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Ur-Energy Provides 2016 Q4 and Year-End Operational Results
Littleton, Colorado (PR Newswire – January 11, 2017)Ur-Energy Inc. (NYSE MKT:URG, TSX:URE) (the “Company” or “Ur-Energy”) reports the following operational results for fourth quarter and year-end 2016, and other recent developments.
Lost Creek Highlights
|Lost Creek Operations|
|Units||2016 Q1||2016 Q2||2016 Q3||2016 Q4||2016|
|U3O8 Captured||(‘000 lbs)||159.3||133.3||141.8||103.6||538.0|
|U3O8 Dried & Drummed||(‘000 lbs)||173.8||130.3||145.9||111.1||561.1|
U3O8 Sold (from production)
|Average Flow Rate||(gpm)||1,853||2,210||2,469||2,559||2,274|
|U3O8 Head Grade||(mg/l)||82||58||55||39||58|
Lost Creek Uranium Sales and Operational Highlights
For the quarter, 103,558 pounds of U3O8 were captured within the Lost Creek plant; 111,049 pounds U3O8 were packaged in drums; and 98,775 pounds U3O8 of drummed inventory were shipped from the Lost Creek processing plant to the converter. Production was controlled at lower levels as the market remained depressed and contract commitments were largely met earlier in the year. At December 31, inventory at the conversion facility was approximately 84,689 pounds U3O8.
Contract sales for the quarter from Lost Creek-produced U3O8 totaled 100,000 pounds at an average price of $32.70 per pound, for sales revenues of $3.3 million. No spot sales were made during the quarter due to the continuing low spot price environment. For the year, we had 662,000 pounds U3O8 under contract at an average price of $47.61. 200,000 of the contracted U3O8 pounds were assigned to a third party in 2016 Q1. The Company recognized $2.6 million in deferred revenue from the first half of the assignment transaction in 2016 Q3. The Company will recognize an additional $2.5 million of deferred revenue from the second half of the assignment transaction in 2016 Q4. Excluding the assignment transaction, the Company sold 562,000 pounds U3O8 from Lost Creek production at an average price of $39.49 per pound, which includes 462,000 pounds from contract sales and 100,000 pounds of spot sales. This concludes the third calendar year with consecutive quarterly sales since operations began at Lost Creek in August 2013.
In 2016 Q4, production continued to be sourced from 13 header houses in the first mine unit. During 2016, only one header house (HH13) was brought online. Following its commissioning, staff initiated refinements to other header houses and production processes based upon results at HH13. After more than three years of operations, the first mine unit still produced a yearly average head grade of 58 ppm. However, the head grade during Q4 averaged 39 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.
Jeff Klenda, Chair and CEO of Ur-Energy, said “We are pleased that our operations in 2016 continued at rates still well above initial projections for this period in Lost Creek’s production life. Reliable cash flow from long-term sales agreements continues to protect and distinguish our Company during this challenging time in the market. Cash flow is more important now than ever before.”
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