Ur-Energy Inc. (TSXV:URE) – Notable News

May 8, 2024

Ur-Energy Inc. (TSXV:URE, Not Rated, David A. Talbot) announced financial results for Q1/24, after earlier releasing operational results for the period (read notable). Net income was negative US$18.26M or neg. US$0.07/sh vs neg. US$0.02/sh consensus. Cash at the end of the quarter was US$53.9M, though US$4.6M have since been received from the sale of 75k lbs U₃O₈ in May. No sales were reported in Q1/24, though the guidance for 2024 is for sale of 570k lbs U₃O₈ for estimated revenues of US$33.1M. The company has 185,762 lbs U₃O₈ in inventory, including 79,235 lbs U₃O₈ of finished inventory, and has guided production of 550k – 650k lbs of U₃O₈ captured for the whole year. With three new sales agreements secured recently, the company now has six sales agreements for a total base quantity of 5.7M lbs U₃O₈ till 2030, peaking at 1.15M lbs and 1.2M lbs U₃O₈ in 2027 and 2028, respectively. Overall, the results reflect that URE is still ramping up at Lost Creek, but given expected sales volumes by 2027 additional production is required. Thus, the decision to initiate construction at the Shirley Basin project was launched this quarter (read note) and should lead to nearly doubling URE’s licensed production capacity to 2.2M lbs pa once completed in 24 months. Read more

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Ur-Energy Inc. – TSX:URE – 1,2

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