Impact: Positive
Ur-Energy (URE) released its financial results for Q3/22, provided an update on its operations, and announced the promotion of Steve Hatten to Chief Operating Officer. URE remains in a strong financial position with its most recently reported cash balance and inventory of uranium. It also continues to operate and construct its mine at reduced production levels. Ur-Energy is focused on advancing its Lost Creek in-situ recovery uranium facility and its second uranium project, Shirley Basin, both located in Wyoming. The company is currently in the process of obtaining amendments for expansion at Lost Creek and has all major permits required to begin construction at Shirley Basin. To date, the company has shipped ~2.6M lb U3O8 from Lost Creek, and plans on increasing this number once expansion is complete. Overall, we view this news positively, and look past earnings as construction and drilling continue. We also viewed Mr. Hatten’s appointment as a very strong move, as URE looks to build out Shirley Basin, to support Lost Creek.
