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Monday
Feb292016

Ur-Energy to Host Webcast and Teleconference 

Littleton, Colorado (PR Newswire – February 29, 2016) Ur-Energy Inc. (NYSE MKT:URG, TSX:URE) (the “Company” or “Ur-Energy”) will host a webcast and teleconference on March 2, 2016 to discuss the Company’s year-end results.

The webcast and teleconference will be held on March 2, 2016 at 9:00 a.m. (MT) / 11:00 a.m. (ET).  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  1-855-669-9657

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/1186/13707

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. 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.” 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

 

Friday
Feb262016

Ur-Energy Releases 2015 Year End Results

Littleton, Colorado (PR Newswire – February 26, 2016) Ur-Energy Inc. (NYSE MKT:URG, TSX:URE, )  (“Ur-Energy” or the “Company”) has filed the Company’s Annual Report on Form 10-K, Consolidated Financial Statements, and Management’s Discussion & Analysis, all for the year ended December 31, 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. These filings also may be accessed on the Company’s website at www.ur-energy.com. Shareholders of the Company may receive a hard copy of the audited consolidated financial statements, free of charge, upon request to the Company.

Commenting on the operational performance of Lost Creek and Ur-Energy in 2015, the Company’s Chair and Executive Director, Jeff Klenda stated, “During 2015, we successfully continued our refinement of production operations at our flagship Lost Creek Project while increasing our resource base and mine life.  Despite difficult market conditions, we continued to focus on moving production into sales and reducing our risk and exposure where possible. To that end, our plan in 2016 is to complete our repayment of RMB and begin to develop the next planned mine unit for production. As always, I am proud of the Ur-Energy team and their results-oriented work ethic.”

Financial Results

The Company ended the year with a cash and cash equivalents balance of $1.4 million. We recognized a gross profit of $12.6 million on sales of $41.9 million which represents a gross profit margin of approximately 30%.  The Company realized an average price per pound sold of $45.20, as compared to $51.22 in 2014. The decrease was primarily due to spot pricing as our average contract price during 2015 was $49.42.  From produced U3O8, our cash cost per pound sold for the year was $16.27 while our total cost per pound sold was $29.53.  Respectively, this compares to $19.73 and $34.49 in 2014. During 2015, we purchased 200,000 pounds at $39.39 per pound and our total cost per pound sold, including the purchased pounds, was $31.67. There were no purchased pounds in 2014. 

We had an operating loss of $1.9 million after deducting total operating expenses of $14.4 million, which includes exploration and evaluation expenses, development expenses and general and administrative expenses. After recording interest and other expenses, the loss before income taxes for the year was $4.1 million, as compared to $8.7 million in 2014. During 2015, we recorded a $3.3 million tax credit and our final net loss for the year was $0.8 million. There was no tax credit recorded in 2014.

Having completed a bought-deal financing in mid-February 2016, our unrestricted cash position as of February 25, 2015 was $6.8 million.  

Lost Creek Production Costs

During 2015, 783,547 pounds of U3O8 were captured within the Lost Creek plant. Of those pounds, 727,245 were packaged in drums and 717,125 pounds of the drummed inventory were shipped to the conversion facility where 925,000 pounds were sold to utility customers, including 200,000 pounds of purchased U3O8. The cash cost per pound and non-cash cost per pound for produced uranium presented in the following Production Costs and U3O8 Sales and Cost of Sales tables are non-US GAAP measures. These measures do not have a standardized meaning or a consistent basis of calculation under US GAAP. These measures are used to assess business performance and may be used by certain investors to evaluate performance. Reconciliations of these measure to the GAAP compliant financial statements follow the Production Costs and U3O8 Sales and Cost of Sales tables.

Production figures for the Lost Creek Project are as follows:

Production costs have remained fairly consistent over the past four quarters while the production costs per pound generally decreased during the year. In total, wellfield, plant and distribution cash costs were very consistent quarter on quarter during 2015. The respective cash costs per pound decreased overall during the year and the decreases were primarily driven by increasing levels of production.

U3O8 Sales and Cost of Sales

Sales and cost of sales figures for the Lost Creek Project are presented in the following table:

U3O8 sales of $41.8 million for the year were based on selling 925,000 pounds at an average price of $45.20, which resulted from meeting all of our contractual delivery requirements (630,000 pounds at an average price of $49.42 per pound) combined with additional spot sales (295,000 pounds at an average price of $36.18 per pound). Additionally, we recognized $0.1 million of disposal fees at the Shirley Basin Project. This resulted in total sales of $41.9 million as reported in the financial statements. 

At the end of the year, we had approximately 63,776 pounds of U3O8 at the conversion facility at an average cost per pound of $25.23.  Roger Smith, Chief Financial Officer, commented, “We are pleased to note the decreasing trend in our cost per pound figures for the year culminating with our ending conversion inventory having reached $25.23 per pound, which compares very favorably to the ending cost per pound of $39.14 in 2014. I wish to congratulate the operating teams at Lost Creek for their efforts to control costs and increase production, which enabled us to meet our contractual commitments at very respectable margins.”

The following table shows the average cost per pound of the conversion facility pounds.

 

US GAAP Reconciliations

Cash costs, non-cash costs and per pound calculations are non-US GAAP measures we use to assess business performance. To facilitate a better understanding of these measures, the tables below present a reconciliation of these measures to the financial results as presented in our financial statements.

Year Ended December 31, 2015 Compared to Year Ended December 31, 2014

The following table summarizes the results of operations for the years ended December 31, 2015 and 2014 (in thousands of U.S. dollars):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 Continuing Guidance for 2016

As a result of the continuing low spot price environment, we will once again maintain production at levels that will be consistent with our 2016 contractual sales obligations, which are 662,000 pounds at an average realizable price of $47.61 per pound.

Our current production target for 2016 is to maintain an average production rate of approximately 60,000 pounds per month.  Currently, we expect to produce (dry and drum) between 650,000 and 750,000 pounds of U3O8 in 2016.  Our production rate may be adjusted based on operational refinements, and indicators in the market, including uranium spot and term pricing, and other factors. 

In 2015, we sold 925,000 pounds of U3O8 at an average price per pound of $45.20. Our gross margin per pound sold in 2015 was $13.53, or approximately 30%. On a cash basis (including ad valorem and severance taxes), our gross margin per pound sold for uranium produced in 2015 was $25.79, or approximately 57%. We expect similar margins in 2016 depending on the number and price of any spot sales made.

In January, 2016, production head grade continued to exceed technical projections averaging levels of 88.1 mg/l U3O8.  During January, 60,643 pounds of U3O8 were captured within the Lost Creek plant and 65,099 pounds were packaged in drums. 

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; ability to deliver into spot sales as needed and as the market conditions warrant; the ability to realize the technical and economic viability of the Lost Creek and Shirley Basin projects as set forth in the respective PEAs for the two projects) 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.

Wednesday
Feb242016

Ur-Energy to Release Annual Report for 2015 and Host Webcast and Teleconference 

Littleton, Colorado (PR Newswire – February 24, 2016) Ur-Energy Inc. (NYSE MKT:URG, TSX:URE) (the “Company” or “Ur-Energy”) announces that it will host a webcast and teleconference on March 2, 2016 to discuss the Company’s year-end results, following the filing of its Annual Report on Form 10-K, which it anticipates filing on February 26, 2016.

The webcast and teleconference will be held on March 2, 2016 at 9:00 a.m. (MT) / 11:00 a.m. (ET).  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  1-855-669-9657

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/1186/13707

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. 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.” 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

Wednesday
Feb172016

UR-ENERGY ANNOUNCES COMPLETION OF BOUGHT DEAL FINANCING

Littleton, Colorado (PR Newswire – February 17, 2016) Ur-Energy Inc. (NYSE MKT:URG, TSX:URE) (the “Company” or “Ur-Energy”) is pleased to announce that it has completed its previously-announced bought deal financing with a syndicate of investment dealers led by Cantor Fitzgerald Canada Corporation and including Raymond James Ltd. and Dundee Securities Ltd. (the “Underwriters”). The Underwriters purchased, on a bought deal basis, 12,921,000 common shares of Ur-Energy at a purchase price of US$0.50 per common share, for aggregate gross proceeds to the Company in the amount of US$6.46 million (the “Offering”), which includes 921,000 common shares acquired pursuant to the partial exercise of the Underwriters’ over-allotment option.

Ur-Energy plans to use the net proceeds of the Offering, (i) to advance the operations and development of the Lost Creek Project including wellfield construction and development as identified in the recently-completed Amended Preliminary Economic Assessment for the Lost Creek Property, (ii) for payment of ongoing debt service obligations, and (iii) for general corporate purposes.

Jeff Klenda, the Executive Director of the Company, purchased 1,000,000 common shares under the Offering for gross proceeds of US$500,000. Mr. Klenda’s participation constitutes a “related party transaction” as defined in Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions (“MI 61-101”). The Offering is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101. The audit committee of the Company and the board of directors of the Company, excluding Mr. Klenda, approved the Offering including the related party transaction.  The Company did not file a material change report more than 21 days prior to closing. The shorter period was necessary in order to permit the Company to close the Offering in a timely manner.

The Offering was made pursuant to a short form prospectus in all Provinces in Canada, other than Quebec, and pursuant to an effective shelf registration statement of the Company previously filed with the U.S. Securities and Exchange Commission. The Offering was made by means of a prospectus supplement and the accompanying prospectus to that shelf registration statement.  A copy of the U.S. prospectus supplement and accompanying base prospectus relating to the Offering is available from the SEC website at www.sec.gov and a copy of the Canadian preliminary and final short form prospectuses for the Offering of the common shares in Canada is available on SEDAR at www.sedar.com. Alternatively, copies of the U.S. prospectus supplement and accompanying base prospectus can be obtained by contacting Cantor Fitzgerald & Co., attention: Equity Capital Markets, 110 East 59th Street, New York, New York 10022, telephone: 212-829-7122 and copies of the Canadian preliminary and final short form prospectus may also be obtained by contacting the Company at 866-981-4588.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale of these securities would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

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. 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.” 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

Jeff Klenda, Chairman/Executive Director
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 use of proceeds from the offering) 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, satisfaction of the conditions to closing of the offering, delays in obtaining required stock exchange or other regulatory approvals, commodity price volatility, the impact of general business and economic conditions, as well as 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.

 

Tuesday
Feb092016

Ur-Energy Issues Amended Preliminary Economic Assessment for Lost Creek Property

 

Littleton, Colorado (PR Newswire – February 9, 2016) Ur-Energy Inc. (NYSE MKT:URG, TSX:URE) (the “Company” or “Ur-Energy”) announces that it has amended the Preliminary Economic Assessment of the Lost Creek Property, Sweetwater County, Wyoming (as originally filed on January 19, 2016, the “Original PEA” and as amended on February 8, 2016, the “Amended PEA”).  At the request of the staff of the Ontario Securities Commission, the Amended PEA includes the addition of detailed Cash Flow and Operating Costs tables that supplement the disclosure already included in the Original PEA in the Summary Cash Flow and Operating Costs tables. The economic analysis remains unchanged from the Original PEA, and there are no other differences between the Amended PEA and the Original PEA, other than the addition of the two tables noted above and conforming changes to the related text.  

The Amended PEA for the Lost Creek Property has been prepared for Ur-Energy by TREC, Inc., in accordance with NI 43-101 Standards of Disclosure for Mineral Projects. Completion of this Amended PEA was under the direction of Mr. Douglass H. Graves, P.E., representing TREC and Mr. James A. Bonner, C.P.G. (American Institute of Professional Geologists), Vice President Geology, Ur-Energy Inc.  Both individuals are Qualified Persons as defined by NI 43-101. Messrs. Graves and Bonner, Qualified Persons, have reviewed and approved the technical disclosure contained in this news release. 

The full report titled “Amended Preliminary Economic Assessment of the Lost Creek Property, Sweetwater County, Wyoming” dated February 8, 2016, 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.

Cautionary statement: This 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 this 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.

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.  Applications for permits and licenses to operate Shirley Basin have begun to be submitted to regulators.  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, Chairman / 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., the technical and economic viability of the Lost Creek Property and other projections, as well as the mineral resource estimates contained in the Amended PEA; further development of the resources to be a part of production at Lost Creek; 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) 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