creek since the commencement of operations. Applications are under review by various agencies to incorporate our LC East project area into the Lost Creek permits, and we have begun to submit applications for permits and licenses to construct and operate at our Shirley Basin Project. 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 NYSE American under the symbol “URG” and on the Toronto Stock Exchange under the symbol “URE.” Ur-Energy’s corporate office is in Littleton, Colorado; its registered office is in Ottawa, Ontario. Ur-Energy’s website is www.ur-energy.com.

 

FOR FURTHER INFORMATION, PLEASE CONTACT 

Jeffrey Klenda, Chair and CEO

 

866-981-4588

 

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 Lost Creek production, including meeting production projections; ability to maintain controlled production and development at Lost Creek; ability to deliver into existing contractual obligations through a balance of production and purchased pounds) 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.

Thursday
Jul132017

Ur-Energy Provides 2017 Q2 Operational Results

 

Littleton, Colorado (PR Newswire – July 13, 2017) Ur-Energy Inc. (NYSE MKT:URG, TSX:URE) (the “Company” or “Ur-Energy”) is pleased to provide the following operational results for second quarter 2017.

 

Highlights

 

Lost Creek Operations

 

Units

2017 Q1

 

2017 Q2

 

2017 YTD

 

 

 

 

 

 

 

U3O8 Captured

(‘000 lbs)

79.3

 

65.3

 

144.6

U3O8 Dried & Drummed

(‘000 lbs)

74.4

 

70.8

 

145.2

U3O8 Sold (produced)

(‘000 lbs)

50.0

 

31.0

 

81.0

U3O8 Sold (purchased)

(‘000 lbs)

200.0

 

210.0

 

410.0

 

 

 

 

 

 

 

Average Flow Rate

(gpm)

 2,403

 

       2,378

 

2,391

U3O8 Head Grade

(mg/l)

       32

 

           27

 

              30

 

Lost Creek Uranium Production and Sales

Production rates at Lost Creek continued in line with guidance for the quarter. For the quarter, 65,257 pounds of U3O8 were captured within the Lost Creek plant. 70,833 pounds of U3O8 were packaged in drums and 74,406 pounds of U3O8 drummed inventory were shipped out of the Lost Creek processing plant. At June 30, 2017, inventory at the conversion facility was approximately 160,094 pounds U3O8.  During the quarter, sales totaled $11.8 million on contract sales of 241,000 pounds at an average price of $48.95 per pound, which was 135% above the average spot price for the same period of $20.79 per pound. We purchased 210,000 pounds, of the 241,000 pounds delivered into our contractual commitments, at an average cost of $23.19 per pound. The remaining 31,000 pounds were delivered from Lost Creek production.

Following advance purchasing and planning activities in March, drilling and other construction work to develop the first three header houses in Mine Unit 2 (“MU2”) commenced in early April. This development work continues on schedule, with the first of these header houses anticipated to come online Q3. The second and third header houses will follow, with operations anticipated to commence for both in during Q4.

Vice President Operations, Steve Hatten was expectedly pleased with the reliable production from Lost Creek stating “August 2, 2017 will mark the fourth anniversary of the start of production at Lost Creek.  Our team continues to meet, and in many cases exceed, expectations in both production and development with more than two million pounds U3O8 shipped to date.”

Continuing Guidance for 2017 

2017 Q3 contract sales are anticipated to be 109,000 pounds U3O8 at an average price of $36 per pound.  The pounds were contracted to be purchased at an average cost of $20 per pound. The 2017 Q3 production target for Lost Creek is between 60,000 and 70,000 pounds dried and drummed. Our production rate may be adjusted based on continuing operational matters and other indicators in the market.

We will provide further guidance for the remainder of 2017 in our Form 10-Q, which is currently anticipated to be filed on Friday, July 28, 2017.

 

About Ur-Energy

Ur-Energy is a uranium mining company operating the Lost Creek in-situ recovery uranium facility in south-central Wyoming. We have produced, packaged and shipped more than two million pounds from Lost Creek since the commencement of operations. Applications are under review by various agencies to incorporate our LC East project area into the Lost Creek permits, and we have begun to submit applications for permits and licenses to operate at our Shirley Basin Project. 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 in Littleton, Colorado; its registered office is in Ottawa, Ontario. Ur-Energy’s website is www.ur-energy.com.

 

FOR FURTHER INFORMATION, PLEASE CONTACT

Jeffrey Klenda, Chair and CEO

 

866-981-4588

 

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., continuing results of Lost Creek operations; timing to bring the first MU2 header houses online; the ability to meet production targets for third quarter and whether adjustments of production rates will be necessary or appropriate) 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, fluctuations in commodity prices; capital and other costs varying significantly from estimates; failure to establish estimated resources and reserves; the grade and recovery of uranium 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; 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.

Friday
May192017

Ur-Energy Reports Results of Annual and Special Shareholders’ Meeting

Ur-Energy Reports Results of Annual and Special Shareholders’ Meeting

Littleton, Colorado (PR Newswire – May 19, 2017) Ur-Energy Inc. (NYSE MKT:URG, TSX:URE)  (the “Company” or “Ur-Energy”) announces the results of the Company’s Annual and Special Meeting of Shareholders held May 18, 2017, including the election of Directors.

Each of the nominee Directors listed in the Company's management proxy circular dated April 13, 2017 was elected as a Director. The Company received proxies with regard to voting on the six Directors nominated for election, as follows:

Nominee

Vote For

%

Votes Withheld

%

Jeffrey T. Klenda

45,967,692

99.53%

218,900

0.47%

James M. Franklin

41,184,798

89.17%

5,001,794

10.83%

Paul Macdonell

41,113,863

89.02%

5,072,729

10.98%

W. William Boberg

42,601,967

92.24%

3,584,625

7.76%

Thomas Parker

41,229,928

89.27%

4,956,664

10.73%

Gary C. Huber

42,383,774

91.77%

3,802,818

8.23%

 

Additionally, there were 45,907,361 non-votes in the election.

The Company’s independent auditors PricewaterhouseCoopers LLP were reappointed by the Shareholders and the Directors of the Company were authorized to fix the remuneration of the auditors.

The “say on pay” vote to approve executive compensation was approved with 90.16% of the votes cast voting for the non-binding advisory vote. 

The renewal of the Ur-Energy Inc. Stock Option Plan was approved by a majority of the votes represented (79.17%), after the exclusion of votes held by certain insiders and their affiliates. 

 

About Ur-Energy

Ur‐Energy is a uranium mining company operating the Lost Creek insitu recovery uranium facility in Wyoming. We have produced, packaged and shipped more than two million pounds from Lost Creek since the commencement of operations. Applications are under review by various agencies to incorporate our LC East project area into the Lost Creek permits, and we have begun to submit applications for permits and licenses to construct and operate at our Shirley Basin Project. 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 

Jeffrey Klenda, Chair & CEO

866-981-4588    

Jeff.Klenda@ur-energy.com

 

Cautionary Note Regarding ForwardLooking 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., timing and ability to obtain all necessary permits for future construction plans and operations; ability to meet production targets and maintain steady-state 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; 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.