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Monday
Dec012014

Ur-Energy to Present at the LD Micro Conference and Host Webcast on December 4th

Littleton, Colorado (PR Newswire – December 1, 2014) Ur-Energy Inc. (TSX:URE, NYSE MKT:URG) (“Ur-Energy” or the “Company”) announces it will be featured as a presenting company at the LD Micro Conference on Thursday, December 4, 2014 at the Luxe Sunset Hotel in Los Angeles, California.  The Company will also hold a webcast Thursday, December 4, 2014 at 11:00 a.m. Eastern Time.

Jeff Klenda, Board Chairman, will provide an overview of the Company’s business during the live presentation and will be available to participate in one-on-one meetings with investors who are registered to attend the conference.

Event: LD Micro Conference

Date: Thursday, December 4, 2014

Presentation Time: 3:30 PM

Location: Luxe Sunset Hotel, Track 4

Registration is required. For more information about the conference or to schedule a one-on-one meeting, please call 408-457-1042 or contact Chris (chris@ldmicro.com) or Wade (wade@ldmicro.com).

Webcast:

The Ur-Energy management team will provide a review of its 2014 operations and sales, corporate strategy, and outlook. A Q&A session will follow the presentation. Those wishing to participate by phone can do so by calling:

US Number 1-877-870-4263                          

Canada Number 1-855-669-9657

International Number 1-412-317-0790

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:

http://www.videonewswire.com/event.asp?id=101094

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. Ur-Energy engages in the identification, acquisition, exploration development, and operation of uranium projects in the United States and Canada.  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

 

Wayne Heili, President and CEO

303-269-7707  

 

307-265-2373

866-981-4588     

 

866-981-4588

rich.boberg@ur-energy.com           

 

wayne.heili@ur-energy.com


Click here for a PDF of this News Release 

 

Thursday
Nov202014

Ur-Energy Completes Final Delivery on Its 2014 Sales Contracts, Company to Host Webcast on December 4th

Littleton, Colorado (PR Newswire – November 20, 2014) Ur-Energy Inc. (TSX:URE, NYSE MKT:URG) (“Ur-Energy” or the “Company”) is pleased to announce that it has fulfilled all of its 2014 term sales obligations with a final product delivery in mid-November. Including the most recent delivery, Ur-Energy has sold 517,760 pounds of uranium yellowcake (U3O8) in the calendar year for gross revenues of $26.5 million. The U3O8 sold was sourced 100% from production generated at the Company’s flagship Lost Creek Project located in south-central Wyoming. The Company will hold a webcast on December 4, 2014 to provide a corporate update (details follow below).

Since the initiation of production activities at Lost Creek in 2013, the facility has proven to be a reliable low-cost uranium production center. To date, 607,760 pounds of finished product have been sold to U.S. utility customers for sales revenues of $32.2 million (averaging $52.95/lb.). The average cash cost per pound sold from start-up through 2014 Q3 was $20.01, before adding severance and ad-valorem taxes. The Company has no private royalty burden on production from the Lost Creek Project.

At October month-end, the Company’s cash position was $4.5 million. Subsequent product sales have generated additional proceeds of $6.6 million. As guided in our 2014 Q3 MD&A, the Company has no immediate plans to issue additional securities or obtain additional funding. Lost Creek production for the fourth quarter is anticipated to be approximately 150,000 pounds. Product generated between now and year end may either be stockpiled to meet 2015 delivery obligations or sold into the spot market, which has markedly improved recently.

Wayne Heili, President and CEO of Ur-Energy, commented, “Our 2014 contracted sales and related production schedule was ambitious for a start-up project. I commend the development and operational teams at Lost Creek for their efforts to meet these objectives. We have demonstrated the high level of success a properly planned new mine can achieve. Beyond the production and sales that have been realized, our efforts in 2014 have laid the ground work for bringing the annual production rate at the Lost Creek Project to its design capacity of 1,000,000 pounds during 2015. The recent increase in spot prices gives us encouragement that we can enhance our revenues significantly beyond those associated with our long-term contracted sales next year.”

December 4, 2014 Webcast:  Ur-Energy will host a teleconference and webcast on Thursday, December 4, 2014 at 11:00 a.m. Eastern Time.  The Ur-Energy management team will provide a review of its 2014 operations and sales, corporate strategy, and outlook. A Q&A session will follow the presentation. 

The teleconference and webcast can be accessed 10 minutes prior to the call.

Conference Call Details

US Number 1-877-870-4263                          

Canada Number 1-855-669-9657

International Number 1-412-317-0790

Ask to be joined into the Ur-Energy call.

Webcast Details

URL    http://www.videonewswire.com/event.asp?id=101094 

 

Note Regarding Non-GAAP Measures: Cash cost per pound for produced and sold U3O8 presented above 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 the Company’s extraction and processing performance. To facilitate a better understanding of these measures, please review the results as presented in our financial statements.

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. Ur-Energy engages in the identification, acquisition, exploration development, and operation of uranium projects in the United States and Canada.  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

 

Wayne Heili, President and CEO

303-269-7707  

 

307-265-2373

866-981-4588     

 

866-981-4588

rich.boberg@ur-energy.com           

 

wayne.heili@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., timing and completion of ramp-up of operations to design capacity;  production targets for fourth quarter; whether our costs per pound will decrease as sales increase as currently foreseen; whether we will be able and choose to deliver into a spot sale if the spot market continues to strengthen; current projections on needs for additional operating funds) 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.

Click here for a PDF of this News Release

Friday
Nov072014

Ur-Energy to Present at the Cowen and Company 5th Annual Global Metals, Mining and Materials Conference in New York City November 11th 

Littleton, Colorado (PR Newswire – November 7, 2014) Ur-Energy Inc. (NYSE MKT:URG, TSX:URE)  (“Ur-Energy” or the “Company”) will be featured as a presenting company at the Cowen and Company 5th Annual Global Metals, Mining and Materials Conference.  The conference is being held November 11-12, 2014, at the Sheraton New York Times Square Hotel in New York City.

Jeff Klenda, Board Chairman, will provide an overview of the Company's business during his presentation and will be available to participate in one-on-one meetings with investors who are registered to attend the conference. 

Event:  Cowen and Company 5th Annual Global Metals, Mining and Materials Conference

Date:  Tuesday, November 11, 2014

Presentation Time:  10:10 AM

Location:  Riverside Ballroom, 3rd Floor, Sheraton New York Times Square Hotel

Conference attendees are invited to contact Christy Nolan at christy.nolan@cowen.com in advance to set up one-on-one meetings.

About Ur-Energy

Ur-Energy is a dynamic junior mining company operating the Lost Creek in-situ recovery (ISR) uranium facility in south-central Wyoming.  The Lost Creek processing facility will have a two million pounds per year nameplate capacity.  Ur-Energy engages in the identification, acquisition, exploration, development, and operation of uranium projects in the United States and Canada.  Shares of Ur-Energy trade on the NYSE MKT under the symbol “URG” and the Toronto Stock Exchange under the symbol “URE.”  In addition, Ur-Energy’s project pipeline is supported by an extensive, exploration database, providing for exploration and development potential.  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

 

Wayne Heili, President and CEO

303-269-7707  

 

307-265-2373

866-981-4588     

 

866-981-4588

rich.boberg@ur-energy.com           

 

wayne.heili@ur-energy.com

Click here for a PDF of this News Release

Thursday
Nov062014

Ur-Energy Announces R.A.F. Penrose Gold Medal Awarded to James Franklin

Littleton, Colorado (PR Newswire – November 6, 2014) Ur-Energy Inc. (TSX:URE, NYSE MKT:URG) (“Ur-Energy” or the “Company”) is pleased to announce that Dr. James McWillie Franklin, a founding Director of the Company and the Board Technical Committee Chairman, has been awarded the Society of Economic Geologists’ R.A.F. Penrose Gold Medal for his many contributions to a broad cross section of geosciences.

James Franklin, Ph.D., FRSC, P.Geo, has over 40 years’ experience as a geologist and is a Fellow of the Royal Society of Canada.   Dr. Franklin has been an Adjunct Professor at Queen’s University since January 1998, at Laurentian University since 2001 and at the University of Ottawa since 2006.  He is a past President of the Geological Association of Canada and of the Society of Economic Geologists. He retired as Chief Geoscientist, Earth Sciences Sector, of the Geological Survey of Canada in 1998.  Dr. Franklin currently serves on the board of directors of several resource companies including Ur-Energy.

The R.A.F. Penrose Gold Medal was established in 1923 to be awarded primarily in recognition of a full career in the performance of "unusually original work in the earth sciences," which shall be broadly interpreted to encompass major contributions to (a) the science through research, (b) the profession through teaching, program administration, and development of exploration technology, and (c) the development of mineral resources through mine geology, exploration, and discovery.

Jeff Klenda, Chairman of the Board of Ur-Energy, commented, “Dr. Franklin has contributed significantly to the growth and success of Ur-Energy through his service as a Director.  The Board is proud to have such a distinguished geoscientist serving as the Chairman of our Technical Committee.  On behalf of the Board, I congratulate Dr. Franklin on his career accomplishments which have culminated in recognition from his professional peers in the form of this prestigious award.”

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.  Ur-Energy engages in the identification, acquisition, exploration development, and operation of uranium projects in the United States and Canada.  Shares of Ur-Energy trade on the Toronto Stock Exchange under the symbol “URE” and on the NYSE MKT under the symbol “URG”. 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

 

Wayne Heili, President and CEO

303-269-7707  

 

307-265-2373

866-981-4588     

 

866-981-4588

rich.boberg@ur-energy.com           

 

wayne.heili@ur-energy.com

Click here for a PDF of this News Release

Monday
Nov032014

Ur-Energy Releases 2014 Q3 Financial Results

Littleton, Colorado (PR Newswire – November 3, 2014) Ur-Energy Inc. (TSX:URE, NYSE MKT:URG) (“Ur-Energy” or the “Company”) announces it has filed the Company’s Form 10-Q for the quarter ended September 30, 2014 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.  Our filing also may be accessed on the Company’s website at www.ur-energy.com.

During Q3 2014, 131,331 pounds of U3O8 were captured within the Lost Creek plant.  Of that, 125,915 pounds of U3O8 were packaged in drums and 126,499 pounds of the packaged inventory were shipped out of the Lost Creek processing plant. The quarter included product sales of 100,000 pounds U3O8 for revenues of $6.0 million.  The product was sold under contractual terms at a price of $59.96 per pound, which represents a 92% premium to the $31.17 average spot market price during the quarter.  The Company recorded production cash costs of $23.29 per pound sold this quarter compared with $20.56 during the previous quarter. The total cost per pound sold including all non-cash components was reported at $37.52 (see table below). As many of our costs are fixed in nature and not related to production levels, slightly lower plant production during the quarter resulted in a higher average cost per pound and the related cost per pound sold was also higher.  We would expect to see the cost per pound sold decrease in 2014 Q4 as production levels are anticipated to rise to approximately 150,000 pounds.

At September 30, the Company’s cash position was $3.4 million and we had $6.1 million in accounts receivable.  We received the $6.1 million in October.  Our current cash position is $4.5 million.  The Company anticipates selling 100,000 pounds of U3O8 in 2014 Q4 at an average price of $66 per pound for cash proceeds of $6.6 million.

Wayne Heili, President and CEO of Ur-Energy, commented, “Throughout the first full year of production at Lost Creek, the project has been able to achieve operating costs on the lowest end of uranium ISR cost metrics. Our cost profile, in combination with our advanced product marketing strategy, has led us to realize industry-leading margins on our product sales.  While we maintain our posture of producing for and selling exclusively into term contracts, we also recognize that the uranium spot price is up 28% over the past three months.  The operational flexibility of the Lost Creek ISR Project allows for the opportunity to quickly initiate a spot market sales strategy if uranium pricing continues the upward trajectory.”

During the nine months ended September 30, 2014, 446,612 pounds of U3O8 were captured within the Lost Creek plant. 430,832 of those pounds were packaged in drums and 460,462 pounds of the packaged inventory were shipped to a conversion facility where 417,760 pounds were sold to utility customers for sales revenues of $19.9 million.  In addition, the Company recognized sales of $1.2 million and $2.5 million for the three and nine months ended September 30, 2014, respectively, from the delivery during the period by a third party of 200,000 pounds of uranium under contractual delivery commitments assigned to that third party in 2013.

Production levels and costs along with sales figures for the Lost Creek Project are presented in the following table:

Inventory, Production and Sales

Unit

2014 Q3

2014 Q2

2014 Q1

Year to date

 

 

 

 

 

 

Pounds captured within the plant

lb.

131,331

116,708

198,573

446,612

Cash cost per pound captured

$/lb.

$10.09

$9.63

$9.73

$9.81

Non-cash cost per pound captured

$/lb.

$10.28

$11.56

$6.80

$9.07

Wellfield cash cost 1

$000

$1,325

$1,124

$1,933

$4,382

Wellfield non-cash cost1

$000

$1,349

$1,350

$1,350

$4,049

 

 

 

 

 

 

Pounds packaged in drums

lb.

125,915

133,684

171,233

430,832

Cash cost per pound drummed

$/lb.

$13.53

$12.15

$11.11

$12.14

Non-cash cost per pound drummed

$/lb.

$4.00

$3.76

$2.94

$3.50

Plant cash cost 2

$000

$1,703

$1,625

$1,902

$5,230

Plant non-cash cost2

$000

$504

$502

$503

$1,509

 

 

 

 

 

 

Pounds shipped to conversion facility

lb.

126,499

163,747

170,216

460,462

Cash cost per pound shipped

$/lb.

$(0.24)

$0.71

$0.89

$0.52

Distribution cost 3

$000

$(31)

$117

$152

$238

 

 

 

 

 

 

Pounds sold

lb.

100,000

207,760

110,000

417,760

Average spot price 4

$/lb.

n/a

n/a

n/a

n/a

Average long-term  contract price

$/lb.

$59.96

$34.64

$61.12

$47.67

Average price

$/lb.

$59.96

$34.64

$61.12

$47.67

U3O8 Sales

$000

$5,996

$7,197

$6,723

$19,916

 

 

 

 

 

 

Cash cost per pound sold

$/lb.

$23.29

$20.56

$23.17

$21.90

Non-cash cost per pound sold

$/lb.

$14.23

$11.98

$9.99

$12.00

Total cost per pound sold

$/lb.

$37.52

$32.54

$33.16

$33.90

Cost of sales 5

$000

$3,752

$6,761

$3,648

$14,161

Notes:

1         Wellfield costs include all wellfield operating costs, severance and ad valorem taxes plus amortization of the related mineral property acquisition costs and depreciation of the related asset retirement obligation 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         Plant costs include all plant operating costs, site overhead costs and depreciation of the related plant construction and asset retirement obligation costs.

3         Distribution costs include all shipping costs and costs charged by the conversion facility for weighing, sampling, assaying and storing the U3O8 prior to sale. There are no non-cash costs associated with distribution.

4         There were no spot sales in the nine months ended September 30, 2014.

5        Cost of sales include all production costs (notes 1, 2 and 3) adjusted for changes in inventory values.

Cash cost per pound and non-cash cost per pound for produced and sold U3O8 presented in the table above 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 the Company’s extraction and processing performance. To facilitate a better understanding of these measures, the table below presents a reconciliation of these measures to the financial results as presented in our financial statements.

Sales per the statement of operations include revenue from sources other than the sale of U3O8. The sales footnote in the financial statements separates the U3O8 sales from other revenues.

Average Price Realized Per Pound Reconciliation

Unit

2014 Q3

2014 Q2

2014 Q1

Year to date

 

 

 

 

 

 

U3O8 Sales (a) 1

$000

$5,996

$7,197

$6,723

$19,916

 

 

 

 

 

 

Pounds sold (b)

lb.

100,000

207,760

110,000

417,760

 

 

 

 

 

 

Average price realized per pound (a ÷ b)

$/lb.

$59.96

$34.64

$61.12

$47.67

Notes:

1         Does not include $2.5 million recognized from the gain on assignment of deliveries under long-term contracts because the additional revenue would distort the average realized price per pound.


Total Cost Per Pound Sold Reconciliation

Unit

2014 Q3

2014 Q2

2014 Q1

Year to date

 

 

 

 

 

 

Wellfield costs

$000

$2,675

$2,474

$3,282

$8,431

Plant costs

$000

$2,207

$2,127

$2,405

$6,739

Distribution costs

$000

$(31)

$117

$152

$238

Inventory change

$000

$(1,099)

$2,043

$(2,191)

$(1,247)

Cost of sales (a)

$000

$3,752

$6,761

$3,648

$14,161

 

 

 

 

 

 

Pounds sold (b)

lb.

100,000

207,760

110,000

417,760

 

 

 

 

 

 

Cost per pound sold (a ÷ b)1

$/lb.

$37.52

$32.54

$33.16

$33.90

Notes:

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 our filing.  The cash and non-cash cost components are identified in the above inventory, production and sales table. 

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.  Ur-Energy engages in the identification, acquisition, exploration development, and operation of uranium projects in the United States and Canada.  Shares of Ur-Energy trade on the Toronto Stock Exchange under the symbol “URE” and on the NYSE MKT under the symbol “URG”. 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

 

Wayne Heili, President and CEO

303-269-7707  

 

307-265-2373

866-981-4588     

 

866-981-4588

rich.boberg@ur-energy.com           

 

wayne.heili@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., whether our costs per pound will decrease as sales increase as currently foreseen; whether we will be able and choose to deliver into a spot sale if the spot market continues to strengthen; timing and completion of ramp-up of operations to name plate 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.

Click here for a PDF of this News Release