Ur-Energy Inc. - URG STOCK NEWS

Ur-Energy has submitted its Annual Report on Form 10-K for the year ended December 31, 2022. Despite a net loss of $17.1 million, the company anticipates increased uranium demand and prices in 2023. CEO John Cash highlighted the company's long-term contracts providing stable revenue for the next six years while operating below capacity. A multi-year agreement with a U.S. nuclear utility and additional contracts with the DOE are expected to generate $205 million in anticipated revenue. The firm aims to ramp up production at Lost Creek, focusing on cost reduction through R&D and strategic acquisitions.

Ur-Energy Inc. (NYSE American: URG) has successfully closed its underwritten public offering, raising approximately $46.1 million through the sale of 39.1 million common shares and related warrants. This offering included a full exercise of the underwriters' option for an additional 5.1 million shares and 2.55 million warrants, priced at $1.18 each, with warrants having an exercise price of $1.50 and a three-year term. The funds will support operational readiness at Lost Creek, potential acquisitions, and general corporate needs. The offering was managed by Cantor Fitzgerald & Co. and other financial partners.

Ur-Energy has priced an underwritten public offering of 34 million common shares and warrants, raising approximately $40.1 million in gross proceeds. Each share is priced at $1.18 with accompanying warrants that can purchase shares at $1.50, expiring in three years. The offering includes a 30-day option for underwriters to purchase an additional 5.1 million shares. Proceeds will be used for working capital at the Lost Creek uranium facility, operational readiness, and potential acquisitions. The offering's closing is expected by February 21, 2023.

Ur-Energy (NYSE American: URG) announced plans for an underwritten public offering of its common shares and warrants, aiming to enhance working capital for its Lost Creek uranium facility. The offering may include an additional 15% of securities, contingent upon market conditions. Proceeds will support operational readiness, potential acquisitions, and general corporate expenses. The securities will be sold under an effective shelf registration statement. Cantor Fitzgerald & Co. is managing the offering. Ur-Energy has produced approximately 2.7 million pounds of U₃O₈ from Lost Creek since operations began.

Uranium prices are surging, driven by the green energy transition and energy security concerns amid the European energy crisis. Experts anticipate rising prices in 2023, with uranium remaining above $48 per pound throughout 2022. Although inflation and interest rates have impacted the market, supply concerns continue to support prices. Traction Uranium Corp. announced the receipt of drill permits for its winter 2023 program, targeting high-grade uranium zones at the Key Lake South Property. Ur-Energy is ramping up production to meet increased contract commitments, while Cameco reported significant contracting success, further bolstering the uranium market outlook.

Uranium prices are projected to rise due to a strong fundamental demand-supply scenario, with 180 million pounds needed annually for existing nuclear reactors. Current production is 130 million pounds, expected to reach 140-145 million pounds by next year. Notably, uranium rose 41% in 2021 but only 10% in 2022.

Experts predict a significant price breakout, comparing the current market to early 2000s patterns. Traction Uranium has entered an option agreement for the Grease River Property in the Athabasca Basin to enhance its uranium exploration efforts. Ur-Energy plans to ramp up production to meet increased contract obligations, while Cameco has resumed uranium production at McArthur River.

Ur-Energy has expanded its sales agreement to deliver an annual 600,000 pounds of U₃O₈ starting in 2024. This includes an increase of 100,000 pounds from a previous contract. The production ramp-up at the Lost Creek uranium mine will target an initial rate of 600,000 pounds annually, utilizing 50% of its licensed capacity. Additionally, Ur-Energy secured a contract with the National Nuclear Security Administration for a one-time sale of 100,000 pounds at $64.47 per pound, expected to generate $6.45 million in March 2023.

Ur-Energy Inc. (NYSE American: URG) announced a multi-year uranium sales agreement for the annual delivery of 300,000 pounds of U₃O₈ starting in 2024. The sales prices are expected to be profitable, escalating annually. This agreement increases Ur-Energy's total contracted sales to 500,000 pounds annually. The company is also awaiting a response from the U.S. Department of Energy regarding a Uranium Reserve bid proposal. CEO John Cash expressed confidence in their ability to meet contractual commitments and expand their contract book.

Ur-Energy Inc. (NYSE American: URG) has successfully completed Phase 1 of field testing on its patented injection well casing technology at the Lost Creek Uranium ISR Facility in Wyoming. The tests showed a 75% reduction in drill rig time and an 85% decrease in casing costs, amounting to a potential savings of $2.50 to $3.50 per pound of U₃O₈. The technology promises environmental benefits, such as reduced emissions and noise. The company plans to pursue Phase 2 testing and hopes to implement this technology commercially, potentially enhancing uranium recovery efficiency.