Ur-Energy Stock Price, News & Analysis

Ur-Energy has provided a Q1 2023 update focusing on its Lost Creek In-Situ Recovery Project. The company has secured long-term sales commitments totaling 3.2 million pounds of U₃O₈ through 2028, with production ramp-up expected in Q2 2023. Recruitment efforts have led to nearly 50 employees now working at Lost Creek. Despite supply chain challenges, significant progress has been made with drilling activities, delineation programs, and surface construction, particularly for Header House 2-4. Additionally, Ur-Energy has $79 million in cash and anticipates selling 280,000 pounds of U₃O₈ at an average price of $61.89 in 2023, generating proceeds of about $17.3 million. Preparations for the Shirley Basin production site are underway, pending additional long-term sales contracts.

Ur-Energy is set to present at the Emerging Growth Virtual Conference on April 19, 2023, from 9:05 a.m. to 9:45 a.m. Eastern Time. The company's Chairman and CEO, John Cash, will provide updates on the Lost Creek uranium recovery project, including construction efforts and off-take sales agreements. He will also highlight the development of a centralized facility in Casper, Wyoming, and discuss innovative R&D projects aimed at reducing water disposal by 90% and enhancing wellfield drilling efficiency. Attendees can register for the event to receive updates, and an archived webcast will be available post-presentation. Ur-Energy operates the Lost Creek in-situ recovery facility and has produced approximately 2.7 million pounds of uranium since operations began.

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.