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

July 17, 2024

Ur-Energy Inc. (TSXV:URE, Not Rated, David A. Talbot) announced operational results for Q2/24 and provided an update on 2024 production guidance. Ramp-up continued at the Lost Creek ISR mine, where three header houses came online in H1/24 and the company captured 70,679 lbs U₃O₈, dried and packaged 64,170 lbs U₃O₈ and shipped 70,390 lbs U₃O₈, in Q2/24, ~2x their figures from Q1/24 (read notable). The finished inventory was 74,625 lbs U₃O₈. HH2-9 came online this week and HH2-10 is expected to come online in August. Construction crews expect to complete new HHs every ~30 days. Challenges with equipment delivery remain though the workforce is reported to be stabilizing. Production for 2024 is guided to be on the lower side of guidance of 550k–650k lbs U₃O₈ captured. At Shirley Basin, where a decision to build a satellite production facility was made (read notable), 100 out of 123 planned hydrologic testing and monitoring wells were piloted and 62 cased. When the monitor well program is completed, three rigs are expected to be shifted from Shirley Basin and add to the 12 rigs currently at Lost Creek until Shirley Basin construction and development drilling begins in H1/25. Work on access, power and other infrastructure and on receiving of equipment are also ongoing. Sales in Q2/24 totaled 75,000 lbs U₃O₈ and notices for the delivery of 495,000lbs in H2/24 were received, bringing total expected 2024 sales to 570,000 lbs U₃O₈. With one customer exercising their right to flex up their 2025 delivery by 10%, Ur-Energy anticipates sales of 730,000 lbs U₃O₈ into term sales agreements in 2025. At quarter-end, cash and cash equivalents were US$61.3M. Read more

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Ur-Energy Inc. – TSX:URE – 1,2

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