Ur-Energy Releases 2024 Q3 Results
Ur-Energy (URG) reported Q3 2024 results with production at Lost Creek reaching 75,075 pounds captured and 71,804 pounds dried. The company sold 100,000 pounds U3O8 at $61.65 per pound, generating $6.2 million in revenue. Cash resources increased to $129.4 million from $68.2 million at year-end 2023. Due to ramp-up challenges, 2024 production guidance was revised to 240,000-280,000 pounds U3O8. The company expects total 2024 sales of 570,000 pounds at an average price of $58.15 per pound. Development continues at Shirley Basin, with production expected to begin in early 2026, potentially doubling annual production capacity to 2.2M pounds.
Ur-Energy (URG) ha riportato i risultati del terzo trimestre 2024, con la produzione a Lost Creek che ha raggiunto 75.075 libbre catturate e 71.804 libbre essiccate. L'azienda ha venduto 100.000 libbre di U3O8 a 61,65 dollari per libbra, generando 6,2 milioni di dollari di ricavi. Le risorse liquide sono aumentate a 129,4 milioni di dollari rispetto ai 68,2 milioni di dollari di fine 2023. A causa delle sfide nel processo di aumento della produzione, le stime per il 2024 sono state riviste a 240.000-280.000 libbre di U3O8. L'azienda prevede vendite totali di 570.000 libbre nel 2024 a un prezzo medio di 58,15 dollari per libbra. Lo sviluppo continua a Shirley Basin, con la produzione prevista per inizio 2026, potenzialmente raddoppiando la capacità produttiva annuale a 2,2 milioni di libbre.
Ur-Energy (URG) informó los resultados del tercer trimestre de 2024, con una producción en Lost Creek que alcanzó 75,075 libras capturadas y 71,804 libras secas. La empresa vendió 100,000 libras de U3O8 a 61.65 dólares por libra, generando 6.2 millones de dólares en ingresos. Los recursos en efectivo aumentaron a 129.4 millones de dólares desde 68.2 millones de dólares a finales de 2023. Debido a desafíos en el aumento de producción, la orientación de producción para 2024 se revisó a 240,000-280,000 libras de U3O8. La empresa espera ventas totales de 570,000 libras en 2024 a un precio promedio de 58.15 dólares por libra. El desarrollo continúa en Shirley Basin, con producción esperada para principios de 2026, lo que podría duplicar la capacidad de producción anual a 2.2 millones de libras.
Ur-Energy (URG)는 2024년 3분기 결과를 발표하며 Lost Creek에서 75,075파운드의 원료를 포획하고 71,804파운드를 건조했다고 전했습니다. 회사는 U3O8 100,000파운드를 파운드당 61.65달러에 판매하여 620만 달러의 매출을 올렸습니다. 현금 자원은 2023년 연말 기준 6820만 달러에서 1억 2940만 달러로 증가했습니다. 생산 확대 과정에서의 어려움으로 인해 2024년 생산 목표가 240,000-280,000파운드 U3O8로 수정되었습니다. 회사는 2024년 총 판매량을 570,000파운드로 예상하며 평균 가격은 파운드당 58.15달러입니다. Shirley Basin에서의 개발이 계속 진행 중이며, 2026년 초에 생산이 시작될 것으로 예상되어 연간 생산 능력이 220만 파운드로 두 배로 증가할 수 있습니다.
Ur-Energy (URG) a annoncé les résultats du troisième trimestre 2024, la production à Lost Creek atteignant 75 075 livres capturées et 71 804 livres séchées. L'entreprise a vendu 100 000 livres de U3O8 à 61,65 dollars la livre, générant ainsi 6,2 millions de dollars de revenus. Les ressources en liquidités ont augmenté pour atteindre 129,4 millions de dollars contre 68,2 millions de dollars à la fin de l'année 2023. En raison des défis liés à l'augmentation de la production, les prévisions de production pour 2024 ont été révisées à 240 000-280 000 livres de U3O8. L'entreprise prévoit des ventes totales de 570 000 livres en 2024 à un prix moyen de 58,15 dollars la livre. Le développement se poursuit à Shirley Basin, avec un début de production prévu pour début 2026, pouvant potentiellement doubler la capacité de production annuelle à 2,2 millions de livres.
Ur-Energy (URG) hat die Ergebnisse des dritten Quartals 2024 gemeldet, wobei die Produktion in Lost Creek 75.075 Pfund gefangen und 71.804 Pfund getrocknet erreichte. Das Unternehmen verkaufte 100.000 Pfund U3O8 zu 61,65 Dollar pro Pfund und erzielte damit einen Umsatz von 6,2 Millionen Dollar. Die liquiden Mittel stiegen von 68,2 Millionen Dollar zum Jahresende 2023 auf 129,4 Millionen Dollar. Aufgrund von Herausforderungen beim Ausbau der Produktion wurde die Prognose für 2024 auf 240.000-280.000 Pfund U3O8 angepasst. Das Unternehmen erwartet Gesamverkäufe von 570.000 Pfund für 2024 zu einem Durchschnittspreis von 58,15 Dollar pro Pfund. Die Entwicklung im Shirley Basin wird fortgesetzt, mit Produktionsbeginn im frühen Jahr 2026, was die jährliche Produktionskapazität auf 2,2 Millionen Pfund verdoppeln könnte.
- Cash position increased significantly to $129.4M from $68.2M
- Contract book includes 5.7M pounds U3O8 through 2030
- Q3 production increased from previous quarters
- Generated $99.3M from financing activities
- Production ramp-up slower than anticipated, guidance lowered to 240,000-280,000 pounds
- Product profit margin decreased to 20.7% in Q3 from 32.4% in Q2
- Production costs increased to $48.91/lb in Q3 from $41.69/lb in Q2
- Average sales price of $58.15/lb for 2024 contracts below current market prices
Insights
URG's Q3 results reveal mixed performance with
The slower-than-expected ramp-up at Lost Creek and production challenges are concerning, despite quarterly increases in capture rates. Q3 production metrics show 75,075 pounds captured and 71,804 pounds packaged, with plans to increase drill rigs to 20. The Shirley Basin expansion project remains on track for 2026 production, which would boost total capacity to 2.2M pounds annually. The operational focus on increasing header houses and monitor well installation demonstrates systematic expansion, though execution risks remain. The
LITTLETON, CO / ACCESSWIRE / November 6, 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 September 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 uranium market fundamentals remain strong, and, despite some volatility, we expect to see continued price support based on a slow response by suppliers to growing demand. We estimate this imbalance will take many years to correct and could be exacerbated by geopolitical events.
"Production at Lost Creek continued to increase quarter over quarter. While ramp-up has progressed at a slower rate than anticipated, we continue to work through the remaining challenges to facilitate steady state operations with increased production. Development and construction programs at Shirley Basin continue to advance and we expect to increase our company wide production capacity to 2.2M pounds per year in early 2026 when we anticipate bringing Shirley Basin online."
Lost Creek Operations
During 2024 Q3 we captured 75,075 pounds, dried and packaged 71,804 pounds and shipped 67,488 pounds U3O8. Although not at previously anticipated rates, these figures represent increases in production numbers compared with the captured and dried figures of earlier quarters.
At quarter end, our in-process inventory was approximately 90,140 pounds, our drummed inventory at Lost Creek was 26,580 pounds, and our finished inventory at the conversion facility was 40,713 pounds U3O8. In addition to the two shipments made to the conversion facility during 2024 Q3, we made two shipments following the end of the quarter, which totaled 46,592 pounds U3O8.
As we continue to work through the challenges of ramp-up at Lost Creek, we now anticipate 2024 production will be in a range between 240,000 and 280,000 pounds U3O8 captured on IX resin.
We expect to satisfy our remaining 2024 contractual commitments to our customers with Lost Creek production and other available sources.
Sales of U3O8 and Sales Agreements
We sold 100,000 pounds U3O8 in 2024 Q3 at an average price of
We continue to anticipate that we will deliver and sell 570,000 pounds U3O8 in 2024. Including the revenue received during the quarter, we expect to realize revenues of
We anticipate we will deliver 740,000 pounds U3O8 into three of our term sales agreements in 2025.
Financial Results
As of September 30, 2024, we had cash resources of
U3O8 Sales by Product, U3O8 Product Cost, and U3O8 Product Profit 1
The following table provides information on our U3O8 sales, product costs, and product profit.
| Unit |
|
|
| 2023 Q4 |
|
|
| 2024 Q1 |
|
|
| 2024 Q2 |
|
|
| 2024 Q3 |
|
| 2024 YTD |
| |||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
U3O8 Pounds Sold |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Produced |
| lb |
|
|
| 90,000 |
|
|
| - |
|
|
| 75,000 |
|
|
| 100,000 |
|
|
| 175,000 |
| |
Purchased |
| lb |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
| |
| lb |
|
|
| 90,000 |
|
|
| - |
|
|
| 75,000 |
|
|
| 100,000 |
|
|
| 175,000 |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
U3O8 Sales |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Produced |
|
|
|
| 5,441 |
|
|
| - |
|
|
| 4,624 |
|
|
| 6,165 |
|
|
| 10,789 |
| ||
Purchased |
|
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
| ||
|
|
|
| 5,441 |
|
|
| - |
|
|
| 4,624 |
|
|
| 6,165 |
|
|
| 10,789 |
| |||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U3O8 Price per Pounds Sold |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Produced |
| $/lb |
|
|
| 60.44 |
|
|
| - |
|
|
| 61.65 |
|
|
| 61.65 |
|
|
| 61.65 |
| |
Purchased |
| $/lb |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
| |
|
| $/lb |
|
|
| 60.44 |
|
|
| - |
|
|
| 61.65 |
|
|
| 61.65 |
|
|
| 61.65 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U3O8 Product Cost |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ad valorem and severance taxes |
|
|
|
| 53 |
|
|
| - |
|
|
| 42 |
|
|
| 81 |
|
|
| 123 |
| ||
Cash costs |
|
|
|
| 1,674 |
|
|
| - |
|
|
| 2,336 |
|
|
| 3,798 |
|
|
| 6,134 |
| ||
Non-cash costs |
|
|
|
| 797 |
|
|
| - |
|
|
| 749 |
|
|
| 1,012 |
|
|
| 1,761 |
| ||
Produced |
|
|
|
| 2,524 |
|
|
| - |
|
|
| 3,127 |
|
|
| 4,891 |
|
|
| 8,018 |
| ||
Purchased |
|
|
|
| - |
|
|
| - |
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
|
|
|
| 2,524 |
|
|
| - |
|
|
| 3,127 |
|
|
| 4,891 |
|
|
| 8,018 |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U3O8 Cost per Pound Sold |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ad valorem and severance taxes |
| $/lb |
|
|
| 0.59 |
|
|
| - |
|
|
| 0.56 |
|
|
| 0.81 |
|
|
| 0.70 |
| |
Cash costs |
| $/lb |
|
|
| 18.60 |
|
|
| - |
|
|
| 31.15 |
|
|
| 37.98 |
|
|
| 35.05 |
| |
Non-cash costs |
| $/lb |
|
|
| 8.85 |
|
|
| - |
|
|
| 9.98 |
|
|
| 10.12 |
|
|
| 10.07 |
| |
Produced |
| $/lb |
|
|
| 28.04 |
|
|
| - |
|
|
| 41.69 |
|
|
| 48.91 |
|
|
| 45.82 |
| |
Purchased |
| $/lb |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
| |
|
| $/lb |
|
|
| 28.04 |
|
|
| - |
|
|
| 41.69 |
|
|
| 48.91 |
|
|
| 45.82 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U3O8 Product Profit |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Produced |
|
|
|
| 2,917 |
|
|
| - |
|
|
| 1,497 |
|
|
| 1,274 |
|
|
| 2,771 |
| ||
Purchased |
|
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
| ||
|
|
|
| 2,917 |
|
|
| - |
|
|
| 1,497 |
|
|
| 1,274 |
|
|
| 2,771 |
| |||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
U3O8 Product Profit per Pound Sold |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Produced |
| $/lb |
|
|
| 32.40 |
|
|
| - |
|
|
| 19.96 |
|
|
| 12.74 |
|
|
| 15.83 |
| |
Purchased |
| $/lb |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
| |
| $/lb |
|
|
| 32.40 |
|
|
| - |
|
|
| 19.96 |
|
|
| 12.74 |
|
|
| 15.83 |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
U3O8 Product Profit Margin |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Produced |
| % |
|
|
| 53.6 | % |
|
| 0.0 | % |
|
| 32.4 | % |
|
| 20.7 | % |
|
| 25.7 | % | |
Purchased |
| % |
|
|
| 0.0 | % |
|
| 0.0 | % |
|
| 0.0 | % |
|
| 0.0 | % |
|
| 0.0 | % | |
| % |
|
|
| 53.6 | % |
|
| 0.0 | % |
|
| 32.4 | % |
|
| 20.7 | % |
|
| 25.7 | % |
| 1 The U3O8 and cost per pound measures included in the above table do not have a standardized meaning within US GAAP or a defined basis of calculation. These measures are used by management to assess business performance and determine production and pricing strategies. They may also be used by certain investors to evaluate performance. |
We sold 175,000 pounds of U3O8 in the nine months ended September 30, 2024 at an average price per pound sold of
Our total sales in 2024 are projected at 570,000 pounds of U3O8 at an average price per pound sold of
U3O8 Production and Ending Inventory
The following table provides information on our production and ending inventory of U3O8 pounds.
| Unit |
|
|
| 2023 Q4 |
|
|
| 2024 Q1 |
|
|
| 2024 Q2 |
|
|
| 2024 Q3 |
|
| 2024 YTD |
| |||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
U3O8 Production |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Pounds captured |
| lb |
|
|
| 68,448 |
|
|
| 38,221 |
|
|
| 70,679 |
|
|
| 75,075 |
|
|
| 183,975 |
| |
Pounds drummed |
| lb |
|
|
| 6,519 |
|
|
| 39,229 |
|
|
| 64,170 |
|
|
| 71,804 |
|
|
| 175,203 |
| |
Pounds shipped |
| lb |
|
|
| - |
|
|
| 35,445 |
|
|
| 70,390 |
|
|
| 67,488 |
|
|
| 173,323 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
U3O8 Ending Inventory |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Pounds |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
In-process inventory |
| lb |
|
|
| 82,033 |
|
|
| 80,465 |
|
|
| 86,204 |
|
|
| 90,140 |
|
|
|
|
| |
Plant inventory |
| lb |
|
|
| 22,278 |
|
|
| 26,062 |
|
|
| 21,570 |
|
|
| 26,580 |
|
|
|
|
| |
Conversion inventory - produced |
| lb |
|
|
| 43,790 |
|
|
| 79,235 |
|
|
| 74,625 |
|
|
| 40,713 |
|
|
|
|
| |
| lb |
|
|
| 148,101 |
|
|
| 185,762 |
|
|
| 182,399 |
|
|
| 157,433 |
|
|
|
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Value |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
In-process inventory |
|
|
|
| - |
|
|
| - |
|
|
| 447 |
|
|
| 427 |
|
|
|
|
| ||
Plant inventory |
|
|
|
| 1,343 |
|
|
| 1,593 |
|
|
| 1,072 |
|
|
| 1,499 |
|
|
|
|
| ||
Conversion inventory - produced |
|
|
|
| 1,228 |
|
|
| 3,105 |
|
|
| 3,555 |
|
|
| 2,320 |
|
|
|
|
| ||
|
|
|
|
| 2,571 |
|
|
| 4,698 |
|
|
| 5,074 |
|
|
| 4,246 |
|
|
|
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost per Pound |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
In-process inventory |
| $/lb |
|
|
| - |
|
|
| - |
|
|
| 5.19 |
|
|
| 4.74 |
|
|
|
|
| |
Plant inventory |
| $/lb |
|
|
| 60.28 |
|
|
| 61.12 |
|
|
| 49.70 |
|
|
| 56.40 |
|
|
|
|
| |
Conversion inventory - produced |
| $/lb |
|
|
| 28.04 |
|
|
| 39.19 |
|
|
| 47.64 |
|
|
| 56.98 |
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Produced conversion inventory detail |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ad valorem and severance tax |
| $/lb |
|
|
| 0.59 |
|
|
| 0.53 |
|
|
| 0.67 |
|
|
| 1.63 |
|
|
|
|
| |
Cash cost |
| $/lb |
|
|
| 18.60 |
|
|
| 28.47 |
|
|
| 36.77 |
|
|
| 45.26 |
|
|
|
|
| |
Non-cash cost |
| $/lb |
|
|
| 8.85 |
|
|
| 10.19 |
|
|
| 10.20 |
|
|
| 10.09 |
|
|
|
|
| |
|
| $/lb |
|
|
| 28.04 |
|
|
| 39.19 |
|
|
| 47.64 |
|
|
| 56.98 |
|
|
|
|
|
2024 Continuing Guidance
With eight operational Header Houses (HHs) in MU2, we continue our ramp up toward target production levels and steady state operations at Lost Creek. To facilitate ongoing increases in production levels, we anticipate increasing our drill rig count through the end of the year to approximately 20 rigs. Fabrication of HHs 2-13 through 2-15 is in progress in our Casper construction shop and onsite construction related to these next header houses continues to advance. HH 2-15 is a newly planned production area for which we are advancing development and construction. We are also drilling in MU1 for the next phase of its production.
Because of continuing challenges of ramp-up at Lost Creek, we now anticipate 2024 production will be in a range between 240,000 and 280,000 pounds U3O8 captured on IX resin.
We have commitments under contracts negotiated in 2022, when the long-term price was between
During the quarter, uranium spot prices softened to an average of approximately
Term pricing has been supported by continued requests for proposals ("RFPs") in the market from utilities and other global fuel buyers. We have responded to the RFPs with prices commensurate with rising market conditions including increased demand for domestically produced uranium. Our contract book now includes agreements with six leading nuclear fuel purchasers, with commitments of approximately 5.7 million pounds U3O8 with deliveries occurring in 2024 through 2030. Sales prices are anticipated to be profitable on an all-in production cost basis and escalate annually from initial pricing, including some market-based pricing features.
We are progressing the buildout of a satellite facility at our wholly owned, fully permitted and licensed Shirley Basin Project in Carbon County, Wyoming. The buildout will nearly double our annual permitted mine production to 2.2 million pounds U3O8.
At October 30, 2024, our unrestricted cash position was
Installation of the monitor wells for the first mine unit at Shirley Basin is complete. We have commenced the pump test program, which remains on schedule to be completed this year. Road construction is complete and the refurbishment of existing and installation of new electric infrastructure are all advancing. Renovation of existing buildings has begun. Major construction activities at Shirley Basin are expected to begin in 2025 and initial production is expected to commence in early 2026.
We are pleased to be one of the few publicly traded companies that is commercially recovering uranium and working to expand our production capacity to sell into a sustained stronger uranium market. We will continue to closely monitor the uranium markets, and other developments, which may affect the uranium production industry and provide the opportunity to put in place additional off-take sales contracts.
As always, we will focus on maintaining safe and compliant operations.
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 and packaged approximately 2.7 million pounds U3O8 from Lost Creek since the commencement of operations. Ur-Energy has all major permits and authorizations to begin construction at Shirley Basin, the Company's second in situ recovery uranium facility in Wyoming and is advancing Shirley Basin construction and development following the March 2024 ‘go' decision for the mine. We await the remaining regulatory authorization for the expansion of Lost Creek. 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. The primary trading market for Ur‑Energy's common shares is on the NYSE American under the symbol "URG." Ur‑Energy's common shares also trade on the Toronto Stock Exchange under the symbol "URE." Ur-Energy's corporate office is in Littleton, Colorado and its registered office is in Ottawa, Ontario.
FOR FURTHER INFORMATION, PLEASE CONTACT
John W. Cash, Chairman, CEO and President
+1 720-981-4588, ext. 303
John.Cash@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., our ability to maintain operations at Lost Creek in a safe and compliant fashion; ability and timing to overcome production challenges to increase production levels and meet our production projections; whether we are able to remain ahead of supply chain challenges in our procurement of equipment and supplies for both Lost Creek and Shirley Basin; our ability to timely deliver into our sales contracts with Lost Creek production and other available sources; the ability to advance development and construction priorities at Lost Creek and Shirley Basin including further recruitment and retention of employees; the ability to complete build out of Shirley Basin as currently projected and budgeted; whether market fundamentals will remain strong and whether the imbalance being created in supply demand may take years to correct and the effects of geopolitical events; and whether we are able to complete additional favorable uranium sales agreements) 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. Generally, forward-looking statements can be identified by the use of forward-looking terminology such as "plans," "expects," "does not expect," "is expected," "is likely," "estimates," "intends," "anticipates," "does not anticipate," or "believes," or variations of the foregoing, or statements that certain actions, events or results "may," "could," "might" or "will be taken," "occur," "be achieved" or "have the potential to." All statements, other than statements of historical fact, are considered to be forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements express or implied by the forward-looking statements. 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.sedarplus.ca 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.
SOURCE: Ur-Energy Inc.
View the original press release on accesswire.com
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