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Ur-Energy Provides 2015 Q4 and Year-End Operational Results and Further Guidance
Littleton, Colorado (PR Newswire – January 14, 2016)Ur-Energy Inc. (NYSE MKT:URG, TSX:URE) (the “Company” or “Ur-Energy”) reports the following operational results for fourth quarter and year-end 2015, and other recent developments, as well as providing further guidance for 2016.
Lost Creek Highlights
|Lost Creek Operations|
|Units||2015 Q1||2015 Q2||2015 Q3||2015 Q4||2015 YTD|
|U3O8 Dried & Drummed||(‘000lbs)||177.1||183.9||176.8||189.4||727.2|
U3O8 Sold (from production)
|Average Flow Rate||(gpm)||1,681||1,840||1,931||2,385||1,961|
|U3O8 Head Grade||(mg/l)||110||108||86||85||97|
Lost Creek Uranium Sales and Operational Highlights
For the quarter, 211,717 pounds of U3O8 were captured within the Lost Creek plant; 189,480 pounds U3O8 were packaged in drums; and 181,567 pounds U3O8 of drummed inventory were shipped from the Lost Creek processing plant to the converter. Production numbers increased quarter-over-quarter, with an increase of nearly 23% additional captured pounds and an increase of 7% additional dried and drummed pounds. At December 31, inventory at the conversion facility was approximately 63,776 pounds U3O8.
Contract and spot sales for the quarter from Lost Creek-produced U3O8 totaled 225,000 pounds at an average price of $34.47 per pound, for sales revenues of $7.8 million during the quarter. This concludes the second calendar year (and ninth consecutive quarter) of sales since operations began at Lost Creek. From production, Lost Creek sold 725,000 pounds U3O8 during calendar 2015 at an average price of $41.33 per pound. Total sales for 2015, including purchased U3O8, was 925,000 pounds at an average price of $45.20 per pound. Contract sales were as expected (630,000 pounds at an average price of $49.42 per pound); however, spot sales were lower than expected (295,000 pounds at an average price of $36.18) due to the continuing low spot price environment.
In 2015 Q4, production was sourced from twelve header houses in the first mine unit; header house 12 was brought online in November. Construction is underway on header house 13. After more than two years of operations, year-to-date plant head grades remain at 97 ppm despite having somewhat lower head grades for the quarter. Head grade during December was 87 ppm, which was above the quarter’s average grade of 85 ppm. The lower head grade during this period of operation, as well as varying month-to-month grades, is a typical result as the mine matures and older operating patterns remain in the flow regime while newer patterns are brought online. This maturation of mine is also demonstrated through the increasing average flowrates, with a 454 gpm (23.5%) increase quarter-over-quarter.
Second Lost Creek Property Resource Update for 2015
The Company announced an updated mineral resource for the Lost Creek Property in December 2015. The current mineral resource estimate for all of the Lost Creek Property, at a 0.20 GT cut-off and after subtraction of 1.358 million pounds of Mine Unit (MU1) production through September 30, 2015, is 13.25 million pounds eU3O8 in the Measured and Indicated categories, and 6.44 million pounds eU3O8 in the Inferred category. This revised resource estimate represents a net increase to the Lost Creek Property (all projects) of 3.15 million pounds eU3O8 in the Measured and Indicated categories and 1.40 million pounds eU3O8 in the Inferred category when compared to the previous estimate in the June 17, 2015 Technical Report.
The following information was filed by Urenergy Inc (URG) on Thursday, January 14, 2016 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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