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Friday
May062016

Ur-Energy Releases 2016 Q1 Results; Webcast May 11, 2016

Littleton, Colorado (PR Newswire – May 6, 2016) Ur-Energy Inc. (NYSE MKT:URG TSX:URE,)  (“Ur-Energy” or the “Company”) has filed the Company’s Form 10-Q for the quarter ended March 31, 2016, 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

Chairman of the Company, Jeff Klenda noted “Our program of term-priced contracts, which are in place through the end of the decade, is serving us extremely well in the current challenging market environment. Our Board of Directors is to be commended for its foresight and commitment to safeguard the Company and its shareholders with these contracts.  Also key in this market, Lost Creek operations continue to be reliable, at industry-leading costs of production.

Lost Creek Uranium Production and Sales

During the three months ended March 31, 2016, 159,331 pounds of U3O8 were captured within the Lost Creek plant. 173,844 pounds were packaged in drums and 182,150 pounds of the drummed inventory were shipped to the conversion facility. We sold 75,000 pounds of U3O8 during the quarter. Inventory, production and sales figures for the Lost Creek Project are presented in the following tables. 

 

 

U3O8 sales of $2.7 million for 2016 Q1 were based on selling 75,000 pounds at an average price of $36.12, with a regularly-scheduled contract delivery of 25,000 pounds and a sale of 50,000 pounds on the spot market. For the quarter, our cost of sales totaled $1.9 million based on selling 75,000 pounds from production at a total cost per pound of $24.73, down from $26.35 in the previous quarter.  As most of the sales were from inventory already at the conversion facility, the cost per pound sold was not reflective of the increased cost per pound produced for the quarter. 

The gross profit from uranium sales for the quarter was $0.9 million, which represents a gross profit margin of approximately 32%. This was higher than the previous quarter due to higher contract price and a decrease in costs mainly associated with the change in the non-cash wellfield costs in the fourth quarter of 2015 which flowed through to cost of sales in the current quarter.

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 2016

As a result of the continuing low spot price environment, we anticipate that we will continue to maintain production at levels that will be consistent with our contractual sales obligations, which are 662,000 pounds at an average realizable price of $47.61 per pound (including the deliveries assigned during the quarter) in the current year.  The monthly 2016 production target for Lost Creek is to dry and drum an average of 55,000 to 60,000 pounds U3O8. Production at this level will permit delivery into our 2016 term contract commitments, discretionary spot sales, and the continuing buildup of our inventory, with an estimated final production for 2016 within the previously-projected range of 650,000 to 750,000 pounds U3O8. Our production rate may be adjusted based on operational refinements, and indicators in the market, including uranium spot market and term pricing, and other factors. The assignment of delivery obligations we made in March 2016 permits us greater flexibility to make such operational decisions and/or to continue to build inventory.

We ended the quarter with 195,240 pounds of dried and drummed U3O8 in ending inventory, of which 173,178 pounds were held at the conversion facility.  The increase in inventory is the result of continued drumming and shipments to the converter at targeted production rates, together with lower scheduled deliveries into sales contracts and only one spot sale.  At the end of the quarter, the average cash cost per pound in the conversion facility ending inventory was $15.85, an increase from $15.39 at the end of the previous quarter, and is reflective of the increased cost per pound produced for the quarter, which was again primarily driven by the lower production levels.  

Webcast and Teleconference

A webcast and teleconference will be held on Wednesday, May 11, 2016 at 9:00 a.m. (MT) / 11:00 a.m. (ET) to discuss the results and provide an operational update.  A Q&A session will follow the presentation. Those wishing to participate by phone can do so by calling:

US Toll-free Number                          1-877-226-2859

Canada Toll-free Number                1-855-669-9657

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/1186/14900

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 junior 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 capacity.  The Company has begun to submit applications for permits and licenses to operate Shirley Basin.  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.” All currency figures in this announcement are in US dollars unless otherwise stated. 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 T. Klenda, Chair, Executive Director

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 maintenance of steady state operations at the Lost Creek facility; ability to meet production targets and to timely deliver into existing contractual obligations; whether the Company’s long term contracts adequately protect against market volatility;  the ability to realize the technical and economic viability of the Lost Creek Project as set forth in the PEA for the Lost Creek Property) 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.

Friday
May062016

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

Littleton, Colorado (PR Newswire – May 6, 2016) 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 5, 2016, including the election of Directors.

Each of the nominee Directors listed in the Company's management proxy circular dated March 31, 2016 was elected as a Director. The Company received proxies with regard to voting on the six Directors nominated for election, as follows:

Additionally, there were 44,250,038 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 93.83% of the votes cast voting for the non-binding advisory vote. 

The renewal of the Amended Restricted Share Unit Plan of the Company was approved by a majority of the votes represented (66.99%), after the exclusion of votes held by certain insiders and their affiliates. 

The vote to ratify the Company’s Advance Notice By-Law passed with approval by 96.73% of the votes cast for the ratification and confirmation of the by-law. 

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. 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 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 T. Klenda, Executive Director

866-981-4588                                                  866-981-4588

rich.boberg@ur-energy.com                              jeff.klenda@ur-energy.com 

Monday
Apr252016

Ur-Energy to Release 2016 First Quarter Results and Host Webcast and Teleconference

 

Littleton, Colorado (PR Newswire – April 25, 2016) Ur-Energy Inc. (NYSE MKT:URG, TSX:URE) (the “Company” or “Ur-Energy”) will release its first quarter results on May 6, 2016. 

A webcast and teleconference will be held on Wednesday, May 11, 2016 at 9:00 a.m. (MT) / 11:00 a.m. (ET) to discuss the results and provide an operational update.  A Q&A session will follow the presentation. Those wishing to participate by phone can do so by calling:

US Toll-free Number               1-877-226-2859

Canada Toll-free Number        1-855-669-9657

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/1186/14900

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. 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 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

866-981-4588     

 

866-981-4588

Rich.Boberg@ur-energy.com

               

 

Jeff.Klenda@ur-energy.com

 

Tuesday
Apr122016

Ur-Energy Provides 2016 Q1 Operational Results

Littleton, Colorado (PR Newswire – April 12, 2016) Ur-Energy Inc. (NYSE MKT:URG, TSX:URE) (the “Company” or “Ur-Energy”) is pleased to provide the following operational results for first quarter 2016. 

Lost Creek Uranium Production and Sales

For the quarter, 159,330 pounds of U3O8 were captured within the Lost Creek plant. 173,844 pounds U3O8 were packaged in drums and 182,150 pounds U3O8 of drummed inventory were shipped out of the Lost Creek processing plant.  At March 31, 2016, inventory at the conversion facility was approximately 173,178 pounds U3O8.  During the quarter, sales totaled $2.7 million with one contract sale of 25,000 pounds at a price of $39.35 per pound, and one spot sale of 50,000 pounds at a price of $34.50 per pound.

Production rates at Lost Creek during the quarter were largely as projected. These rates were achieved despite winter weather conditions, which prevented routine operations for several days during the period. While production rates were intentionally slowed, construction for the Class V wells to enhance waste water capacities and routine plant and wellfield maintenance continued as scheduled. Construction of the thirteenth and final originally-planned header house in Lost Creek’s first mine unit is underway.  It is anticipated that it will be brought online during Q2. Plant head grades from the first 12 header houses continue to be significantly higher than originally projected.

Lost Creek Preliminary Economic Assessment Extends Life of Mine

Also in the quarter, Ur-Energy issued its updated Preliminary Economic Assessment of the Lost Creek Property (“PEA”), as amended, to confirm the updated mineral resource estimate prompted by 2015 drilling within Lost Creek’s Mine Unit 2 and exploratory drilling at the Lost Creek and LC East Projects. Also included in this estimate is an increase to the overall property resource total through a re-estimation of all previously-identified resources at a revised 0.20 grade-thickness (GT) cut-off. The current mineral resource estimate for the Lost Creek Property, after subtracting 1.358 million pounds of uranium produced from Mine Unit 1 through September 30, 2015, is 13.251 million pounds in the Measured and Indicated categories, and 6.439 million pounds in the Inferred category.

The economic analyses were revised to evaluate the impact of additional identified resources with information and data acquired through two years of ISR operations at Lost Creek. These analyses continue to demonstrate the potential economic viability of the project. Most notably, the PEA forecasts a nine year extension of the anticipated Lost Creek life of mine: total future life of mine production is modeled to be 13.8 million pounds, with production operations ending in 2031. See also Ur-Energy News Releases dated January 19, 2016 and February 9, 2016.

Cautionary statement: The Amended 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. Mineral resources that are not mineral reserves do not have demonstrated economic viability. There is increased risk and uncertainty to commencing and conducting production without established mineral reserves that may result in economic and technical failure which may adversely impact future profitability. The estimated mineral recovery used in the Amended Preliminary Economic Assessment is based on recovery data from wellfield operations to date, as well as Ur-Energy personnel and industry experience at similar facilities. There can be no assurance that recovery at this level will be achieved.

Financing Activities

Due to the timing of payment commitments and changes in timing of contracted deliveries in 2016, we completed two financial transactions in Q1 2016.  In February, we completed a bought deal financing for aggregate gross proceeds to the Company in the amount of $6.46 million. See also Ur-Energy News Release dated February 17, 2016. Then, in March, we assigned certain late 2016 contractual deliveries of U3O8, similar to the transaction made in April 2013, for cash proceeds of $5.1 million.

Continuing Guidance for 2016

The Q2 2016 production target for Lost Creek is 160,000 – 190,000 pounds U3O8 dried and drummed. Our production rate may be adjusted based on continuing operational refinements, and indicators in the market, including uranium spot market pricing and other factors. The assignments made in March permit us greater flexibility to make such operational decisions and/or to continue to build inventory.

Mr. James Bonner, Vice President Geology with Ur-Energy, C.P.G., American Institute of Professional Geologists and a Qualified Person as defined by NI 43-101, has reviewed and approved the technical disclosure contained in this news release.

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. 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 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, Chair and Executive Director,

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., continuing results of Lost Creek operations; the technical and economic viability of the Lost Creek Property and other projections, as well as the mineral resource estimates contained in the PEA; the minability and scalability of the project on a continuing, sustained basis at current and anticipated costs; timing and ability to advance all regulatory authorizations for the Property; the ability to meet production targets for second quarter and whether adjustments of production rates will be necessary) 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.

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

 

 

Thursday
Mar032016

Ur-Energy to Present at the Prospectors & Developers Association of Canada International Convention

Littleton, Colorado (PR Newswire – March 3, 2016) – Ur-Energy Inc. (NYSE MKT:URG, TSX:URE), announces that its Chairman, Jeffrey Klenda, will present at the Prospectors & Developers Association of Canada (PDAC) International Convention, Trade Show & Investors Exchange in Toronto, Ontario, Canada. The PDAC event is being held March 6 – 9, 2016.

Jeffrey Klenda, Chairman and Executive Director, will present at the conference, providing an overview and update of Ur-Energy’s business. Mr. Klenda also will be available to participate in one-on-one meetings.  

Event: PDAC Ur-Energy Inc. Presentation

Date: Monday, March 7, 2016

Presentation time:  4:20 p.m.

Location: Metro Toronto Convention Centre - Uranium Session, Room 802

For more information on the conference or to schedule a one-on-one meeting with Mr. Klenda, please contact Rich.Boberg@ur-energy.com or Jeff.Klenda@ur-energy.com.

Please visit the Ur-Energy Inc. Booth at PDAC:  Booth 2443 at the Metro Toronto Convention Centre

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 acquired in 2013. The Company has begun to submit applications for permits and licenses to operate Shirley Basin. Ur‑Energy is engaged in uranium mining, recovery and processing activities, including the acquisition, 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, Chairman & Executive Director

866-981-4588    

    866-981-4588

Rich.Boberg@ur-energy.com    

    Jeff.Klenda@ur-energy.com