Ur-Energy Releases 2024 Q2 Results

LITTLETON, CO / ACCESSWIRE / August 9, 2024 / Ur-Energy Inc. (NYSE American:URG)(TSX:URE) (the "Company" or "Ur-Energy") has filed the Company's Form 10-Q for the quarter ended June 30, 2024, with the U.S. Securities and Exchange Commission at www.sec.gov/edgar.shtml and with Canadian securities authorities at www.sedarplus.ca .

Ur-Energy CEO, John Cash said: "The nuclear power industry continued to receive great news throughout the second quarter as the Russian Uranium Ban was unanimously approved by Congress and signed into law, U.S. nuclear utilities looked to restart shuttered plants and extend the life of current reactors, and new reactors were being built around the world. At Ur-Energy, we continued to ramp up production at our Lost Creek Mine and made good progress installing monitor wells and basic infrastructure at our Shirley Basin Project. When the Shirley Basin Project is brought online, expected in late 2025, our annual licensed and constructed mine production capacity will grow from 1.2M pounds to 2.2M pounds U₃O₈.

"We continue to consider ways to expand our domestic production to respond to growing demand from utilities and active efforts by the Department of Energy to acquire both High Assay Low Enriched Uranium ("HALEU") and Low Enriched Uranium ("LEU") with a preference for domestic feed stock. We believe we are uniquely positioned in the U.S. through our strong cash position and our growing skilled work force to fill our current contract book and capitalize on future opportunities to expand production capacity."

Lost Creek Operations

Lost Creek production is advancing with three header houses having come online in 2024 H1. Header House (HH) 2-9 came online mid-July and HH 2-10 is scheduled to come online mid-August.

During Q2 we captured approximately 70,679 pounds, dried and packaged 64,170 pounds and shipped 70,390 pounds U₃O_8. These figures represent an increase in each of these production numbers as compared to 2024 Q1.

At quarter end, our in-process inventory was approximately 86,204 pounds, our drummed inventory at Lost Creek was 21,570 pounds, and our finished inventory at the conversion facility was 74,625 pounds U₃O₈ . We shipped 35,199 pounds U₃O₈ to the conversion facility on July 25, 2024.

Sales and Sales Agreements

We sold 75,000 pounds U₃O₈ in Q2 at an average price of $61.65 per pound for proceeds of $4.6 million. In addition to the 75,000 pounds sold in Q2, we have received binding notices from our customers for the delivery of 495,000 pounds in the second half of this year for total sales of 570,000 pounds U₃O₈ in 2024. Including the revenue received during the quarter, we expect to realize revenues of $33.1 million from our 2024 U₃O₈ sales.

Subsequent to quarter-end we provided notice to one of our purchasers of a delivery of 100,000 pounds U₃O₈ which was transferred and sold on August 8, 2024.

Financial Results

As of June 30, 2024, we had cash resources of $61.3 million, which was an increase of $1.6 million from the $59.7 million balance on December 31, 2023. During the six months ended June 30, 2024, we spent $25.6 million on operating activities, used $1.9 million for investing activities, and generated $31.4 million from financing activities.

U₃O₈ Sales, Cost of Sales, and Gross Profit ¹

The following table provides information on our U₃O₈ sales, cost of sales, and gross profit.