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Wednesday
Jun082016

Ur-Energy Announces Cost Savings Measures and Provides Further Production Guidance for 2016

Littleton, Colorado (PR Newswire – June 8, 2016) Ur-Energy Inc. (NYSE MKT:URG TSX:URE)  (“Ur-Energy” or the “Company”) announces cost savings measures through a reduction in workforce.

Due to continuing depressed uranium market conditions, the Company has implemented cost savings measures including workforce reductions at all three of its locations: Littleton, Colorado, Casper, Wyoming and the Lost Creek Mine Site. The reductions include twelve employees, with several remaining employees asked to change job responsibilities or carry additional duties. These measures represent an expected annual savings of approximately $1.5 million, beginning in 2017. The reorganization and workforce reductions are necessitated by the persistent downturn in the uranium market and pricing which affects the Company’s ability to sell into the spot market and conduct exploration activities in 2016 and 2017.  At this time, there is no plan for any exploration activities at the Lost Creek Property or among the Company’s other uranium projects in Wyoming.

The affected employees have been offered severance arrangements in order to assist with their transition to other employment opportunities. Implementation of the adjustments necessitated by the reorganization has begun and should be complete in coming weeks. The few operational modifications required at Lost Creek will be overseen closely to assure continued safe operations.

Jeff Klenda, Company Chair and Executive Director, noted that “Although we maintain a solid base of long-term contracts at average pricing near $50 per pound, spot pricing in 2016 has weakened considerably and, in response, we determined that we needed to proactively undertake to further cut costs and streamline our overall corporate and operating efficiencies. This could only be accomplished through a reduction in workforce. Difficult times require difficult decisions. Sadly, in this case, it meant saying good-bye to some very high quality people whom we truly hate to lose. In making these very difficult decisions, we identified positions to be eliminated or reorganized in order to cut costs while still maintaining the Company’s operational capability including, must importantly, the operations at Lost Creek.” 

Lost Creek is now projected to produce between 600,000 and 700,000 pounds U3O8 in 2016, which will be more than sufficient to deliver into our remaining long-term sales commitments for the year. Production in excess of our contractual commitments will be used to build inventory or make spot sales, if and as warranted. The Company has term contracts committing approximately 3.1 million pounds U3O8 between 2016 – 2021 and averaging $49.81 per pound. This average pricing currently stands at more than $20 per pound above spot pricing.

The thirteenth, and final, originally-planned header house in the first mine unit at Lost Creek became operational at the end of May. The header house and its patterns of production wells include certain refinements in design and well completion techniques that are expected to increase injectivity for even greater well performance. Development work in the second mine unit continues to be limited as Mine Unit 1 has met production needs to date. However, wells have been installed in the first three header houses of the second mine unit and installation of production support systems such as power lines and pipelines have commenced on a limited basis.

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

Jeffrey T. Klenda, Chair, 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., ability to meet production targets and to timely deliver into existing contractual obligations; whether the Company’s long term contracts adequately protect against market volatility; whether continuing refinements in construction and completion of wells at Lost Creek permits increased injectivity) 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
Jun062016

Ur-Energy Confirms No Corporate Developments

Littleton, Colorado (PR Newswire – June 6, 2016) Ur-Energy Inc. (NYSE MKT:URG TSX:URE)  (“Ur-Energy” or the “Company”) at the request of IIROC on behalf of the Toronto Stock Exchange, confirms that as of the date of this news release there are no corporate developments that would cause the recent movements in the Company's share price.

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

Jeffrey T. Klenda, Chair, Executive Director

866-981-4588    

jeff.klenda@ur-energy.com

Monday
May092016

Ur-Energy to Host First Quarter 2016 Webcast and Teleconference on May 11, 2016

Littleton, Colorado (PR Newswire – May 9, 2016) Ur-Energy Inc. (NYSE MKT:URG TSX:URE,)  (“Ur-Energy” or the “Company” will host a webcast and teleconference on May 11, 2016 to discuss the Company’s first quarter results.

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

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

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

International Number                        1-412-542-4134

Ask to be joined into the Ur-Energy call.

The call is being webcast by PR Newswire. The webcast can be accessed 10 minutes prior to the call. Pre-registration and participation access is available by clicking here or by copying the following URL into your web browser:

https://www.webcaster4.com/Webcast/Page/1186/14900

If you are unable to join the call, a link will be available following the webcast on the Company’s website www.ur-energy.com.

About Ur-Energy

Ur-Energy is a junior uranium mining company operating the Lost Creek in-situ recovery uranium facility in south-central Wyoming. The Lost Creek processing facility has a two million pounds per year nameplate capacity.  The Company has begun to submit applications for permits and licenses to operate Shirley Basin.  Ur-Energy is engaged in uranium mining, recovery and processing activities, including the acquisition, exploration, development and operation of uranium mineral properties in the United States. Shares of Ur-Energy trade on the NYSE MKT under the symbol “URG” and on the Toronto Stock Exchange under the symbol “URE.” All currency figures in this announcement are in US dollars unless otherwise stated. Ur-Energy’s corporate office is located in Littleton, Colorado; its registered office is in Ottawa, Ontario. Ur-Energy’s website is www.ur-energy.com.

FOR FURTHER INFORMATION, PLEASE CONTACT

Rich Boberg, Senior Director IR/PR

 

Jeffrey T. Klenda, Chair, Executive Director

866-981-4588     

 

866-981-4588     

rich.boberg@ur-energy.com           

 

jeff.klenda@ur-energy.com

Friday
May062016

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

Littleton, Colorado (PR Newswire – May 6, 2016) Ur-Energy Inc. (NYSE MKT:URG TSX:URE,)  (“Ur-Energy” or the “Company”) has filed the Company’s Form 10-Q for the quarter ended March 31, 2016, with the U.S. Securities and Exchange Commission at www.sec.gov/edgar.shtml and with Canadian securities authorities on SEDAR at www.sedar.com

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

Lost Creek Uranium Production and Sales

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

 

 

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

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

The cost of sales includes ad valorem and severance taxes related to the extraction of uranium, all costs of wellfield, plant and site operations including the related depreciation and amortization of capitalized assets, reclamation and mineral property costs, plus product distribution costs. These costs are also used to value inventory and the resulting inventoried cost per pound is compared to the estimated sales prices based on the contracts or spot sales anticipated for the distribution of the product. Any costs in excess of the calculated market value are charged to cost of sales.

Continuing Guidance for 2016

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

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

Webcast and Teleconference

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

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

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

International Number                      1-412-542-4134

Ask to be joined into the Ur-Energy call.

The call is being webcast by PR Newswire. The webcast can be accessed 10 minutes prior to the call. Pre-registration and participation access is available by clicking here or by copying the following URL into your web browser:

https://www.webcaster4.com/Webcast/Page/1186/14900

If you are unable to join the call, a link will be available following the webcast on the Company’s website www.ur-energy.com.

About Ur-Energy

Ur-Energy is a junior uranium mining company operating the Lost Creek in-situ recovery uranium facility in south-central Wyoming. The Lost Creek processing facility has a two million pounds per year nameplate capacity.  The Company has begun to submit applications for permits and licenses to operate Shirley Basin.  Ur-Energy is engaged in uranium mining, recovery and processing activities, including the acquisition, exploration, development and operation of uranium mineral properties in the United States. Shares of Ur-Energy trade on the NYSE MKT under the symbol “URG” and on the Toronto Stock Exchange under the symbol “URE.” All currency figures in this announcement are in US dollars unless otherwise stated. Ur-Energy’s corporate office is located in Littleton, Colorado; its registered office is in Ottawa, Ontario. Ur-Energy’s website is www.ur-energy.com.

FOR FURTHER INFORMATION, PLEASE CONTACT

Rich Boberg, Senior Director IR/PR

 

Jeffrey T. Klenda, Chair, Executive Director

866-981-4588     

 

866-981-4588     

rich.boberg@ur-energy.com           

 

jeff.klenda@ur-energy.com

 

Cautionary Note Regarding Forward-Looking Information

This release may contain “forward-looking statements” within the meaning of applicable securities laws regarding events or conditions that may occur in the future (e.g., results of production and continued maintenance of steady state operations at the Lost Creek facility; ability to meet production targets and to timely deliver into existing contractual obligations; whether the Company’s long term contracts adequately protect against market volatility;  the ability to realize the technical and economic viability of the Lost Creek Project as set forth in the PEA for the Lost Creek Property) and are based on current expectations that, while considered reasonable by management at this time, inherently involve a number of significant business, economic and competitive risks, uncertainties and contingencies. Factors that could cause actual results to differ materially from any forward-looking statements include, but are not limited to, capital and other costs varying significantly from estimates; failure to establish estimated resources and reserves; the grade and recovery of ore which is mined varying from estimates; production rates, methods and amounts varying from estimates; delays in obtaining or failures to obtain required governmental, environmental or other project approvals; inflation; changes in exchange rates; fluctuations in commodity prices; delays in development and other factors described in the public filings made by the Company at www.sedar.com and www.sec.gov. Readers should not place undue reliance on forward-looking statements. The forward-looking statements contained herein are based on the beliefs, expectations and opinions of management as of the date hereof and Ur-Energy disclaims any intent or obligation to update them or revise them to reflect any change in circumstances or in management’s beliefs, expectations or opinions that occur in the future.

Friday
May062016

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

Littleton, Colorado (PR Newswire – May 6, 2016) Ur-Energy Inc. (NYSE MKT:URG, TSX:URE)  (the “Company” or “Ur-Energy”) announces the results of the Company’s Annual and Special Meeting of Shareholders held May 5, 2016, including the election of Directors.

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

Additionally, there were 44,250,038 non-votes in the election.

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

The “say on pay” vote to approve executive compensation was approved with 93.83% of the votes cast voting for the non-binding advisory vote. 

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

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

About Ur-Energy

Ur-Energy is a uranium mining company operating the Lost Creek in-situ recovery uranium facility in south-central Wyoming. The Lost Creek processing facility has a two million pounds per year nameplate design capacity. We have begun to submit applications for permits and licenses to operate at our Shirley Basin Project. Ur-Energy is engaged in uranium mining, recovery and processing activities, including the acquisition, exploration, development and operation of uranium mineral properties in the United States. Shares of Ur-Energy trade on the NYSE MKT under the symbol “URG” and on the Toronto Stock Exchange under the symbol “URE.” Ur-Energy’s corporate office is located in Littleton, Colorado; its registered office is in Ottawa, Ontario. Ur-Energy’s website is www.ur-energy.com.

FOR FURTHER INFORMATION, PLEASE CONTACT

Rich Boberg, Senior Director, IR/PR                  Jeffrey T. Klenda, Executive Director

866-981-4588                                                  866-981-4588

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