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Tuesday
Nov272018

Ur-Energy and Energy Fuels Host U.S. Department of Commerce Section 232 Investigators on Tour of Domestic Uranium Mines and Mills

Ur-Energy and Energy Fuels Host U.S. Department of Commerce Section 232 Investigators on Tour of Domestic Uranium Mines and Mills

Denver, Colorado – November 27, 2018

Ur-Energy Inc. (NYSE American: URG; TSX: URE) (“Ur-Energy”) and Energy Fuels Inc. (NYSE American: UUUU; TSX: EFR) (“Energy Fuels”) recently hosted a team of U.S. Department of Commerce (DOC) Section 232 investigators at four uranium mines and mills in Utah and Wyoming. The tour was part of DOC’s Section 232 investigation into the effects on national security of today’s high levels of uranium imports into the U.S.

The tour included stops in Utah at Energy Fuels’ White Mesa Mill, which is the only operating uranium mill in the U.S., and the La Sal Complex, which is one of only two underground uranium mines currently operating in North America. The tour also included visits to two operating in-situ uranium recovery (ISR) facilities in Wyoming: Energy Fuels’ Nichols Ranch ISR Project and Ur-Energy’s Lost Creek ISR Project.

“We were pleased to have the opportunity to show the DOC investigators the high quality of our uranium production facilities, the vast uranium resources we have in our portfolio of projects, and the expertise and professionalism of our people,” said Mark Chalmers, president and CEO of Energy Fuels. “We clearly demonstrated that domestic companies can supply the U.S. nuclear power industry and meet our national security needs well into the future.”

“We demonstrated to the Commerce team that the U.S. industry can compete in a global market on a level playing field,” said Jeffrey Klenda, chair and CEO of Ur-Energy. “We look forward to the DOC’s findings and to President Trump using his authority to take action to support a sustainable domestic uranium mining industry.”

Experts from the companies highlighted the following during the tour:

       * U.S. companies have substantial licensed, permitted, and constructed mining and milling capacity that can ramp up production quickly to meet the demand resulting from a quota that reserves 25 percent of the U.S. market for domestic uranium producers, one of the remedies the companies asked the President to consider. U.S. companies have spent considerable resources maintaining these projects in a state of readiness, but it is becoming increasingly difficult to do so. Without some level of support, licenses and permits will be lost and uranium production facilities will go into reclamation, likely never to return in the future.

      * Energy Fuels, Ur-Energy, and other companies hold millions of tons of in-ground uranium resources that we believe can be mined on a sustainable basis for decades to come under such a quota remedy. The U.S. Geological Survey (USGS) also confirmed that the U.S. has considerable in-ground uranium resources. These resources will sustain the long-term uranium production needed to support U.S. energy and national security.

      * Cheap, state-subsidized supplies of uranium from our adversaries are driving free market uranium production in the U.S. to the brink. In 2019, foreign sources are expected to supply more than 99 percent of the uranium needed to fuel U.S. nuclear power plants, according to industry estimates. This is a sharp and dramatic increase from as recently as 1987 when imports represented only half of U.S. uranium needs.

      * The flood of state-sponsored uranium is also forcing free market production from our allies to decline sharply. For instance, in Canada, only one uranium mine is still in operation. In Australia, the Ranger Mine, a large, long-operating uranium production source, is scheduled to cease all mining operations in January 2021. It is believed that a significant portion of remaining allied production is already contracted for and, therefore, not available for purchase by U.S. utilities.

      * It is dangerous to rely on our geopolitical rivals to supply the uranium that fuels U.S. nuclear power plants, which provide 20 percent of the country’s electricity. Russia has a history of using natural resources as a weapon, including cutting off gas supplies to Ukraine and Poland. According to the Department of Homeland Security and the FBI, Russia also launched a multiyear cyberattack that targeted U.S. critical infrastructure, including electricity systems.

      * Today’s U.S. uranium production workforce has dwindled to fewer than 500 people. This small group of people, including miners, geologists, process and mining engineers, and environmental and regulatory compliance professionals, has vital knowledge and expertise. Any further decline in the domestic industry will cause the U.S. to lose this critical knowledge base, which will not be revived easily in the future when the U.S. needs it.

Energy Fuels and Ur-Energy filed the Section 232 petition in January 2018 and Secretary of Commerce Wilbur Ross initiated the investigation in July. The DOC has 270 days to conduct its investigation and make recommendations to President Trump, who then has 90 days to decide whether to act on those recommendations or take other actions to protect the domestic uranium mining industry.

About Ur-Energy: Ur-Energy is a U.S. uranium mining company with corporate and operations offices in Denver, Colorado and Casper, Wyoming. Ur-Energy operates the Lost Creek in-situ recovery uranium facility in south-central Wyoming. Ur-Energy has 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 to construct and operate at our Shirley Basin Project. Ur-Energy is engaged in uranium mining, recovery and processing activities in the United States, including the acquisition, exploration, development and operation of uranium mineral properties. The primary trading market for Ur-Energy’s common shares is the NYSE American under the trading symbol “URG;” Ur-Energy’s common shares also trade on the Toronto Stock Exchange under the trading symbol “URE.” Ur-Energy’s website is www.ur-energy.com.

 

About Energy Fuels: Energy Fuels is a leading integrated U.S. uranium mining company, supplying U3O8 to major nuclear utilities. Its corporate offices are in Denver, Colorado, and all of its assets and employees are in the western United States. Energy Fuels holds three of America’s key uranium production centers, the White Mesa Mill in Utah, the Nichols Ranch Processing Facility in Wyoming, and the Alta Mesa Project in Texas. The White Mesa Mill is the only conventional uranium mill operating in the U.S. today and has a licensed capacity of over 8 million pounds of U3O8 per year. The Nichols Ranch Processing Facility is an in-situ recovery production center with a licensed capacity of 2 million pounds of U3O8 per year. Alta Mesa is an in-situ recovery production center with a licensed capacity of 1.5 million pounds of U3O8 per year, which is currently on care and maintenance due to low uranium prices. Energy Fuels also has the largest uranium resource portfolio in the U.S. among producers, and uranium mining projects located in a number of Western U.S. states, including one producing in-situ recovery project, mines on standby, and mineral properties in various stages of permitting and development. Energy Fuels also produces vanadium as a co-product of its uranium production from certain of its mines on the Colorado Plateau, as market conditions warrant. The primary trading market for Energy Fuels’ common shares is the NYSE American under the trading symbol “UUUU”, and the Company’s common shares are also listed on the Toronto Stock Exchange under the trading symbol “EFR”. Energy Fuels’ website is www.energyfuels.com.

 

Cautionary Note Regarding Forward-Looking Statements: Certain information contained in this news release, including any information relating to: the expected increases in foreign state-subsidized imports of uranium in coming years; the expected further negative impacts of such imports on U.S. uranium production and national security, including the depletion of stockpiles held by the Department of Energy; the potential of the U.S. to be unable to sustain an independent nuclear fuel cycle and to become 100% dependent on foreign parties; the outcome of the Department of Commerce Section 232 investigation, including whether or not the Secretary of Commerce will make a recommendation to the President and the nature of the recommendation; whether or not the President will act on the recommendation and, if so, the nature of the action and remedy; the expected benefits of the proposed remedies, including: the expected impacts on U.S. production and the U.S. uranium mining industry, the expected impacts on purchases of U.S. production by U.S. utilities, the expected impacts on supply diversification and the expected benefits of such diversification on domestic utilities and national defense, the expected ability of the U.S. uranium mining industry to reliably ramp up and supply the required domestic uranium production, the expected impact of the proposed remedy on improved competition, innovation and lower prices, and the reduction of dependence on imports; the expected impact on pricing for U.S. uranium production and the negligible price impact on electricity rates paid by consumers; and any other statements regarding Energy Fuels’ or Ur-Energy’s future expectations, beliefs, goals or prospects; constitute forward-looking information within the meaning of applicable securities legislation (collectively, "forward-looking statements"). All statements in this news release that are not statements of historical fact (including statements containing the words "expects", "does not expect", "plans", "anticipates", "does not anticipate", "believes", "intends", "estimates", "projects", "potential", "scheduled", "forecast", "budget" and similar expressions) should be considered forward-looking statements. All such forward-looking statements are subject to important risk factors and uncertainties, many of which are beyond Energy Fuels’ and Ur-Energy’s ability to control or predict. A number of important factors could cause actual results or events to differ materially from those indicated or implied by such forward-looking statements, including without limitation factors relating to: the expected increases in foreign state-subsidized imports of uranium in coming years; the expected further negative impacts of such imports on U.S. uranium production and national security, including the depletion of stockpiles held by the Department of Energy; the outcome of the Department of Commerce Section 232 investigation, including whether or not the Secretary of Commerce will make a recommendation to the President and the nature of the recommendation; whether or not the President will act on the recommendation and, if so, the nature of the action and remedy; the expected benefits of the proposed remedies; the expected impact on pricing for U.S. uranium production and the negligible price impact on electricity rates paid by consumers; and other risk factors as described in Energy Fuels’ and Ur-Energy’s most recent annual reports on Form 10-K and quarterly financial reports. Energy Fuels and Ur-Energy assume no obligation to update the information in this communication, except as otherwise required by law. Additional information identifying risks and uncertainties is contained in Energy Fuels’ and Ur-Energy’s filings with the various securities commissions which are available online at www.sec.gov and www.sedar.com. Forward-looking statements are provided for the purpose of providing information about the current expectations, beliefs and plans of the management of Energy Fuels and Ur-Energy relating to the future. Readers are cautioned that such statements may not be appropriate for other purposes. Readers are also cautioned not to place undue reliance on these forward-looking statements, that speak only as of the date hereof.

 

For Further Information, Please Contact:

 

Leonard Greenberger
lgreenberger@pcgpr.com
202.349.9672

Tuesday
Nov272018

Ur‐Energy Releases 2018 Q3 Results

Ur‐Energy Releases 2018 Q3 Results

Littleton, Colorado (PR Newswire – October 26, 2018) 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 September 30, 2018, with the U.S. Securities and Exchange Commission at www.sec.gov/edgar.shtml and Canadian securities authorities on SEDAR at www.sedar.com.

Ur-Energy Chair and CEO, Jeffrey Klenda said, “Our strategy to limit development and supplement production with cost effective purchases allowed us to again increase our inventory position, which now stands at nearly 330,000 pounds of finished product with a current market value of over $9.0 million. This readily salable inventory, combined with our strong cash position and solid book of 2019 purchase and sale contracts, puts us in an enviable position as we await the outcome of the Section 232 Trade Action process.”

Lost Creek Uranium Production and Sales

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Production and Production Costs

    

Unit

    

2018 Q3

    

2018 Q2

    

2018 Q1

    

2017 Q4

    

2018 YTD

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pounds captured

 

lb

 

 

 80,604

 

 

 89,209

 

 

 84,047

 

 

 67,982

 

 

 253,860

 

Ad valorem and severance tax

 

$000

 

$

 81

 

$

 133

 

$

 179

 

$

 160

 

$

 393

 

Wellfield cash cost (1)

 

$000

 

$

 422

 

$

 516

 

$

 671

 

$

 686

 

$

 1,609

 

Wellfield non-cash cost (2)

 

$000

 

$

 400

 

$

 400

 

$

 403

 

$

 575

 

$

 1,203

 

Ad valorem and severance tax per pound captured

 

$/lb

 

$

 1.00

 

$

 1.49

 

$

 2.13

 

$

 2.35

 

$

 1.55

 

Cash cost per pound captured

 

$/lb

 

$

 5.24

 

$

 5.78

 

$

 7.98

 

$

 10.09

 

$

 6.34

 

Non-cash cost per pound captured

 

$/lb

 

$

 4.96

 

$

 4.48

 

$

 4.79

 

$

 8.44

 

$

 4.74

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pounds drummed

 

lb

 

 

 78,441

 

 

 74,302

 

 

 79,961

 

 

 60,461

 

 

 232,704

 

Plant cash cost (3)

 

$000

 

$

 1,109

 

$

 1,230

 

$

 1,226

 

$

 1,210

 

$

 3,565

 

Plant non-cash cost (2)

 

$000

 

$

 485

 

$

 493

 

$

 492

 

$

 493

 

$

 1,470

 

Cash cost per pound drummed

 

$/lb

 

$

 14.14

 

$

 16.57

 

$

 15.33

 

$

 20.01

 

$

 15.32

 

Non-cash cost per pound drummed

 

$/lb

 

$

 6.18

 

$

 6.64

 

$

 6.15

 

$

 8.15

 

$

 6.32

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pounds shipped to conversion facility

 

lb

 

 

 72,902

 

 

 74,416

 

 

 73,515

 

 

 73,367

 

 

 220,833

 

Distribution cash cost (4)

 

$000

 

$

 36

 

$

 34

 

$

 19

 

$

 48

 

$

 89

 

Cash cost per pound shipped

 

$/lb

 

$

 0.49

 

$

 0.46

 

$

 0.26

 

$

 0.65

 

$

 0.40

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pounds purchased

 

lb

 

 

 -

 

 

 100,000

 

 

 370,000

 

 

 -

 

 

 470,000

 

Purchase costs

 

$000

 

$

 -

 

$

 2,225

 

$

 9,251

 

$

 -

 

$

 11,476

 

Cash cost per pound purchased

 

$/lb

 

$

 -

 

$

 22.25

 

$

 25.00

 

$

 -

 

$

 24.42

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Notes:

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.

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

   

2018 Q3

   

2018 Q2

   

2018 Q1

   

2017 Q4

   

2018 YTD

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pounds sold

 

lb

 

 

 -

 

 

 100,000

 

 

 380,000

 

 

 -

 

 

 480,000

 

U3O8 sales

 

$000

 

$

 -

 

$

 3,790

 

$

 19,663

 

$

 -

 

$

 23,453

 

Average contract price

 

$/lb

 

$

 -

 

$

 37.90

 

$

 52.50

 

$

 -

 

$

 49.39

 

Average spot price

 

$/lb

 

$

 -

 

$

 -

 

$

 23.75

 

$

 -

 

$

 23.75

 

Average price per pound sold

 

$/lb

 

$

 -

 

$

 37.90

 

$

 51.74

 

$

 -

 

$

 48.86

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U3O8 cost of sales (1)

 

$000

 

$

 170

 

$

 2,225

 

$

 9,758

 

$

 376

 

$

 12,153

 

Ad valorem and severance tax cost per pound sold

 

$/lb

 

$

 -

 

$

 -

 

$

 2.30

 

$

 -

 

$

 3.90

 

Cash cost per pound sold

 

$/lb

 

$

 -

 

$

 -

 

$

 31.20

 

$

 -

 

$

 39.30

 

Non-cash cost per pound sold

 

$/lb

 

$

 -

 

$

 -

 

$

 17.20

 

$

 -

 

$

 24.50

 

Cost per pound sold - produced

 

$/lb

 

$

 -

 

$

 -

 

$

 50.70

 

$

 -

 

$

 67.70

 

Cost per pound sold - purchased

 

$/lb

 

$

 -

 

$

 22.25

 

$

 25.00

 

$

 -

 

$

 24.42

 

Average cost per pound sold

 

$/lb

 

$

 -

 

$

 22.25

 

$

 25.68

 

$

 -

 

$

 25.32

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U3O8 gross profit

 

$000

 

$

 (170)

 

$

 1,565

 

$

 9,905

 

$

 (376)

 

$

 11,300

 

Gross profit per pound sold

 

$/lb

 

$

 -

 

$

 15.65

 

$

 26.06

 

$

 -

 

$

 23.54

 

Gross profit margin

 

%

 

 

0.0%

 

 

41.3%

 

 

50.4%

 

 

0.0%

 

 

48.2%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ending Inventory Balances

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pounds

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

In-process inventory

 

lb

 

 

 14,588

 

 

 43,733

 

 

 28,937

 

 

 26,796

 

 

 

 

Plant inventory

 

lb

 

 

 20,944

 

 

 15,391

 

 

 15,504

 

 

 9,043

 

 

 

 

Conversion facility inventory

 

lb

 

 

 308,762

 

 

 233,712

 

 

 159,296

 

 

 94,077

 

 

 

 

Total inventory

 

lb

 

 

 344,294

 

 

 292,836

 

 

 203,737

 

 

 129,916

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total cost

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

In-process inventory

 

$000

 

$

 359

 

$

 518

 

$

 416

 

$

 315

 

 

 

 

Plant inventory

 

$000

 

$

 665

 

$

 548

 

$

 538

 

$

 369

 

 

 

 

Conversion facility inventory

 

$000

 

$

 11,143

 

$

 8,738

 

$

 6,044

 

$

 3,831

 

 

 

 

Total inventory

 

$000

 

$

 12,167

 

$

 9,804

 

$

 6,998

 

$

 4,515

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost per pound

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

In-process inventory

 

$/lb

 

$

 24.61

 

$

 11.84

 

$

 14.38

 

$

 11.76

 

 

 

 

Plant inventory

 

$/lb

 

$

 31.75

 

$

 35.61

 

$

 34.70

 

$

 40.81

 

 

 

 

Conversion facility inventory

 

$/lb

 

$

 36.09

 

$

 37.39

 

$

 37.94

 

$

 40.72

 

 

 

 

 

Note:

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.

 There were no U3O8 sales during the quarter.  Year-to-date sales data are presented here:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Cost Per Pound Sold
Reconciliation

    

Unit

 

2018 Q3

    

2018 Q2

    

2018 Q1

    

2017 Q4

    

2018 YTD

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ad valorem & severance taxes

 

$000

 

$

 81

 

$

 133

 

$

 179

 

$

 160

 

$

 393

Wellfield costs

 

$000

 

$

 822

 

$

 916

 

$

 1,074

 

$

 1,260

 

$

 2,812

Plant and site costs

 

$000

 

$

 1,594

 

$

 1,723

 

$

 1,718

 

$

 1,703

 

$

 5,035

Distribution costs

 

$000

 

$

 36

 

$

 34

 

$

 19

 

$

 48

 

$

 89

Inventory change

 

$000

 

$

 (2,364)

 

$

 (2,806)

 

$

 (2,483)

 

$

 (2,795)

 

$

 (7,653)

Cost of sales - produced

 

$000

 

$

 170

 

$

 —

 

$

 507

 

$

 376

 

$

 677

Cost of sales - purchased

 

$000

 

$

 —

 

$

 2,225

 

$

 9,251

 

$

 —

 

$

 11,476

Total cost of sales

 

$000

 

$

 170

 

$

 2,225

 

$

 9,758

 

$

 376

 

$

 12,153

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pounds sold produced

 

lb

 

 

 —

 

 

 —

 

 

 10,000

 

 

 —

 

 

 10,000

Pounds sold purchased

 

lb

 

 

 —

 

 

 100,000

 

 

 370,000

 

 

 —

 

 

 470,000

Total pounds sold

 

lb

 

 

 —

 

 

 100,000

 

 

 380,000

 

 

 —

 

 

 480,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average cost per pound sold - produced (1)

 

$/lb

 

$

 -

 

$

 -

 

$

 50.70

 

$

 -

 

$

 67.70

Average cost per pound sold - purchased

 

$/lb

 

$

 -

 

$

 22.25

 

$

 25.00

 

$

 -

 

$

 24.42

Total average cost per pound sold

 

$/lb

 

$

 -

 

$

 22.25

 

$

 25.68

 

$

 -

 

$

 25.32

 

Note:

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.

 

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.

 

Equity Financing

In September, the Company announced a US$10 million public offering of common shares. The offering of 12,195,122 common shares and accompanying warrants to purchase up to 6,097,561 common shares, at a combined public offering price of $0.82 per common share and accompanying warrant, closed on September 25, 2018. Ur-Energy also granted the underwriters a 30-day option to purchase up to 1,829,268 additional common shares and warrants to purchase up to an aggregate of 914,634 common shares on the same terms. The 30-day option period has now expired. The underwriters exercised a portion of their option to purchase additional securities at closing, acquiring 867,756 additional warrants to purchase an aggregate of 433,878 common shares. The underwriters made no further exercise of the option to purchase additional securities after closing. Including the partial exercise of the option at closing, Ur-Energy issued a total of 12,195,122 common shares and 13,062,878 warrants to purchase up to 6,531,439 common shares.  Net proceeds from the offering were approximately $9.2 million. We anticipate that proceeds from the offering will be used to maintain and enhance operational readiness; additionally, proceeds may be used for working capital and general corporate purposes.

Continuing Guidance for 2018

At the end of the third quarter of 2018, the average spot price of U3O8, as reported by Ux Consulting Company, LLC and TradeTech, LLC, had increased to approximately $27.50 per pound. Market fundamentals have not changed sufficiently to warrant further development of Mine Unit Two. We anticipate meeting our projected production level of 250,000 to 300,000 pounds drummed for the year.

Through September 30, 2018, we sold 470,000 pounds of U3O8 under term contracts at an average price of approximately $49.39 per pound and 10,000 pounds of U3O8 under a spot sale for $23.75 per pound. We purchased 470,000 pounds at an average cost of $24.42 per pound. The remaining 10,000 pounds were delivered from our produced inventory. We have no more contract sales scheduled in 2018.

No additional new production areas are currently planned for the remainder of the year. Production guidance for Q4 is between 40,000 and 60,000 pounds U3O8 dried and drummed. Full year 2018 guidance, similar to 2017, estimates production of between 250,000 and 300,000 pounds, but our production rate may be adjusted based on operational matters and other indicators in the market.

As at October 24, 2018, our unrestricted cash position was $10.7 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 2.4 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 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 American 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 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 production, including the ability to meet production targets and continue to build inventory; timing and results of our efforts to permit future operations at LC East and Shirley Basin) and are based on current expectations that, while considered reasonable by management at this time, inherently involve a number of significant business, economic and competitive risks, uncertainties and contingencies. Factors that could cause actual results to differ materially from any forward‐looking statements include, but are not limited to, capital and other costs varying significantly from estimates; failure to establish estimated resources and reserves; the grade and recovery of ore which is mined varying from estimates; production rates, methods and amounts varying from estimates; delays in obtaining or failures to obtain required governmental, environmental or other project approvals; inflation; changes in exchange rates; fluctuations in commodity prices; delays in development and other factors described in the public filings made by the Company at www.sedar.com and www.sec.gov. Readers should not place undue reliance on forward‐looking statements. The forward‐looking statements contained herein are based on the beliefs, expectations and opinions of management as of the date hereof and Ur‐Energy disclaims any intent or obligation to update them or revise them to reflect any change in circumstances or in management’s beliefs, expectations or opinions that occur in the future.

Monday
Sep242018

Ur-Energy Inc. Announces Pricing of Public Offering of Common Shares and Warrants

Ur-Energy Inc. Announces Pricing of Public Offering of Common Shares and Warrants

Littleton, Colorado, September 21, 2018 – Ur-Energy Inc. (NYSE American: URG) (TSX: URE) (“Ur-Energy”) announced today the pricing of its underwritten public offering of 12,195,122 common shares and accompanying warrants to purchase up to 6,097,561 common shares, at a combined public offering price of $0.82 per common share and accompanying warrant. Each whole warrant will have an exercise price of $1.00 and will expire three years from the date of issuance.

Ur-Energy has also granted the underwriters a 30-day option to purchase up to 1,829,268 additional common shares and warrants to purchase up to an aggregate of  914,634 common shares on the same terms. The gross proceeds to Ur-Energy from this offering are expected to be $10,000,000, before deducting the underwriting discounts and commissions and other estimated offering expenses payable by Ur-Energy, and assuming no exercise of the underwriters’ option to purchase additional shares or warrants. The offering is expected to close on or about September 25, 2018, subject to satisfaction of customary closing conditions. All of the securities in the offering are to be sold by Ur-Energy.

Cantor Fitzgerald & Co. is acting as the sole book-running manager for the offering. H.C. Wainwright & Co., LLC is acting as lead manager for the offering.

Ur-Energy anticipates using the net proceeds from the offering to maintain and enhance operational readiness; additionally, proceeds may be used for working capital and general corporate purposes. The securities described above are being offered by Ur-Energy pursuant to a shelf registration statement on Form S-3 previously filed with and declared effective by the Securities and Exchange Commission (the "SEC") on August 3, 2017.  A preliminary prospectus supplement and the accompanying prospectus relating to the securities being offered have been filed with the SEC on September 20, 2018 and are available on the SEC's website at http://www.sec.gov. Copies of the final prospectus supplement (when available) and accompanying prospectus may be obtained from Cantor Fitzgerald & Co., Attention: Capital Markets, 499 Park Ave., 6th Floor, New York, New York 10022, or by telephone at 212-829-7122, or by e-mail at prospectus@cantor.com.

This announcement is neither an offer to sell, nor a solicitation of an offer to buy, any of these securities and shall not constitute an offer, solicitation or sale in any state or jurisdiction in which such offer, solicitation or sale is unlawful. Offers will be made only by means of the prospectus supplement and accompanying prospectus forming a part of the effective registration statement.

About Ur-Energy: 

Ur-Energy is a U.S. uranium mining company with corporate and operations offices in Denver, Colorado, and Casper, Wyoming, respectively. Ur-Energy operates the Lost Creek in-situ recovery uranium facility in south-central Wyoming. Ur-Energy has produced, packaged and shipped more than 2 million pounds from Lost Creek since the commencement of operations. Applications are under review by various agencies to incorporate Ur-Energy’s LC East project area into the Lost Creek permits, and the company has begun to submit applications for permits and licenses to construct and operate its Shirley Basin Project. Ur-Energy is engaged in uranium mining, recovery and processing activities in the United States, including the acquisition, exploration, development and operation of uranium mineral properties. The primary trading market for Ur-Energy’s common shares is the NYSE American under the trading symbol “URG;” Ur-Energy’s common shares also trade on the Toronto Stock Exchange under the trading symbol “URE.”

Cautionary Note Regarding Forward-Looking Statements: 

This release may contain “forward-looking statements” within the meaning of applicable securities laws regarding events or conditions that may occur in the future (i.e., closing date of the proposed offering and 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.

For further information, please contact:

Jeffrey Klenda, Chair and CEO

 

 

+1 720-981-4588

 

 

Jeff.Klenda@Ur-Energy.com

 

 
Monday
Sep242018

Ur-Energy Inc. Announces Proposed Public Offering of Common Shares and Warrants

Ur-Energy Inc. Announces Proposed Public Offering of Common Shares and Warrants

Littleton, Colorado, September 20, 2018 – Ur-Energy Inc. (NYSE American: URG) (TSX: URE) (“Ur-Energy”) announced today that it intends to offer and sell its common shares and warrants to purchase its common shares in an underwritten public offering. In connection with this offering, Ur-Energy expects to grant the underwriters a 30-day option to purchase additional common shares and warrants, equal to up to 15% of the number of securities sold in the offering. The offering is subject to market conditions, and there can be no assurance as to whether or when the offering may be completed, or as to the actual size or terms of the offering. All of the securities in the offering are to be sold by Ur-Energy.

Cantor Fitzgerald & Co. is acting as the sole book-running manager for the offering.

Ur-Energy anticipates using the net proceeds from the offering to maintain and enhance operational readiness; additionally, proceeds may be used for working capital and general corporate purposes. The securities described above are being offered by the Company pursuant to a shelf registration statement on Form S-3 previously filed with and declared effective by the Securities and Exchange Commission (the "SEC") on August 3, 2017.  A preliminary prospectus supplement and the accompanying prospectus relating to the securities being offered will be filed with the SEC on September 20, 2018 and will be available on the SEC's website at http://www.sec.gov. Copies of the final prospectus supplement (when available) and accompanying prospectus may be obtained from Cantor Fitzgerald & Co., Attention: Capital Markets, 499 Park Ave., 6th Floor, New York, New York 10022, or by telephone at 212-829-7122, or by e-mail at prospectus@cantor.com.

This announcement is neither an offer to sell, nor a solicitation of an offer to buy, any of these securities and shall not constitute an offer, solicitation or sale in any state or jurisdiction in which such offer, solicitation or sale is unlawful. Any offer, if at all, will be made only by means of the prospectus supplement and accompanying prospectus forming a part of the effective registration statement.

About Ur-Energy: 

Ur-Energy is a U.S. uranium mining company with corporate and operations offices in Denver, Colorado, and Casper, Wyoming, respectively. Ur-Energy operates the Lost Creek in-situ recovery uranium facility in south-central Wyoming. Ur-Energy has produced, packaged and shipped more than 2 million pounds from Lost Creek since the commencement of operations. Applications are under review by various agencies to incorporate Ur-Energy’s LC East project area into the Lost Creek permits, and the company has begun to submit applications for permits and licenses to construct and operate its Shirley Basin Project. Ur-Energy is engaged in uranium mining, recovery and processing activities in the United States, including the acquisition, exploration, development and operation of uranium mineral properties. The primary trading market for Ur-Energy’s common shares is the NYSE American under the trading symbol “URG;” Ur-Energy’s common shares also trade on the Toronto Stock Exchange under the trading symbol “URE.”

Cautionary Note Regarding Forward-Looking Statements: 

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 size and closing date of the proposed offering and 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.

For further information, please contact: 

Jeffrey Klenda, Chair and CEO

 

 

+1 720-981-4588

 

 

Jeff.Klenda@Ur-Energy.com

 

 
Monday
Sep242018

Ur‐Energy Announces Global X Uranium ETF has Completed Rebalance with Respect to Ur-Energy Shareholdings

Ur‐Energy Announces Global X Uranium ETF has Completed Rebalance with Respect to Ur-Energy Shareholdings

Littleton, Colorado (PR Newswire – August 23, 2018) Ur‐Energy Inc. (NYSE American:URG, TSX:URE) (“Ur‐Energy” or the “Company”) is pleased to announce it has been advised that Global X Uranium Exchange Traded Fund (“Global X”), its largest shareholder, has completed a rebalancing of its fund in respect to its holdings in Ur-Energy. Because of changes incorporated in the underlying index used by Global X, to include larger companies in various nuclear fuel cycle industries, Global X has been systematically rebalancing holdings in all uranium mining and development companies, including Ur‑Energy.

Jeffrey Klenda, Chair and CEO of Ur-Energy, stated, “We are glad to have been able to assist Global X in reaching their targeted rebalance figure. Whether intended or not, this type of trading activity can have a suppressive influence on a company’s shares. We are very pleased that any pressure has been removed with the orderly completion of the Global X rebalance with respect to Ur-Energy. Overall, we feel that our registry of shareholders has been strengthened through this process. We are pleased to have Global X continue on as one of our larger shareholders, and we look forward to working with them in the future.”

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 2.4 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 American 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 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., whether the Company’s registry of shareholders has been strengthened through the rebalancing by Global X; whether Global X will continue as one of the Company’s larger shareholders; whether completion of the rebalance removes pressures to our shares; and the timing and ability to complete all necessary regulatory applications for LC East and for Shirley Basin 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.