Ur-Energy Inc. reports developments as a domestic uranium producer focused on in-situ recovery projects in Wyoming. Company updates regularly cover production and wellfield activity at Lost Creek, operations at Shirley Basin, U3O8 sales and inventory, technical reports for mineral resources, and exploration or development work in its U.S. uranium portfolio.
News also includes financial results, conference-call releases, regulatory and permitting milestones tied to ISR operations, and capital-structure actions such as convertible senior notes or at-the-market equity programs. The company’s common shares trade as URG on the NYSE American and URE on the Toronto Stock Exchange.
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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.